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Swing Capital

Sunflag Iron & Steel Company Ltd

NSE: SUNFLAG BSE: 500404Metal

Sunflag Iron & Steel Company Ltd was established in 1984 & is a part of Sunflag Group, company started operations in 1989 as a spring steel producer however, at present the company manufactures mild-steel and alloy steel products of varieties like carbon steel, free & semi free cutting steels,etc. [1]

₹356
52W: ₹192 — ₹428
PE 29.6 · Book ₹473 · -25% vs book
Market Cap₹6,411 Cr
Stock P/E29.6Price to Earnings
ROCE3.95%Return on Capital
ROE2.33%Return on Equity
Div. Yield0.2%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Stock is trading at 0.78 times its book value
  • +Market value of investments Rs.7,724 Cr. is more than the Market Cap Rs.6,411 Cr.

Weaknesses

  • −Company has a low return on equity of 3.83% over last 3 years.
  • −Dividend payout has been low at 2.79% of profits over last 3 years

Shareholding Pattern

Promoters51.16%
FIIs0.54%
DIIs0.04%
Public48.27%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.16%51.16%51.16%51.16%51.16%51.16%51.16%51.16%
FIIs0.86%0.89%▲0.00.6%▼0.30.48%▼0.10.6%▲0.10.64%▲0.00.47%▼0.20.54%▲0.1
DIIs0.1%0.12%▲0.00.13%▲0.00.14%▲0.00.18%▲0.00.18%0.17%▼0.00.04%▼0.1
Public47.87%47.82%▼0.048.1%▲0.348.21%▲0.148.06%▼0.148.01%▼0.148.22%▲0.248.27%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales8588549198958668928831,023973942
Expenses759757820815767781783903872810
Operating Profit9997998099111100120101132
OPM %12%11%11%9%11%12%11%12%10%14%
Net Profit38364228415043624659
EPS ₹2.141.992.341.532.272.82.373.442.533.28

AI Insights

Revenue Trend

TTM revenue at ₹3,822Cr, up 8.1% YoY. OPM at 12%.

Debt Position

Borrowings at ₹576Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Capex Cycle

CWIP at ₹348Cr (24% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.04% (-0.01pp change). FIIs: 0.54% (-0.19pp change). Promoters hold 51.16%.

Margin & Efficiency

ROCE declining from 9% (Mar 2014) to 4% (Mar 2025). Working capital days: 37.

Valuation

PE 29.6x with 3.95% ROCE. Price is -25% above book value of ₹473. Dividend yield: 0.2%.

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