Shanthi Gears Ltd.

•

₹ 464.2519.99%

2026-08-21

shanthigears.comBSE: 522034NSE: SHANTIGEAR

Market Cap₹ 2,969 Cr.

Current Price₹ 387

High / Low₹ 599 / 384

Stock P/E0.0

Book Value₹ 59

Price to Book7.51

Dividend Yield1.29 %

ROCE24.4 %

ROE18.2 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

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
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 9.4
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

EDIT COLUMNS

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	MOTHERSON	170.35	41.05	179794.93	0.35	1075.66	77.48	35243.77	17.70	13.63	8.86
2.	BOSCHLTD	48360.00	60.36	142643.14	0.56	706.10	-36.74	5841.90	22.00	25.60	14.08
3.	UNOMINDA	1275.00	61.24	73627.07	0.21	315.51	2.10	5556.85	23.79	20.74	11.14
4.	TIINDIA	2936.45	93.72	56841.54	0.12	293.96	-3.04	6215.33	20.20	27.33	8.81
5.	SONACOMS	823.00	73.78	51346.20	0.41	178.51	46.67	1301.20	52.38	14.75	22.55
6.	ENDURANCE	2987.10	43.32	42017.40	0.39	244.52	8.03	4314.89	30.01	18.33	12.42
7.	ZFCVINDIA	2617.15	59.66	29784.61	0.03	1044.78	753.75	10661.76	992.89	20.23	12.93
8.	CRAFTSMAN	10778.15	60.63	28189.64	0.10	150.55	116.31	2431.58	36.30	14.65	15.81
9.	MSUMI	39.27	0.00	26042.54	1.48	1453.20	915.51	34072.60	1266.17	43.72	7.58
10.	GABRIEL	1438.55	85.65	25495.42	0.35	1081.26	925.35	14256.83	1055.00	26.37	11.71
11.	SANSERA	3894.75	69.76	24304.63	0.10	87.36	38.71	1021.26	33.27	13.97	19.18
12.	SHANTIGEAR	387.05	223.78	2969.29	1.29	9.85	-56.59	115.49	-14.38	24.45	13.14

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	4	4	4	10	3	3	4	4	4	6	4	6	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
	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	3	2	3	3	3	3	3	3	3	2	2	0
Equity Capital	8	8	8	8	8	8	8	8	8	8	8	8	8
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	8	8	8	8	8	8	8	8	8	8	8	8	8
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 121
: 98
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 3
: 24
Tax %: 24.88%
Net Profit: 18
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 135
: 107
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 3
: 30
Tax %: 29.13%
Net Profit: 21
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 126
: 102
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 3
: 24
Tax %: 27.22%
Net Profit: 17
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 154
: 127
Operating Profit: —
OPM %: —
Other Income: 10
Interest: 0
Depreciation: 4
: 32
Tax %: 19.52%
Net Profit: 26
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 139
: 110
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 3
: 29
Tax %: 25.18%
Net Profit: 22
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 155
: 121
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 3
: 34
Tax %: 25.28%
Net Profit: 26
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 158
: 123
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 3
: 35
Tax %: 25.83%
Net Profit: 26
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 153
: 122
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 4
: 31
Tax %: 28.49%
Net Profit: 22
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 135
: 104
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 4
: 31
Tax %: 25.90%
Net Profit: 23
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 132
: 105
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 0
Depreciation: 4
: 29
Tax %: 25.00%
Net Profit: 22
: 3
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 117
: 94
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 4
: 22
Tax %: 25.01%
Net Profit: 16
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 135
: 111
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 0
Depreciation: 5
: 22
Tax %: 25.40%
Net Profit: 16
: 2
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 115
: 105
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 5
: 14
Tax %: 30.49%
Net Profit: 10
: 0
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

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	46	49	53	41	35	69	101	123	144	124	—
OPM %	25	23	22	17	16	21	23	23	24	24	—
Other Income	11	12	12	7	9	9	11	21	15	20	20
Interest	0	0	0	0	0	0	0	1	0	0	0
Depreciation	18	16	11	8	9	10	11	13	13	16	17
	28	33	42	33	26	59	90	110	130	103	86
Tax %	21	14	21	23	23	28	26	25	26	25	26
Net Profit	23	29	33	25	20	42	67	82	96	77	64
EPS	3	4	4	3	3	6	9	11	13	10	—
Dividend Payout %	27	29	147	61	57	45	57	47	40	50	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	3	4	3	3	6	9	11	13	10	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	3	4	3	3	6	9	11	13	10	—

