Quarter Ended: March 2026

Shanthi Gears Ltd – Q4 FY26 Results

NSE

shantigear

BSE

522034

Shanthi Gears reported YoY decline in revenue and profitability due to weak order inflow earlier in the year, but strong order booking in Q4 and healthy ROIC signal potential recovery ahead.

key financial highlights

Revenue from Operations:
- Total Income (Q4 FY26): ₹135.10 Crore
  - QoQ Change: +15.64%
  - YoY Change: -11.82%
- Previous Quarter (Q3 FY26): ₹116.82 Crore
- Previous Year (Q4 FY25): ₹153.21 Crore
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹16.27 Crore
  - QoQ Change: +0.49%
  - YoY Change: -27.56%
- Previous Quarter (Q3 FY26): ₹16.19 Crore
- Previous Year (Q4 FY25): ₹22.46 Crore
QoQ Performance
- Revenue Trend: Recovery
- Profit Trend: Stable

Margin Analysis

Drivers:

Lower operating leverage due to reduced revenue base
Higher fixed cost absorption impact
Marginal improvement in cost efficiency QoQ

Insight:

Margin pressure persists but stabilizing in Q4

Earning quality check

Drivers:

Core operating performance decline
No major one-off distortions
Profit impacted mainly by lower revenue

Interpretations:

Earnings quality is moderate but under pressure, driven by cyclical slowdown rather than accounting adjustments

balance sheet Analysis

Total Assets: ₹555.59 Cr
Total Liabilities: 115.53 (Current + Non-current)

Insight:

Strong equity base at ₹440 Cr
Low leverage profile
Balance sheet remains stable and conservative

key risks

Industrial demand slowdown
Order inflow volatility
Execution delays from customers
Margin compression risk

management strategy signals

Focus Area:

Improve order inflows
Enhance ROIC
Strengthen free cash flow
Operational efficiency

Financial metrics table

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹135.10 Crore	+15.64%	-11.82%
PBT	₹21.81 Crore	+1.02%	-30.56%
PAT	₹16.27 Crore	+0.49%	-27.56%

Shanthi Gears is currently in a cyclical downturn phase, reflected in declining revenue and profitability. However, strong order booking growth (₹178 Cr, +89% YoY) and healthy ROIC (39%) indicate early signs of recovery, making it a watchlist candidate rather than immediate momentum play.

Official Exchange Filing: Shanti Gears Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

86%

NET PROFIT AS % OF REVENUE

12.04%

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED