Shanthi Gears share price & results
- Sept 2026
- Sept 2026
Coimbatore-based Murugappa Group manufacturer of industrial gears, gearboxes and geared motors.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 128 | −3.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 18.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 16.0 | −27.3% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 13.67 | −6.7 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.28 | −7.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -14.36 | −27.1 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −4.5% 1Y
1Y: ₹523.3 on 24 Oct 2025 → ₹499.65. High ₹725.45 (10 Sept 2026), low ₹386.65 (19 Aug 2026).
- Previous close
- ₹475.9
- Market cap
- ₹3.7k Cr
- 52-week range
- ₹386.65 – ₹725.45
- One year
- −0.73%
- Price to earnings (TTM to Sept 2026)
- 59.37×
- Return on equity (TTM to Sept 2026)
- 13.67%
Overview
- Symbol
- NSE:SHANTIGEAR
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Shanthi Gears Limited does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −27% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 158 | 153 | 135 | 132 | 117 | 135 | 115 | 128 |
| Expenses | 123 | 122 | 104 | 105 | 94 | 111 | 100 | 105 |
| Operating profit | 35 | 31 | 31 | 27 | 23 | 24 | 15 | 23 |
| Operating margin | 22.0% | 20.0% | 23.0% | 20.0% | 20.0% | 18.0% | 13.0% | 18.0% |
| Other income | 4 | 4 | 4 | 6 | 3 | 3 | 4 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| Profit before tax | 35 | 31 | 31 | 29 | 22 | 22 | 14 | 20 |
| Tax rate | 26.0% | 28.0% | 26.0% | 25.0% | 25.0% | 25.0% | 30.0% | 22.0% |
| Net profit | 26 | 22 | 23 | 22 | 16 | 16 | 10 | 16 |
| EPS (₹ per share) | 3.43 | 2.93 | 2.96 | 2.80 | 2.11 | 2.12 | 1.28 | 2.05 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 446 | 536 | 605 | 519 |
| Expenses | 357 | 434 | 476 | 414 |
| Operating profit | 90 | 102 | 129 | 105 |
| Other income | 11 | 22 | 14 | 16 |
| Interest | 0 | 0 | 0 | 0 |
| Depreciation | 12 | 13 | 13 | 17 |
| Profit before tax | 91 | 110 | 129 | 104 |
| Net profit | 67 | 82 | 96 | 77 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 295 | 338 | 395 | 424 | 432 | 442 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 5 |
| Other liabilities | 75 | 97 | 101 | 94 | 116 | 109 |
| Total liabilities | 377 | 443 | 504 | 526 | 556 | 564 |
| Fixed assets | 70 | 72 | 79 | 79 | 106 | 124 |
| Capital work in progress | 2 | 4 | 5 | 7 | 26 | 15 |
| Investments | 57 | 45 | 88 | 99 | 75 | 66 |
| Other assets | 248 | 321 | 332 | 341 | 348 | 359 |
| Total assets | 377 | 443 | 504 | 526 | 556 | 564 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 31 | 35 | 63 | 36 | 91 | 70 |
| Cash from investing | -18 | -16 | -26 | -12 | -38 | -45 |
| Cash from financing | -12 | -19 | -23 | -39 | -38 | -38 |
| Net cash flow | 1 | -1 | 14 | -14 | 14 | -14 |
| Free cash flow | 16 | 30 | 48 | 18 | 67 | 17 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 80 | 78 | 56 | 80 | 83 | 81 |
| Inventory days | 275 | 141 | 113 | 121 | 103 | 168 |
| Days payable | 193 | 97 | 73 | 79 | 80 | 108 |
| Cash conversion cycle | 163 | 122 | 96 | 123 | 106 | 142 |
| Working capital days | 87 | 69 | 56 | 135 | 88 | 107 |
| Return on capital employed | 11.0% | 24.0% | 32.0% | 33.0% | 35.0% | 26.0% |
| Dividend payout | 57.0% | 45.0% | 57.0% | 47.0% | 40.0% | 50.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
INDIA contributes 83.8% of reported segment revenue.
Quarter ended 30 Jun 2026 · Standalone
- INDIA 83.8%
₹96.81 crore
- AMERICA 11.8%
₹13.66 crore
- OTHERS 3.5%
₹4.09 crore
- EUROPE 0.8%
₹0.93 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| INDIA | 96.81 | 83.8% |
| AMERICA | 13.66 | 11.8% |
| OTHERS | 4.09 | 3.5% |
| EUROPE | 0.93 | 0.8% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹115.49 crore
- Intersegment adjustment
- ₹0.00 crore
- Net segment revenue
- ₹115.49 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
What the price assumes
Growth trapTo justify its price of ₹500, this stock must grow earnings at 39% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹86 — downside of 83%.
- Growth the price implies
- 39.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.7% a year
- net profit, FY23–FY26 · EPS 4.6%
- The gap
- 0.3 pp
- -83% downside if it only repeats history
Ownership
Who owns it
Promoters hold 73.16% as of Sept 2026; institutions cut 2.94 pts since Jun 2026.
- Promoters 73.16%
- Foreign institutions 0.18%
- Domestic institutions 0.24%
- Public 26.42%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +2.70 pp 73.16% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Shanthi Gears Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 73.16% | +2.70 pp | |
| 1.27% | unchanged | |
| 1.27% | unchanged | |
| 1.27% | unchanged | |
| 0.01% | unchanged | |
| FPI fund | — | 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.
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