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Sarthak Metals Limited (SMLT)

₹75.10 +1.95% last close, 16 Oct

📊 NSE: SMLT 🏢 Steel - Medium / Small 📢 Latest filing: 09 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sarthak Metals' revenue was ₹55.2 Cr (+19.5% year on year, -10.9% on the previous quarter), and net profit ₹1.3 Cr (+25.4% year on year); the operating margin was 2.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹55.2	+19.5%	-10.9%
Operating profit	₹1.6	-11.7%	-38.1%
Net profit	₹1.3	+25.4%	-10.8%
EPS (₹)	0.97	+26.0%	-11.0%
Operating margin	2.8%	—	—

Full quarterly financials → Results calendar →

SMLT delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 75.5% of the SMLT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.17%. That is close to its usual level. Turnover was only ₹9 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

75.5%Delivery, 16 Oct

65.17%Own 20-session average

0.3×Volume vs its average

₹75.10NSE close · +1.95%

Delivery in the last 5 sessions: 80.4% · 69.5% · 59.2% · 81.4% · 75.5%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Sarthak Metals Reports Demise of Chief Financial Officer Narendra Dewangan

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 09 Sep 2026, 11:58 PM

Sarthak Metals Limited has announced the sad demise of its Chief Financial Officer, Mr. Narendra Dewangan, on September 09, 2026. Mr. Dewangan had spent approximately two decades with the company and the Desraj Bansal Group, previously serving as Head of Accounts before his recent elevation to CFO. The company generated Rs 55.21 cr in revenue and Rs 1.33 cr in net profit in Q1 FY27 (quarter ended June 2026). The sudden loss creates a vacancy in the top financial leadership position.

Cessation of CFO Mr. Narendra Dewangan due to demise on 09th September, 2026
Associated with Sarthak Metals and Desraj Bansal Group for two decades
Previously served as Head of Accounts before being appointed as Chief Financial Officer
Company posted Q1 FY27 revenue of Rs 55.2123 cr and net profit of Rs 1.3292 cr

💡 Track subsequent exchange filings regarding the appointment of an interim or permanent Chief Financial Officer to oversee financial reporting and capital allocation.

Sarthak Metals Submits Revised 31st AGM Proceedings and Explains Filing Delay

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 02:33 PM

Sarthak Metals Limited has submitted the revised proceedings of its 31st Annual General Meeting held on August 18, 2026. Key business items transacted included adoption of FY26 financial statements, appointment of an Independent Women Director, and approval of material related-party transactions with M/s Bansal Brothers. The company provided a clarification for an inadvertent delay in the initial AGM proceedings submission, which occurred past the 12-hour regulatory window.

31st Annual General Meeting conducted on August 18, 2026, concluding at 1:14 PM IST
5 resolutions put to vote, including material related party transactions with M/s Bansal Brothers
Remote e-voting window was open from August 15, 2026 to August 17, 2026 (5:00 PM)
Clarified filing delay after submitting on August 19, 2026 at 9:29 AM instead of within the 12-hour window

💡 Track the upcoming Scrutinizer's report and formal voting results to confirm shareholder approvals, particularly for the material related-party transactions.

Sarthak Metals Shareholders Approve All Resolutions at 31st AGM Held on August 18, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 12:43 PM

Sarthak Metals Limited has submitted the voting results and scrutinizer's report for its 31st Annual General Meeting held on August 18, 2026. All resolutions placed before the meeting were approved by members with the requisite majority via e-voting and poll. This is a routine statutory compliance filing post-AGM.

31st Annual General Meeting conducted on August 18, 2026
All resolutions approved by shareholders with requisite majority
Filing submitted pursuant to Regulation 44 of SEBI LODR Regulations, 2015

💡 Track subsequent quarterly operational performance (welding and biotech division rollouts) and financial results for Q2 FY27.

Sarthak Metals Concludes 31st AGM; Resolutions Include Material RPT Approval

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 09:35 AM

Sarthak Metals Limited concluded its 31st Annual General Meeting (AGM) on August 18, 2026, in Bhilai, Chhattisgarh. Shareholders voted on five key resolutions, including the adoption of FY26 audited financial statements and the appointment of Mrs. Ushasree Bhagavatula as an Independent Women Director. Crucially, approval was sought for material related-party transactions (RPT) with M/s Bansal Brothers. Formal voting results scrutinized by Atul Jain, Practicing CA, will be declared within two working days.