Mar 2017

: 184
: 148
Operating Profit: 46
OPM %: 25
Other Income: 11
Interest: 0
Depreciation: 18
: 28
Tax %: 21
Net Profit: 23
EPS: 3
Dividend Payout %: 27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2018

: 214
: 177
Operating Profit: 49
OPM %: 23
Other Income: 12
Interest: 0
Depreciation: 16
: 33
Tax %: 14
Net Profit: 29
EPS: 4
Dividend Payout %: 29
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2019

: 242
: 200
Operating Profit: 53
OPM %: 22
Other Income: 12
Interest: 0
Depreciation: 11
: 42
Tax %: 21
Net Profit: 33
EPS: 4
Dividend Payout %: 147
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2020

: 242
: 208
Operating Profit: 41
OPM %: 17
Other Income: 7
Interest: 0
Depreciation: 8
: 33
Tax %: 23
Net Profit: 25
EPS: 3
Dividend Payout %: 61
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2021

: 216
: 189
Operating Profit: 35
OPM %: 16
Other Income: 9
Interest: 0
Depreciation: 9
: 26
Tax %: 23
Net Profit: 20
EPS: 3
Dividend Payout %: 57
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2022

: 337
: 277
Operating Profit: 69
OPM %: 21
Other Income: 9
Interest: 0
Depreciation: 10
: 59
Tax %: 28
Net Profit: 42
EPS: 6
Dividend Payout %: 45
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2023

: 446
: 355
Operating Profit: 101
OPM %: 23
Other Income: 11
Interest: 0
Depreciation: 11
: 90
Tax %: 26
Net Profit: 67
EPS: 9
Dividend Payout %: 57
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2024

: 536
: 434
Operating Profit: 123
OPM %: 23
Other Income: 21
Interest: 1
Depreciation: 13
: 110
Tax %: 25
Net Profit: 82
EPS: 11
Dividend Payout %: 47
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2025

: 605
: 475
Operating Profit: 144
OPM %: 24
Other Income: 15
Interest: 0
Depreciation: 13
: 130
Tax %: 26
Net Profit: 96
EPS: 13
Dividend Payout %: 40
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2026

: 519
: 414
Operating Profit: 124
OPM %: 24
Other Income: 20
Interest: 0
Depreciation: 16
: 103
Tax %: 25
Net Profit: 77
EPS: 10
Dividend Payout %: 50
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

TTM

: 499
: 416
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 0
Depreciation: 17
: 86
Tax %: 26
Net Profit: 64
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 12%
5 Years:: 18%
3 Years:: -5%
1 Year:: -33%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	8	8	8	8	8	8	8	8	8	8
	298	310	294	221	229	252	295	338	395	432
Trade Payables	25	24	31	30	55	44	43	55	63	72
	13	13	15	20	36	50	50	37	33	36
Total Liabilities	344	354	348	279	327	354	395	437	499	549
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	219	238	219	122	127	159	195	231	281	292
Contingent Liabilities	2	2	2	2	2	6	2	2	4	3
Book Value per Share	37.49	38.90	36.97	29.81	30.92	33.89	39.42	45.02	52.54	57.37
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	219	238	219	122	127	159	195	231	281	292
Contingent Liabilities	2	2	2	2	2	6	2	2	4	3
Book Value per Share	37.49	38.90	36.97	29.81	30.92	33.89	39.42	45.02	52.54	57.37
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Mar 2017

Equity Capital: 8
: 298
Trade Payables: 25
: 13
Total Liabilities: 344
: 58
Capital Work in Progress: 1
: 70
: 75
: 0
Cash & Bank: 2
: 138
Total Assets: 344
Total Debt: 0
Net Working Capital: 219
Contingent Liabilities: 2
Book Value per Share: 37.49
Face Value: 1.00
Total Debt: 0
Net Working Capital: 219
Contingent Liabilities: 2
Book Value per Share: 37.49
Face Value: 1.00

