NSE: SIKA · BSE: 523606
SIKA INTERPLANT SYSTEMS L
Classified under Aerospace & Defense within the Industrials/Capital Goods macro-sector, the company operates in a single reported segment labelled Engineering Products, Systems & Services. FY26 revenue was Rs 211.23 crore, up 43% from the prior year, with net profit of Rs 36.44 crore. The cost structure is dominated by materials at 66.3% of revenue, while employee costs are 4.9%, other operating expenses 4.4% and depreciation 0.5%. The company is debt-free with Rs 175.16 crore in total assets and runs through five subsidiaries, with promoter-group members Rajeev Sikka as Executive Chairman and Kunal Sikka as Managing Director and CEO. The 40th AGM is scheduled for August 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering Products, Systems & Services. Debt-free engineering business with high material intensity and very low fixed costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 98 | 60 | 106 | 148 | 211 |
| EBITDA (ex other income) | 20 | 10 | 21 | 28 | 45 |
| margin % | 20.2 | 17.0 | 19.9 | 19.2 | 21.4 |
| Owners' profit | 0 | 0 | 19 | 0 | 36 |
| EPS, as reported (₹) | 39.01 | 20.73 | 45.66 | 11.95 | 3.69 |
| ROE % · ROCE % | 21.1 · 27.3 | 10.3 · 14.0 | 18.7 · 24.0 | 20.1 · 26.0 | 23.4 · 30.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 16 | 0 | 20 | 9 | 36 |
| Capex | (0) | (1) | (8) | (4) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 33 | 38 | 46 | 68 | 52 | 50 | 41 |
| Profit before tax | 7 | 8 | 9 | 10 | 14 | 12 | 13 | 10 |
| Net profit | 5 | 6 | 7 | 8 | 10 | 9 | 9 | 8 |
| EPS (₹) | 12.42 | 14.59 | 16.85 | 3.73 | 4.88 | 4.22 | 4.48 | 3.72 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.2 | 69.8 | 9 of 23 | 64% |
| P/B | 12.1 | 9.6 | 19 of 23 | 18% |
| ROCE | 30.3 | 13.6 | 3 of 26 | 92% |
| ROE | 23.4 | 10.9 | 4 of 23 | 86% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 68% |
| EBITDA margin | 26.4 | 22.3 | 10 of 23 | 59% |
| Revenue growth | (10.2) | 24.9 | 16 of 23 | 32% |
| Profit growth | (1.1) | 14.9 | 13 of 21 | 40% |
| Market cap | 1877 | 6504 | 20 of 26 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate under SEBI Depository Regulations for September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Newspaper Publication on Special Window for Share Dematerialization | compliance | minimal | — | — |
| 7 Sept 2026 · RTA certificate for August 2026 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 18 Aug 2026 · Newspaper Publication of Financial Results submitted to BSE | compliance | minimal | — | — |
| 14 Aug 2026 · Monthly compliance certificate from registrar for July 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · 40th AGM Results: All 7 Resolutions Passed, Rs 3.50 Dividend Approved | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Board Meeting on 14 Aug 2026 to Consider Q1 FY27 Results | results | low | — | — |
| 21 Jul 2026 · 40th AGM on Aug 12, 2026 via VC; Board recommends Rs. 3.50/share dividend | compliance | minimal | — | — |
| 20 Jul 2026 · 40th AGM on Aug 12, 2026; final dividend of 3.50 rupees; director re-appointments | board shareholder meetings | medium | — | — |
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.