NSE: SUPTANERY · BSE: 523842
SUPER TANNERY LTD.
Manufactures and sells leather and leather products from facilities based in Kanpur, classified in the consumer durables/leather products industry. Listed on BSE, the company operates through multiple subsidiaries including overseas entities (UK, Italy, FZCO operations), a fashion business, a safety equipment business, and a restaurant business. For FY26, standalone revenue stood at Rs. 24,650.54 Lacs with net profit after tax of Rs. 746.28 Lacs. Materials are the dominant input cost at 60.2% of revenue, followed by other operating expenses at 23.2% and employee costs at 5.9%. The Board recommended a final dividend of Rs. 0.05 per equity share for FY26. The company holds a BBB- Stable credit rating from CARE Ratings with NIL outstanding borrowings as of March 31, 2026; promoters, who hold 58.42% of share capital, have pledged shares equating to 29.87% of the company as collateral for a Rs. 101.80 crore working capital facility from SBI Overseas Branch, Kanpur. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Leather and leather products. Asset-based leather manufacturing in consumer durables
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 221 | 227 | 229 | 285 | 247 |
| EBITDA (ex other income) | 15 | 17 | 18 | 21 | 21 |
| margin % | 6.7 | 7.4 | 7.7 | 7.2 | 8.5 |
| Owners' profit | 0 | 6 | 6 | 7 | 7 |
| EPS, as reported (₹) | 0.42 | 0.14 | 0.54 | 0.62 | 0.62 |
| ROE % · ROCE % | 5.3 · 11.2 | 6.8 · 11.7 | 6.0 · 11.5 | 6.4 · 12.5 | 5.8 · 11.3 |
| Debt / equity (x) | 0.90 | 0.74 | 0.80 | 0.67 | 0.79 |
| Cash from operations | 16 | 21 | 7 | 46 | 4 |
| Capex | (12) | (9) | (12) | (28) | (25) |
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 | 65 | 78 | 73 | 69 | 68 | 62 | 60 | 57 |
| Profit before tax | 3 | 2 | 2 | 3 | 3 | 1 | 1 | 4 |
| Net profit | 2 | 1 | 2 | 2 | 2 | 1 | 1 | 3 |
| EPS (₹) | 0.20 | 0.09 | 0.16 | 0.28 | 0.20 | 0.06 | 0.11 | 0.25 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MAYUR UNIQUOTERS LTD | 3,177 | 15.3 | 2.80 | 10.7 | 16.9 | 22.5 | 13.5 | 30.4 |
| BHARTIYA INTERNATIONAL | 1,363 | 52.7 | 2.80 | 15.2 | 2.8 | 7.7 | 19.9 | 10.2 |
| KOTHARI INDUSTRIAL CORP L | 1,182 | 33.8 | 5.11 | — | (31.2) | (12.9) | 71.9 | (11.6) |
| MIRZA INTERNATIONAL LIMIT | 368 | — | 0.65 | 9.1 | (0.1) | (0.0) | (12.9) | 2.9 |
| SUPERHOUSE LIMITED | 160 | 19.5 | 0.33 | 6.8 | 0.8 | 1.4 | 4.7 | 8.1 |
| ANKA INDIA LTD. | 98 | 146.9 | 3.73 | 59.8 | (1.8) | (0.9) | — | (0.2) |
| ZENITH EXPORTS LTD | 97 | 210.9 | 1.15 | — | 2.7 | 3.7 | — | (4.0) |
| SUPER TANNERY LTD. ◆ | 87 | 12.9 | 0.75 | 7.7 | 5.8 | 7.2 | 5.3 | 12.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.9 | 25.6 | 2 of 10 | 89% |
| P/B | 0.8 | 1.1 | 5 of 11 | 60% |
| ROCE | 7.2 | 2.6 | 4 of 11 | 70% |
| ROE | 5.8 | 1.9 | 3 of 11 | 80% |
| Debt / Equity | 0.8 | 0.3 | 9 of 11 | 20% |
| EBITDA margin | 12.7 | 8.1 | 2 of 11 | 90% |
| Revenue growth | (17.0) | 12.4 | 8 of 10 | 22% |
| Profit growth | 46.3 | (11.0) | 5 of 12 | 64% |
| Market cap | 87 | 97 | 8 of 13 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Super Tannery Submits Reg 74(5) Compliance Certificate for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · 42nd AGM: All 6 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 42nd AGM of Super Tannery held on Sep 30, 2026; all resolutions passed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 till Q2 FY27 results declaration | compliance | minimal | — | — |
| 12 Sept 2026 · Record Date Fixed for Final Dividend FY26 | corporate actions | medium | — | — |
| 3 Sept 2026 · Super Tannery FY26 Annual Report: Turnover Declines, PAT Edges Up | results | high | — | — |
| 27 Aug 2026 · Super Tannery clarifies on price movement, says market driven | regulatory legal | medium | — | — |
| 26 Aug 2026 · BSE seeks clarification on share price movement | regulatory legal | high | — | — |
| 11 Aug 2026 · Super Tannery Limited filing (content unreadable) | general | minimal | — | — |
| 11 Aug 2026 · Super Tannery Limited filing on BSE | general | minimal | — | — |
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.