Shanthi Gears Limited

NSE

SHANTIGEAR

Stock

Yield per half year: +15.57%
Dividend yield: 1.71%
Sector: Industrials

Reporting Shanthi Gears Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹	8.73	10.79	10.86	8.52	7.26	11.39	19.67	32.64		42.58	42.58	22.71	42.45
Revenue, bln ₹		1.8	2.1	2.38	2.38	2.11	3.3	4.46	5.36	6.05	6.05	4.26	23.45
Net profit, bln ₹		0.2251	0.2858	0.3335	0.2519	0.2017	0.4247	0.6705	0.8225	0.9603	0.9603	0.6159	36.63
EV, bln ₹				10.54	5.01	9.37	13.44	28.01	42.42	35.46	35.46	25.74	30.50
EBIT, bln ₹		0.1692	0.2012	0.286	0.2571	0.183	0.5897	0.7993	0.9379	1.15	1.15	0.7320	44.43
EBITDA, bln ₹		0.3468	0.3559	0.3911	0.3403	0.2704	0.6922	0.9081	1.07	1.29	1.29	0.8461	36.68
OIBDA, bln ₹						0.3342	0.7806	1.03	1.2	2.71	2.71	1.21	51.98
Book value, bln ₹		3.06	3.18	3.02	2.29	2.37	2.6	3.02	3.45	4.03	4.03	3.09	11.20
FCF, bln ₹		0.077	0.4998	0.1553	0.3831	0.1737	0.2935	0.4768	0.1625	0.6644	0.6644	0.3542	30.78
Operating Cash Flow, bln ₹		0.1381	0.563	0.2716	0.5582	0.3277	0.3501	0.6295	0.3625	0.9079	0.9079	0.5155	22.61
Operating profit, bln ₹		0.2794	0.214	0.308	0.2616	0.1854	0.5131	0.7956	0.9497	2.39	2.39	0.9668	66.75
Operating expenses, bln ₹		0.8657	0.9081	0.8892	0.8655	0.798	0.9912	1.52	0.2947	0.8169	0.8169	0.8842	0.47
CAPEX, bln ₹		0.0611	0.0632	0.1163	0.1751	0.154	0.0566	0.1527	0.2	0.2435	0.2435	0.1614	9.60

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	10.13	8.45	9.58	11.59	9.93	7.58				8.39			11.95			28.27				37.1							18.66	37.39
Revenue, bln ₹																	1.23	1.21	1.35	1.26	1.54	1.39	1.55	1.58	1.53	1.35	1.48	-0.58
Net profit, bln ₹																	0.1947	0.1812	0.2102	0.1743	0.2568	0.2166	0.2563	0.2628	0.2246	0.2269	0.2374	0.93
EV, bln ₹														13.48	26.09		28.01	37.15	35.08	40.68	42.36	43.68	48.31		35.44		42.09	-2.72
EBIT, bln ₹																	0.2377	0.2013	0.2572	0.2034	0.2239	0.2556	0.3093	0.3156	0.274	0.3062	0.2921	3.68
EBITDA, bln ₹																	0.2665	0.231	0.2873	0.2335	0.2661	0.2865	0.3416	0.3497	0.3073	0.3428	0.3256	3.65
OIBDA, bln ₹																					0.2332	0.3255	0.3946	0.4025	0.7005	0.3844	0.4415	3.38
Book value, bln ₹																2.9	3.02	3.02	3.27	3.27	3.45	3.45	3.77	3.77	4.03		3.69	3.16
FCF, bln ₹						0.0958	0.0958	0.0958	0.0958						0.0544	0.0542	0.0576	0.0594	0.0602	0.0602							0.0583	2.12
Operating Cash Flow, bln ₹												-0.0026		0.3501	0.0544	0.0542	0.0576	0.0594	0.0602	0.0602			0.3939		0.9079		0.2963	72.52
Operating profit, bln ₹																	0.2377	0.2013	0.2572	0.2034	0.2239	0.2556	0.3093	0.3156	0.6178	0.2685	0.3534	0.99
Operating expenses, bln ₹																	0.4066	0.4426	0.4524	0.4392	0.3564	0.2621	0.259	0.5147	0.1971	0.236	0.2938	-2.08
CAPEX, bln ₹								0.0438	0.0438		0.154	0.0427		0.0566	0.0184		0.1527		0.072				0.162		0.2435		0.1297	67.62

