MarketFriction

Pennar Industries Ltd

NSE PENIND · BSE 513228 · Industrial Products
₹173.62 -5.64%
NSE close2026-10-01
52 week range129.10 - 279.90
Market cap₹2,444 Cr.
P/E17.2
Price band 20% Delivery 46.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales814745823733748840906846907943925870
Expenses744669758662672768814760825860820778
Operating Profit7076657275729286818310593
OPM %9%10%8%10%10%9%10%10%9%9%11%11%
Other Income66167616781316914
Interest303126272831343534343436
Depreciation171816171717181919222524
Profit before tax303339353640484041435547
Tax %25%23%26%25%25%23%24%20%21%22%26%24%
Net Profit222529262730363232344135
EPS in Rs1.671.882.121.961.992.262.642.372.392.493.042.62
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,3561,5411,7682,1332,1071,5252,2662,8953,1313,2273,6203,645
Expenses1,2081,3871,5621,9591,9371,4322,0942,6732,8582,9163,2653,283
Operating Profit14815420617516993171221273311356362
OPM %11%10%12%8%8%6%8%8%9%10%10%10%
Other Income3829252039173340374652
Interest3862677583807891115120138139
Depreciation192529284348546566698489
Profit before tax9475138976345698131159180186
Tax %38%33%34%31%15%22%25%23%25%24%23%
Net Profit58509067533427598119139142
EPS in Rs3.642.877.435.523.650.182.945.597.298.8410.2910.54
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%19%8%9%
Compounded Profit Growth12%69%21%14%
Stock Price CAGR15%44%17%-24%
Return on Equity9%11%12%12%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital606060767673717167676767
Reserves3424544165285916286256647118099311,096
Borrowings1982672993554454906186466857858121,162
Other Liabilities3326447095536316635797608559781,1431,224
Total Liabilities9311,4251,4841,5121,7441,8531,8932,1412,3182,6402,9533,549
Fixed Assets2824644413424546266036447216979471,111
CWIP3312271183361761821853136
Investments263335695245184527221227
Other Assets6209259961,0731,1201,1491,2111,3761,5521,7041,9412,275
Total Assets9311,4251,4841,5121,7441,8531,8932,1412,3182,6402,9533,549
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity30205-19-2174191-43195244225256202
Cash from Investing Activity-30-26841-39-204-72-6-98-26-256-104-349
Cash from Financing Activity-4115-211613-9543-92-113-22-100211
Net Cash Flow-3511-26-1824-54105-535264
Free Cash Flow047-72-103-5299-95138173-22130-126
CFO/OP36%149%12%14%120%124%-43%120%116%95%95%68%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days94103828379691026846586674
Inventory Days88116157147122128193167159155178176
Days Payable85196173125125139176142118149167157
Cash Conversion Cycle98246610476571209486647793
Working Capital Days5282346193232-9-114-1
ROCE %17%18%16%21%17%13%5%10%13%16%16%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters39.75%39.75%39.62%39.63%39.67%39.67%39.67%39.67%39.67%39.67%39.67%39.67%
FIIs4.69%4.31%4.62%4.86%4.81%4.40%3.81%6.23%6.74%5.02%4.05%3.98%
DIIs0.10%0.35%0.27%0.32%1.48%1.59%1.69%1.74%1.98%2.18%5.28%5.90%
Public55.47%55.59%55.48%55.18%54.04%54.34%54.84%52.37%51.61%53.14%51.01%50.44%
No. of Shareholders83,31887,16593,94093,68485,00086,44687,73681,73282,40984,39881,02179,314

Fundamentals

Market Cap₹ 2,444 Cr.
Current Price₹ 180
Stock P/E17.2
Book Value₹ 86.2
ROCE15.2 %
ROE12.4 %
Dividend Yield0.00 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)9%
Compounded Profit Growth (TTM)14%
Consolidated figures.