Mar 2018

Equity Capital: 8
: 310
Trade Payables: 24
: 13
Total Liabilities: 354
: 50
Capital Work in Progress: 0
: 114
: 59
: 0
Cash & Bank: 1
: 130
Total Assets: 354
Total Debt: 0
Net Working Capital: 238
Contingent Liabilities: 2
Book Value per Share: 38.90
Face Value: 1.00
Total Debt: 0
Net Working Capital: 238
Contingent Liabilities: 2
Book Value per Share: 38.90
Face Value: 1.00

Mar 2019

Equity Capital: 8
: 294
Trade Payables: 31
: 15
Total Liabilities: 348
: 52
Capital Work in Progress: 0
: 124
: 70
: 0
Cash & Bank: 20
: 82
Total Assets: 348
Total Debt: 0
Net Working Capital: 219
Contingent Liabilities: 2
Book Value per Share: 36.97
Face Value: 1.00
Total Debt: 0
Net Working Capital: 219
Contingent Liabilities: 2
Book Value per Share: 36.97
Face Value: 1.00

Mar 2020

Equity Capital: 8
: 221
Trade Payables: 30
: 20
Total Liabilities: 279
: 53
Capital Work in Progress: 6
: 79
: 61
: 0
Cash & Bank: 2
: 78
Total Assets: 279
Total Debt: 0
Net Working Capital: 122
Contingent Liabilities: 2
Book Value per Share: 29.81
Face Value: 1.00
Total Debt: 0
Net Working Capital: 122
Contingent Liabilities: 2
Book Value per Share: 29.81
Face Value: 1.00

Mar 2021

Equity Capital: 8
: 229
Trade Payables: 55
: 36
Total Liabilities: 327
: 67
Capital Work in Progress: 0
: 47
: 78
: 0
Cash & Bank: 56
: 80
Total Assets: 327
Total Debt: 0
Net Working Capital: 127
Contingent Liabilities: 2
Book Value per Share: 30.92
Face Value: 1.00
Total Debt: 0
Net Working Capital: 127
Contingent Liabilities: 2
Book Value per Share: 30.92
Face Value: 1.00

Mar 2022

Equity Capital: 8
: 252
Trade Payables: 44
: 50
Total Liabilities: 354
: 59
Capital Work in Progress: 3
: 50
: 64
: 0
Cash & Bank: 67
: 111
Total Assets: 354
Total Debt: 0
Net Working Capital: 159
Contingent Liabilities: 6
Book Value per Share: 33.89
Face Value: 1.00
Total Debt: 0
Net Working Capital: 159
Contingent Liabilities: 6
Book Value per Share: 33.89
Face Value: 1.00

Mar 2023

Equity Capital: 8
: 295
Trade Payables: 43
: 50
Total Liabilities: 395
: 63
Capital Work in Progress: 2
: 57
: 67
: 0
Cash & Bank: 90
: 116
Total Assets: 395
Total Debt: 0
Net Working Capital: 195
Contingent Liabilities: 2
Book Value per Share: 39.42
Face Value: 1.00
Total Debt: 0
Net Working Capital: 195
Contingent Liabilities: 2
Book Value per Share: 39.42
Face Value: 1.00

Mar 2024

Equity Capital: 8
: 338
Trade Payables: 55
: 37
Total Liabilities: 437
: 65
Capital Work in Progress: 4
: 45
: 85
: 118
Cash & Bank: 8
: 112
Total Assets: 437
Total Debt: 0
Net Working Capital: 231
Contingent Liabilities: 2
Book Value per Share: 45.02
Face Value: 1.00
Total Debt: 0
Net Working Capital: 231
Contingent Liabilities: 2
Book Value per Share: 45.02
Face Value: 1.00

Mar 2025

Equity Capital: 8
: 395
Trade Payables: 63
: 33
Total Liabilities: 499
: 72
Capital Work in Progress: 5
: 88
: 80
: 137
Cash & Bank: 65
: 52
Total Assets: 499
Total Debt: 0
Net Working Capital: 281
Contingent Liabilities: 4
Book Value per Share: 52.54
Face Value: 1.00
Total Debt: 0
Net Working Capital: 281
Contingent Liabilities: 4
Book Value per Share: 52.54
Face Value: 1.00

