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SAHYADRI - Sahyadri Industr

📊 NSE: SAHYADRI 🏢 Cement Products 📅 Last Updated: 12/14/2025 12:38

📢 Recent Corporate Announcements

Sahyadri Industries Q3 FY26 PAT Surges 553% YoY to Rs 5 Cr; EBITDA Up 60%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Feb 2026, 05:46 PM

Sahyadri Industries reported a robust performance for Q3 FY26, with total income rising 10.8% YoY to Rs 145.9 crore. The company's profitability saw a massive jump, with PAT increasing by 553.9% YoY to Rs 5 crore, driven by improved operational efficiencies and higher volumes. EBITDA margins expanded significantly to 9.9% from 6.8% in the previous year's quarter. Capacity utilization also improved to 67%, reflecting a recovery in demand for building and roofing solutions.

Total Income for Q3 FY26 grew 10.8% YoY to Rs 145.9 crore compared to the previous year.
EBITDA increased by 60.1% YoY to Rs 14.4 crore with margins improving from 6.8% to 9.9%.
Net Profit (PAT) witnessed a sharp rise of 553.9% YoY, reaching Rs 5 crore for the quarter.
Capacity utilization improved significantly to 67% in Q3 FY26 compared to 56% in Q3 FY25.
For the nine-month period (9M FY26), the company recorded a PAT of Rs 18.5 crore on a total income of Rs 488.3 crore.

💡 Investors should monitor the sustainability of the margin expansion and capacity utilization levels as the company leverages its operational momentum. The sharp recovery in profitability makes this a positive development for shareholders.

Sahyadri Industries Q3 FY26 PAT Surges 554% YoY to ₹5 Cr; EBITDA Margins Improve to 9.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Feb 2026, 05:33 PM

Sahyadri Industries reported a robust Q3 FY26 performance with revenue growing 10.8% YoY to ₹145.9 crore. Net profit witnessed a massive jump of 553.9% YoY to ₹5 crore, driven by improved capacity utilization which rose to 67% from 56% last year. The company is executing a significant expansion strategy with two major Capex projects totaling ₹190 crore in Orissa and Maharashtra. EBITDA margins also showed healthy expansion, reaching 9.9% compared to 6.8% in the previous year's corresponding quarter.

Q3 FY26 Revenue grew 10.8% YoY to ₹145.9 crore with 9M FY26 revenue reaching ₹488.3 crore.
PAT for the quarter surged 553.9% YoY to ₹5 crore, while 9M FY26 PAT increased 21.5% to ₹18.5 crore.
EBITDA increased by 60.1% YoY in Q3 FY26 with margins improving significantly to 9.9%.
Capacity utilization improved to 67% in Q3 FY26 versus 56% in Q3 FY25.
Announced ₹190 crore total Capex for new units in Orissa (1.2L MTPA) and Maharashtra (72k MTPA) to enter new regional markets.

💡 Investors should note the strong operational turnaround and margin expansion driven by higher capacity utilization. The planned ₹190 crore Capex is a significant growth lever that warrants monitoring for timely execution and market entry in East and North India.

Sahyadri Industries Reports Nil Physical Share Transfer Re-lodgement Requests for Jan 1-6, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Feb 2026, 04:07 PM

Sahyadri Industries Limited has filed a compliance report regarding the special window for re-lodgement of physical share transfer requests as mandated by SEBI. For the reporting period of January 1 to January 6, 2026, the company's Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd., reported zero activity. This regulatory process is intended for shares lodged prior to April 2019 that were previously rejected due to documentation deficiencies. As no requests were received or processed, there is no impact on the company's share capital structure.

Zero (NIL) requests received for re-lodgement of physical share transfers during Jan 1-6, 2026.
Compliance filing follows SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 regarding ease of investment.
The report was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
The special window applies to transfer requests originally lodged before the April 1, 2019 deadline.

💡 No action is required from investors as this is a routine regulatory disclosure with no impact on business operations or financial performance.

Sahyadri Industries Q3 Net Profit Surges 554% YoY to ₹4.97 Cr; Revenue Up 11%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 05:13 PM

Sahyadri Industries reported a robust performance for the quarter ended December 31, 2025, with net profit jumping to ₹4.97 crore from ₹0.76 crore in the previous year's corresponding quarter. Revenue from operations grew 11.1% YoY to ₹144.16 crore, driven largely by the Building Materials segment. The company is also progressing on its expansion plans, including a new 1,20,000 MT unit in Odisha and a 72,000 MT non-asbestos plant in Maharashtra. Despite a one-time exceptional hit of ₹64.50 lakhs due to new labour codes, the overall profitability showed significant improvement.

