Pennar Industries financials and balance sheet

NSE: PENINDBSE: 513228Industrial ManufacturingSmall Cap

₹151.45₹3.90 (2.51%)BSE ₹151.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹155.35.

52-week range of traded prices to 23 Oct 2026

₹129.10Low, 30 Mar 2026₹279.90High, 7 Nov 2025

Market cap: ₹2,052 Cr1,114th largest listed
P/E: 14.4
P/B: 1.8
Dividend yield: Nonein the last 12 months
ROE: 13.2%
ROCE: 11.8%
Debt to equity: 0.98
Volume, NSE: 5,09,67143.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Pennar Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,620 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 6.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,620
Materials and goods−2,095
Employee costs−392
Other expenses−778
Operating profit355
Depreciation−84
Other income+46
One-off items0.0
Finance costs−138
Profit before tax180
Tax−40
Joint ventures−0.3
Net profit139

What the company owns

Plant, investments and other assets₹1,537 Cr
Inventory₹1,010 Cr
Receivables₹731 Cr
Cash and bank₹270 Cr
Current investments₹2 Cr

What pays for it: net worth and liabilities

Net worth₹1,163 Cr
Borrowings₹1,142 Cr
Owed to suppliers₹899 Cr
Other liabilities₹347 Cr

Pennar Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Pennar Industries segment results by quarter

Revenue by segment

₹3,707 CrTotal

Diversified engineering₹1,872 Cr50.5% of total
Custom designed building solutions & auxiliaries₹1,836 Cr49.5% of total

