BSE: 501479
SPRINGFORM TECHNOLOGY LIMITED
Generates revenue primarily through its wholly-owned subsidiary, Inertia Aluminium Private Limited, which was acquired on 16 July 2025 and is now consolidated. The subsidiary deals in aluminium products, as indicated by the company's proposed name change to 'Inertia Alu Tech Limited' or 'Inertia Alu Roll Limited'. On a consolidated basis, FY26 total income reached Rs. 14,066.61 lakhs, with the bulk of that revenue coming from the Inertia Aluminium business — the standalone parent continues to report zero revenue from operations and only token other income. The economic character of the business is that of a trading or distribution model, with materials accounting for 92.8% of revenue and EBITDA margin at 3.7%. The transformation was accompanied by a large equity infusion (1,00,50,000 shares allotted at Rs. 10 each, raising Rs. 10.05 crore) and a sharp rise in consolidated borrowings to Rs. 7,291.64 lakhs at the half-year mark. The registered office was shifted from Mumbai to New Delhi in November 2025 as part of the corporate restructuring. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aluminium trading/distribution (Inertia Aluminium subsidiary), Other income (standalone parent). Trading/distribution in aluminium, with a non-operating shell parent post-acquisition.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 140 |
| EBITDA (ex other income) | 5 |
| margin % | 3.4 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 4.63 |
| ROE % · ROCE % | 11.0 · 7.2 |
| Debt / equity (x) | 6.02 |
| Cash from operations | (4) |
| Capex | (7) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 44 | 50 | 46 |
| Profit before tax | 1 | 1 | 1 |
| Net profit | 1 | 1 | (0) |
| EPS (₹) | 187.77 | 29.55 | 0.38 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.1 | 13.9 | 2 of 130 | 99% |
| P/B | 1.0 | 0.9 | 80 of 150 | 47% |
| ROCE | 3.9 | 2.1 | 72 of 177 | 60% |
| ROE | 11.0 | 2.3 | 27 of 158 | 83% |
| Debt / Equity | 6.0 | 0.1 | 152 of 154 | 1% |
| EBITDA margin | 3.8 | 4.5 | 76 of 137 | 45% |
| Market cap | 12 | 21 | 122 of 179 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · All 5 resolutions passed at AGM; company to rename as Inertia Alu Tech Limited | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Company name change to Inertia Alu Tech Limited approved by shareholders | corporate actions | medium | — | — |
| 18 Sept 2026 · 46th AGM held; name change to Inertia Alu Tech Limited proposed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Notice of AGM to be held on 18th September 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · Notice of 46th AGM and submission of FY2025-26 annual report | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 46th AGM scheduled for 18 September 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Board approves name change to Inertia Alu Tech, material RPT with subsidiary | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Board meeting on 25 Aug 2026 to consider change in company name | 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.