Salasar Techno Engineering Ltd

SALASAR

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Market Cap

₹ 1,582 Cr

P/E

56.56

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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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

1,582 Cr

Volatility

High Risk

P/E Ratio

56.6

Industry P/E

24.2

PEG Ratio

3.4

P/B Ratio

1.9

52W High

16.07

52W Low

6.89

Sales CAGR

19.78%

26.92%

21.87%

10Y

18.62%

Profit CAGR

-63.86%

16.81%

18.09%

10Y

24.88%

ROE

TTM

3.38%

9.00%

9.62%

10Y

10.99%

ROCE

TTM

10.06%

18.52%

18.92%

10Y

21.14%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RHETAN	24.62	1,962 Cr	351.71	20.22	0.00	5.64	5.13	3.82
MUKANDLTD	132.50	1,917 Cr	29.62	2.00	1.51	6.76	8.90	1.71
SALASAR	9.08	1,582 Cr	56.56	1.88	0.00	3.38	10.06	1.70
MANAKCOAT	135.10	1,430 Cr	37.65	4.27	0.03	11.34	18.93	5.10
SAFEENTP	272.00	1,268 Cr	32.34	5.24	0.00	24.34	31.18	19.07
COSMICCRF	1270.00	1,159 Cr	47.85	3.31	0.00	8.73	10.27	5.44
ELECTHERM	853.25	1,089 Cr	6.29	0.00	0.00	-112.43	17.28	14.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	262	275	304	367	294	281	375	483	300	427
Expenses	238	250	266	331	266	256	343	456	270	385
Operating Profit	24	25	37	36	28	26	32	27	30	42
OPM %	9.00	9.05	12.33	9.93	9.59	9.11	8.45	5.68	9.97	9.81
Other Income	0.49	0.31	0.46	2.21	0.90	1.74	0.71	-3.91	1.64	1.61
Interest	8.19	11	12	13	12	12	13	14	14	13
Depreciation	2.23	2.29	2.80	2.90	3.00	3.06	3.09	4.74	6.05	6.81
Profit Before Tax	14	12	23	23	14	12	16	4.95	12	24
Tax %	25.70	26.60	27.54	25.90	25.55	22.25	26.52	205.66	25.26	32.04
Net Profit	10	9.05	17	17	10	9.68	12	-5.23	8.80	16
EPS in Rs	0.06	0.05	0.10	0.10	0.07	0.06	0.07	-0.03	0.05	0.09

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	0.18
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)

View Standalone

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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	63.07%	63.07%	63.07%	63.07%	63.07%	58.76%	55.97%	54.95%	53.40%	50.95%	48.92%	48.04%
FIIs	9.03%	9.04%	9.00%	8.85%	3.00%	6.27%	8.42%	6.49%	5.62%	5.21%	4.00%	3.55%
DIIs	0.03%	0.00%	0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.09%	-0.00%	0.00%	0.00%
Public	27.86%	27.88%	27.93%	28.08%	33.92%	34.96%	35.61%	38.56%	40.89%	43.83%	47.09%	48.41%
Total Shareholders	31,951	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 20, 2025	Srestha finvest limited	Bulk	Buy	10.63	6.06 Cr	56,99,602	0.33
Nov 20, 2025	Srestha finvest limited	Bulk	Sell	10.61	9.22 Cr	86,93,514	0.50
Sep 30, 2025	Base engineering llp	Insider - Promoter Group	Disposal	9.22	2.83 Cr	30,70,000	0.17
Sep 30, 2025	Alok kumar	Insider - Promoter & Director	Disposal	9.19	2.77 Cr	30,10,000	0.17
Sep 30, 2025	Shikhar fabtech private limited	Insider - Promoter Group	Disposal	9.22	3.78 Cr	41,00,225	0.23
Sep 17, 2025	Base engineering llp	Insider - Promoter Group	Disposal	9.99	1.30 Cr	13,00,000	0.07
Sep 17, 2025	Alok kumar	Insider - Promoter & Director	Disposal	10.19	2.55 Cr	25,00,000	0.14
Sep 17, 2025	Shikhar fabtech private limited	Insider - Promoter Group	Disposal	9.91	1.19 Cr	12,00,000	0.06
Jul 01, 2025	Alok kumar	Insider - Promoter & Director	Disposal	8.00	0.04 Cr	50,000	0.00
Jul 01, 2025	Shikhar fabtech private limited	Insider - Promoter Group	Disposal	8.00	0.09 Cr	1,13,984	0.00

Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	262	275	304	367	294	281	375	483	300	427
Expenses	238	250	266	331	266	256	343	456	270	385
Operating Profit	24	25	37	36	28	26	32	27	30	42
OPM %	9.00	9.05	12.33	9.93	9.59	9.11	8.45	5.68	9.97	9.81
Other Income	0.49	0.31	0.46	2.21	0.90	1.74	0.71	-3.91	1.64	1.61
Interest	8.19	11	12	13	12	12	13	14	14	13
Depreciation	2.23	2.29	2.80	2.90	3.00	3.06	3.09	4.74	6.05	6.81
Profit Before Tax	14	12	23	23	14	12	16	4.95	12	24
Tax %	25.70	26.60	27.54	25.90	25.55	22.25	26.52	205.66	25.26	32.04
Net Profit	10	9.05	17	17	10	9.68	12	-5.23	8.80	16
EPS in Rs	0.06	0.05	0.10	0.10	0.07	0.06	0.07	-0.03	0.05	0.09

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	0.18
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)

View Standalone

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)

View Standalone

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

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

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Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RHETAN	24.62	1,962 Cr	351.71	20.22	0.00	5.64	5.13	3.82
MUKANDLTD	132.50	1,917 Cr	29.62	2.00	1.51	6.76	8.90	1.71
SALASAR	9.08	1,582 Cr	56.56	1.88	0.00	3.38	10.06	1.70
MANAKCOAT	135.10	1,430 Cr	37.65	4.27	0.03	11.34	18.93	5.10
SAFEENTP	272.00	1,268 Cr	32.34	5.24	0.00	24.34	31.18	19.07
COSMICCRF	1270.00	1,159 Cr	47.85	3.31	0.00	8.73	10.27	5.44
ELECTHERM	853.25	1,089 Cr	6.29	0.00	0.00	-112.43	17.28	14.17

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

1,582 Cr

Volatility

High Risk

P/E Ratio

56.6

Industry P/E

24.2

PEG Ratio

3.4

P/B Ratio

1.9

52W High

16.07

52W Low

6.89

Sales CAGR

19.78%

26.92%

21.87%

10Y

18.62%

Profit CAGR

-63.86%

16.81%

18.09%

10Y

24.88%

ROE

TTM

3.38%

9.00%

9.62%

10Y

10.99%

ROCE

TTM

10.06%

18.52%

18.92%

10Y

21.14%