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹		0.0209	0.0098	0.0155	0.0106	0.0197	0.6648	0.1509	0.0682	0.6476	0.6476	0.3102	101.08
Short-Term Investments ₹		1.19	1.49	1.13	0.6325	0.727	0.2794	1.16	1.07	0.7028	0.7028	0.7878	-0.67
Long-Term Investments ₹	0.06	0.1217	0.1217	0.1416								0.1113	23.94
Accounts Receivable ₹		0.6255	0.6977	0.844	0.5013	0.5182	0.759	0.6812	1.22	1.37	1.37	0.9097	21.46
Total Current Assets ₹		2.59	2.79	2.69	1.75	2.14	2.39	2.7	3.27	3.82	3.82	2.86	12.29
Net assets, bln ₹		0.5868	0.4994	0.5127	0.5855	0.6643	0.6168	0.6499	0.6802	0.7618	0.7618	0.6746	2.78
Assets, bln ₹		3.48	3.6	3.53	2.83	3.25	3.41	3.78	4.43	5.04	5.04	3.98	9.17
Short-Term Debt ₹	-0.0892	-0.0941	-0.1022	0.12	0.1756	0.2149	0.2732	0.1889	-0.2479		-0.2479	0.1209	-207.14
Liabilities, bln ₹		0.4123	0.4227	0.5054	0.5441	0.8829	0.808	0.7555	0.9749	1.01	1.01	0.8863	2.73
Net debt, bln ₹		-0.0209	-0.0098	-0.0155	-0.0106	-0.0197	-0.6648	-0.1509	-0.0682	-0.6476	-0.6476	-0.3102	101.08
Interest Income ₹	0.0882	0.1027	0.1084	0.1016	0.0527	0.0573	0.0478	0.0823				0.0683	-4.13
Interest Expense, bln ₹		0.0007	0.0009	0.0014	0.0019	0.0024	0.0024	0.0037	0.0052	0.0044	0.0044	0.0036	12.89
Net interest income, bln ₹		0.062	0.0604	0.0162	0.0178	0.0395	0.0454	0.0576			0.0823	0.0353	28.88
Amortization, bln ₹		0.1776	0.1547	0.1051	0.0832	0.0874	0.1025	0.1088	0.1321	0.133	0.133	0.1128	8.76
Cost of production, bln ₹		0.7556	0.9765	1.18	1.25	1.12	1.79	2.14	4.12	2.84	2.84	2.40	20.45
Inventory ₹		0.7517	0.5888	0.7013	0.6084	0.7814	0.6413	0.666	0.8523	0.804	0.804	0.7490	0.57

	2012Q4	2013Q1	2013Q4	2014Q1	2014Q3	2017Q1	2017Q3	2018Q1	2018Q3	2019Q1	2019Q3	2020Q1	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
Cash, bln ₹																				0.013	-1.24	0.1509	-0.9841	0.0136	-0.6085	0.0791	-1.07	0.1941		0.6476		-0.1515	-201.25
Short-Term Investments ₹																				1.25	2.48	1.16	1.97	1.24	1.22	0.251	2.15	0.4611		0.7028		0.9570	-10.44
Long-Term Investments ₹						0.1217	0.1217	0.1217	0.1417	0.1416	0.1522																					0.1358	4.57
Accounts Receivable ₹															0.5449	0.5449	0.759	0.759		0.7334		0.6812		0.9275		1.22		1.29		1.37		1.10	15.00
Total Current Assets ₹																				2.8	1.24	2.7	0.9841	2.96	0.6085	3.27	1.07	3.7		3.82		2.49	44.40
Net assets, bln ₹												0.5855	0.5984	0.6643		0.6602		0.6168		0.5951		0.6499		0.623				0.7381		0.7618		0.6736	5.06
Assets, bln ₹															3.34	3.34	3.41	3.41		3.83		3.78		4.3		4.43		4.95		5.04		4.50	5.92
Short-Term Debt ₹																		-0.2732				0.1889				-0.2479						-0.1107	-3.19
Liabilities, bln ₹																	0.808	0.808		0.9273		0.7555		1.03		0.9749	-3.45	1.18	-3.77	1.01		-0.8110	0.71
Net debt, bln ₹																				-0.013	1.24	-0.1509	0.9841	-0.0136	0.6085	-0.0791	1.07	-0.1214		-0.6476		0.1661	-201.25
Interest Expense, bln ₹	0.000637	0.000551	0.0001	0.0001	0.0001													0.0214	0.0214	0.0328	0.0304	0.0278										0.0268	5.37
Goodwill ₹															-0.0007																	-0.0007	0.00
Amortization, bln ₹																						0.0288	0.0297	0.0301	0.0301	0.0422	0.0309	0.0323	0.0341	0.0333	0.0366	0.0334	3.44
Cost of production, bln ₹																						0.5897	0.5706	0.6446	0.6128	0.9561	0.8705	0.9825	0.7448	0.7172	0.8444	0.8319	-0.61
Inventory ₹															0.8407	0.8407	0.6413	0.6413		0.7067		0.666		0.6809		0.8523		0.9986		0.804		0.8004	3.84