Mar 2026

Equity Capital: 8
: 432
Trade Payables: 72
: 36
Total Liabilities: 549
: 99
Capital Work in Progress: 26
: 75
: 113
: 116
Cash & Bank: 75
: 45
Total Assets: 549
Total Debt: 0
Net Working Capital: 292
Contingent Liabilities: 3
Book Value per Share: 57.37
Face Value: 1.00
Total Debt: 0
Net Working Capital: 292
Contingent Liabilities: 3
Book Value per Share: 57.37
Face Value: 1.00

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
	14	42	27	56	31	35	63	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
Free Cash Flow	5	39	15	43	16	31	50	34	70	11
OCF / Net Profit	0.61	1.48	0.81	2.21	1.52	0.82	0.94	0.44	0.95	0.91
Cumulative 5-Year FCF	0	0	0	0	118	145	156	174	202	196
OCF / Net Profit	0.61	1.48	0.81	2.21	1.52	0.82	0.94	0.44	0.95	0.91
Cumulative 5-Year FCF	0	0	0	0	118	145	156	174	202	196

Mar 2017

: 14
Cash from Investing: -13
Cash from Financing: 0
: 1
Free Cash Flow: 5
OCF / Net Profit: 0.61
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.61
Cumulative 5-Year FCF: 0

Mar 2018

: 42
Cash from Investing: -26
Cash from Financing: -17
: -1
Free Cash Flow: 39
OCF / Net Profit: 1.48
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.48
Cumulative 5-Year FCF: 0

Mar 2019

: 27
Cash from Investing: 40
Cash from Financing: -49
: 18
Free Cash Flow: 15
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.81
Cumulative 5-Year FCF: 0

Mar 2020

: 56
Cash from Investing: 24
Cash from Financing: -98
: -18
Free Cash Flow: 43
OCF / Net Profit: 2.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.21
Cumulative 5-Year FCF: 0

Mar 2021

: 31
Cash from Investing: -18
Cash from Financing: -12
: 1
Free Cash Flow: 16
OCF / Net Profit: 1.52
Cumulative 5-Year FCF: 118
OCF / Net Profit: 1.52
Cumulative 5-Year FCF: 118

Mar 2022

: 35
Cash from Investing: -16
Cash from Financing: -19
: -1
Free Cash Flow: 31
OCF / Net Profit: 0.82
Cumulative 5-Year FCF: 145
OCF / Net Profit: 0.82
Cumulative 5-Year FCF: 145

Mar 2023

: 63
Cash from Investing: -26
Cash from Financing: -23
: 14
Free Cash Flow: 50
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 156
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 156

Mar 2024

: 36
Cash from Investing: -12
Cash from Financing: -39
: -14
Free Cash Flow: 34
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 174
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 174

Mar 2025

: 91
Cash from Investing: -38
Cash from Financing: -38
: 14
Free Cash Flow: 70
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 202
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 202

Mar 2026

: 70
Cash from Investing: -45
Cash from Financing: -38
: -14
Free Cash Flow: 11
OCF / Net Profit: 0.91
Cumulative 5-Year FCF: 196
OCF / Net Profit: 0.91
Cumulative 5-Year FCF: 196

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	2.76	3.50	4.08	3.28	2.63	5.54	8.74	10.72	12.52	9.99
Book Value (₹)	37.49	38.90	36.97	29.81	30.92	33.89	39.42	45.02	52.54	57.37
Dividend per Share (₹)	0.75	1.00	6.00	2.00	1.50	2.50	5.00	5.00	5.00	5.00
Cash EPS (₹)	4.94	5.40	5.38	4.38	3.78	6.89	10.16	12.45	14.25	12.09
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	22.79%	22.26%	22.02%	17.03%	16.32%	20.57%	22.76%	19.09%	21.36%	20.10%
Net Margin %	11.04%	13.02%	13.80%	10.40%	9.36%	12.60%	15.05%	15.34%	15.88%	14.78%
ROE %	7.63%	9.16%	10.76%	9.49%	8.66%	17.09%	23.85%	25.40%	25.67%	18.19%
ROCE %	9.70%	10.68%	13.74%	12.39%	11.30%	23.73%	32.21%	34.02%	34.89%	24.45%
	6.55%	8.19%	9.50%	8.04%	6.65%	12.46%	17.88%	19.75%	20.51%	14.63%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	76	84	85	71	72	65	57	63	77	89
Inventory Days	127	111	97	99	118	77	54	52	50	68
Payable Days	123	98	92	96	150	108	74	70	76	101
	80	97	90	74	41	34	37	45	51	56
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	220.23x	222.13x	304.29x	173.05x	109.62x	245.71x	244.76x	211.85x	296.66x	286.28x
	6.41x	6.75x	5.34x	3.32x	2.40x	2.67x	3.01x	3.38x	3.80x	3.71x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	11.63%	16.40%	12.87%	0.25%	-11.04%	56.39%	32.21%	20.29%	12.79%	-14.21%
Operating Profit Growth %	16.32%	5.21%	8.88%	-22.45%	-14.78%	97.16%	46.29%	21.62%	16.58%	-13.86%
Net Profit Growth %	26.96%	26.97%	16.69%	-24.47%	-19.93%	110.56%	57.88%	22.67%	16.75%	-20.17%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.67%	16.75%	-20.17%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	51.67x	37.66x	43.09x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.31x	8.97x	7.51x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.90%	1.06%	1.16%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	34.38x	24.69x	26.05x

