Satia Industries financials and balance sheet

NSE: SATIABSE: 539201Paper, Forest & Jute ProductsSmall Cap

₹59.41₹1.50 (2.46%)BSE ₹59.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹60.91.

52-week range of traded prices to 23 Oct 2026

₹50.80Low, 30 Mar 2026₹79.21High, 23 Oct 2025

Market cap: ₹594 Cr1,749th largest listed
P/E: Lossover the last 12 months
P/B: 0.5
Dividend yield: 0.67%
ROE: −0.7%
ROE without one-offs: −0.1%
ROCE: −1.1%
Debt to equity: 0.27
Volume, NSE: 1,56,71959.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,884 Cr, year to Mar 2023

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 1.2% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue1,452
Materials and goods−746
Employee costs−130
Other expenses−444
Operating profit132
Depreciation−139
Other income+67
One-off items−6.7
Finance costs−22
Profit before tax31
Tax+9.9
Net profit41

What the company owns

Plant, investments and other assets₹1,181 Cr
Inventory₹221 Cr
Receivables₹129 Cr
Cash and bank₹27 Cr

What pays for it: net worth and liabilities

Net worth₹1,088 Cr
Borrowings₹298 Cr
Other liabilities₹108 Cr
Owed to suppliers₹63 Cr

Satia 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. A segment at a loss has no share of profit.Satia Industries segment results by quarter

Revenue by segment

₹1,740 CrTotal

Paper₹1,446 Cr83.1% of total
Co-Generation Division₹288 Cr16.6% of total
Agriculture₹6 Cr0.3% of total

Profit by segment

Co-Generation Division₹121 Cr99.2% of total
Agriculture₹1 Cr0.8% of total

Segment results by year

Standalone, ₹ crore, years to March.