Profit by segment

Diversified engineering₹223 Cr55.6% of total
Custom designed building solutions & auxiliaries₹178 Cr44.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Diversified engineering
Revenue, ₹ crore
1,556
1,333
924
1,355
1,511
1,641
1,721
1,872
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
155
139
68
123
150
167
194
223
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Custom designed building solutions & auxiliaries
Revenue, ₹ crore
757
839
690
1,045
1,505
1,584
1,584
1,836
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
45
50
44
65
105
146
153
178
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,312	2,172	1,614	2,400	3,016	3,225	3,306	3,707
Company revenue, as in its results	2,116	2,107	1,525	2,266	2,895	3,131	3,227	3,620
Revenue	1,556	1,333	924	1,355	1,511	1,641	1,721	1,872
Revenue growth	–	−14.3%	−30.7%	46.7%	11.5%	8.6%	4.9%	8.7%
Profit	155	139	68	123	150	167	194	223
Profit growth	–	−9.8%	−51.4%	81.9%	21.4%	11.5%	16.4%	14.8%
Margin	9.9%	10.5%	7.3%	9.1%	9.9%	10.2%	11.3%	11.9%
Return on capital	–	30.4%	19.4%	22.0%	20.9%	21.9%	23.3%	23.7%
Assets	–	1,180	1,190	1,400	1,702	1,964	2,136	2,422
Liabilities	–	722	841	841	986	1,201	1,301	1,479
Capital employed	–	458	349	559	716	762	835	943
Revenue	757	839	690	1,045	1,505	1,584	1,584	1,836
Revenue growth	–	10.9%	−17.8%	51.3%	44.1%	5.2%	0.0%	15.9%
Profit	45	50	44	65	105	146	153	178
Profit growth	–	10.1%	−12.4%	48.9%	61.1%	39.5%	4.3%	16.8%
Margin	6.0%	6.0%	6.3%	6.2%	7.0%	9.2%	9.6%	9.7%
Return on capital	–	20.6%	12.6%	36.8%	165.9%	127.1%	92.7%	81.0%
Assets	–	673	702	741	616	677	818	1,128
Liabilities	–	431	355	564	553	561	653	908
Capital employed	–	243	347	177	63	115	165	220
Revenue	–	–	20	–	–	–	–	–
Profit	–	–	20	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Pennar Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 24 Jun	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
Revenue from operations	1,542	1,798	2,116	2,107	1,525	2,266	2,895	3,131	3,227	3,620
	1,375	1,593	1,946	1,937	1,432	2,094	2,673	2,858	2,916	3,265
Materials and goods bought	924	1,078	1,288	1,258	920	1,402	1,801	1,938	1,916	2,095
Employee costs	107	–	149	162	136	208	310	310	337	392
Other expenses	344	–	508	518	376	484	562	610	664	778
Operating profit before depreciation	167	206	170	169	93	171	221	273	310	355
Operating margin	10.8%	11.4%	8.1%	8.0%	6.1%	7.6%	7.6%	8.7%	9.6%	9.8%
Materials, % of revenue	59.9%	–	60.9%	59.7%	60.3%	61.9%	62.2%	61.9%	59.4%	57.9%
Employee costs, % of revenue	6.9%	–	7.0%	7.7%	8.9%	9.2%	10.7%	9.9%	10.4%	10.8%
Other expenses, % of revenue	22.3%	–	24.0%	24.6%	24.7%	21.4%	19.4%	19.5%	20.6%	21.5%
Depreciation and amortisation	25	29	28	43	48	54	65	67	69	84
Operating profit after depreciation	142	177	143	126	45	117	156	206	241	271
Other income	7	16	26	20	19	17	33	40	37	46
Finance costs	61	67	75	83	80	78	91	115	120	138
Profit before one-off items and tax	88	125	94	63	−16	56	98	131	158	180
One-off items	0	13	0	0	20	0	0	0	0	0
Profit before tax	88	138	94	63	4	56	98	131	158	180
	29	48	29	10	1	14	23	33	39	40
Current tax	26	40	25	18	4	22	24	35	26	52
Deferred tax	3	7	5	−8	−3	−8	−1	−2	13	−11
Share of profit of joint ventures and associates	–	–	–	–	–	–	–	–	–	0
	47	90	64	53	3	42	75	98	119	139
Belonging to the company's shareholders	47	90	64	53	3	42	75	98	119	139
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	0	0	0
Other comprehensive income	–	–	−3	0	0	−3	5	0	3	26
Total comprehensive income	–	–	61	54	3	39	80	98	122	165
Net margin	3.0%	5.0%	3.0%	2.5%	0.2%	1.8%	2.6%	3.1%	3.7%	3.8%
Net margin without joint ventures and associates	–	–	–	–	–	–	–	–	–	3.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 2 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 24 Jun	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
	668	701	697	736	779	877	1,000	1,163
	667	700	696	735	778	877	998	1,163
Share capital	76	73	71	71	67	67	67	67
Reserves	591	628	625	664	711	809	931	1,096
Belonging to outside owners of subsidiaries	0	1	1	1	1	1	1	–
	413	400	532	588	621	734	775	1,142
Repayable after a year	100	102	113	99	99	135	206	327
Repayable within a year	313	298	419	489	522	599	569	815
	929	976	1,018	1,227	1,369	1,573	1,678	1,983
Trade payables	449	479	443	544	584	791	877	899
Other financial liabilities	57	80	89	70	95	56	74	79
Other liabilities	16	80	51	85	115	64	131	154
Provisions	9	6	6	8	10	16	8	5
Tax owed	86	33	10	32	42	46	18	33
	147	177	178	178	170	190	277	404
Other financial liabilities	5	42	37	57	53	38	22	28
Other liabilities	–	3	2	1	0	0	0	0
Provisions	9	11	12	14	12	15	32	37
Deferred tax	27	19	15	7	6	3	17	12
Total assets	1,744	1,853	1,893	2,141	2,318	2,640	2,954	3,551
	613	754	707	770	820	1,004	1,048	1,306
Plant in use, after depreciation	441	573	555	562	628	608	833	938
Plant being built	118	33	61	76	18	218	53	136
Intangible assets	14	14	13	12	92	89	8	7
Goodwill	0	3	3	0	0	0	0	1
Property held to earn rent	0	35	32	70	0	0	24	88
Investments	0	0	0	0	0	3	5	10
Stakes in joint ventures and associates	0	0	0	0	0	0	6	16
Other financial assets	8	10	10	11	19	20	17	15
Deferred tax	10	28	3	0	13	18	1	1
Trade receivables	9	41	18	21	31	17	0	0
Other assets	13	15	12	18	18	31	101	96
	1,131	1,100	1,185	1,371	1,498	1,636	1,906	2,244
Inventories	439	440	487	643	783	825	935	1,010
Trade receivables	464	396	427	425	363	495	580	731
Cash and cash equivalents	15	39	34	38	143	90	141	206
Other bank balances	23	20	22	49	30	53	48	64
Current investments	52	45	18	45	27	19	1	2
Loans given	20	22	8	0	0	0	0	0
Other financial assets	119	48	59	43	55	69	85	72
Other assets	–	90	132	128	98	86	114	159
Net debt	323	296	459	456	422	573	584	870

