Sahyadri Industries
- Market cap
- ₹ 346 Cr.
- P/E
- 6.5x
- P/B
- 0.9x
- 52-week range
- 200.1 – 408.95
- ROE
- 8%
- ROCE
- 10%
- Dividend yield
- 1.2%
- Debt / equity
- 0.04
- Sector
- Other Construction Materials
- Industry
- Other Construction Materials
- Listed on
- NSE, BSE
About
Sahyadri Industries Limited is an India-based company, which is engaged in the production of cement sheets and accessories, trading of steel doors and in generation of wind power electricity. It has five operational manufacturing units situated in Maharashtra, Tamil Nadu, Andhra Pradesh and Gujarat. The Company has set up wind turbine generators in Maharashtra and Rajasthan. Its segments include Building Material and Power Generation. The Company’s products include Swastik Gold, Swastik Roofs, Swastik Twinroof, Cemply, Bullboards, Ecopro, Swachhalay, S3 Modular Homes, and Swastik Kukdookoo. Its products include Swastik roofs and Cemply flat sheets that are utilized for building robust structures. The product portfolio of the Company comprises roofing sheets, fiber cement boards, and flat sheets. It has a distribution network of 3,000 plus dealers across India. It has manufacturing units in Maharashtra, Gujarat, Andhra Pradesh, and Tamil Nadu.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Other Construction Materials: 29 companies →Sahyadri Industries against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)6.5 against a typical 27.4: cheaper than most peers (1st = cheapest).2nd of 29
- Sales growth+17.6% against a typical +12.4% from a year earlier.10th of 22
- Profit growth+300% against a typical +27.1% from a year earlier.2nd of 18
- Share price, 3 months−3.5% against a typical −0.4%.15th of 25
- Size₹ 345.8 Cr. market value against a typical ₹ 64.8 Cr. (1st = largest).8th of 27
Latest announcements
Exchange filings and their impact on the company.
- Blockbuster H1 with PAT nearly tripling YoY puts Sahyadri on track for 100%+ profit growth this year.
AIAI analysisVery positive for shareholdersHigh impact Blockbuster H1 with PAT nearly tripling YoY puts Sahyadri on track for 100%+ profit growth this year.
Sahyadri Industries reported strong Q2 and H1 FY27 results for the period ended September 2026. Q2 revenue was Rs 146.65 crore versus Rs 124.39 crore last year with net profit of Rs 12.28 crore versus Rs 2.71 crore, while H1 revenue was Rs 405.07 crore with net profit of Rs 38.80 crore versus Rs 13.48 crore last year. The company also updated on its Orissa 1,20,000 MT asbestos sheet plant and a new 72,000 MT non-asbestos board plant in Maharashtra where land acquisition is underway, supporting stronger earnings and cash flows ahead.
Why it matters: Q2 FY27 revenue Rs 146.65 cr (+17.9% YoY) and H1 revenue Rs 405.07 cr (+19.6% YoY) with H1 PAT Rs 38.8 cr vs Rs 13.48 cr and OPM ~14.7% vs 8.6% shows operating leverage; H1 PAT already exceeds full FY26 PAT of Rs 29 cr, driving higher revenue, margins, profits, net worth and net cash over next 12 months plus new Orissa and Maharashtra capacity.
