Overview

Detailed Summary

Sarthak Metals Limited is a Bhilai-headquartered manufacturer of metallurgical consumables, primarily producing cored wires, aluminium flipping coils, wire feeder machines and flux-cored welding consumables, supplying major steel mills and fabrication units while also developing an enzyme-based biotechnology pilot at Nagpur as part of diversification.
Q3 FY26 delivered revenue of ₹47.73 crore (up 8% YoY, 31% QoQ) with EBITDA of ₹2.10 crore and EBITDA margin at 4.41%, while PAT improved to ₹1.30 crore; the quarter shows a strong sequential recovery driven by higher realizations and improved volumes in key product lines.
Operationally, flux-cored welding volumes grew 182% YoY to 409 tonnes with RDSO approval and a stated ambition to scale welding sales to ₹25 crore within two years, whereas aluminium flipping coil volumes fell 37% YoY, reflecting severe price competition and overcapacity pressures in that segment.
Sarthak Metals has activated a biotechnology pilot (Solid State Fermentation) with first batch in May 2025, investing ~₹50 lakh to develop industrial enzymes, micro-nutrients and pre/probiotics targeting ethanol distilleries and biofuel integration, positioning the company to capture parts of India’s growing bioeconomy.
The company’s five-year performance shows high cyclicality: revenues fell from ₹457 crore (FY22) to ₹178 crore (FY25) and margins compressed, while balance sheet metrics improved with zero reported debt from FY23 and promoter shareholding at 68.8%, reflecting concentrated ownership and capital structure stability.

Sector: Industrial Products
Industry: Iron & Steel Products
Market Cap: 103 Cr
Volatility: Moderate Risk
P/E Ratio: 23.4
Industry P/E: 35.4
PEG Ratio: —
P/B Ratio: 0.8
52W High: 146.00
52W Low: 56.65

Sales CAGR

1Y: -41.53%
3Y: -26.93%
5Y: -3.59%
10Y: 3.78%

Profit CAGR

1Y: -70.21%
3Y: -46.88%
5Y: -2.28%
10Y: 1.60%

ROE

TTM: 3.09%
3Y: 13.98%
5Y: 17.61%
10Y: 16.18%

ROCE

TTM: 4.95%
3Y: 19.78%
5Y: 25.20%
10Y: 25.44%

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Industrial Products Iron & Steel Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MPKSTEELS		127.00	124 Cr	14.53	2.49	0.00	16.43	17.07	6.20
MAIDEN		83.80	122 Cr	19.67	1.60	0.00	5.22	8.35	2.44
GARGFUR		134.50	104 Cr	7.03	1.12	0.00	10.07	10.03	9.75
SMLT		65.16	103 Cr	23.44	0.84	0.66	3.09	4.95	3.01
ZENITHSTL		4.84	98 Cr	11.26	0.00	0.00	-1.69	-18.62	3.83
PRAKASHSTL		4.06	85 Cr	-0.81	9.07	0.00	15.04	17.76	2.95
HISARMETAL		145.45	83 Cr	26.21	1.30	0.65	3.85	9.06	2.02
Median: 7 Co.	—	83.80	103 Cr	14.53	1.30	0.00	5.22	9.06	3.01

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	77	75	71	41	46	44	48	46	36	48
Expenses	70	73	68	39	44	42	47	44	35	46
Operating Profit	7.20	2.46	2.64	1.61	1.92	2.06	1.35	1.75	1.65	2.10
OPM %	9.30	3.27	3.74	3.96	4.20	4.68	2.81	3.79	4.54	4.40
Other Income	0.46	0.69	0.54	0.59	0.74	0.47	0.90	0.62	0.17	0.49
Interest	0.10	0.33	0.25	0.12	0.18	0.09	0.25	0.12	0.07	0.05
Depreciation	0.44	0.54	0.63	0.53	0.61	0.79	0.81	0.69	0.72	0.75
Profit Before Tax	7.13	2.27	2.31	1.56	1.88	1.64	1.20	1.56	1.03	1.79
Tax %	22.58	24.23	25.11	10.26	55.85	25.61	44.17	32.05	26.21	27.37
Net Profit	5.51	1.73	1.73	1.40	0.83	1.22	0.67	1.06	0.76	1.30
EPS in Rs	4.05	1.27	1.28	0.99	0.61	0.92	0.49	0.77	0.57	0.95

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	152	171	189	214	222	457	408	305	178	184
Expenses	144	161	177	203	206	419	368	285	171	177
Operating Profit	8.61	10	12	11	16	38	40	20	6.96	7.08
OPM %	5.66	6.03	6.37	5.27	7.15	8.29	9.81	6.51	3.90	3.85
Other Income	1.77	1.52	1.51	1.05	0.37	3.63	3.02	1.93	2.70	2.73
Interest	3.38	3.46	3.87	3.63	3.30	4.00	1.34	0.78	0.64	0.64
Depreciation	1.06	1.37	1.63	2.29	2.14	1.69	1.54	2.03	2.75	2.90
Profit Before Tax	5.95	7.03	8.05	6.41	11	36	40	19	6.28	6.28
Tax %	33.62	32.34	28.44	27.92	25.86	23.34	26.01	27.09	34.41	39.81
Net Profit	3.95	4.76	5.76	4.62	7.99	27	30	14	4.12	3.78
EPS in Rs	—	—	—	—	—	19.73	21.74	10.47	3.01	2.78
Dividend Payout %	17.30	0.00	11.88	14.79	17.12	9.97	9.20	19.80	16.61	—

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	12	14	14	14	14	14	14	14	14	14
Reserves	12	19	23	29	32	39	64	91	102	107
Borrowings	23	27	26	36	23	31	22	0.00	0.00	0.00
Other Liabilities	1.79	2.82	2.67	5.37	6.64	6.95	16	4.99	3.84	4.22
Total Liabilities	49	63	65	84	76	91	116	110	120	124
Fixed Assets	7.36	7.35	8.92	14	15	14	11	11	15	19
CWIP	0.71	1.94	0.57	0.20	0.00	0.08	0.00	1.71	0.18	0.33
Investments	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.00	0.00	0.35
Other Assets	40	53	55	69	61	77	104	97	105	104
Total Assets	49	63	65	84	76	91	116	110	120	124

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	4.84	4.10	0.04	1.14	17	-0.56	16	35	27	-0.19
Cash from Investing Activity	-1.41	-2.21	-1.52	-6.12	-2.61	-1.32	3.11	-1.53	-3.33	-5.67
Cash from Financing Activity	-3.27	5.50	-5.78	6.89	-17	4.05	-15	-26	-3.22	-0.40
Net Cash Flow	0.16	7.39	-7.27	1.91	-2.26	2.17	4.31	7.40	20	-6.26

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	69.61%	69.61%	69.61%	69.29%	69.15%	69.04%	68.85%	68.85%	68.85%	68.81%	68.81%	68.81%
FIIs	1.24%	0.82%	0.69%	0.59%	0.60%	0.19%	0.16%	0.15%	0.00%	0.14%	0.14%	0.14%
DIIs	-0.00%	0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%	0.00%	0.00%	0.00%
Public	29.15%	29.56%	29.71%	30.12%	30.25%	30.76%	30.99%	31.00%	31.01%	31.05%	31.05%	31.05%
Total Shareholders	7,695	7,581	8,520	10,900	11,837	12,329	12,608	12,254	12,125	11,819	11,667	11,390

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan