PENIND

Pennar Industries share price & financials

Price
₹167.5
Market cap
₹2.1k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

Pennar Industries Limited Q1 FY27

Revenue ₹884.55 cr +4%EBITDA ₹106.8 cr +13%Gross Margin 43.85% PBT ₹46.8 cr +16%

What went well

  • Revenue grew 3.58% year-on-year to INR884.55 crores, demonstrating moderate but steady growth.
  • Profit Before Tax (PBT) increased significantly by 16.04% to INR46.8 crores, reflecting strong operating leverage and efficiency benefits.
  • EBITDA grew 13.3% to INR106.8 crores, driven by improved product and project mix.

What to watch

  • Revenue growth was moderate at 3.58% YoY, with some segments moving slower than planned.
  • Hydraulics business experienced a slowdown in the U.S. due to tariffs and uncertainty, with an order backlog of INR30 crores.
Read the full call →

What Pennar Industries Limited does

Pennar Industries is a diversified engineering and manufacturing conglomerate that designs, fabricates and supplies precision-engineered components and structures to infrastructure, mobility and energy customers in India and abroad. It operates through two core verticals — Diversified Engineering (body-in-white auto components, hydraulics, railway wagons, industrial boilers & heaters, precision steel tubes, and cold-rolled steel products/profiles) and Customised Engineering Products (pre-engineered buildings, structural steel and structural engineering solutions). The company runs its own in-house design, tool-development and R&D teams alongside its manufacturing plants, and has expanded internationally through subsidiaries such as Pennar Global Inc. (engineering services, USA), Ascent Buildings (pre-engineered buildings, USA) and a Pennar-Zetwerk joint venture for solar module manufacturing.

Segments

  • Diversified Engineering
  • Customised Engineering Products
Manufacturing plants
14
Engineered product profiles
1,000+
Global customers served
500+
Business divisions
8 (PEB & structural units, precision tubes, process heating, hydraulics, engineering services, body-in-white, steel, railways)
Manufacturing countries
India, USA, France
Indian manufacturing locations
Telangana (Patancheru-1&2, Velchal, Isnapur, Sadashivpet-1&2, Mallapur), Tamil Nadu (Chennai, Trichy), Maharashtra (Tarapur), Uttar Pradesh (Raebareli)
Founded 1975Headquarters Hyderabad, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 1 delivered 7 missed 8 open
  • India Order Book delivered said Q2 FY26 Promised: cross Rs. 1,000 crores in the next few months Q1 FY27: PEB India order book reached ₹1,008 crores. The target was met, albeit three quarters later than the 'few months' guidance.
  • Working Capital Days missed said Q3 FY25 Promised: 72 days in the short term Q1 FY27: Promise not mentioned. Focus has shifted to the newer 75-day target. This original promise is considered abandoned.
  • PBT Margin revised down said Q2 FY26 Promised: 7.5% PBT margin in the next three years Q1 FY27: Management guided for 7% PBT over the next 3 years. This is a walk-back from the implied 9.4% PBT target (from Q3 FY26) and even weaker than the original 7.5% target.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 2.8%, net profit up 9.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue748 840 906 846 907 +21%943 +12%925 +2%870 +3%
EBITDA75 72 92 86 81 +8%83 +15%105 +14%93 +8%
Net profit27 30 36 32 32 +19%34 +13%41 +14%35 +9%
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 −29.9% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹250.33 on 10 Sept 2025 → ₹175.54. High ₹275.95 (7 Nov 2025), low ₹130.92 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.9%
13 Aug
Q4 FY26
+9.5%
27 May
Q3 FY26
−8.6%
16 Feb
Q2 FY26
−16.0%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.8% a year over 3 years, FY23 to FY26. Operating margin widened to 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.9k Cr₹3.1k Cr₹3.2k Cr₹3.6k Cr
Operating profit₹217 Cr₹273 Cr₹311 Cr₹355 Cr
Operating margin7.5%8.7%9.6%9.8%
Interest₹92 Cr₹115 Cr₹120 Cr₹137 Cr
Depreciation₹65 Cr₹67 Cr₹69 Cr₹85 Cr
Net profit₹75 Cr₹98 Cr₹119 Cr₹139 Cr
Net margin2.6%3.1%3.7%3.8%
Cash from operations₹244 Cr₹225 Cr₹256 Cr₹202 Cr
Free cash flow₹173 Cr₹-22 Cr₹130 Cr₹-126 Cr
ROCE13.0%16.0%16.0%15.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹71 Cr₹71 Cr₹67 Cr₹67 Cr₹67 Cr₹67 Cr
Reserves₹625 Cr₹664 Cr₹711 Cr₹809 Cr₹1.0k Cr₹1.1k Cr
Borrowings₹618 Cr₹646 Cr₹685 Cr₹785 Cr₹993 Cr₹1.2k Cr
Other liabilities₹579 Cr₹760 Cr₹855 Cr₹978 Cr₹1.3k Cr₹1.2k Cr
Total liabilities₹1.9k Cr₹2.1k Cr₹2.3k Cr₹2.6k Cr₹3.3k Cr₹3.6k Cr
Fixed assets₹603 Cr₹644 Cr₹721 Cr₹697 Cr₹1.0k Cr₹1.1k Cr
Capital work in progress₹61 Cr₹76 Cr₹18 Cr₹218 Cr₹125 Cr₹136 Cr
Investments₹18 Cr₹45 Cr₹27 Cr₹22 Cr₹15 Cr₹27 Cr
Other assets₹1.2k Cr₹1.4k Cr₹1.6k Cr₹1.7k Cr₹2.1k Cr₹2.3k Cr
Total assets₹1.9k Cr₹2.1k Cr₹2.3k Cr₹2.6k Cr₹3.3k Cr₹3.6k 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, DIIs added +4.16 pp while FIIs trimmed −2.25 pp. The shareholder count shrank 3% to 79,314.

