Shanthi Gears logo

Shanthi Gears

SHANTIGEAR NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹5,581 Cr
Volatility
High Risk
P/E Ratio
86.03
EBITDA
₹124 Cr
Return on Equity
17.42%
Debt to Equity
0
Book Value
₹57.36
EPS
₹11.18
52W High
₹743
52W Low
₹384

Tapetide Score

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

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 45.5%

Weaknesses

1
  • Stock is trading at 12.5 times its book value

Growth Rate

Revenue Growth
-13.08% lower than 3Y
Net Income Growth
-20.1% lower than 3Y
Cash Flow Change
-22.86% lower than 3Y
ROE
-26.9% lower than 3Y
ROCE
-28.81% lower than 3Y
EBITDA Margin (Avg.)
-0.86% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
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

Anthropic anthropic claude-opus-4.6 69d ago
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.

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.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
121
135
126
154
139
155
158
153
135
132
117
135
115
Expenses
98.35
107
102
127
110
121
123
122
104
105
93.83
111
100
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
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%
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
Interest
0
0
0
0
0
0
0
0
0
0
0
0
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
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
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%
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
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
7
179
55
131
90
182
131
83
94
61
96
95
Figures in ₹ Crores

Ratios

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

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62 extracted metrics + investor summaries across FY08–FY26.

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Shareholding Pattern

DIIs0.22%Promot.70.47%FIIs3.13%Others5.06%Public21.11%As ofJun 2026

Documents

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.[1]
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 Industrials sector, in the Industrial Manufacturing industry.
What is the market capitalisation of Shanthi Gears Ltd?
Shanthi Gears Ltd has a market capitalisation of ₹5,581 Cr, which places it in the Mid Cap band.
What is the PE ratio of Shanthi Gears Ltd?
Shanthi Gears Ltd trades at a PE ratio of 86.03, on earnings per share of ₹11.18, against a book value of ₹57.36 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.
Does Shanthi Gears Ltd pay dividends?
Shanthi Gears Ltd has a dividend yield of 0.69%.
What is the Return on Equity (ROE) of Shanthi Gears Ltd?
Shanthi Gears Ltd reported a return on equity of 17.42%. 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.[1]

Website shanthigears.com
CEO Mr. Muthusamy Karunakaran
Employees 503
Listed 1996-01-17
Face Value ₹ 1
Issued Size 7,67,15,853

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