BSE: 544541
SYSTEMATIC INDUSTRIES LIMITED
Makes steel wire and is shifting towards OPGW (Optical Ground Wire), optical fibre cables, and ACS New Age conductors for India's power transmission and telecom buildout. Currently 97% of revenue still comes from legacy steel wire products, sold to power utilities, railways and overseas customers. Materials account for 59.8% of revenue and capex ran at 0.8% of revenue in FY26, making margins sensitive to steel and other commodity input prices. Landed its first end-to-end OPGW EPC contract from Power Grid for the Agra-Kumher section and a ₹100M+ Indian Railways order for armoured OFC. Plans to lift high-end/import-substitute product share to 30-35% of steel wire volume and export revenue to 15% of total (from 8-10% currently). Became net debt-free as of March 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Legacy steel wire, OPGW (Optical Ground Wire), Optical fibre cables (OFC), ACS New Age conductors. Asset-heavy steel wire manufacturer pivoting into higher-end cable and EPC segments
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 553 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 10.74 |
| ROE % · ROCE % | — · 16.4 |
| Debt / equity (x) | — |
| Cash from operations | 6 |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 254 | 299 |
| Profit before tax | 12 | 16 |
| Net profit | — | — |
| EPS (₹) | 5.52 | 6.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED | 1,16,260 | 40.4 | 9.59 | 27.4 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. | 37,002 | 37.1 | 5.55 | 25.8 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 24,678 | 40.6 | 9.59 | 30.2 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,832 | 22.3 | 2.93 | 17.9 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,702 | 23.5 | 2.49 | 20.3 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 2,002 | 33.0 | 2.57 | 18.0 | 7.7 | 10.2 | 29.8 | 7.1 |
| QUADRANT FUTURE TEK LTD | 1,641 | — | 6.36 | — | (16.6) | (19.8) | — | (7.1) |
| DYNAMIC CABLES LIMITED | 1,636 | 17.9 | 3.58 | — | 18.5 | 24.2 | — | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 22.3 | 5 of 11 | 60% |
| ROCE | 13.5 | 13.5 | 7 of 13 | 50% |
| Market cap | 554 | 1822 | 9 of 12 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Signs Share Purchase Agreement to acquire Wire Brigade Industries | strategic transactions | high | — | — |
| 9 Oct 2026 · RTA certificate for Q2 FY26 dematerialisation filed with BSE | compliance | minimal | — | — |
| 3 Oct 2026 · EGM approves preferential share issue worth Rs 33.94 crore at Rs 228/share | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Preferential issue of 14,88,600 shares at INR 228 approved at EGM | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of half-yearly results | compliance | minimal | — | — |
| 25 Sept 2026 · Corrigendum to EGM notice: preferential issue of 14.89 lakh shares at INR 228 to acquire WBIPL | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Systematic Industries discloses Investor Presentation under SEBI LODR | investor communications | medium | — | — |
| 22 Sept 2026 · Investor conference call scheduled with Arihant Capital on September 25, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · 26th AGM held via video conferencing; six resolutions tabled for shareholder vote | board shareholder meetings | medium | — | — |
| 10 Sept 2026 · Systematic Industries bags Rs 82.42 Crore OPGW order from POWERGRID | business updates | 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.