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	0.75		4.08	3.28	2.63	5.54	8.74	10.72	12.52	12.52	8.03	36.62
Share price	162.95	135.55	99.75	121.65	147.85	345.3	600.5	507	555.1	555.1	431.15	30.29
Number of shares, mln	82.2	82	77.09	77	76.93	76.72	76.72	76.72	76.7	76.7	76.76	-0.06
FCF/share	0.9368	6.1	2.01	4.98	2.26	3.83	6.22	2.12	8.66	8.66	4.62	30.82

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS												2.54	2.36	2.74	2.27	3.35	2.82	3.34	3.43	2.93	2.96		3.10	0.97
Share price									214.17	265.6	368.52	346.71	408.33	463.68	483.61					469.4	531.35	559.05	501.42	3.81
Number of shares, mln	81.74	81.96	81.55	82.2	82	77.09	77	76.93			76.72				76.72								76.89	-0.10
FCF/share		0.1647	0.236	1.52	0.4735	1.24					0.7065	0.7508	0.7743	0.7847	0.7847								0.7602	2.12

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %		7.35	8.99	11.04	11.02	8.51	17.09	22.18	23.82	23.83	23.83	13.94	19.09	22.87
ROA, %		6.48	7.94	9.46	8.9	6.2	12.75	17.74	18.57	19.04	19.04	8.17	14.86	25.16
ROS, %		12.5	13.62	14.01	10.58	9.57	12.87	15.05	15.34	15.88	15.88	37.08	13.74	10.66
ROCE, %		5.52	6.33	9.47	11.25	7.72	22.61	26.44	27.16	28.64	28.64	18.15	22.51	29.98
EBIT margin					13.81	12.48	17.88	17.94	17.5	19.09	19.09	48.70	16.98	8.87
EBITDA margin		19.26	16.96	16.43	14.29	12.83	20.98	20.38	19.96	21.29	21.29	53.30	19.09	10.66
Net margin		12.5	13.62	14.01	10.58	9.57	12.87	15.05	15.34	15.88	15.88	37.08	13.74	10.66
Operational efficiency, %		15.52	10.2	12.94	10.99	8.79	15.55	17.85	17.72	39.47	39.47	-16.92	19.88	35.04
FCF yield, %	0.6189	0.7134	4.6	1.82	5.28	1.52	1.49	1.46		1.56	1.56	-0.32	2.26	-21.64

	2012Q4	2013Q4	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2021Q2	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %														6.05	6.44	5.99	6.99	5.62	8.03	6.27	6.8	6.97	5.57			13.94	6.73	-7.05
ROA, %									2.57	2.36	4.04	3.59	4.34		5.15		9.77		11.6		5.18		4.45			8.17	7.23	-2.88
ROS, %																14.92	15.52	13.88	16.71	15.6	16.53	16.68	14.66	16.82	15.88	37.08	16.11	-0.80
ROCE, %											5.67	7.01	6.64		7.86		8.16		6.65		8.21		6.8	27.16	28.64	18.15	15.49	33.92
EBIT margin																	18.99	16.2	14.57	18.41	19.94	20.04	17.88	22.7	19.09	48.70	19.93	-0.87
EBITDA margin																19.02	21.22	18.6	17.32	20.64	22.03	22.2	20.05	25.41	21.29	53.30	22.20	-0.68
Net margin															15.78	14.92	15.52	13.88	16.71	15.6	16.53	16.68	14.66	16.82		37.08	16.06	1.52
Operational efficiency, %																16.57	18.99	16.2	14.57	18.41	19.94	20.04	40.32	19.91	39.47	-16.92	27.94	14.63
FCF yield, %	2.01	1.23	-0.2401	0.1598	0.201	1.08	0.3909	1.26						0.1917				0.1623								-0.32	0.6170	-31.55