Valuation
Market capRs 2,343 Cr
Enterprise valueRs 3,235 Cr
P/E (TTM)16.47x
Price to book2.01x
Price to sales0.64x
EV / EBITDA7.81x
EV / EBIT9.96x
EV / sales0.89x
Price to cash flow11.59x
Earnings yield6.07%
P/E, 3-year average17.40x
P/B, 3-year average2.03x
P/E, 5-year average15.32x
P/B, 5-year average1.60x
Profitability
Operating margin (excl. other income)9.82%
Operating margin (incl. other income)11.09%
EBITDA margin11.36%
Pre-tax margin5.11%
Net profit margin3.90%
Net margin, latest quarter4.07%
ROE12.84%
ROCE15.33%
ROA4.27%
ROE, 3-year average12.48%
ROCE, 3-year average15.72%
ROA, 3-year average4.17%
ROE, 5-year average10.65%
ROCE, 5-year average14.09%
ROA, 5-year average3.59%
ROIC (approx.)12.25%
Tax rate22.53%
Other income / net worth3.94%
Growth
Sales growth (latest year)12.20%
Profit growth (latest year)16.38%
Sales CAGR, 3 years7.74%
Sales CAGR, 5 years18.87%
Profit CAGR, 3 years22.55%
Profit CAGR, 5 years122.60%
Sales growth QoQ-5.88%
Profit growth QoQ-13.72%
Sales growth YoY (latest quarter)2.93%
Profit growth YoY (latest quarter)10.86%
Per share
EPS (TTM)Rs 10.54
EPS (latest year)Rs 10.29
EPS (latest quarter)Rs 2.62
EPS, 3-year averageRs 8.80
EPS, 5-year averageRs 6.99
Book value per shareRs 86.19
Sales per shareRs 270.10
Cash flow per shareRs 14.98
Free cash flow per shareRs -9.34
Efficiency
Asset turnover1.02x
Fixed asset turnover3.26x
Inventory turnover2.56x
Inventory days143 days
Debtor days74 days
Debtors turnover4.95x
Creditor days157 days
Cash conversion cycle93 days
Working capital days-1 days
Leverage
Total debtRs 1,162 Cr
Cash and bankRs 270 Cr
Net debtRs 892 Cr
Debt to equity1.00x
Net debt / EBITDA2.15x
Interest coverage2.34x
Current ratio (filing 2026-03-31)1.13x
Quick ratio (filing 2026-03-31)0.62x
Trade payables (filing 2026-03-31)Rs 899 Cr
Owners' fund to total sources32.77%
Debt to assets32.73%
Cash flow
Cash from Operating Activity (latest year)Rs 202 Cr
Cash from Investing Activity (latest year)Rs -349 Cr
Cash from Financing Activity (latest year)Rs 211 Cr
Net Cash Flow (latest year)Rs 64 Cr
Free cash flow (latest year)Rs -126 Cr
FCFE (approx.: FCF + change in debt)Rs 224 Cr
Cash from ops / profit, 5 years2.37x
Sales to cash flow17.91x
Statement figures
Net sales (TTM)Rs 3,645 Cr
Net sales (latest year)Rs 3,620 Cr
Sales (latest quarter)Rs 870 Cr
Operating profit excl. other income (latest year)Rs 356 Cr
Operating profit (latest quarter)Rs 93 Cr
Other income (TTM)Rs 52 Cr
EBITDA (TTM)Rs 414 Cr
PBDT (TTM)Rs 275 Cr
Profit before tax (TTM)Rs 186 Cr
Tax (latest year)Rs 40 Cr
Net profit (TTM)Rs 142 Cr
Net profit (latest year)Rs 139 Cr
Net profit (latest quarter)Rs 35 Cr
Depreciation (TTM)Rs 89 Cr
Depreciation (latest quarter)Rs 24 Cr
Interest (TTM)Rs 139 Cr
Cost of goods sold (latest year)Rs 2,582 Cr
Total expenditure (latest year)Rs 3,265 Cr
Total income (latest year)Rs 3,666 Cr
Share capitalRs 67 Cr
ReservesRs 1,096 Cr
Shareholders' fundsRs 1,163 Cr
Total assetsRs 3,549 Cr
Net blockRs 1,111 Cr
Capital work in progressRs 136 Cr
InvestmentsRs 27 Cr
ReceivablesRs 731 Cr
InventoryRs 1,010 Cr
Other liabilitiesRs 1,224 Cr
Shares outstanding (crore)13.49
Ownership
Promoter holding39.67% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 16.5 is at the 42th percentile of its own 9.4-year range (median 19.3, low 2.9, high 217.6).