For shareholders: Revenue up ~20% and profit up ~188% in H1 with sharp margin expansion materially lifts forward earnings and net worth.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 679 Cr. FY26 (year ended Mar 2026)▲ +13.3% to +17.7% · +₹ 90 Cr. to +₹ 120 Cr. H1 FY27 revenue Rs 405.07 cr vs Rs 338.58 cr YoY +19.6%; Q2 Rs 146.65 cr vs Rs 124.39 cr +17.9%; full FY27 ~Rs 785 cr assuming H2 ~Rs 380 cr -> +~Rs 106 cr on FY26 Rs 679 cr78% Operating margin 9% FY26 (year ended Mar 2026)▲ +3.5 pts to +5 pts H1 FY27 OPM ~14.7% vs 8.6% in H1 FY26 and 9% in FY26; Q2 ~14.1% vs ~7.2% YoY on better volumes and cost control -> full-year margin ~12.5-14%72% Net profit ₹ 29 Cr. FY26 (year ended Mar 2026)▲ +103.4% to +144.8% · +₹ 30 Cr. to +₹ 42 Cr. H1 FY27 PAT Rs 38.8 cr vs Rs 13.48 cr YoY +188%; Q2 Rs 12.28 cr vs Rs 2.71 cr; H1 already exceeds full FY26 Rs 29 cr -> full FY27 ~Rs 59-71 cr76% EPS ₹ 26.5 FY26 (year ended Mar 2026)▲ +103.4% to +144.9% · +₹ 27.4 to +₹ 38.4 No change in share capital at Rs 10.95 cr (1.095 cr shares); EPS tracks PAT growth -> +Rs 27-38 on FY26 Rs 26.576% Net debt ₹ −30.2 Cr. Mar 2026 (borrowings Rs 16.34 cr less cash Rs 7.48 cr less current investments Rs 39.07 cr)▼ −₹ 35 Cr. to −₹ 25 Cr. Net cash position; H1 operating cash Rs 37.59 cr funded investments and debt repayment; borrowings fell to Rs 15.16 cr and liquid investments rose to Rs 68.91 cr by Sep 2026 -> net cash rises further62% Market cap ₹ 355.59 Cr. Oct 2026 (market cap ~Rs 355.59 cr)▲ +19.7% to +35.2% · +₹ 70 Cr. to +₹ 125 Cr. PAT run-rate more than doubling and PE ~7.6x on TTM; earnings upgrade and possible re-rating -> +20-35% market cap over 12 months52% Working capital 71 days FY26 (Working Capital Days 71 days)▼ −16.9% to −11.3% · −12 to −8 Sep 2026 inventories Rs 175.63 cr vs Rs 182.71 cr in Mar 2026 and receivables Rs 31.49 cr vs Rs 38.42 cr despite +19.6% H1 sales growth -> 8-12 days improvement58% Capex ₹ 207 Cr. Mar 2026 (Fixed Assets Rs 174 cr + CWIP Rs 33 cr)▲ +7.2% to +14.5% · +₹ 15 Cr. to +₹ 30 Cr. H1 capex Rs 6.61 cr plus Orissa 120000 MT asbestos sheet unit and Maharashtra 72000 MT non-asbestos board unit (land acquisition in process) -> gross capex Rs 25-40 cr partly offset by depreciation52% Net worth ₹ 406.09 Cr. Mar 2026 (Equity Rs 406.09 cr)▲ +13.5% to +17.2% · +₹ 55 Cr. to +₹ 70 Cr. Equity already Rs 439.99 cr by Sep 2026 (+Rs 33.9 cr in H1 on Rs 38.28 cr comprehensive income less dividend); full-year retention adds Rs 55-70 cr78% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Sahyadri Industries reported strong Q2 and H1 FY27 results for the period ended September 2026. Q2 revenue was Rs 146.65 crore versus Rs 124.39 crore last year with net profit of Rs 12.28 crore versus Rs 2.71 crore, while H1 revenue was Rs 405.07 crore with net profit of Rs 38.80 crore versus Rs 13.48 crore last year. The company also updated on its Orissa 1,20,000 MT asbestos sheet plant and a new 72,000 MT non-asbestos board plant in Maharashtra where land acquisition is underway, supporting stronger earnings and cash flows ahead.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]A | Stable | 10 Nov 2026 |
| Rating | Details | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 Nov 2026 | ▲ Upgrade1 notch | [ICRA]A- → [ICRA]A | Medium | ICRA | ₹ 270.3 Cr. | |||||||||||||||||||||||||||||||||||||||||
Rating details
ICRA upgraded Sahyadri to A/Stable on strong growth, higher margins and near-zero debt, with Rs 200 cr expansion as key monitorable. ICRA upgraded Sahyadri Industries long-term rating to [ICRA]A with Stable outlook from A- and short-term to A1 from A2+ on Rs 270.3 crore of bank facilities. The agency cited 12.1% revenue growth to Rs 678.7 crore in FY2026, 19.4% growth to Rs 405.4 crore in H1 FY2027 with margin at 14.7%, and debt falling to Rs 16.6 crore. It noted the company plans about Rs 200 crore of building-products capex in Maharashtra and Odisha funded mainly from internal accruals, with execution, raw-material prices and asbestos regulation as key monitorables. Why it matters: One-notch upgrade to [ICRA]A/Stable and [ICRA]A1 for Rs 270.3 cr limits reflects 12.1% FY26 and 19.4% H1 FY27 revenue growth, margin rebound to 14.7%, debt cut to Rs 16.6 cr with Total Debt/OPBDIT 0.3x, and adequate liquidity, while Rs 200 cr debt-light capex and asbestos and raw-material risks remain monitorables. For shareholders: Upgrade validates sustained revenue and margin improvement and near debt-free balance sheet, partly tempered by asbestos regulatory risk and large upcoming capex. Estimated effect over the next 12 months
Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions. | ||||||||||||||||||||||||||||||||||||||||||||||
| 21 Aug 2025 | Reaffirmed | [ICRA]A- | — | ICRA | ₹ 315.3 Cr. | |||||||||||||||||||||||||||||||||||||||||
Rating details
No AI analysis yet for this rating. The agency's rationale has the full reasoning. | ||||||||||||||||||||||||||||||||||||||||||||||
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 31 Oct 2026 | Financial Results | To consider and approve the Unaudited financial results for the period ended September 30, 2026 |
| 12 Aug 2026 | Financial Results/Dividend | To consider and approve: 1. Unaudited Financial Results for the quarter ended on 30th June, 2026.2. The declaration of interim dividend, if any, for the Financial Year 2026-27.3. To consider the Record Date for the purpose of Interim Dividend for the Financial Year 2026-27, In case of the declaration of aforesaid Interim Dividend. |
| 9 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend, if any, for the financial year 2025-2026. |
| 11 Feb 2026 | Financial Results | SAHYADRI : 11-Feb-2026 : The Company has informed the Exchange that a Board meeting to be held on February 07, 2026 has been re-scheduled. Further, the Company has informed the Exchange that the meeting of the Board of Directors of the Company will be held on February 11, 2026, To consider and approve the financial results for the period ended December 31, 2025 |
| 7 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 31 Oct 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
Financials
Standalone figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 135 | 154 | 217 | 106 | 131 | 151 | 215 | 125 | 145 | 195 | 259 | 147 |
| Expenses | 123 | 140 | 193 | 97 | 123 | 139 | 194 | 116 | 132 | 176 | 220 | 126 |
| Operating Profit | 12 | 14 | 24 | 9 | 8 | 13 | 20 | 9 | 13 | 19 | 39 | 21 |
| OPM % | 9% | 9% | 11% | 9% | 6% | 8% | 9% | 7% | 9% | 10% | 15% | 14% |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 3 | 2 |
| Interest | 3 | 3 | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 |
| Profit before tax | 4 | 5 | 17 | 3 | 1 | 6 | 14 | 4 | 7 | 14 | 36 | 16 |
| Tax % | 27% | 22% | 26% | 28% | 26% | 25% | 26% | 26% | 26% | 24% | 25% | 25% |
| Net Profit | 3 | 4 | 12 | 2 | 1 | 4 | 11 | 3 | 5 | 11 | 27 | 12 |
| EPS in Rs | 2.9 | 3.92 | 11.41 | 1.76 | 0.69 | 3.9 | 9.84 | 2.48 | 4.54 | 9.64 | 24.23 | 11.22 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 7%
- 5 Years
- 8%
- 3 Years
- 5%
- TTM
- 20%
- 10 Years
- 17%
- 5 Years
- −14%
- 3 Years
- −7%
- TTM
- 196%
- 10 Years
- 13%
- 5 Years
- −11%
- 3 Years
- −8%
- TTM
- —
- 10 Years
- 13%
- 5 Years
- 10%
- 3 Years
- 7%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Sahyadri Industries | ₹ 329.50 | ₹ 346 Cr. | 6.5x | 0.9x | 8% | — |
| UltraTech Cement | ₹ 12,450.00 | ₹ 3,66,876 Cr. | 42.4x | 4.6x | — | 9.3% |
| Grasim Industries | ₹ 3,227.00 | ₹ 2,19,610 Cr. | 33.5x | 2.1x | 4.9% | 5.9% |
| Ambuja Cements | ₹ 390.60 | ₹ 97,057 Cr. | 21.9x | 1.8x | 8.3% | 13.8% |
| Shree Cement | ₹ 25,100.00 | ₹ 90,563 Cr. | 55.9x | 4.2x | 7.8% | 8.4% |
| Dalmia Bharat | ₹ 1,470.30 | ₹ 27,529 Cr. | 30x | 1.9x | 6.5% | 7.8% |
Management
- Jayesh Purushottam Patel
- Whole time Chairman of the Board
- Tuljaram R. Maheshwari
- Chief Executive Officer, Chief Financial Officer, Whole time Director
- Rajib Kumar Gope
- Compliance Officer, Company Secretary
- Satyen Vallabhbhai Patel
- Managing Director, Executive Director
- Suresh Uddhav Joshi
- Whole time Director
Prices are delayed and for information only. Nothing on this page is investment advice.