Net Profit surged by 554% YoY to ₹4.97 crore in Q3 FY26 compared to ₹0.76 crore in Q3 FY25.
Revenue from operations increased 11.1% YoY to ₹144.16 crore, with the Building Material segment contributing ₹143.48 crore.
Earnings Per Share (EPS) rose to ₹4.54 from ₹0.70 in the same quarter last year.
Expansion projects are active: a 1,20,000 MT asbestos sheet unit in Odisha and land acquisition for a 72,000 MT non-asbestos board unit in Maharashtra.
Reported an exceptional expense of ₹64.50 lakhs as a statutory impact of new Labour Codes.

💡 The significant turnaround in profitability and clear roadmap for capacity expansion make this a positive development. Investors should hold the stock and monitor the execution timelines of the Odisha and Maharashtra expansion projects.

Sahyadri Industries Opens 1-Year Special Window for Physical Share Dematerialization

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 07 Feb 2026, 03:22 PM

Sahyadri Industries has announced a special one-year window from February 5, 2026, to February 4, 2027, for the transfer and dematerialization of physical shares. This facility is specifically for securities purchased or sold before April 1, 2019, including previously rejected requests. Shares processed through this window will be credited directly to demat accounts and will be subject to a mandatory one-year lock-in period. Investors must submit original certificates, transfer deeds, and KYC documents to the RTA, MUFG Intime India Private Limited, to avail of this service.

Special window open for one year from February 5, 2026, to February 4, 2027
Applicable to physical securities transacted prior to April 1, 2019
Transferred shares will have a mandatory one-year lock-in period from the date of registration
Requests must be processed by the RTA within 70 days of receipt of complete documentation
Excludes cases involving disputes or shares already transferred to the IEPF

💡 Shareholders still holding physical certificates from pre-2019 transactions should utilize this window to regularize their holdings into demat form. Be aware that these shares will be illiquid for one year following the transfer due to the mandatory lock-in period.

Sahyadri Industries Reports Status of Physical Share Transfer Re-lodgement Requests

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 14 Jan 2026, 02:59 PM

Sahyadri Industries has filed a status report regarding the re-lodgement of physical share transfer requests for the period July to December 2025. This filing is in compliance with a SEBI circular providing a special window for transfers that were rejected or returned prior to April 2019. The report indicates minimal activity, with only one request received during the six-month period. This request was processed within 20 days and ultimately rejected, resulting in zero approved transfers.

Report covers the special SEBI window for physical share transfers from July 2025 to December 2025
Only 1 request for re-lodgement was received during the entire reporting period
The single request received was rejected; 0 requests were approved
Average processing time for the submitted request was 20 days

💡 No action is required from investors as this is a routine administrative disclosure with no impact on company fundamentals. Investors should continue to monitor the company's core business performance and quarterly earnings.

Sahyadri Industries Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 11:32 AM

Sahyadri Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all securities received for dematerialization during the quarter ended December 31, 2025, were processed within the prescribed timelines. The Registrar and Share Transfer Agent (RTA) verified that physical certificates were mutilated and cancelled after due verification. This is a standard administrative filing ensuring that the company's share registry is updated and compliant with depository norms.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime).
Securities received for dematerialization were confirmed or rejected to depositories within timelines.
Physical security certificates were mutilated and cancelled after verification.
Register of members updated with depository names as registered owners.

💡 This is a routine regulatory filing with no impact on the company's fundamentals or stock performance. No action is required from investors.

Sahyadri Industries Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 11:55 AM

Sahyadri Industries Limited has notified the exchanges regarding the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are declared. This is a standard regulatory procedure for all listed companies to prevent insider trading prior to earnings announcements.

Trading window closure begins on Thursday, January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the official declaration of financial results.
Restriction applies to all designated persons and their immediate relatives.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly earnings release for actual performance metrics.

View All SAHYADRI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Building Material segment revenue grew 6.17% in H1 FY26 to INR 334.40 Cr from INR 314.96 Cr in H1 FY25. Power Generation segment revenue declined 24.6% in H1 FY26 to INR 9.90 Cr from INR 13.13 Cr in H1 FY25.