Mar 2017

EPS (₹): 2.76
Book Value (₹): 37.49
Dividend per Share (₹): 0.75
Cash EPS (₹): 4.94
Operating Margin %: 22.79%
Net Margin %: 11.04%
ROE %: 7.63%
ROCE %: 9.70%
: 6.55%
Debtor Days: 76
Inventory Days: 127
Payable Days: 123
: 80
Debt to Equity (x): 0.00x
Interest Coverage (x): 220.23x
: 6.41x
Revenue Growth %: 11.63%
Operating Profit Growth %: 16.32%
Net Profit Growth %: 26.96%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 3.50
Book Value (₹): 38.90
Dividend per Share (₹): 1.00
Cash EPS (₹): 5.40
Operating Margin %: 22.26%
Net Margin %: 13.02%
ROE %: 9.16%
ROCE %: 10.68%
: 8.19%
Debtor Days: 84
Inventory Days: 111
Payable Days: 98
: 97
Debt to Equity (x): 0.00x
Interest Coverage (x): 222.13x
: 6.75x
Revenue Growth %: 16.40%
Operating Profit Growth %: 5.21%
Net Profit Growth %: 26.97%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 4.08
Book Value (₹): 36.97
Dividend per Share (₹): 6.00
Cash EPS (₹): 5.38
Operating Margin %: 22.02%
Net Margin %: 13.80%
ROE %: 10.76%
ROCE %: 13.74%
: 9.50%
Debtor Days: 85
Inventory Days: 97
Payable Days: 92
: 90
Debt to Equity (x): 0.00x
Interest Coverage (x): 304.29x
: 5.34x
Revenue Growth %: 12.87%
Operating Profit Growth %: 8.88%
Net Profit Growth %: 16.69%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 3.28
Book Value (₹): 29.81
Dividend per Share (₹): 2.00
Cash EPS (₹): 4.38
Operating Margin %: 17.03%
Net Margin %: 10.40%
ROE %: 9.49%
ROCE %: 12.39%
: 8.04%
Debtor Days: 71
Inventory Days: 99
Payable Days: 96
: 74
Debt to Equity (x): 0.00x
Interest Coverage (x): 173.05x
: 3.32x
Revenue Growth %: 0.25%
Operating Profit Growth %: -22.45%
Net Profit Growth %: -24.47%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 2.63
Book Value (₹): 30.92
Dividend per Share (₹): 1.50
Cash EPS (₹): 3.78
Operating Margin %: 16.32%
Net Margin %: 9.36%
ROE %: 8.66%
ROCE %: 11.30%
: 6.65%
Debtor Days: 72
Inventory Days: 118
Payable Days: 150
: 41
Debt to Equity (x): 0.00x
Interest Coverage (x): 109.62x
: 2.40x
Revenue Growth %: -11.04%
Operating Profit Growth %: -14.78%
Net Profit Growth %: -19.93%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 5.54
Book Value (₹): 33.89
Dividend per Share (₹): 2.50
Cash EPS (₹): 6.89
Operating Margin %: 20.57%
Net Margin %: 12.60%
ROE %: 17.09%
ROCE %: 23.73%
: 12.46%
Debtor Days: 65
Inventory Days: 77
Payable Days: 108
: 34
Debt to Equity (x): 0.00x
Interest Coverage (x): 245.71x
: 2.67x
Revenue Growth %: 56.39%
Operating Profit Growth %: 97.16%
Net Profit Growth %: 110.56%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 8.74
Book Value (₹): 39.42
Dividend per Share (₹): 5.00
Cash EPS (₹): 10.16
Operating Margin %: 22.76%
Net Margin %: 15.05%
ROE %: 23.85%
ROCE %: 32.21%
: 17.88%
Debtor Days: 57
Inventory Days: 54
Payable Days: 74
: 37
Debt to Equity (x): 0.00x
Interest Coverage (x): 244.76x
: 3.01x
Revenue Growth %: 32.21%
Operating Profit Growth %: 46.29%
Net Profit Growth %: 57.88%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 10.72
Book Value (₹): 45.02
Dividend per Share (₹): 5.00
Cash EPS (₹): 12.45
Operating Margin %: 19.09%
Net Margin %: 15.34%
ROE %: 25.40%
ROCE %: 34.02%
: 19.75%
Debtor Days: 63
Inventory Days: 52
Payable Days: 70
: 45
Debt to Equity (x): 0.00x
Interest Coverage (x): 211.85x
: 3.38x
Revenue Growth %: 20.29%
Operating Profit Growth %: 21.62%
Net Profit Growth %: 22.67%
: 22.67%
P/E (x): 51.67x
P/B (x): 12.31x
Dividend Yield %: 0.90%
: 34.38x

