SMLT

Sarthak Metals financials

Market cap
₹85 Cr
Sector
Capital Goods
Calls analysed
2
Latest concall · Q2 FY26 · call held 13 Nov 2025

SMLT Q2 FY26

Core Business Volume Growth -14% −14%

What went well

  • Welding division became a 'star performer' with average monthly volumes exceeding 100 tons in Q2 FY26 (6:04, 6:08).
  • Welding division secured key BIS and RDSO approvals, considered 'gold standard for quality in the railway sector' (6:26, 6:33).
  • Biotechnology division is actively gaining traction with 'lucrative meetings' and 'positive response' from distillery companies, with revenue expected 'very soon' (7:11, 16:03, 16:15).

What to watch

  • Core cored wire business Q2 volumes declined by 14% year-on-year (4:59).
  • The steel sector faces a 'surge of low cost imports' and 'global steel prices... near a 5-year low', putting 'immense pressure on domestic manufacturers' (3:49, 3:58, 4:15).
Read the full call →

Guidance record · Q2 FY26

what the last two calls moved 8 tracked 1 delivered 4 missed 3 open
  • Welding Division Monthly Sales Volume delivered said Q4 FY25 Promised: Scale to 100 tonnes in the coming months Q2 FY26: Sustaining average monthly volumes of over 100 tons in the September quarter.
  • Biotechnology Batch Capacity went quiet said Q4 FY25 Promised: Immediately take 14 kgs to 50 kgs Q2 FY26: No update provided on batch capacity scale-up; focus shifted entirely to 'lucrative meetings' and impending revenue.
  • Welding Division Annual Sales on track said Q4 FY25 Promised: ₹25 crore within the next two years Q2 FY26: Management reaffirmed high confidence in achieving the ₹25 crore target based on current growth trajectory.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.5%, net profit up 25.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue46 44 48 46 36 −21%48 +8%62 +29%55 +19%
EBITDA2 2 1 2 2 −15%2 +2%3 +83%2 −11%
Net profit1 1 1 1 1 −8%1 +7%1 +122%1 +25%
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 −40.2% 1Y

₹60₹80₹100Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025

1Y: ₹104.21 on 10 Sept 2025 → ₹62.29. High ₹113.51 (11 Sept 2025), low ₹57.41 (30 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
−2.8%
13 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 20.6% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.2%.

Year endingFY24FY25FY26
Revenue₹305 Cr₹178 Cr₹192 Cr
Operating profit₹20 Cr₹7 Cr₹8 Cr
Operating margin6.5%3.9%4.2%
Interest₹1 Cr₹1 Cr₹0 Cr
Depreciation₹2 Cr₹3 Cr₹3 Cr
Net profit₹14 Cr₹4 Cr₹5 Cr
Net margin4.7%2.3%2.4%
Cash from operations₹27 Cr₹0 Cr₹-33 Cr
Free cash flow₹22 Cr₹-7 Cr₹-33 Cr
ROCE18.0%6.0%6.0%
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₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr
Reserves₹39 Cr₹64 Cr₹91 Cr₹102 Cr₹108 Cr₹111 Cr
Borrowings₹32 Cr₹22 Cr₹0 Cr₹0 Cr₹3 Cr₹0 Cr
Other liabilities₹6 Cr₹16 Cr₹5 Cr₹4 Cr₹4 Cr₹13 Cr
Total liabilities₹91 Cr₹116 Cr₹110 Cr₹120 Cr₹129 Cr₹137 Cr
Fixed assets₹14 Cr₹11 Cr₹11 Cr₹15 Cr₹19 Cr₹17 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹1 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr₹2 Cr
Other assets₹77 Cr₹104 Cr₹97 Cr₹105 Cr₹110 Cr₹117 Cr
Total assets₹91 Cr₹116 Cr₹110 Cr₹120 Cr₹129 Cr₹137 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

The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 11,190.

Promoters
68.8%
FIIs
0.1%
Public
31.1%

Since Jun 2025

  • Public +0.05 pp
  • Promoters −0.04 pp
  • FIIs −0.01 pp

How it drifted, 12 quarters

Over this window the public went from 29.6% to 31.1% — +1.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.6%, FIIs 0.8%, Public 29.6%.Dec '23: Promoters 69.6%, FIIs 0.7%, Public 29.7%.Mar '24: Promoters 69.3%, FIIs 0.6%, Public 30.1%.Jun '24: Promoters 69.2%, FIIs 0.6%, Public 30.2%.Sep '24: Promoters 69.0%, FIIs 0.2%, Public 30.8%.Dec '24: Promoters 68.8%, FIIs 0.2%, Public 31.0%.Mar '25: Promoters 68.8%, FIIs 0.1%, Public 31.0%.Jun '25: Promoters 68.8%, FIIs 0.1%, Public 31.0%.Sep '25: Promoters 68.8%, FIIs 0.1%, Public 31.0%.Dec '25: Promoters 68.8%, FIIs 0.1%, Public 31.0%.Mar '26: Promoters 68.8%, FIIs 0.1%, Public 31.1%.Jun '26: Promoters 68.8%, FIIs 0.1%, Public 31.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Sarthak Metals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Manoj Kumar Bansal 27.63%unchanged
Anoop Kumar Bansal 8.37%unchanged
Sanjay Chamanlal Shah 7.96%unchanged
Kishore Kumar Bansal 5.41%unchanged
Deshraj Bansal Huf 3.94%unchanged
Metal Grace Injection Alloys Private Limited 3.54%unchanged
Mayur Bhatt 3.32%unchanged
Shalini Sanjay Shah 2.94%unchanged
Chamanlal Khushalji Shah Huf 2.89%unchanged
Sanju Bansal 1.73%unchanged
Manoj Kumar Bansal Huf 1.56%unchanged
Anoop Kumar Bansal Huf . 1.05%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.

All earnings calls (2)

Read the Q2 FY26 call →

Learn to analyse Sarthak Metals Limited

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