Suyog Gurbaxani Funicular Ropeways Ltd (543391)
Snapshot
Events
- Latest results
- Q4 FY26
- Board meeting filing
- 10 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Suyog Gurbaxani's revenue was ₹22.6 Cr (-25.2% year on year), and net profit ₹-0.4 Cr (against a profit a year earlier); the operating margin was 58.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹22.6 | -25.2% | — |
| Operating profit | ₹13.2 | +6.4% | — |
| Net profit | ₹-0.4 | to loss | — |
| EPS (₹) | -0.17 | to loss | — |
| Operating margin | 58.5% | — | — |
📢 Recent Corporate Announcements
Suyog Gurbaxani Funicular Ropeways submitted a revised Annual Report for FY 2025-26 under Regulation 34 to rectify typographical errors from its September 7, 2026 submission. The report highlights standalone revenue from operations of ₹47.16 crore, EBITDA of ₹23.89 crore, and PAT of ₹11.15 crore (EPS ₹4.48). Operationally, the company noted the inauguration of its Haji Malang funicular project on January 18, 2026, which contributed ₹20.09 crore in unbilled revenue during the year. Ticket collection fees rose to ₹27.51 crore from ₹21.15 crore in FY25.
- FY26 standalone revenue from operations reported at ₹47.16 crore with EBITDA at ₹23.89 crore
- Standalone Profit After Tax stood at ₹11.15 crore with an EPS of ₹4.48
- Ticket collection fees increased to ₹27.51 crore in FY26 compared to ₹21.15 crore in FY25
- Haji Malang Funicular Railway project was completed and inaugurated on January 18, 2026
- Filing is a procedural correction of typographical errors in the FY26 Annual Report
CRISIL Ratings has reaffirmed its 'CRISIL BBB/Stable' rating and subsequently withdrawn it for Suyog Gurbaxani Funicular Ropeways' Rs 35 Crore long-term bank facilities. The withdrawal was carried out at the company's request following receipt of a No Objection Certificate (NOC) from its lender, Union Bank of India. Before withdrawal, the outstanding long-term loan facility was maintained under a stable outlook. This is an administrative rating closure standard upon loan repayment, restructuring, or lender consent.
- CRISIL reaffirmed the long-term rating of 'CRISIL BBB/Stable' prior to withdrawal
- Total bank loan facilities rated and withdrawn stand at Rs 35 Crore
- Facility pertains to a Long Term Loan with Union Bank of India
- Withdrawal initiated at the request of the company dated September 10, 2026, backed by a lender NOC
The Board of Directors of Suyog Gurbaxani Funicular Ropeways has recommended a final dividend of Re 0.50 per equity share (5% of face value ₹10) for FY26. The total dividend outgo will aggregate to ₹1.24 crore, representing approximately 11.3% of FY26 net profit (₹11 crore). The record date to determine eligible shareholders is fixed for September 22, 2026, subject to shareholder approval at the AGM scheduled for September 29, 2026.
- Recommended Final Dividend of Re 0.50 (5%) per equity share of face value ₹10 for FY26
- Total dividend payout amounts to ₹1,24,31,111 (₹1.24 crore)
- Record date for dividend eligibility fixed as Tuesday, September 22, 2026
- 17th Annual General Meeting scheduled for Tuesday, September 29, 2026
- Book closure period set from September 23, 2026 to September 29, 2026
Suyog Gurbaxani Funicular Ropeways has scheduled a board meeting for August 18, 2026, to recommend a final dividend for the financial year ended March 31, 2026. This follows a fiscal year where the company reported a net profit of ‡11.0 crore and an EPS of ‡4.48. Despite a revenue contraction in FY25, the company maintained a strong operating margin of 50% in FY26. Investors will be monitoring the dividend payout ratio relative to the current market price of ‡95.0.
- Board meeting scheduled for August 18, 2026, to consider the final dividend.
- Dividend pertains to the financial year ended March 31, 2026.
- Company reported a net profit of ‡11.0 crore for FY26.
- FY26 Earnings Per Share (EPS) stands at ‡4.48.
- Operating Profit Margin (OPM) remained robust at 50% for FY26.
Suyog Gurbaxani Funicular Ropeways Ltd has received shareholder approval to re-classify Mr. Somnath Lature from the 'Promoter Group' to the 'Public' category. The re-classification was approved via an Ordinary Resolution through a Postal Ballot on August 01, 2026. This follows a No Objection Letter from BSE Limited received on June 10, 2026. The change will be reflected in the company's shareholding pattern starting from the September 2026 quarter.
