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Shanthi Gears

SHANTIGEAR NSE
₹498.25 +17.80 (+3.70%)
P/E
59.96
View as Markdown
MCP
Close 4 Nov 2026 ₹498.25 +23.50 +4.95% 1Y
Start ₹474.75

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
25.60%
Debt to Equity
0.00
EPS (TTM)
₹8.31
Book Value
₹58.61
Market Cap
—
P/E (TTM)
59.96
P/B
8.50
ROE
19.00%
Dividend Yield
1.04%
EBITDA
₹124 Cr
52W High
₹743.00
52W Low
₹384.00
Day Range
₹470.25 – ₹503.30
Volume
18,262

Peer Comparison

Industrials › Capital Goods › Industrial Products

Shanthi Gears peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Shanthi Gears (this company)
₹498.2559.96₹3,703 Cr8.501.04%19.00%25.60%₹499 Cr₹64 Cr
Median 8 companies₹2,421.3076.19₹24,483 Cr9.050.16%16.10%19.15%₹3,690 Cr₹373 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
31
Poor
Cheap vs sector & own history 24% weight
Growth
8
Poor
Sales & profit trajectory 9% weight
Financial Health
91
Strong
Solvency, leverage, coverage 9% weight
Momentum
45
Average
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 45.5%
  • Promoter holding has increased by 2.69% over last quarter.

Weaknesses

1
  • Stock is trading at 8.91 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsBearish351
Moving AveragesStrong Bearish703

Key readings

RSI (14)
41.61
Neutral
MACD (12,26,9)
−28.21
Bearish
SMA (50)
580.74
Bearish
SMA (200)
477.08
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.21%
5Y+19.16%
3Y+5.18%
1Y−14.21%
TTM−16.88%

Net profit

Net profit growth by window
10Y+15.64%
5Y+30.95%
3Y+4.75%
1Y−19.79%
TTM−34.25%

Operating cash flow

Operating cash flow growth by window
10Y+4.29%
5Y+17.69%
3Y+3.57%
1Y−23.08%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.14 pp
5Y+7.54 pp
3Y−0.14 pp
1Y−1.28 pp
TTM−4.00 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹183 Cr
Mar 2018₹214 Cr
Mar 2019₹242 Cr
Mar 2020₹242 Cr
Mar 2021₹216 Cr
Mar 2022₹337 Cr
Mar 2023₹446 Cr
Mar 2024₹536 Cr
Mar 2025₹605 Cr
Mar 2026₹519 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹23.00 Cr
Mar 2018₹29.00 Cr
Mar 2019₹33.00 Cr
Mar 2020₹25.00 Cr
Mar 2021₹20.00 Cr
Mar 2022₹42.00 Cr
Mar 2023₹67.00 Cr
Mar 2024₹82.00 Cr
Mar 2025₹96.00 Cr
Mar 2026₹77.00 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Shanthi Gears Ltd is a nearly debt-free industrial gears manufacturer with a market cap of ₹3,465 Cr trading at a PE of 44.5x and PB of 7.75x. The company delivered strong long-term profit growth (5-year CAGR of 32%) but is currently experiencing a sharp TTM revenue decline of -14% and profit decline of -16%.

Bull Case 7
  • Company is almost debt-free, providing financial resilience and flexibility during cyclical downturns in the industrials sector
  • Consistent ROE averaging 22% over 5 years and 23% over 3 years, indicating efficient capital allocation
  • Compounded profit growth of 32% CAGR over the past 5 years demonstrates strong earnings power over a full cycle
  • Healthy dividend payout ratio of 45.5% with a current dividend yield of 1.13%, showing commitment to returning cash to shareholders
  • 10-year compounded sales CAGR of 12% and profit CAGR of 17% reflect sustained long-term business growth
  • 5-year compounded sales CAGR of 19% indicates the company captured meaningful demand in India's industrial capex upcycle
  • Stock price CAGR of 25% over 5 years and 14% over 10 years shows long-term wealth creation track record
Bear Case 8
  • TTM revenue has declined -14% year-over-year, signaling a sharp near-term demand slowdown
  • TTM profit has declined -16%, indicating margin pressure alongside falling revenues
  • PE ratio of 44.5x is elevated for an industrials company currently experiencing earnings contraction
  • Stock trades at 7.75x book value, which is a rich valuation for a capital goods business with cyclical characteristics
  • Stock price has declined -12% over the past 1 year, underperforming broader markets
  • 3-year stock CAGR of -1% suggests the market has already re-rated the stock downward from peak optimism
  • Last year ROE dropped to 19% from a 3-year average of 23%, indicating declining return on equity trajectory
  • 3-year sales CAGR of only 5% versus 5-year CAGR of 19% suggests growth momentum has meaningfully decelerated