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Jun	Mar 2022Filed 24 Jun	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
	−44	167	244	225	256	202
	−42	178	258	261	296	241
	−179	−26	−12	−41	−31	−151
Receivables	−23	−28	23	−124	−47	−113
Inventories	−47	−156	−140	−42	−110	−75
Payables	−33	110	48	229	92	37
Other working capital	−76	49	57	−104	34	1
Tax paid	−2	−10	−13	−36	−40	−39
Capital spending	53	57	71	247	126	328
Free cash flow	−98	110	173	−22	130	−126
	−4	−71	−28	−257	−105	−349
Plant and property sold	1	1	0	0	0	0
Companies bought	0	0	0	0	0	−10
Interest received	6	4	5	5	5	7
	43	−92	−113	−22	−100	211
Borrowings raised	197	61	95	175	111	448
Borrowings repaid	−65	−59	−62	−63	−71	−82
Interest paid	−75	−70	−85	−108	−113	−133
Lease payments	−6	−24	−23	−20	−28	−23
Dividends paid	0	0	0	0	0	0
Shares bought back	7	0	37	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−5	4	104	−54	51	64

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Pennar Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 24 Jun	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
Earnings per share	₹3.88	₹7.52	₹4.20	₹3.51	₹0.18	₹2.94	₹5.49	₹7.29	₹8.84	₹10.29
Diluted earnings per share	₹3.88	₹7.52	₹4.20	₹3.51	₹0.18	₹2.94	₹5.49	₹7.29	₹8.84	₹10.29
Book value per share	–	–	₹43.81	₹48.22	₹48.95	₹51.72	₹57.66	₹64.95	₹73.99	₹86.20
Shareholder yield	–	–	–	–	2.9%	0.1%	3.9%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	493	606	440	214	232	491	955	1,791	2,534	1,767

