Shanthi Gears Limited

NSE: SHANTIGEAR · Unclassified

₹489.85-0.81%06 Nov 2026

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Instant answers about Shanthi Gears Limited — computed from its filings, no language model

Market cap₹3,754 cr

Current price₹489.85

High / Low₹725 / ₹387

P/E64.7

P/B8.35

Book value₹58.7

ROE12.9%

ROCE17.3%

Debt / equity0.00

Dividend yield1.02%

EPS (TTM)₹7.57

Face value₹8

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 9 periods

	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	219.6	243.0	242.3	215.5	3.4	445.6	536.0	604.6	518.7
EBITDA	36.8	41.3	34.5	26.6	0.6	89.8	101.8	128.7	103.9
Operating margin	16.8%	17.0%	14.3%	12.4%	17.8%	20.2%	19.0%	21.3%	20.0%
Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation	15.6	10.6	8.4	8.9	0.1	10.9	13.2	13.3	16.1
Profit before tax	33.2	42.5	32.7	26.1	0.6	90.2	109.6	130.1	102.7
Tax	4.6	9.1	7.5	5.9	0.2	23.1	27.4	34.1	26.0
Net profit	0.0	0.0	0.0	20.2	0.4	67.0	82.2	96.0	76.7
EPS ₹	3.50	4.08	3.28	2.63	5.54	8.74	10.72	12.52	9.99
Operating cash flow	—	—	—	—	0.3	63.0	36.3	90.8	70.1
Capex	—	—	—	—	0.1	15.3	20.0	24.4	53.0
Dividend paid	—	—	—	—	0.2	23.0	38.4	38.4	38.5
Total assets	—	—	—	—	—	377.9	442.8	504.3	555.6
Equity	—	—	—	—	—	302.4	345.3	403.0	440.1

Quarterly performance

last 35 quarters · ₹ crore

showing latest 8 of 35 periods

	MAR '18	JUN '18	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	54.8	62.0	59.4	61.5	60.1	71.8	70.9	58.0	41.6	25.1	53.7	64.8	71.9	67.0	71.8	94.7	1.0	98.8	108.8	114.7	123.4	121.5	135.4	125.5	153.6	138.8	155.1	157.5	153.2	134.9	131.9	116.8	135.1	115.5	128.0
Operating profit	6.7	11.7	10.8	11.5	7.3	13.4	12.2	8.2	0.8	-4.3	8.6	10.5	11.8	12.0	11.8	17.4	0.2	18.1	22.0	23.1	26.6	23.1	28.7	23.4	26.6	28.6	34.2	35.0	31.0	30.5	26.5	23.0	23.9	15.2	22.7
Operating margin	12.3%	18.9%	18.2%	18.7%	12.1%	18.7%	17.1%	14.2%	1.9%	-17.0%	16.0%	16.2%	16.4%	17.9%	16.5%	18.3%	18.3%	18.3%	20.2%	20.1%	21.6%	19.0%	21.2%	18.6%	17.3%	20.6%	22.0%	22.2%	20.2%	22.6%	20.1%	19.7%	17.7%	13.1%	17.7%
Other income	4.0	2.4	3.5	3.4	2.6	1.3	1.9	1.6	1.8	1.8	1.7	1.9	2.9	2.1	2.2	2.5	0.0	2.1	3.3	3.0	2.8	4.0	3.9	3.6	9.5	3.4	3.4	3.9	4.0	3.8	5.9	4.1	5.8	4.2	3.1
Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Depreciation	3.5	3.0	2.9	2.6	2.2	2.1	2.1	2.1	2.1	2.1	2.1	2.2	2.4	2.6	2.6	2.6	0.0	2.6	2.7	2.7	2.9	3.0	3.0	3.0	4.2	3.1	3.2	3.4	3.6	3.7	3.8	3.9	4.7	5.1	5.5
Profit before tax	7.2	11.0	11.4	12.3	7.7	12.6	11.9	7.7	0.5	-4.5	8.2	10.2	12.2	11.5	11.3	17.2	0.2	17.7	22.5	23.4	26.6	24.1	29.7	23.9	31.9	28.9	34.3	35.4	31.4	30.6	28.7	21.6	21.8	14.2	20.2
Tax	-2.4	2.5	2.4	2.5	1.6	3.2	3.5	1.6	-0.8	-1.0	1.6	2.5	2.8	2.9	3.4	3.5	0.1	4.2	5.9	5.9	7.1	6.0	8.6	6.5	6.2	7.3	8.7	9.2	8.9	7.9	7.2	5.4	5.5	4.3	4.5
Net profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-3.6	6.6	7.7	9.4	8.6	7.9	13.8	0.1	13.4	16.6	17.5	19.5	18.1	21.0	17.4	25.7	21.7	25.6	26.3	22.5	22.7	21.5	16.2	16.3	9.8	15.7
EPS ₹	1.18	1.04	1.10	2.40	0.74	1.22	1.09	0.79	0.17	-0.47	0.86	1.00	1.23	1.12	1.03	1.79	1.59	1.75	2.16	2.29	2.54	2.36	2.74	2.27	3.35	2.82	3.34	3.43	2.93	2.96	2.81	2.11	2.12	1.28	2.05
Revenue YoY	—	—	—	—	9.7%	15.8%	19.4%	-5.7%	-30.8%	-65.0%	-24.3%	11.7%	72.7%	166.5%	33.6%	46.1%	-98.6%	47.6%	51.5%	21.1%	11765.4%	22.9%	24.5%	9.5%	24.5%	14.3%	14.5%	25.5%	-0.3%	-2.8%	-14.9%	-25.8%	-11.8%	-14.4%	-3.0%
Profit YoY	—	—	—	—	—	—	—	—	—	—	—	—	—	—	19.2%	78.8%	-98.7%	56.6%	110.1%	27.4%	16125.0%	34.8%	26.6%	-0.6%	31.9%	19.5%	21.9%	50.8%	-12.5%	4.8%	-16.1%	-38.4%	-27.6%	-56.6%	-27.0%

