SHANKARA
Shankara Building Products financials
- Market cap
- ₹360 Cr
- Sector
- Consumer Services
- Calls analysed
- 3
Shankara Build. Q2 FY26
What went well
- Consolidated revenues stood at ₹1,681 crores in Q2 FY26, registering a strong growth of 26% year-on-year.
- Steel business achieved a significant milestone by delivering 2.52 lakh tons in Q2, representing a 31% year-on-year growth.
- Q2 EBITDA stood at ₹51 crores, a 36% growth year-on-year, and net profit for the quarter stood at ₹25 crores, marking a 66% year-on-year increase.
What to watch
- Non-steel business recorded a moderate 10% growth year-on-year in Q2 and 8% in H1, facing strong headwinds.
- Manufacturing business EBITDA stood at 1% for H1, impacted by a one-time expense of ₹6 crores in Q2.
Guidance record · Q2 FY26
what the last two calls moved 8 tracked 1 delivered 1 missed 6 open- Net Working Capital Cycle delivered said Q1 FY26 Promised: Continue with the 30 days of net working capital cycle Q2 FY26: Actual was 30 days
- Non-steel Overall Growth missed said Q4 FY25 Promised: 25% plus growth in non-steel overall Q2 FY26: Actual Q2 growth 10%. Management stated they will 'sustain the 10% growth... don't think we can push for more'
- Marketplace Revenue Growth revised down said Q1 FY26 Promised: 20%-25% growth for the marketplace Q2 FY26: Revised to 15%-20% revenue growth for FY27
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.4%, net profit up 266.7% 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 | 337 | 1,437 | 1,639 | 323 | 280 −17% | 420 −71% | 341 −79% | 350 +8% |
| EBITDA | 5 | 40 | 51 | 6 | -1 −112% | 5 −88% | 13 −74% | 6 +4% |
| Net profit | 1 | 18 | 28 | 0 | -5 −700% | 1 −93% | 7 −74% | 2 +267% |
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 −85.4% 1Y
1Y: ₹1,016.1 on 10 Sept 2025 → ₹148.29. High ₹1,018.7 (12 Sept 2025), low ₹99.97 (24 Feb 2026).
How the price took the results
close before → close after
- Q2 FY26
- −2.4%
- 20 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 fell 30.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 1.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.0k Cr | ₹4.8k Cr | ₹4.7k Cr | ₹1.4k Cr |
| Operating profit | ₹118 Cr | ₹151 Cr | ₹137 Cr | ₹23 Cr |
| Operating margin | 2.9% | 3.1% | 2.9% | 1.7% |
| Interest | ₹24 Cr | ₹32 Cr | ₹41 Cr | ₹14 Cr |
| Depreciation | ₹16 Cr | ₹16 Cr | ₹15 Cr | ₹8 Cr |
| Net profit | ₹63 Cr | ₹81 Cr | ₹63 Cr | ₹4 Cr |
| Net margin | 1.6% | 1.7% | 1.3% | 0.3% |
| Cash from operations | ₹92 Cr | ₹10 Cr | ₹64 Cr | ₹-101 Cr |
| Free cash flow | ₹48 Cr | ₹-18 Cr | ₹37 Cr | ₹-163 Cr |
| ROCE | 15.0% | 17.0% | 17.0% | 3.0% |
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 | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹499 Cr | ₹533 Cr | ₹620 Cr | ₹773 Cr | ₹415 Cr | ₹423 Cr |
| Borrowings | ₹169 Cr | ₹133 Cr | ₹88 Cr | ₹87 Cr | ₹64 Cr | ₹192 Cr |
| Other liabilities | ₹235 Cr | ₹352 Cr | ₹561 Cr | ₹701 Cr | ₹167 Cr | ₹117 Cr |
| Total liabilities | ₹926 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹669 Cr | ₹757 Cr |
| Fixed assets | ₹256 Cr | ₹258 Cr | ₹281 Cr | ₹293 Cr | ₹263 Cr | ₹290 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹4 Cr | ₹3 Cr | ₹15 Cr | ₹23 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹667 Cr | ₹781 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹391 Cr | ₹444 Cr |
| Total assets | ₹926 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹669 Cr | ₹757 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, the government added +7.79 pp while FIIs trimmed −7.61 pp. The shareholder count shrank 7% to 25,346.
- Promoters
- 45.4%
- FIIs
- 2.9%
- DIIs
- 4.7%
- Government
- 7.8%
- Public
- 39.2%
Since Jun 2025
- Government +7.79 pp
- FIIs −7.61 pp
- DIIs −5.40 pp
How it drifted, 12 quarters
Over this window the public went from 30.3% to 39.2% — +8.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.2%, FIIs 11.4%, DIIs 6.0%, Public 30.3%.Dec '23: Promoters 52.2%, FIIs 11.7%, DIIs 6.3%, Public 29.8%.Mar '24: Promoters 49.2%, FIIs 11.8%, DIIs 5.1%, Public 33.9%.Jun '24: Promoters 49.2%, FIIs 10.3%, DIIs 4.7%, Public 35.7%.Sep '24: Promoters 49.2%, FIIs 8.0%, DIIs 4.8%, Public 38.1%.Dec '24: Promoters 49.3%, FIIs 5.9%, DIIs 5.0%, Public 39.9%.Mar '25: Promoters 49.3%, FIIs 5.7%, DIIs 5.0%, Public 40.0%.Jun '25: Promoters 40.2%, FIIs 10.6%, DIIs 10.1%, Public 39.2%.Sep '25: Promoters 40.2%, FIIs 12.3%, DIIs 10.2%, Public 37.4%.Dec '25: Promoters 40.2%, FIIs 10.1%, DIIs 4.9%, Government 3.8%, Public 41.0%.Mar '26: Promoters 44.5%, FIIs 6.5%, DIIs 4.5%, Government 6.7%, Public 37.9%.Jun '26: Promoters 45.4%, FIIs 2.9%, DIIs 4.7%, Government 7.8%, Public 39.2%.
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.
- Rajasthan Global Securities Private Limited NBFC / DFI +1.12 pp 7.79% held
- Madhav Agarwal newly disclosed 1.09% held
- The Ballygunge Family Trust +0.94 pp 5.21% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shankara Building Products Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sukumar Srinivas | 38.72% | unchanged |
| Rajasthan Global Securities Private Limited NBFC / DFI | 7.79% | +1.12 pp |
| Sathyamoorthi Devarajulu | 7.42% | −0.83 pp |
| The Ballygunge Family Trust | 5.21% | +0.94 pp |
| Singularity Equity Fund I AIF | 1.90% | unchanged |
| Ohana India Growth Fund AIF | 1.60% | unchanged |
| Arjuna Fund Pte. Ltd. FPI fund | 1.31% | unchanged |
| Madhav Agarwal | 1.09% | newly disclosed |
| Shankara Holdings Private Limited | 0.71% | unchanged |
| Parwathi Srikanth Mirlay | 0.41% | unchanged |
| Dhananjay Mirlay Srinivas | 0.33% | unchanged |
| Wellington Trust Company, National Association Mul | — | off the list |
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.
All earnings calls (3)
Read the Q2 FY26 call →Learn to analyse Shankara Building Products Limited
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