NSE: SIGIND · BSE: 512131
SIGNET INDUSTRIES LIMITED
Operates through three business segments — Trading, Manufacturing, and Windmill — that together produced Rs 1,346.79 crore of revenue in FY2026. Trading is the largest line at Rs 906.82 crore (67.3% of segment revenue) but operates on thin margins, with EBIT of just Rs 18.56 crore. Manufacturing generated Rs 439.05 crore (32.6% of segment revenue) at a materially higher EBIT of Rs 74.47 crore, indicating it is the more profitable line. The Windmill segment is negligible at Rs 0.92 crore (0.1% of segment revenue) and slightly loss-making. The manufacturing base is located at a plant in Pithampur, Dhar, which suffered a fire in April 2025 that destroyed Rs 4.99 crore of inventory, booked as an exceptional loss. Materials account for 14.8% of revenue, employee costs 2.7%, and other operating expenses 5.8%; finance costs of Rs 62.41 crore remain a heavy burden relative to operating profit. The company holds bank facilities of Rs 390 crore across UCO Bank, Union Bank of India, and Punjab National Bank, with a credit rating of IVR BBB/Stable reaffirmed in July 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading (67%), Manufacturing (33%), Windmill (0%). Trading-led services business with a higher-margin manufacturing arm and a marginal wind-energy line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 877 | 1,018 | 1,213 | 1,179 | 1,347 |
| EBITDA (ex other income) | 62 | 69 | 84 | 88 | 93 |
| margin % | 7.0 | 6.8 | 6.9 | 7.5 | 6.9 |
| Owners' profit | 8 | 13 | 15 | 16 | 16 |
| EPS, as reported (₹) | 2.68 | 4.31 | 5.12 | 5.19 | 5.36 |
| ROE % · ROCE % | 4.2 · 19.1 | 6.3 · 22.5 | 7.0 · 28.7 | 6.7 · 29.1 | 6.5 · 29.9 |
| Debt / equity (x) | 1.57 | 1.50 | 1.52 | 1.66 | 1.86 |
| Cash from operations | 34 | 51 | 30 | 16 | 16 |
| Capex | (9) | (7) | (7) | (4) | (29) |
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 | 258 | 304 | 365 | 260 | 307 | 390 | 391 | 306 |
| Profit before tax | 4 | 6 | 11 | 1 | 5 | 7 | 11 | 11 |
| Net profit | 3 | 5 | 7 | 1 | 3 | 5 | 7 | 8 |
| EPS (₹) | 0.97 | 1.41 | 2.39 | 0.11 | 1.05 | 1.63 | 2.20 | 2.61 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing | 439 | 32.6 |
| Windmill | 1 | 0.1 |
| Trading | 907 | 67.3 |
| Total, before eliminations | 1,347 | 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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,731 | 18.1 | 2.95 | 14.3 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,976 | 20.1 | 4.23 | 19.1 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 5,146 | 22.0 | 5.69 | 15.4 | 24.2 | 31.8 | (13.9) | 86.5 |
| SHANKARA BUILDPRO LIMITED | 3,080 | 23.4 | 5.64 | 13.6 | 23.4 | 31.8 | — | 3.3 |
| CREATIVE NEWTECH LIMITED | 1,707 | 26.2 | 4.41 | 19.5 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 952 | 0.1 | 10.59 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 807 | 8.8 | 0.63 | 203.2 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 667 | 1.0 | — | 52.3 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 13.9 | 63 of 164 | 62% |
| P/B | 0.8 | 1.0 | 63 of 146 | 57% |
| ROCE | 8.2 | 2.0 | 43 of 184 | 77% |
| ROE | 6.5 | 2.3 | 55 of 174 | 69% |
| Debt / Equity | 1.9 | 0.0 | 158 of 175 | 10% |
| EBITDA margin | 9.4 | 4.5 | 45 of 137 | 68% |
| Revenue growth | 17.9 | (8.6) | 47 of 135 | 66% |
| Profit growth | 1072.1 | 0.6 | 8 of 157 | 96% |
| Market cap | 209 | 24 | 21 of 177 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Promoter Mukesh Sangla buys 10,747 shares via open market | ownership changes | low | — | — |
| 15 Sept 2026 · Promoter Mukesh Sangla buys 5,989 shares of Signet Industries from open market | ownership changes | low | — | — |
| 11 Sept 2026 · Promoter Mukesh Sangla buys 5,478 Signet Industries shares from open market | ownership changes | low | — | — |
| 10 Sept 2026 · Signet Industries submits newspaper clippings for 41st AGM notice | compliance | minimal | — | — |
| 10 Sept 2026 · Promoter Mukesh Sangla buys 7,642 shares of Signet Industries | ownership changes | low | — | — |
| 10 Sept 2026 · Promoter Mukesh Sangla buys 20841 shares of Signet Industries | ownership changes | low | — | — |
| 8 Sept 2026 · Promoter Mukesh Sangla buys 10880 shares of Signet Industries | ownership changes | low | — | — |
| 8 Sept 2026 · Promoter Mukesh Sangla buys 28,511 shares of Signet Industries via open market | ownership changes | high | — | — |
| 7 Sept 2026 · Signet Industries files FY26 Annual Report with AGM notice for Sep 30 | results | high | — | — |
| 7 Sept 2026 · Signet Industries 41st AGM on Sept 30, 2026; dividend Rs 0.5 per share proposed | 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.