Earlier results (standalone, Sep '07 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Shanthi Gears Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 9 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†
Revenue	253.1	123.7	163.4	177.6	151.1	155.8	155.2	165.0	203.8
Operating profit	104.9	50.4	69.7	68.8	47.9	41.7	18.2	31.5	35.6
Operating margin	41.4%	40.7%	42.6%	38.8%	31.7%	26.7%	11.7%	19.1%	17.5%
Other income	0.7	2.8	0.6	0.3	3.1	9.9	11.7	8.6	10.7
Interest	8.6	1.9	0.8	0.5	0.3	—	—	—	—
Depreciation	25.8	26.9	26.9	27.1	28.6	25.6	16.8	16.7	17.8
Profit before tax	68.8	24.3	43.8	41.6	22.1	25.9	13.1	23.5	28.5
Tax	24.8	8.1	15.9	13.5	6.6	7.5	3.8	5.2	6.0
Net profit	44.1	16.2	27.9	28.1	15.5	18.4	9.3	18.2	22.5

Quarters

showing latest 8 of 42 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†
Revenue	59.4	63.9	67.8	60.3	65.7	57.6	69.5	35.9	29.5	23.9	34.5	32.7	36.8	36.2	57.7	41.3	42.7	42.9	50.7	32.9	39.6	41.5	37.1	34.3	41.7	41.6	38.2	35.3	37.7	43.0	39.2	37.7	42.4	43.2	41.6	46.4	50.9	51.1	55.4	56.5	54.3	54.0
Operating profit	23.5	24.1	25.2	23.8	25.9	25.0	30.2	15.5	11.2	9.9	13.8	15.5	16.0	15.3	22.9	17.1	17.2	15.4	19.1	12.2	14.8	12.8	8.1	8.9	12.7	11.0	9.0	3.6	4.6	6.4	3.6	4.8	10.1	8.0	8.6	8.4	10.6	8.8	7.8	8.4	11.2	10.5
Operating margin	39.6%	37.8%	37.1%	39.5%	39.5%	43.3%	43.4%	43.3%	37.9%	41.3%	40.0%	47.3%	43.5%	42.2%	39.7%	41.3%	40.3%	36.0%	37.7%	37.1%	37.3%	30.9%	21.7%	25.9%	30.6%	26.5%	23.6%	10.4%	12.2%	14.8%	9.2%	12.8%	23.7%	18.6%	20.6%	18.1%	20.9%	17.1%	14.1%	14.9%	20.6%	19.5%
Other income	0.2	0.4	-0.0	0.2	0.2	0.1	0.2	1.9	0.0	0.6	0.2	0.0	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.3	2.6	2.3	2.4	2.8	2.5	2.5	2.4	3.0	3.9	2.3	2.1	2.4	1.9	2.5	3.1	2.4	2.8	2.7	2.6	2.7
Interest	1.3	1.1	1.0	0.7	0.9	5.6	1.4	0.8	0.6	0.4	0.1	0.0	0.2	0.4	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation	5.4	5.8	6.0	6.0	6.4	6.6	6.8	6.8	6.8	6.7	6.6	6.6	6.7	6.7	6.8	6.7	6.7	6.8	6.9	6.8	7.0	6.8	8.0	6.4	6.4	6.4	6.5	4.2	4.2	4.2	4.1	4.2	4.2	4.2	4.2	4.3	4.5	4.6	4.5	4.2	4.1	3.8
Profit before tax	17.0	17.7	18.2	17.4	18.8	10.5	22.2	9.8	3.9	3.3	7.3	8.8	9.8	9.1	16.0	10.4	10.4	8.6	12.2	5.4	7.8	6.3	2.6	4.8	8.8	7.4	5.0	1.9	2.7	5.1	3.4	2.9	8.0	6.3	6.3	6.6	9.2	6.6	6.1	6.9	9.6	9.4
