Sahyadri Industries financials and balance sheet

NSE: SAHYADRIBSE: 532841Other Construction MaterialsSmall Cap

₹326.80₹12.70 (4.04%)BSE ₹324.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹314.10.

52-week range of traded prices to 23 Oct 2026

₹200.10Low, 30 Mar 2026₹408.95High, 15 Sep 2026

Next results date: the board meets on 31 Oct 2026 to consider: financial results.

Market cap: ₹358 Cr2,167th largest listed
P/E: 8.0
P/B: 0.9
Dividend yield: 1.22%
ROE: 11.4%
ROCE: 13.2%
Debt to equity: 0.04
Volume, NSE: 11,96769.2% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Sahyadri Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹679 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue679
Materials and goods−387
Employee costs−46
Other expenses−184
Operating profit61
Depreciation−25
Other income+6.1
One-off items−0.6
Finance costs−3.3
Profit before tax39
Tax−9.7
Net profit29

What the company owns

Plant, investments and other assets₹264 Cr
Inventory₹183 Cr
Current investments₹39 Cr
Receivables₹38 Cr
Cash and bank₹7 Cr

What pays for it: net worth and liabilities

Net worth₹406 Cr
Other liabilities₹56 Cr
Owed to suppliers₹54 Cr
Borrowings₹16 Cr

Sahyadri Industries business segments, year to Mar 2026

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

Revenue by segment

₹686 CrTotal

Building Material₹672 Cr97.9% of total
Power Generation₹14 Cr2.1% of total

Profit by segment

Building Material₹38.6 Cr92.1% of total
Power Generation₹3.3 Cr7.9% of total

Segment results by year

Standalone, ₹ crore, years to March.

Building Material
Revenue, ₹ crore
286
278
531
580
624
595
672
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
45
28
78
50
39
25
39
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power Generation
Revenue, ₹ crore
13
15
16
18
17
18
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
8
7
6
9
6
7
3
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	300	293	476	547	598	641	612	686
Company revenue, as in its results	297	289	471	542	594	634	605	679
Revenue	286	278	–	531	580	624	595	672
Revenue growth	–	−2.7%	–	–	9.2%	7.6%	−4.7%	13.0%
Profit	45	28	–	78	50	39	25	39
Profit growth	–	−38.2%	–	–	−35.5%	−22.5%	−35.3%	52.4%
Margin	15.8%	10.0%	–	14.7%	8.7%	6.3%	4.3%	5.7%
Return on capital	42.2%	30.4%	–	34.9%	18.1%	12.5%	7.4%	11.5%
Assets	217	212	–	387	497	509	505	459
Liabilities	110	120	–	162	219	198	162	123
Capital employed	107	92	–	225	278	312	343	336
Revenue	13	15	–	16	18	17	18	14
Revenue growth	–	10.8%	–	–	17.6%	−9.5%	5.9%	−17.5%
Profit	8	7	–	6	9	6	7	3
Profit growth	–	−3.3%	–	–	38.4%	−31.5%	14.4%	−52.7%
Margin	56.0%	48.9%	–	41.4%	48.8%	36.9%	39.9%	22.9%
Return on capital	13.7%	12.2%	–	12.8%	21.6%	18.4%	23.1%	12.9%
Assets	57	61	–	52	43	35	32	28
Liabilities	2	1	–	2	2	2	2	3
Capital employed	55	60	–	50	41	33	30	26
Revenue	–	–	462	–	–	–	–	–
Profit	–	–	75	–	–	–	–	–
Margin	–	–	16.3%	–	–	–	–	–
Return on capital	–	–	53.7%	–	–	–	–	–
Assets	–	–	272	–	–	–	–	–
Liabilities	–	–	131	–	–	–	–	–
Capital employed	–	–	141	–	–	–	–	–
Revenue	–	–	13	–	–	–	–	–
Profit	–	–	4	–	–	–	–	–
Margin	–	–	29.7%	–	–	–	–	–
Return on capital	–	–	7.7%	–	–	–	–	–
Assets	–	–	54	–	–	–	–	–
Liabilities	–	–	3	–	–	–	–	–
Capital employed	–	–	52	–	–	–	–	–

