SHANKARA BLDG PRODUCT LTD

Sells branded steel building products — cold rolled strips, precision tubes, pipes and roofing sheets — through company-operated retail stores concentrated in South India, where management describes market leadership across both retail and non-retail channels. Manufacturing runs across 14 plants in 5 states, with Q1 FY26 steel volume hitting a record 2.38 lakh tons, up 35% year-on-year, against a full-year FY26 target of 1 million tons. Q1 FY26 same-store sales growth in Retail was 22%, up from 14% in FY25, and about 4 new fulfillment centres are planned for FY26, weighted to H2. Q1 FY26 segment revenue split between Retail at Rs 839.06 cr (51% of period segment revenue, EBIT Rs 48.78 cr), which sells to end consumers and small builders, and Channel & Enterprise at Rs 804.94 cr (49%, EBIT Rs 18.7 cr), covering the Buildpro marketplace and direct enterprise sales to contractors and institutions. Buildpro marketplace revenue is guided to grow 20-25% in FY26. Materials, primarily steel, make up 85.3% of revenue and dominate costs. A demerger of the trading business is in progress, with NCLT hearing scheduled end-August 2025 and completion guided to Q3 FY26.