Overview

Detailed Summary

Sahyadri Industries Limited manufactures fibre cement building materials including corrugated roofing sheets, fibre cement boards and flat sheets from five manufacturing plants, and operates wind turbine generators; the company sells through a 3,000+ dealer network across India and exports to several international markets, positioning itself as a branded building solutions player.
Recent operational momentum is visible: Q3FY26 revenue rose 10.8% year-on-year to Rs.145.9 crore while EBITDA jumped 60.1% to Rs.14.4 crore and PAT expanded sharply to Rs.5.0 crore, driven by higher volumes and improved capacity utilisation that rose to 67% from 56% a year earlier, reflecting recovery in demand and operating leverage.
Sahyadri has committed roughly Rs.190 crore of capex for two new plants — one in Orissa (asbestos corrugated sheets) and one in Maharashtra (non-asbestos cement boards) — aimed at entering under‑represented Eastern and Northern markets and expanding exports; both projects are funded by internal accruals and debt and designed to materially expand supply capability.
The balance sheet shows healthy equity (net worth Rs.378.3 crore) and reduced leverage (FY25 debt/equity ~0.21) alongside strong operating cash generation (cash from operations of Rs.59.2 crore in FY25); however, cash balances remain low (Rs.1.9 crore) and inventory is large (Rs.225.8 crore), indicating working capital intensity that management must optimize.
Sahyadri is pushing higher-margin value-added products (VAP), with 45+ products, about 20 value-added applications and a focused R&D group; branded offerings such as Swastik, EcoPro, Cemply and S3 plus a patent application for EcoPro S3 underline product innovation as a key differentiator across the company’s distribution footprint of over one million customers served historically.

Sector: Other Construction Materials
Industry: Other Construction Materials
Market Cap: 304 Cr
Volatility: High Risk
P/E Ratio: 10.5
Industry P/E: 11.5
PEG Ratio: 0.2
P/B Ratio: 0.7
52W High: 337.30
52W Low: 200.00

Sales CAGR

1Y: -4.58%
3Y: 3.72%
5Y: 16.33%
10Y: 5.05%

Profit CAGR

1Y: -26.20%
3Y: -31.97%
5Y: -6.04%
10Y: —

ROE

TTM: 7.14%
3Y: 7.73%
5Y: 12.72%
10Y: 12.18%

ROCE

TTM: 9.95%
3Y: 11.91%
5Y: 17.68%
10Y: 16.54%

Technicals

‌

Forecasts

Peers

Commodities Construction Materials Other Construction Materials Other Construction Materials

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MARBLE		133.00	337 Cr	47.37	4.14	0.00	8.74	12.68	3.55
SAHYADRI		275.55	302 Cr	10.40	0.74	0.54	7.14	9.95	5.45
NIDHGRN		359.90	288 Cr	37.49	12.77	0.00	34.06	43.71	23.49
GLITTEKG		38.92	101 Cr	-136.53	9.50	0.00	-3.60	-3.55	-6.73
RALEGRA		56.00	59 Cr	5.98	2.71	0.00	45.44	18.35	10.79
DIVSHKT		50.85	51 Cr	48.02	0.41	2.02	0.53	0.75	0.50
LERTHAI		574.00	40 Cr	-91.32	4.14	0.00	-4.38	-4.09	-4.35
Median: 7 Co.	—	133.00	101 Cr	10.40	4.14	0.00	7.14	9.95	3.55

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	135	154	217	106	131	151	215	125	145	195
Expenses	123	140	193	97	123	139	194	116	132	176
Operating Profit	12	14	24	9.40	8.01	13	20	8.94	13	19
OPM %	9.22	9.00	11.20	8.87	6.13	8.41	9.43	7.15	9.09	9.64
Other Income	1.30	0.95	0.59	0.86	0.98	1.14	1.51	1.38	0.60	2.01
Interest	3.27	2.93	1.90	1.44	1.86	1.82	1.07	0.83	0.92	0.51
Depreciation	6.11	6.40	6.21	6.14	6.10	6.38	6.18	5.84	6.15	6.35
Profit Before Tax	4.37	5.47	17	2.68	1.03	5.67	14	3.65	6.68	14
Tax %	27.46	21.57	25.65	27.99	26.21	24.69	25.67	25.75	25.60	24.16
Net Profit	3.17	4.29	12	1.93	0.76	4.27	11	2.71	4.97	11
EPS in Rs	2.90	3.91	11.41	1.76	0.70	3.90	9.84	2.48	4.54	9.64

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	284	277	297	284	472	542	594	634	605	603
Expenses	217	206	228	238	380	442	513	568	551	552
Operating Profit	67	71	68	46	92	100	81	66	54	50
OPM %	23.66	25.60	23.04	16.33	19.47	18.46	13.65	10.48	9.00	8.36
Other Income	2.00	3.81	2.94	1.66	5.62	3.86	3.41	4.16	3.57	4.49
Interest	16	11	8.12	5.43	4.88	4.61	9.03	11	7.02	6.19
Depreciation	23	21	18	14	14	15	24	24	25	25
Profit Before Tax	4.35	36	45	28	79	85	52	35	26	24
Tax %	31.13	31.52	28.94	6.05	21.50	26.96	28.07	25.30	25.67	25.72
Net Profit	3.00	24	32	27	62	62	37	26	19	18
EPS in Rs	2.86	22.50	29.14	24.27	56.37	53.20	33.89	24.09	17.77	26.50
Dividend Payout %	0.00	0.00	3.00	9.00	7.75	10.62	11.80	4.15	5.62	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.56	9.56	9.56	9.56	9.56	9.56	11	11	11	11
Reserves	94	97	121	153	175	236	293	324	349	367
Borrowings	131	98	88	47	59	47	80	124	116	78
Other Liabilities	128	86	71	65	64	87	84	97	84	86
Total Liabilities	362	291	290	274	308	379	469	557	560	543
Fixed Assets	205	183	159	143	131	127	128	169	181	187
CWIP	1.12	0.24	1.40	1.71	1.70	4.02	54	36	42	31
Investments	0.14	0.14	0.14	0.14	31	48	21	11	12	3.03
Other Assets	155	108	129	129	144	200	265	340	324	322
Total Assets	362	291	290	274	308	379	469	557	560	543

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	61	56	25	57	30	50	11	17	58	54
Cash from Investing Activity	-8.57	-1.07	5.39	-1.97	-34	-30	-33	-45	-34	-11
Cash from Financing Activity	-53	-54	-28	-57	2.10	-19	22	29	-22	-46
Net Cash Flow	-0.34	0.17	2.14	-1.68	-1.14	0.66	0.02	1.24	2.18	-2.53

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%	71.12%
FIIs	0.00%	0.00%	0.00%	0.01%	0.00%	0.06%	0.00%	0.04%	0.03%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	28.87%	28.87%	28.87%	28.86%	28.87%	28.81%	28.87%	28.83%	28.85%	28.87%	28.87%	28.87%
Total Shareholders	11,096	11,188	10,792	10,512	10,372	11,320	11,492	11,461	11,269	11,149	10,838	10,627

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan