Sarthak Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Merchant Trading: 96.7% • L.P.G Cylinders: 2.1% • Unallowcable: 1.2%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has delivered good sales growth of 16.1% CAGR over last 5 years
- Working capital cycle has improved - days down from 49 to 40
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
- Company converts assets efficiently - asset turnover of 3.2x
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (90.0% of PBT)
- Recent results are weak - TTM profit is down 28.5% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.61x)
- Company has a low return on equity of 5.5% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 3057.10 | 55.59 | 413846.54 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| AEGISLOG | 1353.10 | 37.96 | 47493.81 | 0.64 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3830.15 | 94.94 | 45310.84 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| PREMIERENE | 974.55 | 26.57 | 44239.84 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| REDINGTON | 393.65 | 18.09 | 30774.55 | 1.52 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.95 | 61.70 | 15354.11 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 20.87 | 14.58 |
| LLOYDSENT | 69.79 | 94.88 | 10653.81 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 751.25 | 76.16 | 9468.39 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 61.96 | 20.78 | 9294.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1819.35 | 63.14 | 7918.37 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| EBGNG | 683.00 | 54.67 | 7786.99 | 0.00 | 28.93 | 56.21 | 412.46 | 32.08 | 20.58 | 11.97 |
| SARTHAKIND | 25.80 | 26.31 | 23.97 | 0.00 | 0.51 | -55.00 | 82.32 | 39.68 | 11.18 | 1.38 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 9 | 8 | 6 | 8 | 32 | 61 | 103 | 59 | 83 | 43 | 97 | 82 | |
| 8 | 9 | 8 | 7 | 8 | 31 | 60 | 102 | 58 | 81 | 42 | 98 | 82 | |
| Operating Profit | -1 | -0 | -0 | -0 | -0 | 1 | 1 | 1 | 1 | 2 | 1 | -1 | 1 |
| OPM % | -6.92% | -2.41% | -3.02% | -7.48% | -3.41% | 3.08% | 2.21% | 1.42% | 1.60% | 2.35% | 1.99% | -1.01% | 0.62% |
| 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Tax % | 33.33% | 25.00% | 25.00% | 20.00% | 26.47% | 27.27% | 18.75% | 23.33% | -83.87% | 77.46% | 25.86% | -20.30% | 26.36% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | 1 |
| 0.03 | 0.30 | 0.32 | 0.09 | 0.27 | 0.95 | 1.12 | 0.74 | 1.22 | 0.34 | 0.46 | 1.72 | 0.55 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 161 | 120 | 112 | 96 | 134 | 164 | 58 | 30 | 204 | 282 | 306 | |
| 162 | 120 | 110 | 95 | 131 | 162 | 59 | 32 | 201 | 279 | 303 | |
| Operating Profit | -1 | 1 | 2 | 1 | 3 | 2 | -1 | -1 | 4 | 3 | 2 |
| OPM % | -0.57% | 0.65% | 1.84% | 0.57% | 2.06% | 1.12% | -1.19% | -4.73% | 1.73% | 0.98% | 0.77% |
| 5 | 4 | 1 | 5 | 2 | 2 | 3 | 4 | 2 | 4 | 4 | |
| Interest | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Profit before Tax | 2 | 2 | 1 | 4 | 3 | 2 | 1 | 1 | 4 | 4 | 4 |
| Tax % | 17.52% | 18.53% | 62.11% | 32.41% | 28.83% | 26.49% | 26.62% | 24.49% | 24.24% | 11.77% | 28.90% |
| Net Profit | 1 | 2 | 0 | 3 | 2 | 2 | 1 | 1 | 3 | 3 | 3 |
| EPS | 0.00 | 0.00 | 0.00 | 3.89 | 3.00 | 2.41 | 0.82 | 0.73 | 3.04 | 3.75 | — |
| 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:
- 11%
- 5 Years:
- 16%
- 3 Years:
- 69%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 11%
- 3 Years:
- 66%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 5%
- 3 Years:
- 5%
- Last Year:
- 8%
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 | 7 | 7 | 7 | 7 | 7 | 7 | 9 | 9 | 9 | 9 |
| 23 | 25 | 26 | 28 | 31 | 33 | 30 | 31 | 33 | 36 | |
| 7 | 16 | 3 | 0 | 1 | 4 | 3 | 2 | 5 | 14 | |
| Trade Payables | 36 | 17 | 24 | 14 | 18 | 24 | 16 | 4 | 15 | 37 |
| 7 | 10 | 20 | 13 | 13 | 11 | 10 | 9 | 10 | 9 | |
| Total Liabilities | 81 | 75 | 80 | 61 | 70 | 79 | 69 | 55 | 73 | 106 |
| 29 | 15 | 9 | 3 | 4 | 5 | 4 | 4 | 3 | 3 | |
| Capital Work in Progress | 2 | 2 | 5 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| 3 | 3 | 3 | 2 | 3 | 3 | 2 | 6 | 6 | 7 | |
| 4 | 3 | 8 | 7 | 9 | 7 | 4 | 4 | 21 | 30 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 13 | 42 | |
| Cash & Bank | 2 | 5 | 3 | 5 | 4 | 4 | 2 | 2 | 7 | 3 |
| 41 | 47 | 51 | 42 | 49 | 58 | 55 | 34 | 21 | 20 | |
| Total Assets | 81 | 75 | 80 | 61 | 70 | 79 | 69 | 55 | 73 | 106 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3 | -1 | 11 | -21 | 9 | 4 | -7 | -2 | -15 | -22 | |
| Cash from Investing | -1 | 1 | 1 | 28 | -9 | -4 | 9 | 5 | 16 | 9 |
| Cash from Financing | -3 | 2 | -14 | -4 | -1 | 2 | -2 | -2 | 2 | 7 |
| -1 | 3 | -2 | 1 | -2 | 1 | -1 | 1 | 4 | -6 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for SARTHAKIND
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