Paper
Revenue, ₹ crore
727
793
583
887
1,883
1,719
1,506
1,446
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
65
69
41
69
73
158
−4
−68
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Co-Generation Division
Revenue, ₹ crore
159
150
112
163
382
340
291
288
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
65
66
45
68
142
124
135
121
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Agriculture
Revenue, ₹ crore
1
13
3
3
1
2
6
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
3
1
5
3
1
2
1
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	907	958	701	1,054	2,266	2,061	1,803	1,740
Company revenue, as in its results	738	809	588	891	1,884	1,721	1,512	1,452
Revenue	727	793	583	887	1,883	1,719	1,506	1,446
Revenue growth	–	9.1%	−26.5%	52.2%	112.2%	−8.7%	−12.4%	−4.0%
Profit	65	69	41	69	73	158	−4	−68
Profit growth	–	6.1%	−41.3%	70.2%	5.9%	115.6%	–	–
Margin	9.0%	8.7%	7.0%	7.8%	3.9%	9.2%	−0.3%	−4.7%
Return on capital	17.8%	14.0%	7.2%	9.4%	8.3%	21.4%	−0.5%	−8.1%
Assets	519	681	780	1,023	1,147	1,099	1,160	1,271
Liabilities	154	189	214	293	267	362	324	428
Capital employed	365	492	566	731	880	737	836	843
Revenue	159	150	112	163	382	340	291	288
Revenue growth	–	−5.7%	−25.0%	45.3%	134.6%	−11.0%	−14.6%	−0.8%
Profit	65	66	45	68	142	124	135	121
Profit growth	–	0.9%	−31.9%	51.5%	109.0%	−13.0%	8.8%	−10.4%
Margin	41.2%	44.1%	40.0%	41.8%	37.2%	36.3%	46.3%	41.8%
Return on capital	90.2%	72.3%	28.3%	48.2%	102.4%	83.2%	81.7%	61.4%
Assets	79	104	167	162	166	243	223	226
Liabilities	7	13	8	20	27	94	58	30
Capital employed	72	91	159	141	139	149	165	196
Revenue	1	13	3	3	1	2	6	6
Revenue growth	–	–	−74.8%	–	–	–	–	–
Profit	2	3	1	5	3	1	2	1
Profit growth	–	–	−75.3%	–	–	–	–	–
Margin	283.9%	23.8%	23.4%	186.9%	330.9%	63.7%	29.9%	16.4%
Return on capital	6.7%	8.2%	1.9%	9.5%	6.0%	2.9%	3.9%	2.0%
Assets	35	38	40	52	59	62	63	61
Liabilities	0	0	0	0	3	16	15	12
Capital employed	35	37	40	52	56	47	48	49
Revenue	7	2	2	1	0	–	–	–
Profit	−2	−3	−2	2	0	–	–	–
Margin	−29.8%	−108.6%	−80.1%	175.0%	–	–	–	–
Return on capital	−8.6%	−13.6%	−11.9%	–	–	–	–	–
Assets	23	19	15	0	0	–	–	–
Liabilities	0	0	0	0	0	–	–	–
Capital employed	23	19	15	0	0	–	–	–
Revenue	14	0	0	0	–	–	–	–
Revenue growth	–	−98.7%	–	–	–	–	–	–
Profit	0	0	0	0	–	–	–	–
Profit growth	–	−100.0%	–	–	–	–	–	–
Margin	0.1%	0.0%	–	–	–	–	–	–
Return on capital	–	–	0.1%	100.0%	–	–	–	–
Assets	4	4	0	0	–	–	–	–
Liabilities	4	4	0	0	–	–	–	–
Capital employed	0	0	0	0	–	–	–	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 24 Jun	Mar 2021Filed 11 May	Mar 2022Filed 9 Jun	Mar 2023Filed 9 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 6 Jul
Revenue from operations	517	642	738	809	588	891	1,884	1,721	1,512	1,452
	429	520	574	634	452	710	1,472	1,302	1,242	1,320
Materials and goods bought	234	232	284	353	228	399	891	737	710	746
Employee costs	–	–	47	53	45	60	92	112	114	130
Other expenses	–	–	243	228	179	251	490	453	418	444
Operating profit before depreciation	88	122	164	175	136	181	412	419	270	132
Operating margin	17.1%	19.0%	22.2%	21.6%	23.1%	20.3%	21.9%	24.3%	17.9%	9.1%
Materials, % of revenue	–	–	38.5%	43.7%	38.8%	44.8%	47.3%	42.9%	47.0%	51.4%
Employee costs, % of revenue	–	–	6.4%	6.5%	7.7%	6.7%	4.9%	6.5%	7.5%	9.0%
Other expenses, % of revenue	–	–	32.8%	28.1%	30.4%	28.1%	26.0%	26.3%	27.6%	30.6%
Depreciation and amortisation	40	45	48	55	58	64	207	151	157	139
Operating profit after depreciation	48	77	116	120	78	118	205	267	113	−7
Other income	3	30	14	15	7	26	14	15	19	67
Finance costs	24	24	21	20	18	21	35	30	26	22
Profit before one-off items and tax	27	83	110	115	67	123	184	253	107	38
One-off items	–	–	0	0	0	0	0	0	0	−7
Profit before tax	27	83	110	115	67	123	184	253	107	31
	1	15	22	23	17	22	−9	42	−12	−10
Current tax	–	6	18	24	15	20	31	49	19	7
Deferred tax	–	8	4	0	2	2	−40	−7	−31	−17
Net profit	26	69	88	92	50	101	192	211	119	41
Other comprehensive income	–	–	0	0	0	0	0	0	0	0
Total comprehensive income	–	–	88	92	50	101	192	211	118	41
Net margin	4.9%	10.7%	11.9%	11.4%	8.4%	11.3%	10.2%	12.3%	7.8%	2.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 May	Mar 2020Filed 24 Jun	Mar 2021Filed 11 May	Mar 2022Filed 9 Jun	Mar 2023Filed 9 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 6 Jul
	308	395	445	545	733	932	1,049	1,088
Share capital	10	10	10	10	10	10	10	10
Reserves	298	385	435	535	723	922	1,039	1,078
	159	218	295	308	419	305	231	298
Repayable after a year	105	159	228	272	258	156	138	196
Repayable within a year	54	60	67	37	162	150	93	102
	157	190	192	265	297	256	200	228
Trade payables	45	53	50	111	110	64	75	63
Other financial liabilities	52	67	63	105	14	23	22	32
Other liabilities	4	9	4	10	11	13	6	26
Provisions	1	1	1	1	1	1	1	4
Tax owed	1	–	5	1	–	5	2	–
	196	260	364	427	342	216	197	242
Other financial liabilities	83	85	103	117	74	48	44	22
Other liabilities	–	7	20	24	0	0	0	3
Provisions	8	9	10	10	11	12	15	21
Deferred tax	–	–	3	6	–	–	–	–
Total assets	660	845	1,001	1,237	1,372	1,404	1,445	1,558
	450	598	762	909	935	963	1,014	1,169
Plant in use, after depreciation	383	371	432	800	689	837	734	659
Plant being built	56	215	318	87	137	16	99	257
Intangible assets	0	0	0	2	2	2	1	1
Intangible assets being developed	–	–	–	–	0	0	–	0
Property held to earn rent	–	–	4	–	–	–	–	30
Investments	3	3	0	7	7	0	43	95
Stakes in joint ventures and associates	–	–	–	–	13	17	15	0
Loans given	2	0	0	0	0	0	0	0
Other financial assets	1	1	1	0	0	1	1	1
Deferred tax	6	3	–	–	34	37	67	83
Other assets	–	5	8	12	52	54	53	43
	210	247	239	328	437	442	431	389
Inventories	90	81	122	184	204	222	205	221
Trade receivables	106	132	91	106	190	163	121	129
Cash and cash equivalents	0	2	1	1	0	0	4	4
Other bank balances	4	14	10	12	18	20	77	22
Other financial assets	3	2	5	5	4	3	1	2
Tax paid in advance	–	2	–	–	5	–	–	1
Other assets	7	13	11	19	16	33	24	9
Net debt	155	203	284	295	401	285	151	272

