533014
Sicagen India financials
- Market cap
- ₹212 Cr
- Sector
- Services
What Sicagen India does
Sicagen India operates through distinct lines of business: distribution of building materials (pipes, steel, cables, paints, lighting, switchgear) through a 15-branch dealer network across India; manufacture of mild-steel drums and barrels for transporting lubricant oil, chemicals, bitumen and fruit pulp; water-treatment and process-improvement chemical solutions for petrochemical, fertilizer, refinery, power, pharma and agro industries; and governor/switchgear sales, service and automation as India's authorized service centre for WOODWARD governors and Eaton switchgears. It also builds boats, tugs and barges, and manufactures premium industrial cables through a Singapore subsidiary.
Segments
- Building Materials
- Industrial Packaging
- Speciality Chemicals
- Power & Control Systems
- Engineering
- Cable Manufacturing
- Lines of business
- 6 (Building Materials, Industrial Packaging, Speciality Chemicals, Power & Control Systems, Engineering, Cable Manufacturing)
- Building Materials branch network
- 15 branches across India
- Key building-material principals represented
- TATA Steel, Jindal Pipes, Maharashtra Seamless, Finolex Cables, Tamilnadu Steel Tubes, Berger, Crompton, L&T Electricals
- Power & Control Systems authorization
- India's only authorized service centre for WOODWARD governors; Eaton switchgear partner
- Overseas manufacturing subsidiary
- Wilson Cables Pte Ltd, Singapore
Quarterly results
Q1 FY27: revenue up 9.3%, net profit up 49.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 127 | 123 | 136 | 122 | 125 −2% | 134 +9% | 140 +3% | 133 +9% |
| EBITDA | 5 | 4 | 6 | 6 | 4 −12% | 6 +45% | 5 −22% | 9 +38% |
| Net profit | 3 | 3 | 4 | 4 | 2 −37% | 4 +20% | 3 −15% | 5 +49% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.0% 1Y
1Y: ₹75.34 on 10 Sept 2025 → ₹53.5. High ₹75.34 (10 Sept 2025), low ₹42.78 (30 Mar 2026).
Financials, as filed
Revenue fell 13.1% a year over 3 years, FY23 to FY26. Operating margin widened to 4.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹792 Cr | ₹477 Cr | ₹539 Cr | ₹520 Cr |
| Operating profit | ₹19 Cr | ₹17 Cr | ₹22 Cr | ₹21 Cr |
| Operating margin | 2.4% | 3.5% | 4.0% | 4.0% |
| Interest | ₹7 Cr | ₹5 Cr | ₹6 Cr | ₹6 Cr |
| Depreciation | ₹9 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹17 Cr | ₹9 Cr | ₹15 Cr | ₹13 Cr |
| Net margin | 2.2% | 1.9% | 2.7% | 2.5% |
| Cash from operations | ₹11 Cr | ₹28 Cr | ₹38 Cr | ₹25 Cr |
| Free cash flow | ₹8 Cr | ₹26 Cr | ₹40 Cr | ₹21 Cr |
| ROCE | 3.0% | 4.0% | 5.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹350 Cr | ₹367 Cr | ₹375 Cr | ₹384 Cr | ₹478 Cr | ₹381 Cr |
| Borrowings | ₹35 Cr | ₹37 Cr | ₹53 Cr | ₹50 Cr | ₹164 Cr | ₹64 Cr |
| Other liabilities | ₹21 Cr | ₹29 Cr | ₹19 Cr | ₹27 Cr | ₹148 Cr | ₹37 Cr |
| Total liabilities | ₹445 Cr | ₹472 Cr | ₹486 Cr | ₹500 Cr | ₹830 Cr | ₹522 Cr |
| Fixed assets | ₹43 Cr | ₹40 Cr | ₹39 Cr | ₹40 Cr | ₹140 Cr | ₹41 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹154 Cr | ₹170 Cr | ₹170 Cr | ₹175 Cr | ₹93 Cr | ₹180 Cr |
| Other assets | ₹248 Cr | ₹262 Cr | ₹278 Cr | ₹284 Cr | ₹596 Cr | ₹300 Cr |
| Total assets | ₹445 Cr | ₹472 Cr | ₹486 Cr | ₹500 Cr | ₹830 Cr | ₹522 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +0.74 pp while FIIs trimmed −0.38 pp. The shareholder count shrank 7% to 22,070.
- Promoters
- 61.1%
- FIIs
- 2.5%
- DIIs
- 0.6%
- Public
- 35.8%
Since Jun 2025
- Promoters +0.74 pp
- FIIs −0.38 pp
- Public −0.37 pp
How it drifted, 12 quarters
Over this window promoters went from 55.5% to 61.1% — +5.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.5%, FIIs 7.3%, DIIs 0.6%, Public 36.6%.Dec '23: Promoters 55.5%, FIIs 7.3%, DIIs 0.6%, Public 36.6%.Mar '24: Promoters 55.5%, FIIs 7.3%, DIIs 0.6%, Public 36.6%.Jun '24: Promoters 55.5%, FIIs 7.3%, DIIs 0.6%, Public 36.6%.Sep '24: Promoters 60.4%, FIIs 2.4%, DIIs 0.6%, Public 36.6%.Dec '24: Promoters 60.4%, FIIs 2.4%, DIIs 0.6%, Public 36.6%.Mar '25: Promoters 60.4%, FIIs 2.4%, DIIs 0.6%, Public 36.6%.Jun '25: Promoters 60.4%, FIIs 2.9%, DIIs 0.6%, Public 36.2%.Sep '25: Promoters 61.1%, FIIs 2.4%, DIIs 0.6%, Public 35.9%.Dec '25: Promoters 61.1%, FIIs 2.5%, DIIs 0.6%, Public 35.8%.Mar '26: Promoters 61.1%, FIIs 2.5%, DIIs 0.6%, Public 35.8%.Jun '26: Promoters 61.1%, FIIs 2.5%, DIIs 0.6%, Public 35.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Twinshield Consultants Private Limited +3.91 pp 9.11% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Sicagen India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ranford Investments Ltd | 18.70% | unchanged |
| Darnolly Investments Ltd | 18.39% | unchanged |
| Ami Holdings Private Limited | 12.24% | unchanged |
| Twinshield Consultants Private Limited | 9.11% | +3.91 pp |
| Mercantile Ventures Limited | 2.50% | unchanged |
| Ares Diversified FPI fund | 2.42% | unchanged |
| Sangeetha S . | 2.38% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 2.01% | unchanged |
| Southern Petrochemical Industries Corporation Limited | 1.46% | unchanged |
| Mahendra Girdharilal Wadhwani | 1.26% | unchanged |
| South India Travels Pvt Ltd | 1.00% | −3.90 pp |
| The Express Carriers Limited | 0.11% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
FairTo justify its price of ₹54, this stock must grow earnings at 11% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹59 — upside of 9%.
- Growth the price implies
- 11.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 13.0% a year
- net profit, FY23–FY26 · EPS 13.1%
- The gap
- -0.0 pp
- 9% downside if it only repeats history
Learn to analyse Sicagen India
Guides on how to read this kind of business and the numbers that matter.