Ratios

Consolidated, years to March.Pennar Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 Jun	Mar 2020Filed 4 Jul	Mar 2021Filed 7 Jun	Mar 2022Filed 24 Jun	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
Revenue growth	18.0%	16.6%	17.7%	−0.5%	−27.6%	48.5%	27.8%	8.2%	3.1%	12.2%
Operating profit growth	12.9%	23.3%	−17.2%	−0.8%	−45.1%	84.5%	29.1%	23.4%	13.6%	14.5%
Net profit growth	6.4%	94.0%	−29.2%	−16.6%	−94.7%	1,375.7%	80.0%	30.4%	21.5%	16.2%
Earnings per share growth	–	93.8%	−44.1%	−16.4%	−94.9%	1,533.3%	86.7%	32.8%	21.3%	16.4%
	–	–	9.6%	7.8%	0.4%	5.8%	10.0%	11.9%	12.7%	12.8%
	–	–	–	−1.8 pts	−7.4 pts	5.5 pts	4.1 pts	1.9 pts	0.8 pts	0.1 pts
From the net margin	–	–	–	−1.6 pts	−7.2 pts	3.7 pts	2.4 pts	2.0 pts	2.1 pts	0.5 pts
From asset turnover	–	–	–	−0.3 pts	−0.2 pts	1.5 pts	1.3 pts	−0.3 pts	−1.2 pts	−0.5 pts
From borrowing	–	–	–	0.1 pts	0.0 pts	0.3 pts	0.4 pts	0.2 pts	−0.1 pts	0.1 pts
Return on capital employed	–	–	13.2%	11.5%	3.6%	8.9%	11.2%	12.8%	13.6%	11.8%
Cash conversion	–	–	–	–	−1,563.0%	399.5%	323.6%	228.5%	214.3%	145.6%
Interest cover	2.3	2.6	1.9	1.5	0.6	1.5	1.7	1.8	2.0	2.0
Debt to equity	–	–	0.62	0.57	0.76	0.80	0.80	0.84	0.78	0.98
Receivable days	–	–	80	69	102	68	46	58	66	74
Inventory days	–	–	124	128	193	167	159	155	178	176
Payable days	–	–	127	139	176	142	118	149	167	157
Cash conversion cycle, days	–	–	77	57	120	94	86	64	77	93
Working capital days	–	–	73	55	123	81	57	59	69	81
Asset turnover	–	–	1.21	1.17	0.81	1.12	1.30	1.26	1.15	1.11
Assets per rupee of net worth	–	–	2.61	2.63	2.68	2.82	2.95	3.00	2.98	3.01
Sales per rupee of plant	–	–	4.80	3.68	2.75	4.03	4.61	5.15	3.87	3.86
Capital spending to depreciation	–	–	–	–	1.11	1.06	1.10	3.71	1.83	3.90
Plant being built, % of plant in use	–	–	26.7%	5.8%	11.0%	13.5%	2.9%	35.8%	6.4%	14.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.3%
Cash from operations against operating profit: 56.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	18.9%	7.7%
Profit growth, yearly rate	12.2%	122.6%	22.5%
Return on equity, average	–	10.7%	12.5%
Return on capital employed, average	–	11.6%	12.7%
Operating margin, average	8.8%	8.7%	9.4%
Net margin, average	2.9%	3.0%	3.6%
Asset turnover, average	–	1.19	1.18
Cash conversion cycle, days, average	–	83	78
Interest cover, average	1.8	1.8	1.9
Debt to equity, average	–	0.84	0.86

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,094	683	202
Cash from investing	−810	−711	−349
Cash from financing	−116	88	211
Capital spending	830	701	328
Dividends paid	0	0	0
Shares bought back	38	0	0
Shares issued for cash	0	0	0
Borrowings raised	890	734	448
Borrowings repaid	337	216	82

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	7	7	6	7	7
Altman Z-scorePublished threshold 1.81	–	–	2.46	2.06	1.64	1.99	2.39	2.56	2.71	2.28
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.28	−2.53	−2.94	−2.08	−2.74	−2.23
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	2.76	−2.71	−6.31	5.26	−1.13	8.79
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.06	2.95	2.47	1.91
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.12	35.40	−49.00	−42.25	27.92	14.29	13.84
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.65	37.48	−20.24	−6.77	−2.14	14.48	−1.33
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.91	3.46	−0.85	−0.64	0.09	1.35	0.88
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.19	2.03	1.24	0.14	4.67	0.18	0.72
Effective tax ratePublished threshold 17.16 per cent	33.37	34.47	31.52	15.40	22.19	25.04	23.37	25.16	24.59	22.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.78	9.67	−2.22	−0.43	0.89

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Vendor financingShort-term scale	CARE A1Review, Re-affirm		70
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Forward ContractShort-term scale	CARE A1Review, Re-affirm		0.50
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A1Review, Re-affirm		808
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AReview, Re-affirm	Stable	562.52
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of creditShort-term scale	CARE A1Review, Re-affirm		79
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AReview, Re-affirm	Stable	505

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.