Promoters
39.7%
FIIs
4.0%
DIIs
5.9%
Public
50.4%

Since Jun 2025

  • DIIs +4.16 pp
  • FIIs −2.25 pp
  • Public −1.93 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.1% to 5.9% — +5.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 39.8%, FIIs 4.7%, DIIs 0.1%, Public 55.5%.Dec '23: Promoters 39.8%, FIIs 4.3%, DIIs 0.3%, Public 55.6%.Mar '24: Promoters 39.6%, FIIs 4.6%, DIIs 0.3%, Public 55.5%.Jun '24: Promoters 39.6%, FIIs 4.9%, DIIs 0.3%, Public 55.2%.Sep '24: Promoters 39.7%, FIIs 4.8%, DIIs 1.5%, Public 54.0%.Dec '24: Promoters 39.7%, FIIs 4.4%, DIIs 1.6%, Public 54.3%.Mar '25: Promoters 39.7%, FIIs 3.8%, DIIs 1.7%, Public 54.8%.Jun '25: Promoters 39.7%, FIIs 6.2%, DIIs 1.7%, Public 52.4%.Sep '25: Promoters 39.7%, FIIs 6.7%, DIIs 2.0%, Public 51.6%.Dec '25: Promoters 39.7%, FIIs 5.0%, DIIs 2.2%, Public 53.1%.Mar '26: Promoters 39.7%, FIIs 4.0%, DIIs 5.3%, Public 51.0%.Jun '26: Promoters 39.7%, FIIs 4.0%, DIIs 5.9%, Public 50.4%.

Who was buying across the market this quarter →

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.

The same filing shows 0 holders 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 Pennar Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Pennar Holdings Private Limited 15.57%unchanged
Aditya Narsing Rao 6.67%unchanged
Bandhan Small Cap Fund Mutual fund5.73%+1.23 pp
J. Rajyalakshmi 5.14%unchanged
Joginapally Venkata Nrupender Rao 4.45%unchanged
J. Avanti Rao 1.78%unchanged
Danapuneni Sudeepta Rao 1.38%unchanged
Southend Securities Private Limited 1.36%unchanged
Jayanthi Puljal 1.33%unchanged
Kalpana Puljal 1.30%unchanged
Bhavana Puljal 1.26%unchanged
Zen Securities Ltd 1.01%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

Attractive

To justify its price of ₹176, this stock must grow earnings at 12% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹304 — upside of 73%.

Growth the price implies
12.3% a year
for 7 years, fading to 4%
It has actually compounded at
22.8% a year
net profit, FY23–FY26 · EPS 22.8%
The gap
-0.1 pp
73% downside if it only repeats history
Price today ₹175.54 Value at the reference growth ₹304.2

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Pennar Industries Limited

Guides on how to read this kind of business and the numbers that matter.