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Shanthi Gears faces a meaningful revenue and profit decline in FY26, with top-line down 14% and net profit falling ~20%, signaling demand softness in its industrial gears business. On the positive side, the company maintains strong ESG credentials with 61% renewable energy, zero regulatory fines, and clean promoter holdings. The dividend recommendation shows management confidence in the balance sheet despite weaker earnings. The key question going forward is whether the revenue decline is cyclical or structural — investors should watch order inflow trends for signs of recovery.

Headwinds 1
  • 14% revenue decline in FY26 Jul 6

    Revenue from operations fell 14% to ₹518.72 crore in FY26 from ₹604.62 crore in FY25. Net profit dropped to ₹76.66 crore from ₹96.03 crore, and EBITDA declined to ₹118.76 crore from ₹143.39 crore.

Positives 3
  • 61% renewable energy usage Jul 6

    BRSR filing for FY26 shows 61% of energy consumption from renewable sources, with reductions in energy, water, and waste intensity and zero regulatory fines.

  • No promoter share encumbrance Jul 2

    Tube Investments of India confirmed promoters have not encumbered any Shanthi Gears shares in FY26, indicating clean promoter holdings under SEBI takeover regulations.

  • ₹2 per share dividend recommended Jun 26

    Board recommended a final dividend of ₹2 per share for FY26, with the 53rd AGM scheduled for July 29, 2026 via video conferencing.

Neutral 2
  • 53rd AGM set for July 29 Jun 26

    Shanthi Gears will hold its 53rd AGM via video conferencing on July 29, 2026.

  • ₹2.19 crore CSR spend Jul 6

    The company allocated ₹2.19 crore to CSR initiatives focused on Coimbatore during FY26.

Quarterly Results

₹ Cr
SHANTIGEAR quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
121
135
126
154
139
155
158
153
135
132
117
135
115
128
Expenses
98.35
107
102
127
110
121
123
122
104
105
93.83
111
100
105
Operating Profit
23.1
28.73
23.35
26.61
28.65
34.16
34.95
30.97
30.51
26.52
22.99
23.89
15.18
22.7
OPM %
19.02%
21.22%
18.6%
17.32%
20.64%
22.03%
22.19%
20.21%
22.62%
20.1%
19.68%
17.68%
13.14%
17.74%
Other Income
3.99
3.94
3.61
9.52
3.39
3.37
3.89
4.01
3.77
5.94
2.51
2.63
4.16
3.1
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0.11
0.11
Depreciation
2.97
3.01
3.01
4.22
3.09
3.23
3.41
3.57
3.66
3.78
3.91
4.71
5.06
5.48
PBT
24.12
29.66
23.95
31.91
28.95
34.3
35.43
31.41
30.62
28.68
21.59
21.81
14.17
20.21
Tax %
24.88%
29.13%
27.22%
19.52%
25.18%
25.28%
25.83%
28.49%
25.9%
25%
25.01%
25.4%
30.49%
22.27%
Net Profit
18.12
21.02
17.43
25.68
21.66
25.63
26.28
22.46
22.69
21.51
16.19
16.27
9.85
15.71
EPS (₹)
2.36
2.74
2.27
3.35
2.82
3.34
3.43
2.93
2.96
2.8
2.11
2.12
1.28
—

Sep 2026: from the results filed on 26 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SHANTIGEAR profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
155
164
183
214
242
242
216
337
446
536
605
519
499
Expenses
136
134
147
177
200
208
189
277
355
434
475
414
411
Operating Profit
18
31
36
37
41
35
27
60
90
102
129
104
89
OPM %
12%
19%
20%
17%
17%
14%
12%
18%
20%
19%
21%
20%
18%
Other Income
12
9
11
12
12
7
8
9
11
21
15
15
15
Interest
0
0
0
0
0
0
0
0
0
1
0
0
0
Depreciation
17
17
18
16
11
8
9
10
11
13
13
16
17
PBT
13
23
28
33
42
33
26
59
90
110
130
103
86
Tax %
29%
23%
21%
14%
21%
23%
23%
28%
26%
25%
26%
25%
—
Net Profit
9
18
23
29
33
25
20
42
67
82
96
77
64
EPS (₹)
1.14
2.17
2.75
3.5
4.08
3.28
2.63
5.54
8.74
10.72
12.52
9.99
8.31
Div. Payout %
44%
23%
27%
29%
147%
61%
57%
45%
57%
47%
40%
50%
—

Balance Sheet

₹ Cr
SHANTIGEAR balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
8
8
8
8
8
8
8
8
8
8
8
8
Reserves
263
276
298
310
294
221
229
252
295
338
395
432
Borrowings
0
0
0
0
0
0
0
0
0
0
0
0
Other Liabilities
36
34
41
42
51
54
88
81
75
97
101
116
Total Liabilities
306
318
348
360
353
283
325
341
377
443
504
556
Fixed Assets
82
66
65
57
59
60
74
66
70
72
79
106
CWIP
4
0
1
0
0
6
0
3
2
4
5
26
Investments
16
63
70
114
124
79
47
50
57
45
88
75
Other Assets
205
189
212
189
170
138
205
221
248
321
332
348
Total Assets
306
318
348
360
353
283
325
341
377
443
504
556

Cash Flow

₹ Cr
SHANTIGEAR cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−6
46
14
42
27
56
31
35
63
36
91
70
Investing
10
−43
−13
−26
40
24
−18
−16
−26
−12
−38
−45
Financing
−5
−5
0
−17
−49
−98
−12
−19
−23
−39
−38
−38
Net Cash Flow
−1
−2
1
−1
18
−18
1
−1
14
−14
14
−14
Free Cash Flow
26
35
8
37
16
38
16
30
48
18
67
17
CFO/EBITDA
7
179
55
131
90
182
131
83
94
61
96
95

Ratios

SHANTIGEAR financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
87
86
92
95
85
58
80
78
56
80
83
81
Inventory Days
371
403
397
238
237
192
275
141
113
121
103
168
Days Payable
134
129
132
96
105
95
193
97
73
79
80
108
Cash Conversion Cycle
325
359
357
237
218
154
163
122
96
123
106
142
Working Capital Days
180
308
317
230
135
104
87
69
56
135
88
107
ROCE %
5%
8%
10%
10%
13%
12%
11%
24%
32%
33%
35%
26%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Shanthi Gears insights

62 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 73.16%
  • Public 20.94%
  • Others 5.48%
  • DIIs 0.23%
  • FIIs 0.18%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Sep 2016
    PPT

Frequently Asked Questions about Shanthi Gears

What does Shanthi Gears Ltd do?
Shanthi Gears Ltd is in the business of design, manufacture, supply and servicing of gears and gear boxes.
Where is Shanthi Gears Ltd (SHANTIGEAR) listed?
Shanthi Gears Ltd trades as SHANTIGEAR on the NSE and under code 522034 on the BSE.
Which sector does Shanthi Gears Ltd belong to?
Shanthi Gears Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of Shanthi Gears Ltd?
Shanthi Gears Ltd trades at a PE ratio of 59.96 as of 4 Nov 2026, on earnings per share of ₹8.31, against a book value of ₹58.61 per share.
What is the 52-week high and low of Shanthi Gears Ltd?
Over the last 52 weeks Shanthi Gears Ltd has traded between ₹384 and ₹743 as of 4 Nov 2026.
Does Shanthi Gears Ltd pay dividends?
Shanthi Gears Ltd has a dividend yield of 1.04%.
What is the Return on Equity (ROE) of Shanthi Gears Ltd?
Shanthi Gears Ltd reported a return on equity of 19.00%. Its debt-to-equity ratio is 0.00.

Company Information

Shanthi Gears Ltd is in the business of design, manufacture, supply and servicing of gears and gear boxes.

Website shanthigears.com
CEO Mr. Muthusamy Karunakaran
Employees 503
Listed 17 Jan 1996
Face Value ₹1

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