- Shareholder approval granted via Postal Ballot on August 01, 2026
- BSE No Objection Letter for re-classification received on June 10, 2026
- Re-classification effective from August 01, 2026
- Change to be reflected in the shareholding pattern from the quarter ending September 2026
Company profilewritten 13 Nov 2025
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Funicular Ropeway services. Revenue from operations declined by 16.07% YoY, falling from INR 63.12 Cr in FY 2023–24 to INR 53.01 Cr in FY 2024–25.
Geographic Revenue Split
Revenue is primarily generated from Maharashtra, specifically from the Mahur Gadh and Haji Malang Dargah sites. Future geographic expansion is planned for Gujarat (Diu-Daman).
Profitability Margins
Net Profit Margin improved significantly from 12.41% in FY24 to 16.39% in FY25. Net Profit after taxes grew 55.73% YoY to INR 8.69 Cr (INR 869,126.50 hundreds).
EBITDA Margin
EBITDA Margin improved to 33.01% in FY25 (INR 17.50 Cr) from 24.01% in FY24 (INR 15.16 Cr), representing a 900 bps increase despite lower topline revenue.
Capital Expenditure
Historical capital expenditure for FY25 was INR 0.08 Cr (INR 8,242.80 hundreds), primarily for fixed asset purchases, compared to INR 0.04 Cr in FY24.
Credit Rating & Borrowing
Borrowing costs were reported at 5.16% of operating revenues. Finance costs decreased by 61.5% YoY to INR 2.74 Cr (INR 273,705.44 hundreds) from INR 7.11 Cr in FY24.
Operational Drivers
Raw Materials
Spares and maintenance consumables for ropeway systems (INR 95.60 Lakhs inventory).
Capacity Expansion
Current operations at Mahur Gadh and Haji Malang are progressing; planned expansion includes new sites at Jejuri (Maharashtra) and Diu-Daman (Gujarat) currently in planning stages.
Raw Material Costs
Inventory of spares stood at INR 0.96 Cr (INR 95,604.69 hundreds), a 71% decrease from INR 3.30 Cr in FY24, indicating tighter inventory management.
Manufacturing Efficiency
Inventory Turnover Ratio improved from 0.73 in FY24 to 1.10 in FY25, reflecting better utilization of spares and consumables.
Logistics & Distribution
Not applicable as services are provided at fixed funicular ropeway sites.
Strategic Growth
Growth Strategy
Growth is targeted through the steady progression of the Mahur Gadh and Haji Malang projects and the active planning of new developments in Jejuri and Diu-Daman to diversify geographic presence.
Products & Services
Design, engineering, procurement, finance, construction, operation, and maintenance of Funicular Ropeway transportation services.
Brand Portfolio
Suyog Gurbaxani Funicular Ropeways.
New Products/Services
New ropeway projects at Jejuri and Diu-Daman are expected to contribute to future revenue streams once operational.
Market Expansion
Expansion into Gujarat via the Diu-Daman project and additional sites in Maharashtra like Jejuri.
External Factors
Industry Trends
The industry is shifting toward green development and net-zero targets, positioning funicular ropeways as an eco-friendly alternative to road transport in hilly terrains.
Competitive Landscape
Operates in a niche infrastructure segment with limited direct competition for specific awarded pilgrimage sites.
Competitive Moat
The company holds long-term concession agreements to operate and maintain specific sites, creating a high-barrier-to-entry moat through exclusive site rights.
Macro Economic Sensitivity
Highly sensitive to domestic tourism and religious pilgrimage trends, which are influenced by general economic conditions and disposable income.
Consumer Behavior
Increasing consumer preference for mechanized, comfortable transport over traditional trekking at pilgrimage sites.
Geopolitical Risks
Low risk due to purely domestic Indian operations.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013, SEBI (PIT) Regulations, and safety standards for ropeway construction and operation.
Environmental Compliance
Alignment with India's net-zero and green development targets through eco-friendly transport solutions.
Taxation Policy Impact
The company recognized a deferred tax credit of INR 0.53 Cr (INR 52,585.91 hundreds) in FY25, resulting in a negative effective tax rate for the period.
Legal Contingencies
The company reported nil execution on capital accounts and no significant pending court cases were highlighted in the auditor's report.
Risk Analysis
Key Uncertainties
Revenue volatility (16.07% decline in FY25) and potential delays in regulatory approvals for the Jejuri and Diu-Daman projects.
Geographic Concentration Risk
High concentration in Maharashtra, with the majority of revenue currently derived from a few key pilgrimage sites.
Third Party Dependencies
Dependency on government authorities for project awards and concession renewals.
Technology Obsolescence Risk
Low risk for funicular technology, but requires continuous investment in safety-related digital systems like SDD.
Credit & Counterparty Risk
Trade receivables increased 53.4% to INR 0.92 Cr (INR 91,607.04 hundreds), though they remain a small percentage of total assets.