Geographic Revenue Split

The company maintains a dominant market share in Western India (Maharashtra and Gujarat) and a strong presence in Southern India. It is currently expanding its footprint into North and East India to become a pan-India player.

Profitability Margins

EBITDA margin declined from 11.1% in FY24 to 9.5% in FY25. PAT margin decreased from 4.1% in FY24 to 3.2% in FY25. These declines were driven by lower volume offtake and increased input costs, particularly imported fiber.

EBITDA Margin

EBITDA margin was 9.5% in FY25, representing a 160 bps decline from 11.1% in FY24. Core profitability was impacted by seasonal headwinds and US dollar strength affecting import costs.

Capital Expenditure

The company has planned a capital expenditure of approximately INR 200 Cr for new manufacturing facilities in Maharashtra and Odisha to drive the next leg of growth.

Credit Rating & Borrowing

Long-term rating is [ICRA]A- (Stable) and Short-term rating is [ICRA]A2+. Leverage metrics are adequate with a Debt-to-Equity ratio of 0.21 as of March 2025.

⚙️ Operational Drivers

Raw Materials

Asbestos Fiber (imported) and Cement are the primary raw materials. Imported fiber costs are highly sensitive to USD/INR fluctuations, impacting overall margins by approximately 150 bps.

Import Sources

Asbestos fiber is sourced from asbestos-producing countries. The company relies on imports for a significant portion of its fiber requirements.

Capacity Expansion

Planned expansion includes new facilities in Maharashtra and Odisha with an estimated investment of INR 200 Cr to cater to growing demand in Western and Eastern India.

Raw Material Costs

Raw material costs are a significant portion of revenue. Operating margins declined to ~9% in FY25 due to a marginal increase in costs and lower volume offtake.

Manufacturing Efficiency

The company reported higher capacity utilization of installed capacity in 9M FY24, supporting a 9% growth in operating income during that period.

Logistics & Distribution

The company utilizes a strong distribution network of over 3,000 dealers and distributors across India to manage product reach.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved through a INR 200 Cr capex for new plants in Maharashtra and Odisha, increasing the share of margin-rich Value-Added Products (VAP), and expanding market presence into North and East India.

Products & Services

Roofing Sheets (Asbestos and Non-Asbestos), Fibre Cement Boards, and Flat Sheets.

Brand Portfolio

Swastik, Cemply, Ecopro, and Swastik Sil Gold.

New Products/Services

Recently launched 'Swastik Sil Gold' roofing sheets to enhance the product portfolio and market penetration.

Market Expansion

Targeting expansion into newer territories across North and East India while strengthening market share in existing Western and Southern geographies.

Market Share & Ranking

Established market leader in the roofing sheets segment in Western India, particularly in Maharashtra and Gujarat.

Strategic Alliances

The company does not have any subsidiaries, associates, or joint ventures as of September 30, 2025.

🌍 External Factors

Industry Trends

The building materials industry is shifting toward non-asbestos and value-added products. Sahyadri is positioning itself by increasing its non-asbestos revenue share to 26%.

Competitive Landscape

Niche player in the construction industry with a focus on roofing and boards; faces competition from other building material manufacturers in the Western region.

Competitive Moat

Sustainable advantages include a 70-year group legacy (Patel Group), a massive network of 3,000+ dealers, and established brand equity in 'Swastik'.

Macro Economic Sensitivity

Highly sensitive to monsoon patterns (seasonal demand) and US Dollar exchange rates (import costs).

Consumer Behavior

Increasing demand for innovative, specialized, and futuristic building products capable of addressing modern construction challenges.

Geopolitical Risks

Regulatory risks associated with potential bans on asbestos mining or use in producing countries could disrupt raw material supply.

⚖️ Regulatory & Governance

Industry Regulations

Exposed to significant regulatory risk regarding the use or manufacture of asbestos-related products, which accounted for 86% of H1 FY24 revenue.

Environmental Compliance

Maintains ISO 14001:2015 (Environment) and ISO 45001:2018 (Safety) certifications across all plants and the head office.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the potential for a regulatory ban on asbestos products, which could impact up to 86% of revenue if not mitigated by the shift to non-asbestos lines.