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

Profit and loss

Standalone, ₹ crore, years to March.Sahyadri Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 16 Jun	Mar 2021Filed 27 May	Mar 2022Filed 23 May	Mar 2023Filed 23 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 9 May
Revenue from operations	262	278	297	289	471	542	594	634	605	679
	218	214	228	241	380	445	513	568	551	618
Materials and goods bought	147	139	140	148	240	277	319	370	340	387
Employee costs	16	–	21	23	30	33	38	41	44	46
Other expenses	55	–	67	71	110	135	157	157	167	184
Operating profit before depreciation	43	65	68	47	90	98	81	66	54	61
Operating margin	16.5%	23.2%	23.0%	16.4%	19.2%	18.0%	13.6%	10.5%	9.0%	9.0%
Materials, % of revenue	56.3%	–	47.3%	51.1%	51.0%	51.0%	53.7%	58.3%	56.2%	57.1%
Employee costs, % of revenue	6.2%	–	7.0%	7.8%	6.4%	6.0%	6.3%	6.4%	7.2%	6.8%
Other expenses, % of revenue	21.0%	–	22.6%	24.7%	23.4%	24.9%	26.4%	24.8%	27.6%	27.1%
Depreciation and amortisation	23	21	18	14	14	15	24	24	25	25
Operating profit after depreciation	20	44	50	33	76	83	57	42	30	37
Other income	1	0	1	3	7	4	3	4	4	6
Finance costs	16	11	8	8	5	5	9	11	7	3
Profit before one-off items and tax	5	33	43	28	79	82	52	35	26	39
One-off items	–	3	2	0	0	0	0	0	0	−1
Profit before tax	5	36	45	28	79	82	52	35	26	39
	1	11	13	2	17	22	14	9	7	10
Current tax	–	12	16	7	22	23	15	10	8	12
Deferred tax	–	−1	−3	−6	−5	0	0	−1	−1	−2
Net profit	3	24	32	27	62	60	37	26	19	29
Other comprehensive income	–	–	0	0	0	0	0	0	0	0
Total comprehensive income	–	–	32	26	62	60	37	26	19	29
Net margin	1.2%	8.8%	10.8%	9.2%	13.1%	11.1%	6.2%	4.2%	3.2%	4.3%

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

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 16 Jun	Mar 2021Filed 27 May	Mar 2022Filed 23 May	Mar 2023Filed 23 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 9 May
	163	185	245	299	335	360	378	406
Share capital	10	10	10	10	11	11	11	11
Reserves	153	175	236	290	324	349	367	395
	47	59	8	80	124	116	78	16
Repayable after a year	40	39	1	24	43	33	7	0
Repayable within a year	7	20	7	56	81	83	71	16
	56	71	124	131	170	160	151	120
Trade payables	24	27	51	46	51	39	41	54
Other financial liabilities	21	21	0	18	20	0	0	0
Other liabilities	4	3	64	9	16	34	35	45
Provisions	1	1	2	2	3	3	4	4
	56	52	10	32	51	40	14	6
Other financial liabilities	0	0	0	–	–	0	0	0
Other liabilities	0	0	–	0	0	0	0	–
Provisions	1	2	2	2	2	3	3	5
Deferred tax	14	11	7	6	6	4	3	1
Total assets	274	308	379	463	557	560	543	532
	156	146	149	199	236	250	243	234
Plant in use, after depreciation	143	131	123	127	169	181	186	174
Plant being built	2	2	4	54	36	42	31	33
Intangible assets	0	0	4	0	1	1	1	0
Property held to earn rent	3	0	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	0
Loans given	0	0	0	0	4	0	0	0
Other financial assets	7	3	18	4	27	4	4	4
Other assets	0	10	–	14	0	22	22	22
	119	162	230	264	321	310	300	298
Inventories	70	76	113	174	227	238	226	183
Trade receivables	32	39	40	43	35	32	39	38
Cash and cash equivalents	2	3	1	1	2	4	2	7
Other bank balances	0	0	3	3	4	1	1	1
Current investments	0	31	48	21	11	12	3	39
Loans given	0	0	0	0	0	0	0	0
Other financial assets	15	0	0	0	0	0	0	0
Other assets	0	13	24	22	41	22	29	30
Net debt	45	25	−44	55	107	98	73	−30

