SHANTIGEAR
Shanthi Gears Limited
Gears and gear products for industrial and automotive applications
Industrials›Capital Goods›Industrial Manufacturing›Industrial Products
shanthigears.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹542.05
Market cap
4,158 Cr
Stock P/E
65.2
P/B
9.45
Dividend yield
0.9%
ROE (FY26)
17.4%
ROCE (FY26)
23.3%
Operating margin (FY26)
16.9%
OCF / EBITDA (FY26)
67.5%
OCF / EBITDA (3Y)
59.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Shanthi Gears (a subsidiary of Tube Investments of India) manufactures gearboxes and gear products, selling mainly to customers in India.
Company snapshot
24thBy market cap
Ranked among 69 companies in Industrial Products.
Segment mix
Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.
Largest segment: 90.5% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| America | 6.9% | 31 Cr | 0 Cr | — |
| Europe | 0.8% | 3 Cr | 0 Cr | — |
| India | 90.5% | 409 Cr | 0 Cr | — |
| Others | 1.8% | 8 Cr | 0 Cr | — |
What we see
Positives
- ✓Dividend payout of 50% — the company returns a meaningful share of profits to shareholders.
Statement tables · Standalone
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Standalone only
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 135 Cr | 126 Cr | 154 Cr | 139 Cr | 155 Cr | 158 Cr | 153 Cr | 135 Cr | 132 Cr | 117 Cr | 135 Cr | 115 Cr |
| Operating expenses (approx.) | 107 Cr | 102 Cr | 127 Cr | 110 Cr | 121 Cr | 123 Cr | 122 Cr | 104 Cr | 105 Cr | 94 Cr | 111 Cr | 100 Cr |
| EBITDA | 29 Cr | 23 Cr | 27 Cr | 29 Cr | 34 Cr | 35 Cr | 31 Cr | 31 Cr | 27 Cr | 23 Cr | 24 Cr | 15 Cr |
| OPM % | 21.2% | 18.6% | 17.3% | 20.6% | 22.0% | 22.2% | 20.2% | 22.6% | 20.1% | 19.7% | 17.7% | 13.1% |
| Other income | 4 Cr | 4 Cr | 10 Cr | 3 Cr | 3 Cr | 4 Cr | 4 Cr | 4 Cr | 6 Cr | 4 Cr | 6 Cr | 4 Cr |
| Interest | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0.11 Cr |
| Depreciation | 3 Cr | 3 Cr | 4 Cr | 3 Cr | 3 Cr | 3 Cr | 4 Cr | 4 Cr | 4 Cr | 4 Cr | 5 Cr | 5 Cr |
| Profit before tax | 30 Cr | 24 Cr | 32 Cr | 29 Cr | 34 Cr | 35 Cr | 31 Cr | 31 Cr | 29 Cr | 22 Cr | 22 Cr | 14 Cr |
| Tax % | 29.1% | 27.2% | 19.5% | 25.2% | 25.3% | 25.8% | 28.5% | 25.9% | 25.0% | 25.0% | 25.4% | 30.5% |
| Net profit | 21 Cr | 17 Cr | 26 Cr | 22 Cr | 26 Cr | 26 Cr | 22 Cr | 23 Cr | 22 Cr | 16 Cr | 16 Cr | 10 Cr |
| EPS (₹) | ₹2.74 | ₹2.27 | ₹3.35 | ₹2.82 | ₹3.34 | ₹3.43 | ₹2.93 | ₹2.96 | ₹2.81 | ₹2.11 | ₹2.12 | ₹1.28 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 204 Cr | 220 Cr | 243 Cr | 242 Cr | 216 Cr | 337 Cr | 446 Cr | 536 Cr | 605 Cr | 519 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 168 Cr | 183 Cr | 202 Cr | 208 Cr | 189 Cr | 277 Cr | 356 Cr | 434 Cr | 476 Cr | 415 Cr | Sign in free for the trailing twelve months |
| EBITDA | 36 Cr | 37 Cr | 41 Cr | 35 Cr | 27 Cr | 60 Cr | 90 Cr | 102 Cr | 129 Cr | 104 Cr | Sign in free for the trailing twelve months |
| OPM % | 17.5% | 16.8% | 17.0% | 14.3% | 12.4% | 17.8% | 20.2% | 19.0% | 21.3% | 20.0% | Sign in free for the trailing twelve months |
| Other income | 11 Cr | 12 Cr | 12 Cr | 7 Cr | 8 Cr | 9 Cr | 11 Cr | 21 Cr | 15 Cr | 20 Cr | Sign in free for the trailing twelve months |
| Interest | — | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | Sign in free for the trailing twelve months |
| Depreciation | 18 Cr | 16 Cr | 11 Cr | 8 Cr | 9 Cr | 10 Cr | 11 Cr | 13 Cr | 13 Cr | 16 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 29 Cr | 33 Cr | 42 Cr | 33 Cr | 26 Cr | 59 Cr | 90 Cr | 110 Cr | 130 Cr | 103 Cr | Sign in free for the trailing twelve months |
