Pennar Industries Ltd.

•

pennarindia.comBSE: 513228NSE: PENIND

Market Cap₹ 2,260 Cr.

Current Price

High / Low₹ 280 / 129

Stock P/E22.5

Book Value₹ 75

Price to Book1.80

Dividend Yield0.00 %

ROCE14.4 %

ROE10.9 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.25x)
Stock looks reasonably valued - P/E of 22.5 is below its historical median
Attractively priced for its growth - PEG of 0.7

CONS

A large part of profit comes from other income (32.2% of PBT)
Company has a low return on equity of 9.9% over last 3 years
Interest coverage is weak at 2.0x - earnings barely cover interest
Total debt has risen sharply - up 30.7% year on year
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	PENIND	166.80	15.88	2260.08	0.00	35.41	10.79	870.42	2.93	15.55	10.64

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	580	634	585	659	602	600	654	721	655	705	716	672	569
	534	579	524	609	540	534	584	645	584	635	652	593	553
Operating Profit	46	55	61	51	62	66	70	76	71	70	64	79	16
OPM %	7.89%	8.69%	10.39%	7.68%	10.36%	11.04%	10.70%	10.54%	10.87%	9.90%	8.88%	11.77%	2.84%
	13	6	6	13	3	5	5	6	7	12	15	8	12
Interest	27	30	31	26	27	27	31	33	35	34	32	31	34
Depreciation	14	14	15	13	14	14	14	14	15	16	15	17	16
Profit before Tax	17	18	21	24	25	30	31	35	28	32	31	38	29
Tax %	25.96%	24.80%	26.06%	25.88%	25.58%	25.51%	25.64%	21.32%	19.18%	20.44%	20.93%	25.43%	24.43%
Net Profit	13	13	15	18	19	23	23	28	23	26	25	29	22
	0.96	0.97	1.14	1.32	1.38	1.67	1.70	2.05	1.67	1.91	1.82	2.11	1.60

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	988	1,750	2,116	2,098	1,517	1,995	2,288	2,458	2,578	2,748	2,662
	900	1,564	1,946	1,930	1,426	1,842	2,121	2,246	2,313	2,464	2,433
Operating Profit	87	185	170	168	90	152	168	212	265	284	229
OPM %	8.84%	10.60%	8.06%	8.00%	5.96%	7.64%	7.33%	8.63%	10.29%	10.32%	8.59%
	5	39	26	20	38	19	37	38	29	42	47
Interest	35	62	75	83	79	75	89	114	117	132	131
Depreciation	12	23	28	43	48	50	56	56	56	63	64
Profit before Tax	45	139	94	62	1	46	60	80	121	130	130
Tax %	37.20%	33.24%	31.52%	15.24%	16.82%	25.17%	25.81%	25.71%	24.34%	21.76%	22.90%
Net Profit	29	93	64	53	1	34	44	59	92	101	100
EPS	2.37	6.11	4.20	3.47	0.06	2.40	3.22	4.39	6.80	7.51	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 13%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 158%
3 Years:: 32%

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: 41%
3 Years:: 15%
1 Year:: -31%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 8%
3 Years:: 10%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	60	76	76	73	71	71	67	67	67	67
	292	528	589	624	620	652	664	721	810	912
	145	364	452	491	617	626	657	705	739	961
Trade Payables	272	372	448	477	446	515	558	738	833	830
	166	173	173	178	132	190	203	220	248	303
Total Liabilities	936	1,513	1,738	1,844	1,886	2,055	2,149	2,451	2,697	3,073
	197	342	453	621	599	568	631	606	805	760
Capital Work in Progress	8	27	118	33	53	76	10	181	36	123
	63	72	55	57	30	54	36	99	97	131
	189	431	436	438	468	577	737	794	908	958
	0	0	0	0	0	0	0	447	527	614
Cash & Bank	48	49	36	56	42	65	53	58	65	137
	431	592	639	638	694	715	683	266	260	349
Total Assets	936	1,513	1,738	1,844	1,886	2,055	2,149	2,451	2,697	3,073