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 11 May	Mar 2022Filed 9 Jun	Mar 2023Filed 9 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 6 Jul
	154	160	282	362	285	233
	158	185	319	401	307	243
	21	−8	−102	−27	27	57
Receivables	45	−25	−87	15	−2	56
Inventories	−37	−53	−14	−14	22	−12
Payables	11	71	−3	−29	11	−13
Other working capital	1	−1	1	1	−4	26
Tax paid	−4	−23	−37	−39	−21	−9
Capital spending	223	218	203	180	136	213
Free cash flow	−69	−58	79	182	149	20
	−224	−206	−194	−171	−172	−255
Plant and property sold	1	16	8	2	4	0
Interest received	1	1	1	1	2	6
Dividends received	0	0	0	0	0	0
	69	46	−88	−192	−109	22
Borrowings raised	73	68	4	72	55	187
Borrowings repaid	0	0	−10	−192	−129	−116
Interest paid	−18	−21	−35	−28	−25	−20
Lease payments	0	0	0	−5	−5	−5
Dividends paid	0	1	4	12	2	2
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−1	0	−1	0	4	0

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.Satia Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 24 Jun	Mar 2021Filed 11 May	Mar 2022Filed 9 Jun	Mar 2023Filed 9 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 6 Jul
	₹2.55	₹6.87	₹8.78	₹9.18	₹4.95	₹10.07	₹19.22	₹21.12	₹11.86	₹4.09
As stated that year	₹25.53	₹68.67	₹87.77	₹9.18	₹4.95	₹10.07	₹19.22	₹21.12	₹11.86	₹4.09
	₹2.55	₹6.87	–	₹9.18	₹4.95	₹10.07	₹19.22	₹21.12	₹11.86	₹4.09
As stated that year	₹25.53	₹68.67	–	₹9.18	₹4.95	₹10.07	₹19.22	₹21.12	₹11.86	₹4.09
	–	–	₹0.15	₹0.15	₹0.10	₹0.20	₹0.40	₹1.00	₹0.40	₹0.40
As declared that year	–	–	₹1.50	₹0.15	₹0.10	₹0.20	₹0.40	₹1.00	₹0.40	₹0.40
	–	–	₹30.76	₹39.55	₹44.53	₹54.50	₹73.32	₹93.23	₹104.87	₹108.80
On that year's share count	–	–	₹307.57	₹39.55	₹44.53	₹54.50	₹73.32	₹93.23	₹104.87	₹108.80
Dividend payout	–	–	1.7%	1.6%	2.0%	2.0%	2.1%	4.7%	3.4%	9.8%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.4%	1.1%	0.3%	0.4%
Market cap at the year end (₹ crore)	65	–	626	652	815	1,024	1,055	1,083	661	512

