SHANTIGEAR
Shanthi Gears share price & financials
- Price
- ₹423.6
- Market cap
- ₹5.5k Cr
- Sector
- Capital Goods
What Shanthi Gears Limited does
Shanthi Gears Limited manufactures a wide range of power transmission components — helical, bevel-helical, planetary and worm gears, gearboxes, geared motors and gear assemblies — used across steel, cement, power, mining, sugar, defence, railways and off-highway industries. Beyond new equipment, it earns from gearbox health-checks, reconditioning, retrofitting, spares supply and maintenance contracts (including under its Shanthi Rebuild refurbishment brand), and it re-engineers existing gears and gearboxes for customers. It runs fully integrated in-house operations spanning foundry, forging, CNC machining, heat treatment and quality testing, with a focus on custom-made products for defence, railway and export applications. Commenced operations in 1969 and headquartered in Coimbatore, the company was acquired by Tube Investments of India (Murugappa Group) in 2012-13 and is the only gear manufacturer in India certified to the AS9100C aerospace quality standard.
- Manufacturing units
- 6 units in and around Coimbatore, Tamil Nadu
- Aerospace certification
- Only gear company in India certified to AS9100C (Aero Standard)
- Gear size range manufactured
- A few mm up to 3,200 mm in diameter
- Sales & service network
- 15 offices across India with about 50 sales/service engineers
- In-house foundry casting capacity
- ~3,000 tonnes per annum
- Manufacturing facility workforce
- ~600 skilled workers at its main gear manufacturing facility
Quarterly results
Q1 FY27: revenue down 14.4%, net profit down 56.6% 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 | 155 | 158 | 153 | 135 | 132 −15% | 117 −26% | 135 −12% | 115 −14% |
| EBITDA | 34 | 35 | 31 | 31 | 27 −22% | 23 −34% | 24 −23% | 15 −50% |
| Net profit | 26 | 26 | 22 | 23 | 22 −16% | 16 −38% | 16 −28% | 10 −57% |
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 +27.2% 1Y
1Y: ₹561.9 on 10 Sept 2025 → ₹714.95. High ₹725.45 (10 Sept 2026), low ₹386.65 (19 Aug 2026).
Financials, as filed
Revenue grew 5.2% a year over 3 years, FY23 to FY26. Operating margin held at 20.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹446 Cr | ₹536 Cr | ₹605 Cr | ₹519 Cr |
| Operating profit | ₹90 Cr | ₹102 Cr | ₹129 Cr | ₹104 Cr |
| Operating margin | 20.2% | 19.0% | 21.3% | 20.0% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹12 Cr | ₹13 Cr | ₹13 Cr | ₹16 Cr |
| Net profit | ₹67 Cr | ₹82 Cr | ₹96 Cr | ₹77 Cr |
| Net margin | 15.0% | 15.3% | 15.9% | 14.8% |
| Cash from operations | ₹63 Cr | ₹36 Cr | ₹91 Cr | ₹70 Cr |
| Free cash flow | ₹48 Cr | ₹18 Cr | ₹67 Cr | ₹17 Cr |
| ROCE | 32.0% | 33.0% | 35.0% | 26.0% |
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 | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr |
| Reserves | ₹229 Cr | ₹252 Cr | ₹295 Cr | ₹338 Cr | ₹424 Cr | ₹432 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹88 Cr | ₹81 Cr | ₹75 Cr | ₹97 Cr | ₹94 Cr | ₹116 Cr |
| Total liabilities | ₹325 Cr | ₹341 Cr | ₹377 Cr | ₹443 Cr | ₹526 Cr | ₹556 Cr |
| Fixed assets | ₹74 Cr | ₹66 Cr | ₹70 Cr | ₹72 Cr | ₹79 Cr | ₹106 Cr |
| Capital work in progress | ₹0 Cr | ₹3 Cr | ₹2 Cr | ₹4 Cr | ₹7 Cr | ₹26 Cr |
| Investments | ₹47 Cr | ₹50 Cr | ₹57 Cr | ₹45 Cr | ₹99 Cr | ₹75 Cr |
| Other assets | ₹205 Cr | ₹221 Cr | ₹248 Cr | ₹321 Cr | ₹341 Cr | ₹348 Cr |
| Total assets | ₹325 Cr | ₹341 Cr | ₹377 Cr | ₹443 Cr | ₹526 Cr | ₹556 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 public added +0.38 pp while DIIs trimmed −0.25 pp. The shareholder count shrank 2% to 28,529.
- Promoters
- 70.5%
- FIIs
- 3.1%
- DIIs
- 0.2%
- Public
- 26.2%
Since Jun 2025
- Public +0.38 pp
- DIIs −0.25 pp
- FIIs −0.13 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 70.5%, FIIs 3.6%, DIIs 0.6%, Public 25.3%.Dec '23: Promoters 70.5%, FIIs 3.4%, DIIs 0.6%, Public 25.5%.Mar '24: Promoters 70.5%, FIIs 3.5%, DIIs 0.5%, Public 25.5%.Jun '24: Promoters 70.5%, FIIs 3.5%, DIIs 0.5%, Public 25.6%.Sep '24: Promoters 70.5%, FIIs 3.3%, DIIs 0.7%, Public 25.5%.Dec '24: Promoters 70.5%, FIIs 3.3%, DIIs 0.7%, Public 25.5%.Mar '25: Promoters 70.5%, FIIs 3.2%, DIIs 0.8%, Public 25.6%.Jun '25: Promoters 70.5%, FIIs 3.3%, DIIs 0.5%, Public 25.8%.Sep '25: Promoters 70.5%, FIIs 3.2%, DIIs 0.3%, Public 26.0%.Dec '25: Promoters 70.5%, FIIs 3.2%, DIIs 0.2%, Public 26.1%.Mar '26: Promoters 70.5%, FIIs 3.1%, DIIs 0.2%, Public 26.2%.Jun '26: Promoters 70.5%, FIIs 3.1%, DIIs 0.2%, Public 26.2%.
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.
- Orange Koi Private Limited newly disclosed 0.00% held
- Parry International FZCO newly disclosed 0.00% held
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 Shanthi Gears Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tube Investments of India Limited | 70.46% | unchanged |
| Pacific Assets Trust PLC FPI fund | 2.90% | unchanged |
| Nimesh Sumatilal | 1.27% | unchanged |
| Durgesh S Shah | 1.27% | unchanged |
| Dhanesh S Shah | 1.27% | unchanged |
| Ambadi Investments Limited | 0.01% | unchanged |
| M M Venkatachalam | 0.00% | unchanged |
| M M Murugappan | 0.00% | unchanged |
| A A Alagammai | 0.00% | unchanged |
| M V Seetha Subbiah | 0.00% | unchanged |
| M V Subbiah | 0.00% | unchanged |
| M A Murugappan Holdings Llp | 0.00% | 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
Growth trapTo justify its price of ₹715, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹94 — downside of 87%.
- Growth the price implies
- 45.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.6% a year
- net profit, FY23–FY26 · EPS 4.6%
- The gap
- 0.4 pp
- -87% downside if it only repeats history
Learn to analyse Shanthi Gears Limited
Guides on how to read this kind of business and the numbers that matter.