31st AGM conducted on August 18, 2026, concluding at 01:14 PM
5 resolutions tabled, including adoption of FY26 financials and Cost Auditor remuneration ratification
Special resolution presented for appointing Mrs. Ushasree Bhagavatula as Independent Women Director
Ordinary resolution tabled to approve material Related Party Transactions with M/s Bansal Brothers
Remote e-voting conducted between August 15, 2026 (09:00 AM) and August 17, 2026 (05:00 PM)

💡 Watch for the formal voting outcome and Scrutinizer's Report to be submitted within two working days, particularly regarding the approval of material Related Party Transactions.

SMLT Files Revised Q1 FY27 Results; Clarifies Cost Line Classification with No Change to PAT

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 18 Aug 2026, 11:41 AM

Sarthak Metals Limited has submitted revised financial results for the quarter ended June 30, 2026, to rectify an inadvertent swap of figures between Cost of Materials Consumed (Rs 45.66 cr) and Purchase of Stock-in-Trade (Rs 0.99 cr). The company also clarified that the quarterly results were subject to a limited review rather than being audited. Crucially, the correction does not alter the top-line revenue of Rs 55.21 cr, Profit Before Tax of Rs 2.07 cr, or Profit After Tax of Rs 1.33 cr (EPS of Rs 0.97).

Revenue from operations for Q1 FY27 stood at Rs 55.21 cr (5,521.23 lakhs), up 19.4% YoY compared to Rs 46.22 cr in Q1 FY26
Net Profit (PAT) confirmed at Rs 1.33 cr (132.92 lakhs), up 25.3% YoY from Rs 1.06 cr in Q1 FY26
Cost of materials consumed corrected to Rs 45.66 cr and purchases of stock-in-trade to Rs 0.99 cr
Basic EPS for the quarter reported at Rs 0.97 per share

💡 No immediate portfolio action required as this is an administrative reclassification of cost items with no impact on profitability. Track future quarterly updates for volume traction in the Welding and Biotech segments.

SMLT Q1 FY27: Revenue Up 19% YoY to ₹55.21 Cr; Welding Volumes Surge 94%

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 05:08 PM

Sarthak Metals reported a 19% YoY revenue growth to ₹55.21 crore for Q1 FY27, driven by strong performance in the welding and cored wire segments. However, EBITDA margins contracted by 99 bps YoY to 2.81%, leading to a 12% decline in operating profit. The welding division is emerging as a key growth engine, with volumes nearly doubling to 458 tonnes and a revenue contribution of ₹5.1 crore. Management has adopted a 'measured approach' to the Biotech segment, limiting investment to ₹50 lakhs so far due to overcapacity in the ethanol industry.

Q1 FY27 Revenue increased 19% YoY to ₹55.21 crore, though it declined 11% on a QoQ basis.
Welding division volumes surged 94% YoY to 458 tonnes, with a target of ₹25 crore annual sales for FY27.
EBITDA margins compressed to 2.81% from 3.80% YoY, impacted by higher operating expenses.
Aluminum Flipping Coil volumes fell 23% YoY due to global scrap export bans, specifically from the UAE.
Cored wire segment maintained steady growth with a 7% YoY increase in volumes to 1,532 tonnes.

💡 Watch for the welding division's ability to hit the ₹25 crore FY27 revenue target and whether the company can pass on rising aluminum scrap costs in the flipping coil segment.

SMLT Q1 Results: PAT up 25% YoY to ₹1.33 Cr; Revenue grows 19% to ₹55.2 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 01:09 PM

Sarthak Metals Limited (SMLT) reported a 19.4% YoY increase in revenue from operations to ₹55.21 Cr for the quarter ended June 30, 2026. Net profit grew 25.3% YoY to ₹1.33 Cr, although it saw a sequential decline from ₹1.49 Cr in the March 2026 quarter. Finance costs more than doubled to ₹25.59 Lakhs, indicating higher working capital or debt servicing requirements. The company remains a single-segment player in 'Cored Wires' for now, despite previous strategic mentions of diversifying into welding and biotech.

