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Stock Analysis

Description

Salasar Techno Engineering Ltd is an EPC service provider manufacturing and selling galvanized steel structures for infrastructure projects, including telecom and transmission towers.

Key Growth Triggers

Significant order wins from Rail Vikas Nigam Limited (RVNL) totaling ₹695.18 Crores for distribution infrastructure development, boosting the order book.
Strong performance in Q2 FY26 with substantial year-on-year growth in revenue and net profit across standalone and consolidated results.
Improvement in credit rating to 'IVR A/Stable' by Infomerics, enhancing financial credibility.
Capital infusion of ₹22.87 crore via promoter warrant conversion strengthens the balance sheet.

Order Book

Order Book: FY25 = ₹2155 Cr. Recent RVNL contracts add significantly to this backlog.

Key Red Flags

Company has been fined by stock exchanges for non-compliance with SEBI regulations in Q1 FY26.
CARE Ratings report highlights potential warrant lapse risk for public holders due to low share price and mentions a prior ED search operation.
Consolidated PAT in FY25 was impacted by losses incurred by acquired EMC Ltd.

Key Dates To Watch

Board Meeting for Q3 FY26 results and trading window closure around January 1, 2026.
Annual General Meeting (AGM) held on September 27, 2025, with all resolutions approved.

Corporate Announcements

13th Apr 26

Impact Rating: 5

Salasar Techno Engineering Limited has notified NSE and BSE that Bigshare Services Pvt. Ltd., its RTA, has certified no dematerialization requests were processed for shareholders during the period January 1, 2026, to March 31, 2026.

30th Mar 26

Impact Rating: 6

Salasar Techno Engineering announced the closure of its trading window for designated persons from April 1, 2026, until 48 hours after the declaration of financial results for the quarter and year ended March 31, 2026.

13th Mar 26

Impact Rating: 7

Salasar Techno Engineering Limited is facing operational challenges, including impacts on production and deliveries, due to a force majeure event that has disrupted LPG supply amid the ongoing Middle East conflict.

16th Feb 26

Impact Rating: -

No description available.

14th Feb 26

Impact Rating: 5

Salasar Techno Engineering Limited stated that funds raised via preferential issue of shares and warrants have been utilized as per the original objects for the quarter ended Dec 31, 2025.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Honeywell Auto	34175.00	58.54	30210.70	0.31	119.50	3.82	1149.40	12.26	18.40	4537.80	12.66	516.10	119.50	7.21	9.98	0.02
2.	Kaynes Tech	3791.40	67.12	25415.52	0.00	121.41	101.64	906.22	58.40	14.28	3225.35	16.21	378.68	121.41	5.43	7.24	0.19
3.	Jyoti CNC Auto.	981.90	64.52	22330.67	0.00	85.50	12.68	507.90	17.93	24.35	1943.26	26.50	346.13	85.50	12.20	12.99	0.40
4.	Aditya Infotech	1418.50	84.71	16673.76	0.00	69.98	196.78	919.64	37.48	19.49	3111.87	7.96	150.44	69.98	10.48	6.24	0.08
5.	LMW	14911.00	132.45	15929.42	0.20	40.92	67.29	821.88	6.88	4.48	3086.08	4.91	120.27	40.92	5.63	2.07	0.00
6.	Syrma SGS Tech.	750.60	63.02	14473.86	0.20	66.34	76.77	1145.89	37.60	11.67	3883.93	10.01	229.67	64.06	5.14	4.37	0.12
7.	Tega Inds.	1896.40	60.26	14247.22	0.11	44.94	522.44	405.35	14.73	17.80	1706.82	21.45	236.44	44.94	8.55	10.07	0.21
8.	Salasar Techno	8.91	26.60	1557.42	0.00	17.71	98.54	417.32	51.00	12.86	1555.22	9.04	58.54	17.71	2.03	3.66	0.46
–	Median: 120 Co.	269.2	32.22	562.86	0.0	5.81	12.68	73.37	15.56	16.17	224.53	14.01	15.47	5.6	3.77	7.69	0.19

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	241	304	374	262	292	293	294	356	471	256	275	276	417
Expenses	217	266	341	238	264	267	264	322	429	235	250	252	378
Operating Profit	24	37	32	24	27	27	30	34	42	21	25	25	39
Other Income	0	0	1	0	1	1	1	2	2	0	0	2	2
Profit before tax	14	23	17	14	13	12	19	20	28	10	12	11	24
Tax %	26%	28%	26%	26%	25%	24%	23%	25%	31%	29%	26%	21%	26%
Net Profit	11	17	13	10	10	9	15	15	19	7	9	9	18
EPS in Rs	0.07	0.11	0.07	0.06	0.06	0.05	0.09	0.10	0.11	0.05	0.06	0.05	0.10

