BSE: 526137
SHETRON LTD.
Makes metal packaging products and reports as a single segment in this industry. For FY26, revenue from operations was Rs 246.23 crore, with net profit of Rs 4 crore and an EBITDA margin of 7.85%. Raw materials dominate the cost structure at 73.8% of revenue, followed by employee costs at 10.7%, other operating expenses at 9.3%, depreciation at 2.5% and capex at 3.7%. Q3 FY26 revenue was Rs 5,569 lakhs, down from Rs 6,041 lakhs in Q2 FY26, with 9M FY26 totalling Rs 18,489 lakhs. ICRA reaffirmed total bank facilities of Rs 100.91 crore and revised the outlook on the company's [ICRA]BB+ long-term rating from Stable to Positive, while the short-term rating stood at [ICRA]A4+. The board recommended a dividend of Re 1 per share (10% on face value of Rs 10) for FY26, approved at the 46th AGM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metal packaging. Single-segment, materials-heavy metal packaging manufacturer
Exhibit 1: Financial summary, FY19–FY19 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 |
|---|---|
| Revenue | 165 |
| EBITDA (ex other income) | 19 |
| margin % | 11.6 |
| Owners' profit | 2 |
| EPS, as reported (₹) | 1.77 |
| ROE % · ROCE % | 4.3 · 17.3 |
| Debt / equity (x) | 1.75 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q1 FY19 | Q2 FY19 | Q3 FY19 | Q4 FY19 |
|---|---|---|---|---|
| Revenue | 51 | 45 | 35 | 34 |
| Profit before tax | 1 | 2 | 0 | (0) |
| Net profit | 1 | 1 | (0) | (0) |
| EPS (₹) | 0.98 | 1.28 | (0.12) | (0.37) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 57.5 | 16.2 | 55 of 64 | 14% |
| P/B | 2.2 | 1.3 | 44 of 61 | 28% |
| ROCE | 3.5 | 6.9 | 43 of 68 | 37% |
| ROE | 4.3 | 6.8 | 34 of 61 | 45% |
| Debt / Equity | 1.8 | 0.4 | 56 of 61 | 8% |
| EBITDA margin | 14.0 | 12.1 | 25 of 62 | 61% |
| Market cap | 92 | 118 | 41 of 73 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Routine quarterly compliance certificate for Q2 dematerialisation | compliance | minimal | — | — |
| 12 Oct 2026 · ICRA upgrades Shetron's credit rating on bank facilities worth Rs 79.32 cr | credit debt | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results declaration | compliance | minimal | — | — |
| 11 Aug 2026 · Shetron board to consider Q1 FY27 results on 14 August 2026 | results | low | — | — |
| 31 Jul 2026 · Shetron approves Re 1 per share dividend for FY26, payout on 28 Aug | corporate actions | high | — | — |
| 31 Jul 2026 · Shetron re-appoints Joint MD Kartik Nayak for 3 years | management changes | medium | — | — |
| 31 Jul 2026 · Shetron 46th AGM: all 5 resolutions passed, Re.1 dividend approved | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Shetron 46th AGM held via VC; dividend of Re 1 per share declared | board shareholder meetings | medium | — | — |
| 11 Jul 2026 · Routine compliance filing under SEBI Regulation 74(5) for quarter ended June 2026 | compliance | minimal | — | — |
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.