BSE: 514454
SOUTHERN LATEX LTD.
This BSE-listed entity, classified under Textiles & Apparels (Other Textile Products), currently has no commercial operations and reports zero revenue from operations across recent quarters. Its only income is 'Other Income' of roughly Rs. 6 lakhs per quarter, which the annual report says is 'mainly from interest on retained earnings.' Total income for FY26 was Rs. 53.96 lakhs and profit after tax was Rs. 27.50 lakhs, essentially the return on Rs. 647.04 lakhs of loans and deposits rather than any manufacturing or trading activity. The company's previous segment classification was coir sales, but filings state the board is 'exploring new business opportunities, strategic partnerships, and product development to revive growth.' Operating cash flow has been negative, and other equity remained negative at Rs. 31.27 lakhs at FY26 year-end. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Coir sales, Other income. Non-operating, asset-holding listed entity with a historical textiles/coir classification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.27 | 0.32 | 0.32 | 0.32 | 0.38 |
| ROE % · ROCE % | 3.3 · 4.1 | 3.7 · 4.6 | 3.6 · 4.2 | 3.4 · 4.0 | 3.9 · 4.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (0) | (0) | (0) | (0) |
| Capex | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.01 | 0.01 | 0.01 | 0.29 | 0.01 | 0.02 | 0.02 | 0.34 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 68.1 | 16.8 | 156 of 179 | 13% |
| P/B | 2.8 | 1.1 | 152 of 185 | 17% |
| ROCE | 4.6 | 4.3 | 103 of 215 | 52% |
| ROE | 3.9 | 4.7 | 103 of 188 | 46% |
| Debt / Equity | 0.0 | 0.4 | 1 of 188 | 89% |
| Profit growth | 17.3 | 20.0 | 108 of 203 | 47% |
| Market cap | 20 | 61 | 174 of 223 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Sept 2026 · 37th AGM Results: All 5 Resolutions Passed with 100% Approval | board shareholder meetings | low | — | — |
| 10 Sept 2026 · 37th AGM held; name change and MoA amendments approved | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Southern Latex submits corrigendum to 37th AGM notice | compliance | minimal | — | — |
| 10 Sept 2026 · Annual Report FY 2025-26 weblink sent to shareholders without email | compliance | minimal | — | — |
| 3 Sept 2026 · Corrigendum to AGM notice adds name change to Shirdi Engineering Limited | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Notice of 37th AGM on September 10, 2026 via video conferencing | compliance | minimal | — | — |
| 19 Aug 2026 · Southern Latex submits FY26 Annual Report; net profit up to Rs 27.50 lakh | compliance | minimal | — | — |
| 19 Aug 2026 · AGM notice with name change to Shirdi Engineering and shift to electricals | board shareholder meetings | medium | — | — |
| 5 Aug 2026 · AGM on 10 Sep; board plans business pivot and possible name change | results | medium | — | — |
| 5 Aug 2026 · Board approves Q1 results, proposes name change and business pivot | results | 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.