Revenue from operations grew 19.4% YoY to ₹55.21 Cr from ₹46.22 Cr in Q1 FY26.
Net Profit increased to ₹1.33 Cr, a 25.3% growth compared to ₹1.06 Cr in the same quarter last year.
Earnings Per Share (EPS) improved to ₹0.97 from ₹0.77 YoY.
Finance costs surged 110% YoY to ₹25.59 Lakhs from ₹12.17 Lakhs.
Total Equity stood at ₹125.48 Cr as of June 30, 2026, compared to ₹124.28 Cr in March 2026.

💡 Investors should monitor the contribution of the new Welding and Biotech divisions in upcoming quarters, as the current filing still classifies operations under a single segment. Watch for the impact of raw material price volatility on the 9-10% EBITDA margin target for the welding division.

SMLT FY26 Revenue Grows 8% to ₹192 Cr; AGM Scheduled for August 18, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 18 Jul 2026, 01:10 PM

Sarthak Metals Limited (SMLT) reported an 8% increase in FY26 revenue to ₹192 Crore, supported by a 14% volume growth in its core cored wire business. The newly established welding consumables division completed its first full year, contributing ₹16 Crore in revenue and securing RDSO approval. While the company remains virtually debt-free with a debt-to-equity ratio of 0.05x, profitability remains thin with a net profit margin of 2.40%. Return on Capital Employed (ROCE) saw a decline to 4.10% from 5.74% due to higher capital allocation relative to profit growth.

Revenue from operations increased 8% YoY to ₹192 Crore in FY26.
Flagship cored wire business achieved 14% volume growth with a 10,000 TPA capacity.
Welding consumables division generated ₹16 Crore revenue from 1,400+ tonnes sold in its first full year.
Inventory turnover days increased by 30.37% to 63.28 days, indicating higher working capital needs.
Maintained a strong balance sheet with a debt-to-equity ratio of 0.05x and total equity of ₹124.28 Crore.

💡 Investors should monitor the scaling of the 3,600 TPA Flux Cored Wire capacity and whether the diversification into welding consumables can improve the company's currently low net profit margins of 2.40%.

Sarthak Metals Appoints Mrs. Ushasree Bhagavatula as Independent Director; 31st AGM on Aug 18

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Jul 2026, 01:42 PM

Sarthak Metals Limited has appointed Mrs. Ushasree Bhagavatula as an additional Independent Women Director effective July 10, 2026. The company also scheduled its 31st Annual General Meeting (AGM) for August 18, 2026, to discuss the financial results for the year ended March 31, 2026. A cut-off date of August 11, 2026, has been set for determining shareholder eligibility for e-voting. The new director brings expertise in taxation and finance, holding an MBA from Symbiosis University.

Appointment of Mrs. Ushasree Bhagavatula as Independent Women Director effective July 10, 2026
31st Annual General Meeting (AGM) scheduled for August 18, 2026
Cut-off date for remote e-voting eligibility set for August 11, 2026
Board meeting duration of 2 hours and 5 minutes (11:30 AM to 1:35 PM)
Appointment of Atul Jain and Co. as the scrutinizer for the AGM voting process

💡 Investors should review the upcoming Annual Report for FY26 and participate in the AGM on August 18, 2026, to understand the company's performance and future outlook.

Sarthak Metals to Close Trading Window from July 1, 2026, for Q1 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 11:27 AM

Sarthak Metals Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the declaration of financial results for the quarter ending June 30, 2026. The restriction applies to all directors, officers, and designated persons and will remain in effect until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure starts on Wednesday, July 1, 2026.
Closure is in anticipation of financial results for the quarter ended June 30, 2026.
Restriction applies to all directors, officers, and designated persons of Sarthak Metals Limited.
Trading window will reopen 48 hours after the official declaration of the quarterly results.
The board meeting date for result approval is yet to be intimated.

💡 No action is required as this is a routine regulatory filing. Investors should watch for the upcoming announcement of the board meeting date to evaluate the company's Q1 performance.

