Sarthak Metals Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2021 • Cored Wire Division: 98.5% • Gas Division: 1.5%
AI Sector View
AI GENERATEDMetals & Mining
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1325.00 | 13.07 | 324022.65 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 189.00 | 21.38 | 235937.32 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 197.10 | 19.06 | 81412.65 | 1.19 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2591.20 | 29.60 | 68353.43 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| APLAPOLLO | 2250.00 | 50.83 | 62473.14 | 0.38 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| JSL | 737.70 | 18.72 | 60817.43 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| SHYAMMETL | 1066.05 | 26.49 | 29756.85 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 305.30 | 29.88 | 19524.19 | 0.66 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2732.25 | 44.24 | 19150.89 | 0.37 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 508.95 | 15.87 | 17934.44 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 240.90 | 20.11 | 16218.33 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| SMLT | 63.72 | 17.88 | 87.23 | 0.00 | 1.33 | 25.38 | 55.21 | 19.45 | 5.61 | 2.81 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 82 | 77 | 75 | 71 | 41 | 46 | 44 | 48 | 46 | 36 | 48 | 62 | 55 | |
| 74 | 70 | 73 | 68 | 39 | 44 | 42 | 47 | 44 | 35 | 46 | 59 | 55 | |
| Operating Profit | 8 | 7 | 2 | 3 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 3 | 1 |
| 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% |
| 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 7 | 7 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 1 | 2 | 2 | 2 |
| 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 Profit | 5 | 6 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 3.87 | 4.05 | 1.27 | 1.28 | 0.99 | 0.61 | 0.92 | 0.49 | 0.77 | 0.57 | 0.95 | 1.09 | 0.97 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 152 | 171 | 189 | 214 | 222 | 457 | 408 | 305 | 178 | 192 | 201 | |
| 143 | 161 | 177 | 203 | 206 | 419 | 368 | 285 | 171 | 184 | 194 | |
| Operating Profit | 9 | 10 | 12 | 11 | 16 | 38 | 40 | 20 | 7 | 8 | 7 |
| OPM % | 5.90% | 6.02% | 6.34% | 5.25% | 7.15% | 8.29% | 9.81% | 6.51% | 3.90% | 4.11% | 3.45% |
| 2 | 2 | 2 | 1 | 0 | 4 | 3 | 2 | 3 | 2 | 3 | |
| Interest | 4 | 3 | 4 | 4 | 3 | 4 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Profit before Tax | 6 | 7 | 8 | 6 | 11 | 36 | 40 | 19 | 6 | 7 | 7 |
| Tax % | 33.62% | 32.34% | 28.44% | 27.92% | 25.86% | 23.34% | 26.01% | 27.09% | 34.41% | 29.57% | 30.97% |
| Net Profit | 4 | 5 | 6 | 5 | 8 | 27 | 30 | 14 | 4 | 5 | 5 |
| EPS | 2.89 | 6.94 | 4.21 | 3.38 | 5.84 | 20.07 | 21.74 | 10.10 | 3.01 | 3.37 | — |
| 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:
- -36%
- 1 Year:
- -39%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 19%
- 3 Years:
- 7%
- Last Year:
- 4%
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 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 19 | 23 | 29 | 32 | 39 | 64 | 91 | 102 | 107 | 111 | |
| 27 | 26 | 36 | 23 | 31 | 22 | 0 | 0 | 0 | 7 | |
| Trade Payables | 0 | 1 | 3 | 4 | 1 | 10 | 1 | 0 | 1 | 2 |
| 2 | 4 | 2 | 3 | 6 | 6 | 4 | 4 | 3 | 5 | |
| Total Liabilities | 63 | 67 | 84 | 76 | 91 | 116 | 110 | 120 | 124 | 137 |
| 7 | 9 | 14 | 15 | 14 | 11 | 11 | 15 | 19 | 17 | |
| Capital Work in Progress | 2 | 1 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 2 | |
| 10 | 16 | 26 | 22 | 30 | 28 | 15 | 20 | 27 | 39 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40 | 42 | 57 | |
| Cash & Bank | 9 | 2 | 4 | 1 | 3 | 8 | 15 | 35 | 29 | 0 |
| 34 | 40 | 39 | 38 | 44 | 68 | 68 | 9 | 5 | 21 | |
| Total Assets | 63 | 67 | 84 | 76 | 91 | 116 | 110 | 120 | 124 | 137 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 2 | 3 | 19 | 2 | 25 | 45 | 27 | -0 | -33 | |
| Cash from Investing | -2 | -2 | -6 | -3 | -1 | 3 | -2 | -3 | -6 | -2 |
| Cash from Financing | 5 | -6 | 7 | -17 | 4 | -15 | -26 | -3 | -0 | 6 |
| 7 | -7 | 2 | -2 | 2 | 4 | 7 | 20 | -6 | -29 |
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
2026-08-20 - Revised Outcome of 31st Annual General 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 - Sarthak Metals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026
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 - Sarthak Metals Limited has informed the Exchange about Investor Presentation
2026-08-14 - Sarthak Metals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Sarthak Metals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-20 - Sarthak Metals Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-18 - Sarthak Metals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 18, 2026
News
Recent coverage and analyst commentary for SMLT
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