Tax	6.5	5.8	6.3	6.2	6.6	3.7	8.2	3.3	1.2	1.4	2.2	2.9	3.5	3.0	6.5	3.4	3.3	2.7	4.1	1.8	2.1	2.1	0.7	1.4	2.1	2.8	1.3	0.1	0.4	1.3	1.9	1.0	2.1	1.1	0.9	1.7	2.5	1.9	-0.1	1.8	2.5	2.7
Net profit	10.5	11.9	11.9	11.2	12.2	6.8	13.9	6.4	2.7	1.9	5.2	6.0	6.4	6.0	9.5	7.0	7.1	5.8	8.2	3.6	5.7	4.2	1.9	3.4	6.7	4.6	3.7	1.9	2.3	3.8	1.4	1.9	5.9	5.2	5.3	4.9	6.7	4.7	6.2	5.1	7.2	6.7
EPS ₹	1.30	1.45	1.43	1.37	1.49	0.83	1.70	0.79	0.33	0.23	0.63	0.73	0.78	0.74	1.16	0.86	0.87	0.72	0.99	0.44	0.70	0.52	0.23	0.41	0.82	0.57	0.45	0.23	0.28	0.46	0.18	0.23	0.72	0.63	0.65	0.60	0.82	0.58	0.75	0.62	0.88	0.82
Revenue YoY	—	—	—	—	10.6%	-9.7%	2.5%	-40.5%	-55.0%	-58.6%	-50.4%	-8.8%	24.7%	51.8%	67.3%	26.3%	15.9%	18.5%	-12.1%	-20.3%	-7.3%	-3.2%	-26.9%	4.2%	5.4%	0.2%	2.9%	2.9%	-9.5%	3.3%	2.7%	7.0%	12.4%	0.5%	6.2%	23.1%	19.9%	18.4%	33.0%	21.7%	6.8%	5.5%
Profit YoY	—	—	—	—	16.0%	-42.9%	17.1%	-42.4%	-78.0%	-71.9%	-63.0%	-7.3%	137.7%	215.2%	84.7%	17.6%	11.8%	-2.8%	-14.3%	-48.9%	-19.7%	-27.5%	-76.4%	-5.9%	17.7%	9.0%	91.1%	-45.1%	-66.3%	-18.6%	-61.0%	2.2%	158.6%	37.0%	272.7%	158.7%	14.7%	-8.2%	15.6%	3.5%	6.4%	42.5%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 32 periods

	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15.2%	16.5%	22.2%	23.7%	23.3%	23.3%	23.8%	24.8%	24.0%	26.3%	23.8%	24.1%	21.5%	19.2%	17.4%	14.5%	12.9%
ROCE	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	19.9%	22.0%	29.8%	32.0%	31.8%	31.9%	31.8%	33.1%	31.6%	34.6%	32.3%	32.7%	29.2%	26.0%	23.3%	19.6%	17.3%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.8%	1.7%	5.8%	9.4%	12.6%	12.2%	13.0%	13.0%	13.2%	14.5%	14.8%	15.0%	15.3%	15.4%	15.0%	15.3%	15.5%	15.8%	16.4%	15.9%	16.2%	16.1%	15.4%	14.8%	12.8%	11.7%
EBITDA margin	17.1%	17.0%	17.0%	16.8%	15.7%	14.3%	8.6%	7.5%	8.4%	12.4%	16.7%	16.7%	17.3%	17.6%	17.8%	19.0%	19.6%	20.2%	20.2%	20.5%	20.1%	19.0%	19.4%	19.7%	20.6%	21.3%	21.7%	21.3%	20.7%	20.0%	17.7%	17.1%
Debt / equity	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	785.09	354.55
Asset turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.79	0.85	1.18	1.24	1.15	1.18	1.21	1.25	1.16	1.22	1.20	1.19	1.10	1.02	0.93	0.90	0.88

