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Sarthak Metals Ltd.

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sarthakmetals.comBSE: 540393NSE: SMLT
Market Cap₹ 87 Cr.
Current Price
High / Low₹ 121 / 57
Stock P/E17.9
Book Value₹ 92
Price to Book0.63
Dividend Yield0.00 %
ROCE5.6 %
ROE3.8 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2021 • Cored Wire Division: 98.5% • Gas Division: 1.5%

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

  • Company is almost debt free
  • Latest quarter profit grew 25.4% YoY, showing strong momentum
  • Company comfortably covers its interest (14.2x coverage)
  • Stock looks reasonably valued - P/E of 17.9 is below its historical median

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 (31.3% of PBT)
  • Company has a low return on equity of 6.6% over last 3 years
  • Company has a low return on capital employed of 9.8%
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.26x)

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

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.42350.7320.665455.0923.4513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.36107.03-15.82971.63-15.6318.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.SMLT63.7417.8887.260.001.3325.3855.2119.455.612.81
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
82777571414644484636486255
74707368394442474435465955
Operating Profit8723222122231
OPM %9.24%9.30%3.27%3.72%3.96%4.22%4.68%2.85%3.79%4.54%4.40%4.05%1.23%
0011110110011
Interest0000000000000
Depreciation0011111111111
Profit before Tax7722222121222
Tax %26.21%22.58%24.23%25.11%10.26%55.85%25.61%44.17%32.05%26.21%27.93%31.02%35.89%
Net Profit5622111111111
3.874.051.271.280.990.610.920.490.770.570.951.090.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
152171189214222457408305178192201
143161177203206419368285171184194
Operating Profit910121116384020787
OPM %5.90%6.02%6.34%5.25%7.15%8.29%9.81%6.51%3.90%4.11%3.45%
22210432323
Interest43443411101
Depreciation11222222333
Profit before Tax678611364019677
Tax %33.62%32.34%28.44%27.92%25.86%23.34%26.01%27.09%34.41%29.57%30.97%
Net Profit45658273014455
EPS2.896.944.213.385.8420.0721.7410.103.013.37—
Dividend Payout %17.33%0.00%11.88%14.81%17.12%9.96%9.20%9.90%16.61%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
4%
5 Years:
-3%
3 Years:
-22%

COMPOUNDED PROFIT GROWTH

10 Years:
3%
5 Years:
-10%
3 Years:
-46%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
-35%
1 Year:
-45%

RETURN ON EQUITY

10 Years:
16%
5 Years:
19%
3 Years:
7%
Last Year:
4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Jul 11

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2023

Dec 22

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2023

Aug 9

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2022

Dec 30

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2022

Aug 25

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2022

Jan 12

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2021

Sep 3

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2017

Jul 21

₹ 0.05

Rs.0.5000 per share(5%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital14141414141414141414
19232932396491102107111
2726362331220007
Trade Payables01341101012
2423664435
Total Liabilities6367847691116110120124137
791415141111151917
Capital Work in Progress2100002000
1111110002
10162622302815202739
0000000404257
Cash & Bank9241381535290
344039384468689521
Total Assets6367847691116110120124137

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
623192254527-0-33
Cash from Investing-2-2-6-3-13-2-3-6-2
Cash from Financing5-67-174-15-26-3-06
7-72-224720-6-29

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
69.0468.8568.8568.8568.8168.8168.8168.81
0.190.160.150.000.140.140.140.14
DIIs0.000.000.000.000.000.000.000.00
Government0.000.000.000.000.000.000.000.00
30.7630.9931.0031.0131.0531.0531.0531.05

Documents

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

2026-09-09
Demise

2026-09-09 - Sarthak Metals Limited has informed the Exchange regarding Demise of Mr Narendra Dewangan, Chief Financial Officer of the company on September 09, 2026.

2026-08-20
Shareholders meeting

2026-08-20 - Revised Outcome of 31st Annual General Meeting

2026-08-19
Shareholders meeting

2026-08-19 - Sarthak Metals Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-19
Shareholders meeting

2026-08-19 - Sarthak Metals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026

2026-08-18
General Updates

2026-08-18 - Sarthak Metals Limited has informed the Exchange about Revision in the Financials for the Quarter Ended 30th June, 2026

2026-08-14
Investor Presentation

2026-08-14 - Sarthak Metals Limited has informed the Exchange about Investor Presentation

2026-08-14
Copy of Newspaper Publication

2026-08-14 - Sarthak Metals Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13
Outcome of Board Meeting

2026-08-13 - Sarthak Metals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-20
Copy of Newspaper Publication

2026-07-20 - Sarthak Metals Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for SMLT

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