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

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 23 May	Mar 2023Filed 23 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 9 May
	50	11	17	58	54	121
	70	33	35	69	59	133
	−27	−67	−49	−2	1	66
Receivables	−2	−3	8	4	−7	1
Inventories	−37	−61	−53	−11	12	43
Payables	17	−5	6	−11	2	12
Other working capital	−6	2	−10	17	−6	10
Tax paid	−20	−22	−18	−11	−5	−12
Capital spending	15	65	55	37	22	15
Free cash flow	35	−54	−39	21	32	106
	−30	−33	−45	−34	−11	−50
Plant and property sold	1	0	0	0	0	0
Interest received	0	0	0	0	0	0
Dividends received	0	0	0	0	0	0
	−19	22	29	−22	−46	−66
Borrowings raised	1	39	45	3	6	2
Borrowings repaid	0	−6	−1	−11	−43	−63
Interest paid	−5	−5	−9	−11	−7	−3
Dividends paid	1	6	6	2	1	1
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1	0	1	2	−3	5

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.

Standalone, ₹ per share, years to March.Sahyadri Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 16 Jun	Mar 2021Filed 27 May	Mar 2022Filed 23 May	Mar 2023Filed 23 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 9 May
Earnings per share	₹3.33	₹25.61	₹33.36	₹27.79	–	₹62.84	₹33.90	₹24.09	₹17.78	₹26.50
Diluted earnings per share	₹3.33	₹25.61	₹33.36	₹27.79	–	₹62.84	₹33.90	₹24.09	₹17.78	₹26.50
Dividend per share	–	–	–	–	–	–	₹1.50	₹1.00	₹1.00	₹1.50
Book value per share	–	–	₹170.13	₹193.52	₹256.34	₹312.94	₹306.24	₹328.79	₹345.47	₹370.86
Dividend payout	–	–	–	–	–	–	4.4%	4.2%	5.6%	5.7%
Shareholder yield	–	–	–	–	0.5%	1.5%	1.9%	0.5%	0.5%	0.5%
Market cap at the year end (₹ crore)	108	234	174	65	274	407	324	373	236	223