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	99	29	207	216	-53	220	130	212	169	186
Cash from Investing	-18	-112	-204	-79	-4	-134	-4	-215	-66	-227
Cash from Financing	-78	86	14	-96	44	-79	-106	-14	-92	97
	-9	-25	-19	22	-16	-4	7	-18	11	56

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	2.37	6.11	4.20	3.62	0.06	2.40	3.28	4.39	6.80	7.51
Book Value (₹)	29.23	39.65	43.65	47.96	48.60	50.89	54.18	58.41	65.03	72.57
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	3.35	7.61	6.03	6.55	3.42	5.94	7.42	8.55	10.93	12.22
PROFITABILITY
Operating Margin %	8.62%	11.38%	9.29%	8.96%	7.14%	8.58%	8.96%	8.56%	10.20%	10.24%
Net Margin %	2.67%	5.23%	3.03%	2.50%	0.06%	1.71%	1.93%	2.39%	3.53%	3.66%
ROE %	8.30%	19.47%	10.09%	7.71%	0.13%	4.83%	6.08%	7.80%	11.02%	10.92%
ROCE %	15.86%	27.82%	16.35%	12.91%	6.65%	9.34%	11.20%	13.50%	15.02%	14.38%
	3.29%	7.60%	3.94%	2.93%	0.05%	1.73%	2.10%	2.58%	3.57%	3.51%
EFFICIENCY
Debtor Days	78	65	75	74	101	80	63	60	68	75
Inventory Days	60	64	75	76	109	96	105	113	119	123
Payable Days	100	64	66	75	101	76	70	81	93	95
	39	64	83	76	109	99	97	91	95	103
FINANCIAL HEALTH
Debt to Equity (x)	0.39x	0.59x	0.66x	0.65x	0.84x	0.81x	0.85x	0.93x	0.88x	1.03x
Interest Coverage (x)	2.30x	3.26x	2.24x	1.74x	1.01x	1.61x	1.67x	1.70x	2.04x	1.98x
	1.44x	1.45x	1.21x	1.12x	1.15x	1.09x	1.06x	1.02x	1.10x	1.10x
GROWTH
Revenue Growth %	9.41%	77.16%	20.93%	-0.87%	-27.70%	31.53%	14.72%	7.40%	4.90%	6.58%
Operating Profit Growth %	13.99%	119.70%	-3.04%	-4.31%	-42.43%	58.05%	19.83%	21.91%	17.65%	10.65%
Net Profit Growth %	5.66%	225.95%	-31.18%	-18.00%	-98.31%	3738.20%	29.39%	34.09%	54.88%	10.45%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	34.10%	54.88%	10.45%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	30.31x	27.58x	17.39x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.28x	2.89x	1.80x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.89x	11.03x	8.11x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	39.63	39.66	39.66	39.66	39.66	39.66	39.67	39.67	39.67
	4.86	4.81	4.40	3.81	6.23	6.74	5.02	4.05	3.98
	0.32	1.48	1.56	1.69	1.74	1.98	2.13	5.23	5.85
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	55.19	54.05	54.37	54.84	52.38	51.62	53.18	51.06	50.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Pennar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Updates

2026-09-02 - Pennar Industries Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the financial year 2025-26'.

2026-09-02

Updates

2026-09-02 - Pennar Industries Limited has informed the Exchange regarding 'E-voting and Cut-Off Date for the AGM'.

2026-09-02

General Updates

2026-09-02 - Pennar Industries Limited has informed the Exchange about General Updates

2026-09-02

Shareholders meeting

2026-09-02 - Pennar Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Pennar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-27

Giving guarantees/indemnity/ becoming a surety for third party

2026-08-27 - Pennar Industries Limited has informed the Exchange about Giving guarantees/indemnity/ becoming a surety for third party

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Pennar Industries Limited has informed the Exchange about Transcript

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Pennar Industries Limited has informed the Exchange about Link of Recording

News

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