Sarthak Industries (BSE: SARTHAKIND) had a P/E of 8.1× on 6 Nov 2026, below the industry P/E of 14.8×, and the shares are 38% below their 52-week high. Sales and net profit grew 69% and 66% a year over 3 years; its ROCE of 11% is the second-lowest among the 7 largest Conglomerates peers. Debt is 0.32× equity. It is a small-cap company with a market cap of ₹23 Cr, ranked 41st of 52 Conglomerates companies by market cap; the shares fell 34% over the past year.
- ₹23.10
- ₹24.98
- ₹23.10
- ₹24.00
- 6
Health check
- ReturnsBehind
−34.2% over a year, better than 0 of 7 peers.
- Price tagCheaper
P/E 8.1 vs industry 14.8.
- GrowthStrong
Sales +69.2%, profit +66.1% a year over 3 years.
- ProfitabilityAverage
ROCE 11.1% vs peer median 12.8%.
- Balance sheetStretched
Debt 0.32× equity, interest covered 4.5×, Piotroski 3 of 9.
- Red flags3 to check
Return on equity is low at 7.9%.
Small cap
Defensive
Key metrics
- Market cap
- ₹23 Cr
- Small cap
- P/E
- 8.1
- Industry 14.8
- Price to book
- 0.51
- Peers 5.42
- Dividend yield
- 0.00%
- ROE
- 7.9%
- Peers 11.6%
- ROCE
- 11.1%
- Peers 12.8%
- Debt to equity
- 0.32
- Debt ₹14 Cr
- EPS (TTM)
- ₹3.07
- OPM (TTM)
- 1.0%
- Net margin 0.9%
- Sales growth
- +39.7%
- Latest quarter vs a year ago
- Profit growth
- −54.8%
- Latest quarter vs a year ago
- Price to sales
- 0.08
- EV/EBITDA 7.3
Strengths and risks
Strengths
- Quarterly sales up 39.7% on a year ago.
- P/E of 8.1 against an industry P/E of 14.8.
Risks to check
- Return on equity is low at 7.9%.
- Quarterly profit down 54.8% on a year ago.
- 38% below its 52-week high.
About Sarthak Industries
Sarthak Industries Limited engages in the trading of agri and non agri-commodities in India. It operates through Cylinders and Merchant Trading segments. The Cylinders segment manufactures, sells, and repairs LPG cylinders. The Merchant Trading segment is involved in the trading of various commodities, materials, etc. The company was formerly known as Avanti LPG (India) Limited. Sarthak Industries Limited was incorporated in 1982 and is based in Indore,…
- Headquarters
- Indore
- Employees
- 28
- Sector
- Industrials
- ISIN
- INE074H01012
- Website
- sarthakindustries.com
Price range
- Avg volume (3M)
- 831
- 1-year return
- minus 34.2%
- From 52-week high
- minus 38.1%
Peers · Conglomerates
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SRFSRF | 2,460.40 | minus 0.99% | 72,928 | 31.9 | 21.2 | 14.5% | 24.2% | 0.35 | 1.8% | minus 15.5% |
| TIINDIATube Investments of India | 2,170.00 | minus 5.65% | 42,005 | 62.9 | 16.6 | 12.8% | 9.9% | 0.05 | 15.5% | minus 23.1% |
| GODREJINDGodrej Industries | 955.85 | minus 2.40% | 32,198 | 27.4 | 32.4 | 12.3% | 10.4% | 2.22 | 9.8% | minus 11.6% |
| 3MINDIA3M India | 27,570.00 | minus 5.98% | 31,058 | 53.8 | 29.9 | 47.5% | 18.4% | 0.10 | 8.7% | minus 18.3% |
| THERMAXThermax | 2,746.30 | minus 17.27% | 30,937 | 52.2 | 26.6 | 15.3% | 12.4% | 0.42 | 9.8% | plus 1.5% |
| BEMLBEML | 1,953.20 | minus 1.89% | 16,268 | 28.0 | 55.7 | 5.9% | 5.3% | 0.11 | 3.0% | minus 7.4% |
| NAVANava | 529.15 | minus 0.99% | 14,991 | 19.8 | 7.9 | 11.1% | 38.4% | 0.21 | 6.8% | minus 12.1% |
| SARTHAKINDSarthak Industries | 24.98 | plus 4.08% | 23 | 8.1 | 7.6 | 11.1% | 1.0% | 0.32 | 69.2% | minus 34.2% |
| Median of 7 peers | – | −2.40% | 31,058 | 31.9 | 26.6 | 12.8% | 12.4% | 0.21 | 8.7% | −12.1% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 58.9 | 82.9 | 43.2 | 97.1 | 82.3 | |
| 58 | 81 | 42.4 | 98.1 | 81.2 | |
| 0.9 | 2 | 0.9 | −1 | 1.1 | |
| 1.6% | 2.4% | 2.0% | −1.0% | 1.4% | |
| 0.2 | 0.1 | 0.2 | 3.1 | 0.2 | |
| 0.4 | 0.6 | 0.4 | 0.7 | 0.6 | |
| 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| 0.6 | 1.4 | 0.6 | 1.3 | 0.7 | |
| −84.1% | 77.5% | 25.7% | −20.2% | 26.5% | |
| 1.1 | 0.3 | 0.4 | 1.6 | 0.5 | |
| 1.22 | 0.34 | 0.46 | 1.72 | 0.55 |
Profit & loss
- Sales CAGR 3Y
- +69.2%
- Profit CAGR 3Y
- +66.1%
- EPS CAGR 3Y
- +66.0%
- ROE
- 7.9%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 58.3 | 30.4 | 204 | 282 | |
| – | minus 47.8% | +571.5% | +38.1% | |
| 57.6 | 31.6 | 200 | 277 | |
| 0.7 | −1.2 | 3.9 | 4.9 | |
| 1.2% | −3.9% | 1.9% | 1.7% | |
| 1.7 | 3 | 0.5 | −1.9 | |
| 0.7 | 0.5 | 0.3 | 1.1 | |
| 0.7 | 0.5 | 0.4 | 0.3 | |
| – | – | – | 2.4 | |
| 1 | 0.9 | 3.7 | 3.9 | |
| 26.6% | 24.5% | 24.2% | 11.8% | |
| 0.8 | 0.7 | 2.8 | 3.5 | |
| – | minus 10.9% | +318.0% | +23.1% | |
| 0.82 | 0.73 | 3.04 | 3.75 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 9.3 | 9.3 | 9.3 | 9.3 | |
| 29.5 | 30.9 | 32.9 | 36.4 | |
| 3.1 | 1.8 | 5.4 | 14.4 | |
| 27 | 13 | 25.3 | 46.3 | |
| 68.9 | 55 | 72.9 | 106 | |
| 16.7 | 6.4 | 5.3 | 5.1 | |
| 12.4 | 2.5 | 1.5 | 1.8 | |
| 1.8 | 6 | 7.8 | 7 | |
| 1.7 | 2.2 | 6 | 0.8 | |
| 36.3 | 37.8 | 52.3 | 91.6 | |
| 68.9 | 55 | 72.9 | 106 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −7.7 | −2 | −14.8 | −22.3 | |
| 8.9 | 5.1 | 16.4 | 9.5 | |
| −1.7 | −2 | 2.4 | 6.9 | |
| −0.5 | 1.1 | 4 | −5.9 | |
| −0.6 | −0 | −0 | −0.1 | |
| −8.3 | −2 | −14.9 | −22.4 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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