BSE: 513418
SMITHS & FOUNDERS (INDIA) LIMI
A Bengaluru-based company operates in the castings and forgings segment of the industrial products sector, classified under capital goods. It earned Rs 13.98 crore in net sales in FY26, up 5.8% from the previous year, with Q1 FY27 net sales nearly flat at Rs 322.22 lakh. Net profit for FY26 reached Rs 1.36 crore, lifted by a Rs 92.62 lakh superannuation write-back, while pre-exceptional profit before tax actually declined from Rs 141.52 lakh to Rs 91.92 lakh, indicating underlying margin compression. Materials form the largest cost line at 45.5% of revenue, followed by employee costs at 27.5%. The company carries no non-current borrowings and generated Rs 191.91 lakh in operating cash flow. In June 2026, the board signed an agreement to merge SKF Elixer India Private Limited into the listed entity — an engineering and capital goods firm with Rs 235.45 crore in turnover — for growth and diversification. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Castings and forgings. Small, debt-free, single-business castings and forgings manufacturer undergoing a major merger.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 10 | 12 | 13 | 14 |
| EBITDA (ex other income) | 2 | 1 | 1 | 2 | 2 |
| margin % | 16.0 | 7.5 | 8.8 | 13.0 | 14.9 |
| Owners' profit | 1 | 0 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.14 | 0.02 | 0.00 | 0.10 | 0.14 |
| ROE % · ROCE % | 29.5 · 21.5 | 1.3 · 2.6 | 3.3 · 4.1 | 5.3 · 7.3 | 6.4 · 8.3 |
| Debt / equity (x) | 0.57 | 0.16 | 0.12 | 0.02 | 0.00 |
| Cash from operations | 2 | 0 | 1 | 2 | 2 |
| Capex | (0) | (0) | (0) | (0) | (0) |
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 | 4 | 3 | 3 | 3 | 4 | 3 | 4 | 3 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| EPS (₹) | 0.04 | 0.04 | 0.04 | 0.03 | 0.02 | 0.02 | 0.07 | 0.03 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 65.6 | 26.7 | 19 of 22 | 14% |
| P/B | 4.4 | 3.6 | 13 of 20 | 37% |
| ROCE | 8.2 | 13.7 | 19 of 24 | 22% |
| ROE | 6.4 | 11.5 | 17 of 20 | 16% |
| Debt / Equity | 0.0 | 0.1 | 2 of 20 | 79% |
| EBITDA margin | 12.6 | 18.5 | 15 of 20 | 26% |
| Revenue growth | (0.1) | 12.2 | 15 of 18 | 18% |
| Profit growth | (3.1) | 19.3 | 12 of 17 | 31% |
| Market cap | 94 | 425 | 19 of 24 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA confirms dematerialisation compliance for Sep 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Jul 2026 · Q1 FY27 unaudited results published in newspapers | compliance | minimal | — | — |
| 24 Jul 2026 · AGM Results: 4 Resolutions Passed Including MOA Change and MD Continuation | compliance | minimal | — | — |
| 24 Jul 2026 · CMD continuation approved, objects clause widened for restructuring | management changes | medium | — | — |
| 24 Jul 2026 · MOA amended for mergers and acquisitions; CMD Suresh Shastry to continue past age 70 | regulatory legal | medium | — | — |
| 24 Jul 2026 · Q1 FY27 Results: Net Profit at Rs 25.58 lakh, revenue largely flat YoY | results | high | — | — |
| 24 Jul 2026 · Q1 FY27 Results: Flat Revenue, Net Profit at Rs 25.58 Lakhs | results | high | — | — |
| 24 Jul 2026 · 35th AGM held on July 24, 2026; key resolutions on MOA change and CMD continuation | board shareholder meetings | low | — | — |
| 17 Jul 2026 · Board meeting on 24 July to approve Q1 FY27 results | results | 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.