Overview

Detailed Summary

Salasar Techno Engineering Limited specializes in manufacturing and supplying galvanized steel structures, including telecom towers, power transmission lines, and railway electrification solutions.
The company has ventured into the 5G infrastructure market, aiming to stabilize revenue growth through foundational installations in major cities, marking significant strategic expansion.
Salasar recently acquired EMC Limited, amplifying its position in the engineering, procurement, and construction (EPC) sector, and introducing renewable energy capabilities via a solar power plant.
A robust order book of ₹21,979.7 Mn as of December 2024 supports strong revenue visibility and underscores the company's formidable market presence.
The recent commissioning of a 96,000 MT galvanization plant enhances production capacity and positions Salasar as a key player in Asia, demonstrating advanced manufacturing capabilities.

Sector: Steel
Industry: Steel - Medium / Small
Market Cap: 1,334 Cr
Volatility: High Risk
P/E Ratio: 50.9
Industry P/E: 24.2
PEG Ratio: 3.0
P/B Ratio: 1.6
52W High: 11.53
52W Low: 6.89

Sales CAGR

1Y: 19.78%
3Y: 26.92%
5Y: 21.87%
10Y: 18.62%

Profit CAGR

1Y: -63.86%
3Y: 16.81%
5Y: 18.09%
10Y: 24.88%

ROE

TTM: 3.38%
3Y: 9.00%
5Y: 9.62%
10Y: 10.99%

ROCE

TTM: 10.06%
3Y: 18.52%
5Y: 18.92%
10Y: 21.14%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KRISHNADEF	1126.10	1,682 Cr	73.46	9.92	0.04	17.58	21.65	0.00
SALASAR	7.63	1,334 Cr	50.87	1.58	0.00	3.38	10.06	1.41
MANAKCOAT	117.20	1,241 Cr	29.24	3.71	0.03	11.34	18.93	5.41
SAFEENTP	232.15	1,082 Cr	20.33	4.47	0.00	24.34	31.18	19.07
RATNAVEER	147.20	998 Cr	15.19	1.56	0.00	12.40	11.64	6.22
STEELXIND	8.05	990 Cr	48.84	1.78	0.00	4.39	11.34	1.40
COSMICCRF	1032.80	936 Cr	27.74	2.67	0.00	8.73	10.27	5.44

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	275	304	367	294	281	375	483	300	427	331
Expenses	250	266	331	266	256	343	456	270	385	304
Operating Profit	25	37	36	28	26	32	27	30	42	27
OPM %	9.05	12.33	9.93	9.59	9.11	8.45	5.68	9.97	9.81	8.01
Other Income	0.31	0.46	2.21	0.90	1.74	0.71	-3.91	1.64	1.61	2.30
Interest	11	12	13	12	12	13	14	14	13	14
Depreciation	2.29	2.80	2.90	3.00	3.06	3.09	4.74	6.05	6.81	6.50
Profit Before Tax	12	23	23	14	12	16	4.95	12	24	7.93
Tax %	26.60	27.54	25.90	25.55	22.25	26.52	205.66	25.26	32.04	17.91
Net Profit	9.05	17	17	10	9.68	12	-5.23	8.80	16	6.51
EPS in Rs	0.05	0.10	0.10	0.07	0.06	0.07	-0.03	0.05	0.09	0.04

Consolidated Profit Loss (in ₹ Crores)

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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	416	503	655	526	597	719	1,005	1,208	1,447	1,440
Expenses	346	441	582	474	540	650	913	1,086	1,335	1,325
Operating Profit	71	62	73	52	57	69	92	122	113	115
OPM %	16.97	12.33	11.20	9.84	9.55	9.59	9.14	10.13	7.78	7.97
Other Income	0.87	1.49	0.86	1.71	10	2.23	1.75	3.48	-1.69	0.18
Interest	7.45	8.42	16	21	18	22	32	44	52	53
Depreciation	3.29	3.86	4.60	4.99	5.62	7.10	7.95	10	19	17
Profit Before Tax	29	43	53	28	44	42	54	72	40	45
Tax %	35.09	31.48	37.58	19.94	31.83	25.55	25.53	26.50	51.70	44.53
Net Profit	19	30	33	22	30	31	40	53	19	25
EPS in Rs	18.83	6.28	0.19	0.13	0.17	0.18	0.24	0.31	0.17	0.15
Dividend Payout %	0.00	4.48	9.98	11.88	9.34	90.91	38.46	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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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	4.98	9.96	13	13	13	14	29	32	158	173
Reserves	73	87	146	176	194	238	253	369	292	613
Borrowings	56	69	109	150	164	198	249	273	350	317
Other Liabilities	44	90	100	132	82	102	152	240	351	622
Total Liabilities	178	255	368	472	454	553	683	914	1,151	1,725
Fixed Assets	55	62	72	77	91	113	126	172	239	394
CWIP	0.12	0.00	1.08	0.00	0.34	0.09	5.52	21	0.00	1.61
Investments	1.70	1.21	0.41	2.05	1.40	10	0.05	0.05	0.07	0.03
Other Assets	121	193	295	393	361	430	551	721	912	1,330
Total Assets	178	255	368	472	454	553	683	914	1,151	1,725

Consolidated Cash Flows (in ₹ Crores)

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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	30	12	-43	-12	31	-7.13	1.49	-0.16	52	-5.47
Cash from Investing Activity	-5.77	-18	-16	-14	-22	-24	-27	-70	-80	9.57
Cash from Financing Activity	-24	5.29	65	22	-11	30	26	70	30	-3.37
Net Cash Flow	-0.17	-0.30	5.92	-4.33	-1.17	-0.23	-0.15	0.15	2.17	0.73

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	63.07%	63.07%	63.07%	63.07%	58.76%	55.97%	54.95%	53.40%	50.95%	48.92%	48.04%	46.59%
FIIs	9.04%	9.00%	8.85%	3.00%	6.27%	8.42%	6.49%	5.62%	5.21%	4.00%	3.55%	4.97%
DIIs	0.00%	0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.09%	-0.00%	0.00%	0.00%	0.00%
Public	27.88%	27.93%	28.08%	33.92%	34.96%	35.61%	38.56%	40.89%	43.83%	47.09%	48.41%	48.44%
Total Shareholders	32,789	41,046	76,802	4,50,279	4,50,357	4,41,998	4,66,241	4,93,713	5,11,551	5,17,647	5,13,972	4,93,128

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