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 9 periods

	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7
Other equity / reserves	282.2	294.7	319.1	337.6	369.2	395.3	423.9	432.4	442.0
Total equity	289.8	302.4	326.7	345.3	376.9	403.0	431.6	440.1	449.6
Borrowings	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Current liabilities	91.5	75.1	102.9	97.0	116.0	100.5	92.4	107.6	103.8
Non-current liabilities	1.2	0.5	0.5	0.5	1.6	0.9	1.9	7.9	11.0
Total assets	382.6	377.9	430.1	442.8	494.5	504.3	525.9	555.6	564.4
Property, plant & equipment	58.6	63.0	60.9	63.9	62.3	71.3	70.9	98.0	116.7
Capital work-in-progress	0.9	2.0	1.4	4.1	11.5	4.9	7.5	25.8	15.4
Investments	60.4	37.1	76.7	27.6	66.3	88.5	98.8	75.5	65.8
Inventories	70.7	66.6	68.1	85.2	99.9	80.4	80.6	112.8	128.4
Receivables	73.3	68.1	92.8	118.0	129.0	137.2	115.2	115.6	96.4
Cash & equivalents	1.3	15.1	1.4	0.7	12.1	15.0	17.9	1.3	2.7

Cash flow

annual · ₹ crore · line = free cash flow

	FY22	FY23	FY24	FY25	FY26
Cash from operations	0.3	63.0	36.3	90.8	70.1
Cash from investing	-0.2	-26.2	-12.3	-38.0	-45.3
Cash from financing	-0.2	-23.0	-38.4	-38.4	-38.5
Capex	0.1	15.3	20.0	24.4	53.0
Free cash flow	0.3	47.7	16.3	66.4	17.1
Dividends paid	0.2	23.0	38.4	38.4	38.5

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹116.7 cr21%

CWIP

₹15.4 cr3%

Investments

₹65.8 cr12%

Inventories

₹128.4 cr23%

Receivables

₹96.4 cr17%

Cash & equivalents

₹2.7 cr0%

Other assets

₹138.9 cr25%

Peer comparison

largest in Unclassified · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Avantel Limited	36,86,04,549	138.69	—	1059360.68	0.0%
Ducol Organics And Colours Limited	19,55,275	120.00	—	20089.13	0.0%
Jio Platforms Limited	12,57,181	1,406.40	—	3.57	—
SBI Funds Management Limited	1,01,750	499.55	—	—	—
Tamilnadu Telecommunication Limited	91,314	9.93	—	—	—
Manipal Health Enterprises Limited	76,294	646.70	—	—	—
INDO-MIM Limited	59,042	1,219.50	—	—	—
AvenuesAI Limited	45,138	129.25	153.6	9.51	6.2%
Dhoot Transmission Limited	32,761	1,601.60	—	8.11	—
3M India Limited	31,071	27,570.00	53.8	17.57	32.7%
Shanthi Gears Limited	3,754	489.85	64.7	8.35	12.9%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-16.4%

6 months+6.3%

1 year-1.7%

3Y CAGR+2.7%

5Y CAGR+25.0%

10Y CAGR+15.4%

50-day avg₹578.27

200-day avg₹477.65

RSI (14)34

FAQs

What is the share price of Shanthi Gears Limited?

Shanthi Gears Limited (SHANTIGEAR) closed at ₹489.85 on NSE on 06 Nov 2026.

What is the market cap of Shanthi Gears Limited?

₹3,754 crore at the latest close.

What is the P/E ratio of Shanthi Gears Limited?

64.7, on trailing-twelve-month earnings from its filings.

How fast is Shanthi Gears Limited growing?

Shanthi Gears Limited: revenue has compounded at 5.2% a year over three years; net profit at 4.6% a year. Latest-quarter revenue is down 3.0% year on year, profit down 27.0%.

How profitable is Shanthi Gears Limited?

On a trailing-twelve-month basis return on equity is 12.9%, return on capital employed 17.3%, operating margin 17.1%, net margin 11.7%.

How much debt does Shanthi Gears Limited have?

Shanthi Gears Limited is debt-free: debt to equity is 0.00 with borrowings of ₹0 cr against cash of ₹3 cr (balance sheet of 2026-09-30). Operating profit covers interest 354.5 times.

Financials parsed from Shanthi Gears Limited's own XBRL filings to NSE (standalone), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.