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	245	276	276	373	495	654	526	583	691	1,000	1,197	1,413	1,555
Expenses	229	257	253	341	441	581	474	527	623	909	1,077	1,286	1,415
Operating Profit	16	19	23	32	54	73	51	56	68	91	120	127	141
Other Income	0	-2	0	1	1	1	2	10	2	2	3	5	5
Interest	7	6	6	6	8	16	21	18	21	31	44	50	52
Depreciation	1	2	1	1	4	5	5	6	7	8	10	12	13
Profit before tax	9	9	16	26	43	53	28	43	43	54	69	69	80
Net Profit	6	5	10	17	30	33	22	29	32	40	51	51	59
EPS in Rs	0.11	0.09	0.20	0.17	0.22	0.25	0.17	0.21	0.22	0.25	0.33	0.29	0.33
Dividend Payout %	0%	0%	0%	0%	4%	10%	12%	5%	9%	8%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	5	5	5	10	13	13	13	14	29	32	158	173	173
Reserves	52	57	68	82	146	176	193	237	253	368	290	559	585
Borrowings	54	47	44	54	109	151	165	195	243	272	350	317	350
Other Liabilities	56	36	37	84	100	132	82	96	148	239	339	560	631
Total Liabilities	167	146	154	229	368	472	453	543	673	911	1,137	1,609	1,738
Fixed Assets	22	24	24	27	72	77	91	113	126	172	239	217	225
Gross Block	24.50	28.18	29.82	28.61	78.81	89.00	107.44	134.50	153.95	205.09	282.04	272.09	–
Accumulated Depreciation	2.25	4.20	5.40	1.25	7.10	11.70	16.36	21.96	27.79	32.98	43.05	55.27	–
CWIP	0	0	0	0	1	0	0	0	6	21	0	2	5
Investments	18	18	20	19	0	2	1	10	0	0	0	179	179
Other Assets	126	104	110	183	295	392	360	420	541	717	897	1,211	1,329
Total Assets	167	146	154	229	368	472	453	543	673	911	1,137	1,609	1,738

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	5	11	11	6	-43	-12	31	-4	2	-4	47	19
Cash from Investing Activity	-19	-0	-3	-12	-16	-14	-22	-23	-27	-71	-78	-170
Cash from Financing Activity	16	-12	-8	5	65	22	-11	27	25	75	31	150
Net Cash Flow	2	-1	-0	-0	6	-4	-1	-0	-0	0	0	-0

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	81	52	75	76	112	121	150	147	153	119	96	111
Inventory Days	81	84	82	95	97	95	100	124	125	186	165	132
Days Payable	71	29	30	51	35	47	23	29	41	51	46	43
Cash Conversion Cycle	91	106	127	120	174	169	227	242	237	255	215	200
Working Capital Days	-14	-6	42	47	61	62	70	90	81	79	61	75
ROCE %	17%	16%	19%	24%	25%	23%	14%	15%	13%	14%	15%	13%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	63.07%	63.07%	63.07%	63.07%	63.07%	63.07%	55.97%	54.95%	53.41%	50.95%	48.91%	48.03%
FIIs	9.40%	9.03%	9.04%	9.00%	8.85%	3.00%	8.42%	6.49%	5.62%	5.21%	4.00%	3.55%
DIIs	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%
Public	27.51%	27.86%	27.87%	27.92%	28.07%	33.92%	35.60%	38.56%	40.88%	43.83%	47.08%	48.41%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Salasar Techno Engineering: No Dematerialization Requests in Q4 FY26 as per SEBI Norms

13th April 2026, 11:38 pm

Salasar Techno Engineering Closes Trading Window from April 1, 2026, Ahead of Q4 Results

30th March 2026, 7:47 pm

Salasar Techno Engineering Faces Operational Impact Due to LPG Supply Disruption

13th March 2026, 11:29 pm

Salasar Techno Engineering Publishes Q3 and Nine-Month Financial Results

16th February 2026, 11:32 pm

Salasar Techno Engineering Limited: Confirms No Deviation in Preferential Issue Fund Utilization for Q3 FY26

14th February 2026, 10:56 pm

Published by Other Websites

External media mentions & references

Salasar Techno Production Hit by West Asia LPG Supply Crisis

13th March 2026, 7:00 pm

Railway JV: K2 Infragen Secures ₹144 Crore Infrastructure Project

20th February 2026, 10:21 pm

Massive Rs 695 Crore Orders Propel Salasar Techno Engineering Stock - Investors Rejoice!

27th November 2025, 10:30 am

Global Rally Ignites Indian Stocks: Whirlpool Block Deal, Wipro AI Leap, Paytm RBI Nod & More!

27th November 2025, 8:04 am

₹1600+ Crore Contract Bonanza! Indian Infra & Engineering Giants Bag Massive Deals - Are Stocks Set to Soar?

27th November 2025, 7:26 am

News Articles

Editorial & research coverage

₹1600+ Crore Contract Bonanza! Indian Infra & Engineering Giants Bag Massive Deals - Are Stocks Set to Soar?

27th November 2025, 7:26 am

Stocks to Watch: Whirlpool Block Deal, Paytm RBI License, Wipro AI Breakthrough! Plus Earnings & More!

27th November 2025, 7:15 am

Massive Indian Corporate Push: Billions Poured into AI Data Centers, Global Plants & New EVs!

27th November 2025, 6:34 am

Salasar Techno Engineering Lands Massive ₹695 Crore Contracts: Is This a Game Changer for Investors?

26th November 2025, 11:17 pm

Salasar Techno Merger Gets NSE/BSE Go-Ahead, Faces SEBI's Rigorous Disclosure Demands

Documents

Announcements

Closure of Trading Window

Award Of Contract Valued At INR 695.18 Crores By Rail Vikas Nigam Limited (RVNL)

26 Nov 2025 - Two RVNL contracts totalling INR 695.18 Crore for RDSS distribution works in Himachal Pradesh; 20-month execution.

Announcement under Regulation 30 (LODR)-Newspaper Publication

15 Nov 2025 - Copy of newspaper publication of financial results for the quarter & six months ended 30.09.2025.

Announcement under Regulation 30 (LODR)-Monitoring Agency Report

14 Nov 2025 - Monitoring agency report: Rs.290.77 crore preferential issue; ED search April 16, 2025; Rs.35.10 crore warrants unpaid.

Revised Outcome Of Board Meeting Dated 14.11.2025

14 Nov 2025 - Board approved revised Q2/H1 results (30 Sep 2025); paid-up capital corrected to Rs17,267.70 lakh; exchange fine noted; funding exploration authorized.