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Swing Capital

Shanthi Gears Ltd

NSE: SHANTIGEAR BSE: 522034

Shanthi Gears Ltd is in the business of design, manufacture, supply and servicing of gears and gear boxes.[1]

₹440
52W: ₹395 — ₹621
PE 42.1 · Book ₹57.4 · +667% vs book
Market Cap₹3,379 Cr
Stock P/E42.1Price to Earnings
ROCE25.5%Return on Capital
ROE19%Return on Equity
Div. Yield1.13%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 45.5%

Weaknesses

  • −Stock is trading at 7.71 times its book value

Shareholding Pattern

Promoters70.47%
FIIs3.13%
DIIs0.23%
Public26.16%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.47%70.47%70.47%70.47%70.47%70.47%70.47%70.47%
FIIs3.46%3.29%▼0.23.25%▼0.03.23%▼0.03.26%▲0.03.22%▼0.03.16%▼0.13.13%▼0.0
DIIs0.51%0.73%▲0.20.73%0.75%▲0.00.48%▼0.30.28%▼0.20.23%▼0.10.23%
Public25.56%25.5%▼0.125.54%▲0.025.55%▲0.025.78%▲0.226.03%▲0.326.14%▲0.126.16%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales126154139155158153135132117135
Expenses10212711012112312210410594111
Operating Profit23272934353131272324
OPM %19%17%21%22%22%20%23%20%20%18%
Net Profit17262226262223221616
EPS ₹2.273.352.823.343.432.932.962.82.112.12

AI Insights

Revenue Trend

Mar 2026 revenue at ₹519Cr, down 14.2% YoY. OPM at 20%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (25% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.23% (-0.45pp change). FIIs: 3.13% (-0.60pp change). Promoters hold 70.47%.

Margin & Efficiency

ROCE improving from 5% (Mar 2015) to 26% (Mar 2026). Working capital days: 153.

Valuation

PE 42.1x with 25.5% ROCE. Price is 667% above book value of ₹57.4. Dividend yield: 1.13%.

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