Earnings per share is left blank for the year to Mar 2021: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Standalone, years to March.Sahyadri Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 16 Jun	Mar 2021Filed 27 May	Mar 2022Filed 23 May	Mar 2023Filed 23 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 9 May
Revenue growth	–	6.3%	6.7%	−2.7%	63.0%	15.3%	9.5%	6.8%	−4.6%	12.1%
Operating profit growth	–	49.7%	5.8%	−30.8%	91.1%	8.2%	−17.2%	−18.0%	−18.0%	12.2%
Net profit growth	–	667.4%	30.6%	−16.7%	132.2%	−2.6%	−38.2%	−28.9%	−26.2%	49.0%
Earnings per share growth	–	669.1%	30.3%	−16.7%	–	–	−46.1%	−28.9%	−26.2%	49.0%
	–	–	19.6%	15.3%	28.7%	22.1%	11.7%	7.6%	5.3%	7.4%
	–	–	–	−4.3 pts	13.4 pts	−6.6 pts	−10.4 pts	−4.1 pts	−2.3 pts	2.1 pts
From the net margin	–	–	–	−2.8 pts	6.5 pts	−4.5 pts	−9.6 pts	−3.9 pts	−1.7 pts	1.7 pts
From asset turnover	–	–	–	−1.4 pts	8.3 pts	−1.4 pts	−1.2 pts	−0.2 pts	−0.2 pts	1.1 pts
From borrowing	–	–	–	−0.1 pts	−1.4 pts	−0.7 pts	0.4 pts	0.0 pts	−0.4 pts	−0.7 pts
Return on capital employed	–	–	23.9%	13.5%	30.2%	21.9%	12.5%	8.9%	6.5%	8.7%
Cash conversion	–	–	–	–	80.4%	17.5%	45.1%	219.2%	276.9%	418.4%
Interest cover	1.2	3.9	6.2	4.2	15.6	18.0	6.3	3.8	4.2	11.0
Debt to equity	–	–	0.29	0.32	0.03	0.27	0.37	0.32	0.21	0.04
Receivable days	–	–	40	49	31	29	22	18	23	21
Inventory days	–	–	181	189	172	230	260	235	242	172
Payable days	–	–	61	66	77	61	58	39	44	51
Cash conversion cycle, days	–	–	160	172	126	198	224	214	221	142
Working capital days	–	–	83	98	47	110	132	124	129	80
Asset turnover	–	–	1.08	0.99	1.37	1.29	1.16	1.14	1.10	1.26
Assets per rupee of net worth	–	–	1.69	1.67	1.60	1.55	1.61	1.61	1.49	1.37
Sales per rupee of plant	–	–	2.08	2.21	3.83	4.28	3.52	3.51	3.25	3.90
Capital spending to depreciation	–	–	–	–	1.06	4.40	2.32	1.53	0.87	0.61
Plant being built, % of plant in use	–	–	1.2%	1.3%	3.3%	42.7%	21.3%	23.5%	16.7%	19.1%

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

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.4%
Cash from operations against operating profit: 198.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	7.6%	4.6%
Profit growth, yearly rate	–	−14.0%	−7.9%
Return on equity, average	–	10.8%	6.8%
Return on capital employed, average	–	11.7%	8.0%
Operating margin, average	15.8%	12.0%	9.5%
Net margin, average	7.2%	5.8%	3.9%
Asset turnover, average	–	1.19	1.17
Cash conversion cycle, days, average	–	200	193
Interest cover, average	7.4	8.7	6.3
Debt to equity, average	–	0.24	0.19

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	260	233	121
Cash from investing	−173	−95	−50
Cash from financing	−82	−133	−66
Capital spending	194	73	15
Dividends paid	16	4	1
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	94	10	2
Borrowings repaid	125	117	63

Accounting checks

Standalone, 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	–	–	–	–	7	5	2	6	7	8
Altman Z-scorePublished threshold 1.81	–	–	3.71	2.80	4.40	4.50	3.45	3.72	3.45	4.04
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.86	−1.54	−2.59	−2.72	−2.62	−3.12
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	12.29	19.59	12.73	0.46	−4.29	−7.81
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.48	0.69	1.55	3.11
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	22.41	−58.64	−9.32	−27.14	−16.48	27.13	−13.15
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	4.56	−14.49	38.51	15.23	−11.32	2.84	−32.92
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.40	2.36	−0.48	3.26	−2.98	1.16	0.16
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.74	0.66	2.89	0.55	1.18	1.02	2.75
Effective tax ratePublished threshold 17.16 per cent	31.33	31.52	28.94	6.05	21.50	27.01	28.07	25.30	25.67	25.12
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.18	−6.90	−5.64	5.23	−4.96

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
21 Aug 2025	ICRA Limited (opens in a new tab)	Fund Based-Cash Credit	[ICRA]A-Review, Re-affirm	Stable	185.03
21 Aug 2025	ICRA Limited (opens in a new tab)	Fund Based-Term Loan	[ICRA]A-Review, Re-affirm	Stable	120
21 Aug 2025	ICRA Limited (opens in a new tab)	Non Fund Based-Others	[ICRA]A2+Review, Re-affirm		10.27

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