SALASAR
Salasar Techno Engineering share price & financials
- Price
- ₹6.03
- Market cap
- ₹883 Cr
- Sector
- Capital Goods
What Salasar Techno Engineering Limited does
Salasar Techno Engineering makes galvanized and non-galvanized steel structures — telecom towers, power transmission towers, monopoles, heavy steel structures (bridges) and railway electrification masts — at its own hot-dip galvanizing and fabrication plants in Uttar Pradesh. It also runs an EPC (engineering, procurement and construction) business, bidding for and executing turnkey projects in power distribution and transmission, substations, railway overhead electrification, and railway track laying across Indian states and abroad. Its principal raw materials are steel shapes/sections (MS plates, angles, pipes) and zinc, sourced from suppliers including Tata Steel and Jindal Pipes. In 2024 it acquired EMC Limited to add EPC capability for higher-voltage (up to 765 kV) transmission and substation projects, along with a solar power plant under a PPA with NTPC.
Segments
- Manufacturing
- EPC
- Total installed manufacturing capacity
- 211,000 MTPA across 3 plants in Uttar Pradesh
- Tower manufacturing & galvanization capacity
- 196,000 MTPA
- Newest galvanizing plant capacity
- 96,000 MTPA — among the largest galvanizing plants in Asia
- Manufacturing units
- 3 plants, all in Hapur district, Uttar Pradesh (Jindal Nagar and Khera)
- Cumulative telecom towers supplied
- 50,000+
- Cumulative power transmission lines executed
- 885+ km
Quarterly results
Q1 FY27: revenue down 0.8%, net profit down 46.1% 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 | 276 | 374 | 471 | 293 | 417 +51% | 311 −17% | 438 −7% | 291 −1% |
| EBITDA | 25 | 32 | 42 | 27 | 39 +59% | 21 −34% | 35 −17% | 21 −22% |
| Net profit | 9 | 13 | 19 | 9 | 18 +99% | 4 −65% | 14 −29% | 5 −46% |
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 −45.3% 1Y
1Y: ₹9.23 on 10 Sept 2025 → ₹5.05. High ₹10.79 (30 Oct 2025), low ₹5.03 (10 Sept 2026).
Financials, as filed
Revenue grew 13.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.0k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.5k Cr |
| Operating profit | ₹92 Cr | ₹120 Cr | ₹127 Cr | ₹123 Cr |
| Operating margin | 9.1% | 10.0% | 9.0% | 8.4% |
| Interest | ₹32 Cr | ₹44 Cr | ₹50 Cr | ₹54 Cr |
| Depreciation | ₹8 Cr | ₹10 Cr | ₹12 Cr | ₹14 Cr |
| Net profit | ₹41 Cr | ₹51 Cr | ₹51 Cr | ₹45 Cr |
| Net margin | 4.1% | 4.3% | 3.6% | 3.1% |
| Cash from operations | ₹-4 Cr | ₹47 Cr | ₹19 Cr | ₹12 Cr |
| Free cash flow | ₹-73 Cr | ₹-9 Cr | ₹27 Cr | ₹-63 Cr |
| ROCE | 14.0% | 15.0% | 13.0% | 10.0% |
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 | ₹14 Cr | ₹29 Cr | ₹32 Cr | ₹158 Cr | ₹173 Cr | ₹175 Cr |
| Reserves | ₹237 Cr | ₹253 Cr | ₹368 Cr | ₹290 Cr | ₹640 Cr | ₹624 Cr |
| Borrowings | ₹195 Cr | ₹243 Cr | ₹272 Cr | ₹350 Cr | ₹350 Cr | ₹412 Cr |
| Other liabilities | ₹96 Cr | ₹148 Cr | ₹239 Cr | ₹339 Cr | ₹686 Cr | ₹855 Cr |
| Total liabilities | ₹543 Cr | ₹673 Cr | ₹911 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹2.1k Cr |
| Fixed assets | ₹113 Cr | ₹126 Cr | ₹172 Cr | ₹239 Cr | ₹397 Cr | ₹271 Cr |
| Capital work in progress | ₹0 Cr | ₹6 Cr | ₹21 Cr | ₹0 Cr | ₹5 Cr | ₹8 Cr |
| Investments | ₹10 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹179 Cr |
| Other assets | ₹420 Cr | ₹541 Cr | ₹717 Cr | ₹897 Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total assets | ₹543 Cr | ₹673 Cr | ₹911 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹2.1k 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 trimmed −4.41 pp while the public added +2.52 pp. The shareholder count shrank 9% to 4,71,081.
- Promoters
- 44.5%
- FIIs
- 5.9%
- Public
- 49.6%
Since Jun 2025
- Promoters −4.41 pp
- Public +2.52 pp
- FIIs +1.90 pp
How it drifted, 12 quarters
Over this window the public went from 27.9% to 49.6% — +21.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 63.1%, FIIs 9.0%, Public 27.9%.Dec '23: Promoters 63.1%, FIIs 8.8%, Public 28.1%.Mar '24: Promoters 63.1%, FIIs 3.0%, Public 33.9%.Jun '24: Promoters 56.0%, FIIs 8.4%, Public 35.6%.Sep '24: Promoters 55.0%, FIIs 6.5%, Public 38.6%.Dec '24: Promoters 53.4%, FIIs 5.6%, DIIs 0.1%, Public 40.9%.Mar '25: Promoters 51.0%, FIIs 5.2%, Public 43.8%.Jun '25: Promoters 48.9%, FIIs 4.0%, Public 47.1%.Sep '25: Promoters 48.0%, FIIs 3.5%, Public 48.4%.Dec '25: Promoters 46.6%, FIIs 5.0%, Public 48.4%.Mar '26: Promoters 47.2%, FIIs 5.0%, Public 47.8%.Jun '26: Promoters 44.5%, FIIs 5.9%, Public 49.6%.
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.
- Maybank Securities Pte Ltd - Odi FPI fund +0.44 pp 1.87% held
The same filing shows 4 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 Salasar Techno Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hill View Infrabuild Limited | 16.44% | unchanged |
| Shalabh Agarwal | 8.12% | unchanged |
| Shashank Agarwal | 4.29% | unchanged |
| Anshu Agarwal | 3.31% | unchanged |
| Shikhar Fabtech Pvt Ltd | 3.16% | −0.29 pp |
| More Engineering Llp (Earlier Known As More Engineering Private Limited) | 2.67% | unchanged |
| Maybank Securities Pte Ltd - Odi FPI fund | 1.87% | +0.44 pp |
| Gyanendra Kumar Agarwal | 1.68% | unchanged |
| Eminence Global Fund Pcc- Eubilia Capital Partners Fund I FPI fund | 1.58% | unchanged |
| Tripti Gupta | 1.49% | unchanged |
| Mithilesh Aggarwal | 1.17% | unchanged |
| Kamlesh Gupta | 0.75% | −0.68 pp |
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
Growth trapTo justify its price of ₹5, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~0%. At that growth it is worth ₹2 — downside of 58%.
- Growth the price implies
- 16.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 2.8% a year
- net profit, FY23–FY26 · EPS 0.0%
- The gap
- 0.2 pp
- -58% downside if it only repeats history
Learn to analyse Salasar Techno Engineering Limited
Guides on how to read this kind of business and the numbers that matter.