Salasar Techno Engineering Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Steel Structures: 56.0% • EPC Projects: 44.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good sales growth of 21.9% CAGR over last 5 years
- Company maintains a comfortable, low leverage position
CONS
- Promoter holding has decreased over last 2 years: -11.5pp
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.44x)
- Free cash flow has been persistently negative
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 422.45 | 60.47 | 147099.77 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 968.30 | 89.74 | 47880.59 | 0.61 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3629.80 | 72.89 | 43251.35 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 35072.10 | 56.27 | 31009.08 | 0.31 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1036.70 | 73.28 | 23576.95 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2214.10 | 78.99 | 20131.14 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 581.20 | 54.94 | 18476.26 | 0.73 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2824.05 | 131.23 | 18238.21 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| LLOYDSENGG | 81.82 | 56.74 | 12690.60 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1634.20 | 581.07 | 12277.37 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KRN | 1659.55 | 112.06 | 10863.16 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| SALASAR | 5.15 | 65.74 | 900.19 | 0.00 | 51.43 | 484.70 | 2955.40 | 884.58 | 9.62 | 7.42 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 262 | 275 | 304 | 356 | 292 | 276 | 374 | 471 | 293 | 417 | 311 | 438 | 291 | |
| 238 | 250 | 266 | 322 | 264 | 252 | 341 | 429 | 267 | 378 | 289 | 403 | 291 | |
| Operating Profit | 24 | 25 | 37 | 34 | 27 | 25 | 32 | 42 | 27 | 39 | 21 | 35 | -0 |
| OPM % | 9.01% | 9.08% | 12.33% | 9.48% | 9.33% | 8.93% | 8.68% | 8.96% | 9.10% | 9.41% | 6.90% | 8.02% | -0.11% |
| 0 | 0 | 0 | 2 | 1 | 2 | 1 | 2 | 1 | 2 | 2 | 1 | 4 | |
| Interest | 8 | 11 | 12 | 13 | 12 | 12 | 13 | 13 | 13 | 13 | 14 | 14 | 15 |
| Depreciation | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 7 |
| Profit before Tax | 14 | 12 | 23 | 20 | 13 | 11 | 17 | 28 | 12 | 24 | 6 | 19 | 3 |
| Tax % | 25.66% | 25.81% | 27.55% | 24.77% | 24.87% | 21.13% | 25.63% | 30.56% | 23.99% | 26.03% | 22.20% | 27.94% | -49.81% |
| Net Profit | 10 | 9 | 17 | 15 | 10 | 9 | 13 | 19 | 9 | 18 | 4 | 14 | 5 |
| 0.06 | 0.06 | 0.11 | 0.10 | 0.06 | 0.05 | 0.07 | 0.11 | 0.05 | 0.10 | 0.03 | 0.08 | 0.03 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 277 | 373 | 495 | 654 | 526 | 583 | 691 | 1,000 | 1,197 | 1,413 | 1,457 | |
| 254 | 341 | 441 | 581 | 474 | 527 | 623 | 909 | 1,077 | 1,286 | 1,361 | |
| Operating Profit | 23 | 32 | 54 | 73 | 51 | 56 | 68 | 91 | 120 | 127 | 96 |
| OPM % | 8.37% | 8.70% | 10.92% | 11.14% | 9.77% | 9.62% | 9.85% | 9.13% | 10.01% | 8.96% | 6.56% |
| 0 | 1 | 1 | 1 | 2 | 10 | 2 | 2 | 3 | 5 | 8 | |
| Interest | 6 | 6 | 8 | 16 | 21 | 18 | 21 | 31 | 44 | 50 | 55 |
| Depreciation | 1 | 1 | 4 | 5 | 5 | 6 | 7 | 8 | 10 | 12 | 18 |
| Profit before Tax | 16 | 26 | 43 | 53 | 28 | 43 | 43 | 54 | 69 | 69 | 52 |
| Tax % | 36.56% | 36.30% | 31.47% | 37.61% | 19.74% | 31.84% | 25.21% | 25.50% | 26.05% | 26.73% | 21.63% |
| Net Profit | 10 | 17 | 30 | 33 | 22 | 29 | 32 | 40 | 51 | 51 | 40 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.60 | 1.11 | 0.26 | 0.33 | 0.29 | — |
| Dividend Payout % | 0.00% | 0.00% | 4.48% | 6.05% | 6.02% | 4.87% | 8.98% | 7.87% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 22%
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 18%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -3%
- 3 Years:
- -22%
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 11%
- 3 Years:
- 11%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 10 | 13 | 13 | 13 | 14 | 29 | 32 | 158 | 173 |
| 68 | 82 | 146 | 176 | 193 | 237 | 253 | 368 | 290 | 539 | |
| 44 | 64 | 119 | 160 | 165 | 195 | 243 | 272 | 330 | 298 | |
| Trade Payables | 15 | 33 | 32 | 58 | 21 | 27 | 50 | 71 | 95 | 110 |
| 22 | 41 | 58 | 64 | 60 | 69 | 98 | 167 | 263 | 488 | |
| Total Liabilities | 154 | 230 | 368 | 472 | 453 | 543 | 673 | 911 | 1,137 | 1,609 |
| 24 | 27 | 72 | 77 | 91 | 113 | 126 | 172 | 239 | 217 | |
| Capital Work in Progress | 0 | 0 | 1 | 0 | 0 | 0 | 6 | 21 | 0 | 2 |
| 20 | 19 | 0 | 2 | 1 | 10 | 0 | 0 | 0 | 179 | |
| 41 | 61 | 89 | 118 | 94 | 118 | 152 | 263 | 339 | 340 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 316 | 431 | |
| Cash & Bank | 2 | 6 | 15 | 12 | 9 | 5 | 10 | 21 | 26 | 17 |
| 66 | 116 | 191 | 262 | 257 | 297 | 379 | 433 | 216 | 423 | |
| Total Assets | 154 | 230 | 368 | 472 | 453 | 543 | 673 | 911 | 1,137 | 1,609 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 17 | 16 | -28 | 6 | 38 | 7 | 13 | 10 | 47 | 19 | |
| Cash from Investing | -3 | -12 | -16 | -14 | -22 | -23 | -27 | -71 | -78 | -170 |
| Cash from Financing | -9 | 5 | 65 | 22 | -11 | 27 | 25 | 75 | 31 | 151 |
| -0 | -0 | 6 | -4 | -1 | -0 | -0 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Salasar Techno Engineering Limited has informed the Exchange about Copy of Newspaper Publication regarding 25th AGM of the Company, to be held on Wednesday, September 30, 2026 at 11:30 A.M. through VC.
2026-09-07 - Salasar Techno Engineering Limited has informed the Exchange about Copy of Newspaper Publication, intimating the shareholders to register/update their email address to receive the notice of 25th AGM & Annual Report of the Company for FY ended 31.03.2026.
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange regarding 'Dispatch of web-link letters' to the shareholders of the company whose email id is not registered with the Company/RTA/depository.
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange about change in Management
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange regarding 'Annual Report for the FY 2025-26'.
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Reporting (BRSR) for FY 2025-26.
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange regarding 'Intimation of Book Closure' for 25th AGM.
2026-09-05 - Salasar Techno Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-08-17 - Salasar Techno Engineering Limited has informed the Exchange about Copy of Newspaper Publication of Standalone & Consolidated Unaudited Financial Results of the Company for the Quarter ended June 30, 2026.
News
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