Mar 2025

EPS (₹): 12.52
Book Value (₹): 52.54
Dividend per Share (₹): 5.00
Cash EPS (₹): 14.25
Operating Margin %: 21.36%
Net Margin %: 15.88%
ROE %: 25.67%
ROCE %: 34.89%
: 20.51%
Debtor Days: 77
Inventory Days: 50
Payable Days: 76
: 51
Debt to Equity (x): 0.00x
Interest Coverage (x): 296.66x
: 3.80x
Revenue Growth %: 12.79%
Operating Profit Growth %: 16.58%
Net Profit Growth %: 16.75%
: 16.75%
P/E (x): 37.66x
P/B (x): 8.97x
Dividend Yield %: 1.06%
: 24.69x

Mar 2026

EPS (₹): 9.99
Book Value (₹): 57.37
Dividend per Share (₹): 5.00
Cash EPS (₹): 12.09
Operating Margin %: 20.10%
Net Margin %: 14.78%
ROE %: 18.19%
ROCE %: 24.45%
: 14.63%
Debtor Days: 89
Inventory Days: 68
Payable Days: 101
: 56
Debt to Equity (x): 0.00x
Interest Coverage (x): 286.28x
: 3.71x
Revenue Growth %: -14.21%
Operating Profit Growth %: -13.86%
Net Profit Growth %: -20.17%
: -20.17%
P/E (x): 43.09x
P/B (x): 7.51x
Dividend Yield %: 1.16%
: 26.05x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.47	70.47	70.47	70.47	70.47	70.47	70.47	70.47	70.47
	3.46	3.29	3.25	3.23	3.26	3.22	3.16	3.13	3.13
	0.51	0.73	0.73	0.75	0.48	0.28	0.23	0.23	0.23
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.55	25.49	25.54	25.54	25.78	26.02	26.14	26.17	26.17

Jun 2024

: 70.47
: 3.46
: 0.51
Government: 0.00
: 25.55

Sep 2024

: 70.47
: 3.29
: 0.73
Government: 0.00
: 25.49

Dec 2024

: 70.47
: 3.25
: 0.73
Government: 0.00
: 25.54

Mar 2025

: 70.47
: 3.23
: 0.75
Government: 0.00
: 25.54

Jun 2025

: 70.47
: 3.26
: 0.48
Government: 0.00
: 25.78

Sep 2025

: 70.47
: 3.22
: 0.28
Government: 0.00
: 26.02

Dec 2025

: 70.47
: 3.16
: 0.23
Government: 0.00
: 26.14

Mar 2026

: 70.47
: 3.13
: 0.23
Government: 0.00
: 26.17

Jun 2026

: 70.47
: 3.13
: 0.23
Government: 0.00
: 26.17

Documents

Announcements

Shareholders meeting
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.
Copy of Newspaper Publication
2026-07-30 - Shanthi Gears Limited has informed the Exchange about Newspaper Advertisement of Unaudited Financial Results Published on 30th July 2026

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Sep 2016
TranscriptPPTREC