BSE: 544171
Storage Technologies and Autom
Designs, manufactures and installs storage racking, shelving, warehouse automation and structural steel solutions for industrial and commercial customers. Revenue is earned by executing project orders that combine fabricated steel products with on-site installation services. In FY26, consolidated revenue was ₹84.97 crore, down 15.4% from FY25, as a key customer cancelled orders and projects were deferred, with GCC (Gulf Cooperation Council) export markets also disrupted by geopolitical events. The H2 FY26 half was particularly weak, contributing to a consolidated EBITDA loss of ₹6.32 crore versus an ₹94.37 lakh profit the prior year and a consolidated net loss of ₹32.75 lakh. The business is materials-intensive: raw materials and components made up ₹50.78 crore or 59.8% of FY26 revenue, while employee costs were ₹11.70 crore (13.8%) and other operating expenses ₹19.95 crore (23.5%). The board has approved borrowing up to ₹16.50 crore to purchase land and build a new factory, signalling planned capacity expansion. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Storage racking and shelving systems, Warehouse and material-handling automation, Structural steel solutions and consulting. Small-cap, project-based, materials-heavy industrial fabrication and installation business with lumpy order flow and working-capital pressure.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 94 | 100 | 85 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 6.74 | 3.08 | 2.55 |
| ROE % · ROCE % | — · 62.8 | — · 17.7 | — · (6.1) |
| Debt / equity (x) | — | — | — |
| Cash from operations | 3 | (17) | 8 |
| Capex | — | 0 | (4) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 56 | 49 | 51 | 47 | 38 |
| Profit before tax | 10 | 2 | 3 | (1) | (3) |
| Net profit | — | — | — | — | — |
| EPS (₹) | 7.92 | 1.10 | 1.96 | 1.17 | 1.38 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 18.4 | 4 of 27 | 89% |
| ROCE | (10.8) | 12.3 | 30 of 31 | 3% |
| Revenue growth | (32.7) | (5.5) | 21 of 23 | 9% |
| Market cap | 41 | 102 | 25 of 31 | 20% |
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 for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Board changes: 3 Independent Directors appointed, MD and Chairman reappointed | management changes | medium | — | — |
| 29 Sept 2026 · AGM 2026: All 12 resolutions passed with 99.99 percent approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 16th AGM concluded: 12 resolutions transacted including director appointments | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closure ahead of H2 FY26 financial results | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 16th AGM published in newspapers on 2 September 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY25-26 and 16th AGM Notice submitted | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Scrutinizer appointed for 16th AGM e-voting | compliance | minimal | — | — |
| 1 Sept 2026 · Book closure for 16th AGM from Sept 20 to Sept 26, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Cut-off date fixed for e-voting at 16th AGM | 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.