NSE: SHANKARA · BSE: 540425
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail (51%), Channel & Enterprise (49%). Steel building products manufacturer-distributor with thin margins, exposed to commodity prices and construction demand; trading arm being demerged
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,418 | 4,030 | 4,828 | 5,697 | 1,364 |
| EBITDA (ex other income) | 85 | 117 | 151 | 169 | 23 |
| margin % | 3.5 | 2.9 | 3.1 | 3.0 | 1.7 |
| Owners' profit | 34 | 63 | 81 | 77 | 4 |
| EPS, as reported (₹) | 15.02 | 27.59 | 34.67 | 31.92 | 1.58 |
| ROE % · ROCE % | 6.2 · 11.6 | 9.8 · 15.9 | 10.2 · 17.1 | 8.9 · 17.7 | 0.9 · 4.7 |
| Debt / equity (x) | 0.22 | 0.13 | 0.10 | 0.12 | 0.43 |
| Cash from operations | 70 | 92 | 10 | 64 | (101) |
| Capex | (20) | (43) | (30) | (26) | (65) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,329 | 1,437 | 1,639 | 1,644 | 280 | 420 | 341 | 350 |
| Profit before tax | 20 | 25 | 37 | 43 | (6) | 2 | 11 | 2 |
| Net profit | 15 | 18 | 28 | 32 | (5) | 1 | 7 | 2 |
| EPS (₹) | 6.27 | 7.29 | 11.73 | 13.36 | (2.13) | 0.51 | 3.03 | 0.64 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Retail | 839 | 51.0 |
| Channel & Enterprise | 805 | 49.0 |
| Total, before eliminations | 1,644 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · Non-promoter RGSPL buys 1.17% net in Shankara Building Products | ownership changes | medium | — | — |
| 11 Sept 2026 · Rajasthan Global Securities raises Shankara Bldg stake to 16.25% | ownership changes | high | — | — |
| 9 Sept 2026 · NSE seeks clarification from Shankara Building Products on quarterly results | regulatory legal | high | — | — |
| 4 Sept 2026 · Open Offer Opens for Shankara Building Products Shareholders | strategic transactions | high | — | — |
| 2 Sept 2026 · Open Offer Recommendation by Independent Directors at Rs 150 per share | strategic transactions | high | — | — |
| 31 Aug 2026 · Open offer at INR 150 per share for 26 percent stake from public shareholders | strategic transactions | high | — | — |
| 13 Aug 2026 · Non-promoter RGSPL hikes stake to 14.24% via open market | ownership changes | medium | — | — |
| 6 Aug 2026 · Submission of Q1 FY27 results newspaper advertisement | compliance | minimal | — | — |
| 6 Aug 2026 · Newspaper publication of Q1FY27 results submitted to exchanges | compliance | minimal | — | — |
| 5 Aug 2026 · Q1 FY27 Results: Net Profit Jumps Nearly 4x YoY | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.