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	47.95	38.02	25.54	28.81	56.49	33.21	42	51.66	44.34	44.34	50.45	45.54	-4.73
P/BV	3.52	3.42	2.82	3.17	4.81	5.43	9.31	12.3	10.57	10.57	12.84	8.48	17.05
P/S	6	5.18	3.58	3.05	5.4	4.28	6.32	7.93	7.04	7.04	39.70	6.19	5.45
P/FCF	140.17	21.74	54.84	18.95	65.6	67.03	68.45	223.51	64.08	64.08	185.19	97.73	-0.47
E/P	0.0209	0.0263	0.0392	0.0347	0.0177	0.0216	0.0205	0.0226	0.0226	0.0226	0.03	0.0210	5.01
EV/EBIT				15.26	35.6	22.79	35.04	45.23	30.72	30.72	28.32	33.88	-2.91
EV/EBITDA			19.86	14.72	34.64	19.42	30.84	39.65	27.55	27.55	24.86	30.42	-4.48
EV/S				2.11	4.44	4.07	6.28	7.91	5.86	5.86	28.24	5.71	5.71
EV/FCF				13.1	53.92	45.79	58.74	261.05	53.37	53.37	150.72	94.57	-0.20
Debt/EBITDA							0	0	0	0	1.15
Netdebt/Ebitda	-0.0603	-0.0275	-0.0396	-0.0311	-0.0729	-0.9604	-0.1662	-0.0637	-0.5031	-0.5031	0.08	-0.3533	47.16
Debt/Ratio							0	0	0	0	0.14
Debt/Equity							0	0	0.2514	0.2514	0.67	0.2514	0.00
Debt/Net Income							0	0	0	0	3.12
PEG									74.47	74.47	33.86	74.47	0.00
Beta							2.91	3.55	-2.23	-2.23	1.18	1.41	-191.51
Altman Index	-12.18	-25.93	-15.77	-28.7	-15.02	8.11	9.99	5.85	11.12	11.12	10.51	4.01	-194.16

	2014Q4	2015Q4	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E												42.02	50.44	46.08	52.7	51.64	49.64	53.54	38.67	37.59	38.84		50.45	43.66	-4.79
P/BV								4.71	5.44	9	9.75	9.31		10.74	11.36	12.29		12.85		8.95			12.84	11.24	-3.58
P/S												6.32	7.73	7.09	7.92	7.92	7.7	8.45	6.34	5.97	6.28		39.70	6.95	-4.00
P/FCF	-416.51	625.97	497.61	92.79	255.81	79.15					521.61				616.29						223.51	64.08	185.19	300.93	-4.14
E/P			0.0049	0.0058	0.0099	0.008	0.0092	0.0115			0.0062				0.0047						0.0226	0.0226	0.03	0.0135	14.47
EV/EBIT														136.39	200.01	189.21	170.87	156.18		129.33	45.23	30.72	28.32	106.47	-29.05
EV/EBITDA									19.63	32.32		31.18	160.81	34.54	39.95	41.62	152.44	141.41		115.34			24.86	98.15	23.62
EV/S													30.59	25.9	32.4	27.57	31.46	31.15		23.13	7.91	5.86	28.24	19.90	-28.55
EV/FCF													625.39	582.73	675.76						261.05	53.37	150.72	439.66	-38.87
Netdebt/Ebitda												-0.5662	4.26	-0.0473	2.61	-0.2973	3.75	-0.3554		-2.11	-0.0637	-0.5031	0.08	0.1436	-166.92
Debt/Equity																					0.2823	0.2514	0.67	0.2669	-5.63
PEG																					-38.13	74.47	33.86	18.17	-239.75
Beta																				2.23	1.62	-2.23	1.18	0.5400	-200.00
Altman Index																				5.9	5.86	11.12	10.51	7.63	23.52

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln	0.0409	0.138	0.143	0.4086	0.2301	0.1151	0.2301	0.3839	0.3844		0.3844		0.2687	10.81
Dividend		0.75	1	6	2	1.5	3	8	7	2	5		4.30	5.92
Dividend yield, %		0.5712	0.7547	5.43	2.12	1.01	0.7561	1.46	2	1.42	1.71	0.64	1.33	7.05
Dividends / profit, %		61.31	50.03	122.52	91.35	57.06	45.16	34.32	46.67	40.03	40.03	23.96	44.65	-6.84
Dividend coverage ratio						1.05	1.85	1.75	2.14	2.5	2.5	14.33	1.86	18.95

	2016Q1	2017Q3	2018Q1	2019Q1	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q1	2022Q1	2023Q1	2023Q3	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend payout, bln						0.0575	0.0575	0.0575	0.0575	0.1151	0.1918	0.2301	0.1532	0.1532	0.3844				0.2225	14.92
Dividend	0.5	0.75	1	5	1		2			1.5	2.5	3	2						2.20	0.00
Dividend yield, %	0.5689	0.5323	0.6814	4.02	1.02		2.24			1.2	1.42	0.8653	0.4313					0.64	1.23	-28.07
Dividends / profit, %						94.46	445.93	-160.68	86.76	122.19	156.96	118.18	72.88	59.77	171.15			23.96	115.79	1.75
Dividend coverage ratio														1.67	0.5843	2.14	2.5	14.33	1.72	10.61

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IFRS

Reporting Annual Quarterly

	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	7.3	1.72	3.43	3.73	4.03	4.03	-11.20
Staff, people			536	536			0.00

	2024Q3	2025Q1	CAGR 5
CAPEX/Revenue, %	10.45	15.89	23.31

	CAGR 5