Shanthi Gears Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 30.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 31.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
- Company has delivered good sales growth of 19.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 50.0%
CONS
- Recent results are weak - TTM profit is down 32.2% versus prior year
- Valuation is stretched - P/E of 87.1 is well above its own 5-year median (43.1)
- Stock is trading at 7.5x its book value
- Growth is decelerating - 3Y profit CAGR (4.6%) trails the 5Y trend (30.6%)
- Expensive relative to growth - PEG of 19.1
- Inventory has been piling up - inventory days up from 50 to 68
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 164.00 | 39.52 | 173092.86 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48602.60 | 60.66 | 143358.71 | 0.56 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1223.50 | 58.77 | 70653.11 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2650.00 | 84.58 | 51296.66 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 803.10 | 72.02 | 50123.75 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2716.60 | 39.40 | 38212.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11852.65 | 66.68 | 30999.93 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2528.05 | 57.63 | 28770.60 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4107.40 | 73.56 | 25631.64 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.32 | 38.39 | 24086.20 | 1.60 | 1453.20 | 915.51 | 34072.60 | 1266.17 | 43.72 | 7.58 |
| GABRIEL | 1340.50 | 79.82 | 23757.68 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| SHANTIGEAR | 724.80 | 419.06 | 5560.37 | 0.69 | 9.85 | -56.59 | 115.49 | -14.38 | 24.45 | 13.14 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 121 | 135 | 126 | 154 | 139 | 155 | 158 | 153 | 135 | 132 | 117 | 135 | 115 | |
| 98 | 107 | 102 | 127 | 110 | 121 | 123 | 122 | 104 | 105 | 94 | 111 | 105 | |
| Operating Profit | 23 | 29 | 23 | 27 | 29 | 34 | 35 | 31 | 31 | 27 | 23 | 24 | 10 |
| OPM % | 19.02% | 21.22% | 18.60% | 17.32% | 20.64% | 22.03% | 22.19% | 20.21% | 22.62% | 20.10% | 19.68% | 17.68% | 8.67% |
| 4 | 4 | 4 | 10 | 3 | 3 | 4 | 4 | 4 | 6 | 3 | 3 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 |
| Profit before Tax | 24 | 30 | 24 | 32 | 29 | 34 | 35 | 31 | 31 | 29 | 22 | 22 | 14 |
| Tax % | 24.88% | 29.13% | 27.22% | 19.52% | 25.18% | 25.28% | 25.83% | 28.49% | 25.90% | 25.00% | 25.01% | 25.40% | 30.49% |
| Net Profit | 18 | 21 | 17 | 26 | 22 | 26 | 26 | 22 | 23 | 22 | 16 | 16 | 10 |
| 2.36 | 2.74 | 2.27 | 3.35 | 2.82 | 3.34 | 3.43 | 2.93 | 2.96 | 2.80 | 2.11 | 2.12 | 1.28 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 184 | 214 | 242 | 242 | 216 | 337 | 446 | 536 | 605 | 519 | 499 | |
| 148 | 177 | 200 | 208 | 189 | 277 | 355 | 434 | 475 | 414 | 416 | |
| Operating Profit | 36 | 37 | 41 | 35 | 26 | 60 | 90 | 102 | 129 | 104 | 83 |
| OPM % | 19.42% | 17.26% | 17.04% | 14.33% | 12.10% | 17.89% | 20.24% | 19.09% | 21.36% | 20.10% | 16.70% |
| 11 | 12 | 12 | 7 | 9 | 9 | 11 | 21 | 15 | 15 | 15 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 18 | 16 | 11 | 8 | 9 | 10 | 11 | 13 | 13 | 16 | 17 |
| Profit before Tax | 28 | 33 | 42 | 33 | 26 | 59 | 90 | 110 | 130 | 103 | 86 |
| Tax % | 21.02% | 13.84% | 21.46% | 22.94% | 22.63% | 27.69% | 25.66% | 24.98% | 26.18% | 25.36% | 26.01% |