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

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

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 May	Mar 2020Filed 24 Jun	Mar 2021Filed 11 May	Mar 2022Filed 9 Jun	Mar 2023Filed 9 May	Mar 2024Filed 14 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 6 Jul
Revenue growth	19.2%	24.2%	15.0%	9.5%	−27.2%	51.4%	111.4%	−8.7%	−12.1%	−4.0%
Operating profit growth	69.9%	38.1%	34.7%	6.6%	−22.2%	33.2%	127.2%	1.7%	−35.4%	−51.2%
Net profit growth	94.6%	169.0%	27.8%	4.6%	−46.0%	103.2%	90.9%	9.9%	−43.8%	−65.5%
Earnings per share growth	–	169.0%	27.8%	4.6%	−46.1%	103.4%	90.9%	9.9%	−43.8%	−65.5%
	–	–	28.5%	26.1%	11.8%	20.3%	30.1%	25.4%	12.0%	3.8%
	–	–	–	−2.4 pts	−14.3 pts	8.5 pts	9.7 pts	−4.7 pts	−13.4 pts	−8.1 pts
From the net margin	–	–	–	−1.3 pts	−6.8 pts	4.0 pts	−2.0 pts	6.1 pts	−9.1 pts	−7.7 pts
From asset turnover	–	–	–	−1.1 pts	−7.9 pts	3.9 pts	14.9 pts	−5.1 pts	−2.3 pts	−0.4 pts
From borrowing	–	–	–	−0.1 pts	0.3 pts	0.6 pts	−3.2 pts	−5.7 pts	−1.9 pts	−0.1 pts
Return on capital employed	–	–	24.9%	19.6%	10.5%	13.8%	17.8%	21.6%	8.8%	−0.5%
Cash conversion	–	–	–	–	310.2%	159.1%	146.8%	171.6%	240.5%	570.7%
Interest cover	2.0	3.2	5.6	6.0	4.4	5.7	5.8	8.9	4.4	–
Debt to equity	–	–	0.52	0.55	0.66	0.57	0.57	0.33	0.22	0.27
Receivable days	–	–	52	60	56	44	37	35	29	32
Inventory days	–	–	116	84	195	168	84	110	105	108
Payable days	–	–	58	55	80	101	45	32	39	31
Cash conversion cycle, days	–	–	110	89	171	111	75	113	96	110
Working capital days	–	–	51	46	64	35	55	67	59	59
Asset turnover	–	–	1.12	1.07	0.64	0.80	1.44	1.24	1.06	0.97
Assets per rupee of net worth	–	–	2.15	2.14	2.20	2.26	2.04	1.67	1.44	1.41
Sales per rupee of plant	–	–	1.93	2.18	1.36	1.11	2.73	2.06	2.06	2.20
Capital spending to depreciation	–	–	–	–	3.81	3.43	0.98	1.19	0.87	1.53
Plant being built, % of plant in use	–	–	14.7%	57.9%	73.6%	10.9%	19.9%	1.9%	13.5%	39.0%

Interest cover is left blank for the year to Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: 2.7%
Cash from operations against operating profit: 177.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.8%	19.8%	−8.3%
Profit growth, yearly rate	12.0%	−3.8%	−40.3%
Return on equity, average	–	18.3%	13.7%
Return on capital employed, average	–	12.3%	10.0%
Operating margin, average	19.7%	18.7%	17.1%
Net margin, average	9.2%	8.9%	7.6%
Asset turnover, average	–	1.10	1.09
Cash conversion cycle, days, average	–	101	106
Interest cover, average	5.1	6.2	6.7
Debt to equity, average	–	0.39	0.27

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	1,323	881	233
Cash from investing	−999	−599	−255
Cash from financing	−321	−279	22
Capital spending	951	530	213
Dividends paid	21	16	2
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	386	314	187
Borrowings repaid	448	437	116

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	–	–	–	–	5	7	8	7	6	4
Altman Z-scorePublished threshold 1.81	–	–	3.56	3.08	2.41	2.66	3.75	4.34	3.55	2.79
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.22	−2.60	−1.56	−3.23	−2.84	−2.76
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	12.96	13.07	8.01	1.44	0.41	4.19
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.74	1.60	1.78	2.38
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	15.59	−4.13	−34.16	−32.55	−5.69	−13.62	10.15
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−34.09	85.25	−23.60	−112.36	26.07	−4.05	3.00
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.96	−0.40	1.00	0.01	0.69	−0.75	−0.90
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	5.01	2.67	0.20	1.42	0.05	1.82	3.98
Effective tax ratePublished threshold 17.16 per cent	5.10	17.59	20.27	20.33	25.87	17.93	−4.72	16.42	−11.37	−31.94
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.07	−25.08	1.03	−31.51	−61.03

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
29 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		35
29 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A+; IND A1+Review, Re-affirm	Stable	699

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