P/B 2.01 is at the 71th percentile (median 1.26).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPENINDNifty 50Difference
1 week-2.9%-2.8% -0.1 pts
1 month+4.8%-6.8% +11.6 pts
3 months+1.3%-7.6% +9.0 pts
6 months+32.6%+0.4% +32.2 pts
1 year-27.8%-9.9% -17.9 pts
2 years+0.6%-13.6% +14.2 pts
3 years+55.2%+14.2% +41.1 pts
5 years+503.9%+27.9% +476.0 pts
1 mutual fund schemes hold about ₹130 Cr. Over three months 0 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bandhan Small Cap Fund0.38%130 -18%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹870 Cr +2.8% vs Jun 2025. Net profit ₹35 Cr +9.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-19Annual General Meeting
2023-09-15Annual General Meeting
2022-09-09Annual General Meeting
2021-09-17 Annual General Meeting
2020-09-16 Annual General Meeting
2019-09-18 Annual General Meeting
2018-09-18 Annual General Meeting
2017-09-20 Annual General Meeting
2016-09-21 Annual General Meeting
2015-09-21 Annual General Meeting
2014-09-22Annual General Meeting
2013-07-19Annual General Meeting / Dividend - Re 1/- Per Share
2012-07-11Annual General Meeting / Dividend Rs 1 Per Share
2011-09-06Annual General Meeting And Dividend Re.0.75 Per Share
DateTypeWhat it says
2026-09-28General UpdatesThe receipt of Trading Approval from National Stock Exchange of India Limited and BSE Limited
2026-09-24Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-02UpdatesBusiness Responsibility and Sustainability Report for the financial year 2025-26.
2026-09-02UpdatesE-voting and Cut-Off Date for the AGM.
2026-09-02General UpdatesGeneral Updates
2026-09-02Shareholder meetingNotice of Annual General Meeting to be held on September 24, 2026
2026-08-27Giving guarantees/indemnity/Giving guarantees/indemnity/ becoming a surety for third party
2026-08-14Concall / analyst meetTranscript
2026-08-13Concall / analyst meetLink of Recording
2026-08-13UpdatesInvestor Presentation.
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release".
2026-08-12Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-12Board meeting outcomePennar Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07Concall / analyst meetSchedule of meet
2026-07-14General UpdatesGeneral Updates
2026-07-07Structural Digital DatabaseCompliance Certificate
2026-06-18General UpdatesGeneral Updates
2026-06-12General UpdatesGeneral Updates
2026-05-29Concall / analyst meetTranscript
2026-05-27Concall / analyst meetLink of Recording
2026-05-27UpdatesInvestor Presentation.
2026-05-27General UpdatesGeneral Updates
2026-05-26Press ReleaseA press release dated May 26, 2026, titled "Press Release".
2026-05-26Board meeting outcomePennar Industries Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-281
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-03-19NCLTApar Industries Ltd Vs Pennar Industries Ltd
2019-05-13NCLATPennar Industries Ltd. VS Moser Baer Solar System Pvt Ltd.
2019-04-24NCLATPennar Industries Ltd. VS Moser Baer Solar System Pvt Ltd.
2019-03-25NCLATPennar Industries Ltd. VS Moser Baer Solar System Pvt Ltd.
2019-02-11NCLATPennar Industries Ltd. VS Moser Baer Solar System Pvt Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03