NSE: SHANTIGEAR · BSE: 522034
SHANTHI GEARS LTD
Manufactures gears and related industrial products from India, with exports going primarily to America, Europe and other markets. In FY26, India made up 86.6% of segment revenue at ₹449.11 Cr, while America contributed 10.2% at ₹53.08 Cr, Europe 1.0% at ₹5.4 Cr and Others 2.1% at ₹11.13 Cr. Total revenue for FY26 was ₹518.72 Cr, with EBITDA margin of 22.9% and net profit of ₹76.66 Cr. Raw materials are the largest cost at 49.2% of revenue, followed by employee costs at 15.2% and other operating expenses at 17.6%. The business is capital-intensive, with capex at 10.2% of revenue, and the order book stood at ₹378 Cr at the end of Q1 FY27. The company is debt-free and recorded ROCE of 24% in FY26. Tube Investments of India is the promoter. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (87%), America (10%), Others (2%), Europe (1%). Capital-intensive industrial manufacturing, primarily India-focused with exports, debt-free
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 337 | 446 | 536 | 605 | 519 |
| EBITDA (ex other income) | 60 | 90 | 102 | 129 | 99 |
| margin % | 17.8 | 20.2 | 19.0 | 21.3 | 19.1 |
| Owners' profit | 42 | 67 | 82 | 96 | 77 |
| EPS, as reported (₹) | 5.54 | 8.74 | 10.72 | 12.52 | 9.99 |
| ROE % · ROCE % | 16.3 · 22.5 | 22.2 · 29.8 | 23.8 · 31.7 | 23.8 · 32.2 | 17.4 · 22.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 35 | 63 | 36 | 91 | 70 |
| Capex | (6) | (15) | (20) | (24) | (53) |
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 | 155 | 158 | 153 | 135 | 132 | 117 | 135 | 115 |
| Profit before tax | 34 | 35 | 31 | 31 | 29 | 22 | 22 | 14 |
| Net profit | 26 | 26 | 22 | 23 | 22 | 16 | 16 | 10 |
| EPS (₹) | 3.34 | 3.43 | 2.93 | 2.96 | 2.81 | 2.11 | 2.12 | 1.28 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 115 | 22.1 |
| America | 16 | 3.1 |
| Europe | 2 | 0.3 |
| Others | 3 | 0.5 |
| INDIA | 332 | 64.1 |
| AMERICA | 38 | 7.3 |
| EUROPE | 4 | 0.7 |
| OTHERS | 10 | 1.9 |
| Total, before eliminations | 519 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 58.9 | 26.7 | 96 of 130 | 26% |
| P/B | 8.6 | 3.1 | 93 of 112 | 17% |
| ROCE | 22.9 | 11.3 | 22 of 142 | 85% |
| ROE | 17.4 | 9.8 | 20 of 113 | 83% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 16.8 | 12.4 | 37 of 110 | 67% |
| Revenue growth | (14.4) | 20.6 | 98 of 114 | 14% |
| Profit growth | (56.6) | 17.1 | 91 of 109 | 17% |
| Market cap | 3770 | 273 | 18 of 141 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Unaudited quarter and half-year results published in two newspapers | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 revenue and profit fall despite record order bookings | results | high | — | — |
| 14 Oct 2026 · Board meeting on 26 Oct 2026 for unaudited Q2 results | results | low | — | — |
| 8 Oct 2026 · Quarterly compliance certificate from RTA for Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · ICRA reaffirms AA Stable long-term and A1 plus short-term ratings | credit debt | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 until Q2 results are declared | compliance | minimal | — | — |
| 15 Sept 2026 · Head - Strategic Sourcing steps down at Shanthi Gears | management changes | medium | — | — |
| 3 Sept 2026 · Shanthi Gears Appoints New CFO and Head of HR | management changes | high | — | — |
| 26 Aug 2026 · Shanthi Gears clarifies on unusual volume: no undisclosed info pending | regulatory legal | medium | — | — |
| 25 Aug 2026 · BSE seeks clarification from Shanthi Gears on price movement | regulatory legal | high | — | — |
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.