| Tax % | 21.0% | 13.8% | 21.5% | 22.9% | 22.6% | 27.7% | 25.7% | 25.0% | 26.2% | 25.4% | Sign in free for the trailing twelve months |
| Net profit | 23 Cr | 29 Cr | 33 Cr | 25 Cr | 20 Cr | 42 Cr | 67 Cr | 82 Cr | 96 Cr | 77 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹2.75 | ₹3.50 | ₹4.08 | ₹3.28 | ₹2.63 | ₹5.54 | ₹8.74 | ₹10.72 | ₹12.52 | ₹9.99 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 57.1% | 45.2% | 34.3% | 46.7% | 40.0% | 50.2% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr |
| Reserves | 298 Cr | 310 Cr | 294 Cr | 221 Cr | 229 Cr | 252 Cr | 295 Cr | 338 Cr | 395 Cr | 432 Cr |
| Borrowings | — | — | — | — | — | — | — | — | — | — |
| Other liabilities | 41 Cr | 42 Cr | 51 Cr | 54 Cr | 88 Cr | 81 Cr | 76 Cr | 97 Cr | 101 Cr | 116 Cr |
| Total liabilities | 348 Cr | 360 Cr | 353 Cr | 283 Cr | 325 Cr | 341 Cr | 378 Cr | 443 Cr | 504 Cr | 556 Cr |
| Fixed assets (net) | 58 Cr | 49 Cr | 51 Cr | 52 Cr | 66 Cr | 58 Cr | 63 Cr | 64 Cr | 71 Cr | 98 Cr |
| CWIP | 0.77 Cr | 0.50 Cr | 0.18 Cr | 6 Cr | 0.03 Cr | 3 Cr | 2 Cr | 4 Cr | 5 Cr | 26 Cr |
| Investments | 70 Cr | 114 Cr | 131 Cr | 87 Cr | 54 Cr | 57 Cr | 44 Cr | 35 Cr | 96 Cr | 83 Cr |
| Loans & advances | — | — | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0.19 Cr | 0.14 Cr |
| Inventories | 75 Cr | 59 Cr | 70 Cr | 61 Cr | 78 Cr | 64 Cr | 67 Cr | 85 Cr | 80 Cr | 113 Cr |
| Trade receivables | 46 Cr | 55 Cr | 57 Cr | 38 Cr | 47 Cr | 72 Cr | 68 Cr | 118 Cr | 137 Cr | 116 Cr |
| Cash & bank | 2 Cr | 0.98 Cr | 2 Cr | 1 Cr | 2 Cr | 1 Cr | 15 Cr | 0.65 Cr | 15 Cr | 1 Cr |
| Other assets | 96 Cr | 81 Cr | 42 Cr | 38 Cr | 77 Cr | 84 Cr | 119 Cr | 136 Cr | 99 Cr | 119 Cr |
| Total assets | 348 Cr | 360 Cr | 353 Cr | 283 Cr | 325 Cr | 341 Cr | 378 Cr | 443 Cr | 504 Cr | 556 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 14 Cr | 56 Cr | 27 Cr | 56 Cr | 33 Cr | 35 Cr | 63 Cr | 36 Cr | 91 Cr | 70 Cr |
| Cash from investing | -13 Cr | -40 Cr | 40 Cr | 24 Cr | -20 Cr | -16 Cr | -26 Cr | -12 Cr | -38 Cr | -45 Cr |
| Cash from financing | 0 Cr | -17 Cr | -49 Cr | -98 Cr | -12 Cr | -19 Cr | -23 Cr | -38 Cr | -38 Cr | -38 Cr |
| Net cash flow | 0.89 Cr | -1 Cr | 18 Cr | -18 Cr | 0.91 Cr | -0.65 Cr | 14 Cr | -14 Cr | 14 Cr | -14 Cr |
| Free cash flow (OCF − Capex) | 8 Cr | 50 Cr | 16 Cr | 38 Cr | 17 Cr | 29 Cr | 48 Cr | 16 Cr | 66 Cr | 17 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 9.3% | 10.4% | 14.1% | 14.3% | 11.0% | 22.6% | 29.8% | 31.8% | 32.3% | 23.3% |
| ROE % | 7.3% | 9.0% | 11.0% | 11.0% | 8.5% | 16.3% | 22.2% | 23.8% | 23.8% | 17.4% |
| Debtor days | 82 | 92 | 85 | 58 | 80 | 78 | 56 | 80 | 83 | 81 |
| Inventory days | 353 | 263 | 221 | 198 | 264 | 144 | 113 | 119 | 104 | 161 |
| Days payable | 118 | 106 | 97 | 98 | 185 | 99 | 74 | 83 | 81 | 103 |
| Cash conversion cycle | 318 | 249 | 208 | 158 | 159 | 123 | 95 | 116 | 105 | 139 |
| OCF / EBITDA % | 38.8% | 152.9% | 65.8% | 161.6% | 123.0% | 58.3% | 70.1% | 35.7% | 70.5% | 67.5% |
| OCF / EBITDA % (3 years) | — | — | 85.6% | 123.7% | 112.9% | 101.9% | 74.1% | 53.3% | 59.3% | 59.0% |
| Debt / equity | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Current ratio | 6.41 | 6.75 | 5.45 | 3.32 | 2.49 | 2.99 | 3.60 | 3.38 | 3.80 | 3.71 |
| Net debt / EBITDA | -0.06 | — | -0.04 | -0.03 | -0.07 | -0.02 | -0.17 | -0.0064 | -0.12 | -0.01 |