| Net Profit | 23 | 29 | 33 | 25 | 20 | 42 | 67 | 82 | 96 | 77 | 64 |
| EPS | 2.75 | 3.50 | 4.08 | 3.28 | 2.63 | 5.54 | 8.74 | 10.72 | 12.52 | 9.99 | — |
| Dividend Payout % | 27.22% | 28.59% | 146.99% | 60.90% | 57.04% | 45.15% | 57.20% | 46.63% | 39.94% | 50.03% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 19%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 31%
- 3 Years:
- 5%
STOCK PRICE CAGR
- 10 Years:
- 19%
- 5 Years:
- 32%
- 3 Years:
- 14%
- 1 Year:
- 28%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 22%
- 3 Years:
- 23%
- Last Year:
- 18%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| 298 | 310 | 294 | 221 | 229 | 252 | 295 | 338 | 395 | 432 | |
| 1 | 1 | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 | |
| Trade Payables | 25 | 24 | 31 | 30 | 55 | 44 | 43 | 55 | 63 | 72 |
| 12 | 12 | 15 | 19 | 33 | 50 | 50 | 36 | 33 | 36 | |
| Total Liabilities | 344 | 354 | 348 | 279 | 327 | 354 | 395 | 437 | 499 | 549 |
| 58 | 50 | 52 | 53 | 67 | 59 | 63 | 65 | 72 | 99 | |
| Capital Work in Progress | 1 | 0 | 0 | 6 | 0 | 3 | 2 | 4 | 5 | 26 |
| 70 | 114 | 124 | 79 | 47 | 50 | 57 | 45 | 88 | 75 | |
| 75 | 59 | 70 | 61 | 78 | 64 | 67 | 85 | 80 | 113 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118 | 137 | 116 | |
| Cash & Bank | 2 | 1 | 20 | 2 | 56 | 67 | 90 | 8 | 65 | 75 |
| 138 | 130 | 82 | 78 | 80 | 111 | 116 | 112 | 52 | 45 | |
| Total Assets | 344 | 354 | 348 | 279 | 327 | 354 | 395 | 437 | 499 | 549 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 48 | 37 | 63 | 35 | 50 | 85 | 36 | 91 | 70 | |
| Cash from Investing | -13 | -26 | 40 | 24 | -18 | -16 | -26 | -12 | -38 | -45 |
| Cash from Financing | 0 | -17 | -49 | -98 | -12 | -19 | -23 | -39 | -38 | -38 |
| 1 | -1 | 18 | -18 | 1 | -1 | 14 | -14 | 14 | -14 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-09-03 - Shanthi Gears Limited has informed the Exchange regarding Appointment of Ms Helena Susan as Head HR of the company w.e.f. September 03, 2026.
2026-09-03 - Shanthi Gears Limited has informed the Exchange regarding Appointment of Mr Sai Krishna Alluri as Chief Financial Officer of the company w.e.f. September 03, 2026.
2026-08-26 - Significant movement in price has been observed in Shanthi Gears Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Shanthi Gears Limited has submitted their response.
2026-08-25 - Significant movement in price has been observed in Shanthi Gears Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-07-30 - Shanthi Gears Limited has submitted the Exchange a copy of the Scrutinizer report of the 53rd Annual General Meeting held on Wednesday, the 29th July 2026.
2026-07-30 - Shanthi Gears Limited has informed the Exchange about Newspaper Advertisement of Unaudited Financial Results Published on 30th July 2026
2026-07-29 - Shanthi Gears Limited has informed the Exchange regarding Proceedings of the 53rd Annual General Meeting held on Wednesday, the 29th July 2026 at 04.30 PM
2026-07-29 - Shanthi Gears Limited has informed the Exchange regarding Resignation of Mr. Malliraj S as Head - Strategic Sourcing of the company w.e.f. 15th September, 2026.
2026-07-29 - Shanthi Gears Limited has submitted to the Exchange, the Unaudited Financial results for the quarter ended 30th June, 2026.
News
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Shanthi Gears Ltd.
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