Sarthak Metals Q4 FY26: PAT Surges 123% YoY to ₹1.49 Cr, Revenue Up 29%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 May 2026, 04:45 PM

Sarthak Metals Limited (SMLT) reported a robust performance for Q4 FY26, with revenue from operations growing 29% YoY to ₹61.99 crore. Net profit (PAT) saw a significant jump of 123% YoY to ₹1.49 crore, driven by strong volume growth across all major segments. The newly established welding division emerged as a key growth driver, contributing ₹15.7 crore in its first full year of operations. While EBITDA margins improved by 120 bps YoY to 4.04%, the company remains cautious regarding its biotechnology venture due to potential overcapacity in the ethanol industry.

Revenue from operations increased 29% YoY to ₹61.99 crore in Q4 FY26.
Net Profit (PAT) grew by 123% YoY to ₹1.49 crore with EPS rising to ₹1.09.
Cored Wire volumes increased 32% YoY to 1,834 tonnes in Q4 FY26.
Welding division volumes surged 115% YoY to 432 tonnes, with RDSO approval received in April 2025.
EBITDA (excluding other income) rose 84% YoY to ₹2.51 crore, reflecting improved operational efficiency.

💡 Investors should focus on the scaling of the welding division and its impact on overall margins, as it provides an import substitution opportunity. The stock remains a growth play in the steel-ancillary space, though absolute margins are currently thin at 4%.

Sarthak Metals Amends Code of Conduct for Board and Senior Management Effective June 2026

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 May 2026, 01:53 PM

Sarthak Metals Limited (SMLT) has approved an amended Code of Conduct for its Board of Directors and Senior Management, effective June 1, 2026. This update aligns the company's internal governance with Regulation 17(5) of SEBI (LODR) and Schedule IV of the Companies Act, 2013. The code emphasizes ethical standards, conflict of interest management, and strict adherence to insider trading regulations. While this is a routine regulatory update, it reinforces the company's commitment to corporate governance and transparency.

Board approved the amended Code of Conduct on May 22, 2026, to be effective from June 1, 2026.
The code applies to all Board members and Senior Management, including functional heads and the Company Secretary.
Mandates annual affirmations of compliance by all specified persons to be included in the Company's Annual Report.
Includes specific provisions for Independent Directors as per Schedule IV of the Companies Act, 2013.

💡 This is a routine governance update and requires no immediate action. Investors should view this as a positive step toward maintaining high corporate governance standards.

Sarthak Metals Amends Code of Conduct for Board and Senior Management Effective June 1, 2026

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 May 2026, 01:17 PM

Sarthak Metals Limited has updated its Code of Conduct for the Board of Directors and Senior Management to align with SEBI (LODR) Regulations and the Companies Act, 2013. The amended code, effective from June 1, 2026, focuses on ethical standards, conflict of interest management, and strict adherence to insider trading laws. This update ensures that the company's leadership follows the latest legal frameworks for corporate governance. While it is a routine administrative change, it reinforces the company's commitment to transparency and accountability.

Board approved the amended Code of Conduct on May 22, 2026, to be effective from June 1, 2026.
The code applies to all Board members and Senior Management, including functional heads and the CFO.
Mandates annual affirmation of compliance by all specified persons in the company's annual report.
Includes specific guidelines on avoiding conflicts of interest and prohibiting fraudulent trade practices.

💡 Investors should view this as a routine governance update. No specific action is required as this does not impact the company's operational or financial outlook.

Sarthak Metals Reports FY26 Results; Total Assets Grow to ₹137 Crore

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 22 May 2026, 01:02 PM

Sarthak Metals Limited (SMLT) reported its audited financial results for the fiscal year ending March 31, 2026, showing a 10.1% increase in total assets to ₹137.01 crore. The company's equity base strengthened to ₹124.28 crore, although it took on new current borrowings of ₹6.60 crore. A significant rise in trade receivables to ₹56.85 crore and inventories to ₹39.24 crore suggests increased business activity but may indicate a tighter working capital cycle. The board also approved material related-party transactions with Bansal Brothers for the upcoming fiscal year.

Total assets increased to ₹13,701.36 Lakhs from ₹12,443.63 Lakhs year-on-year.
Trade receivables rose significantly by 33.9% to ₹5,685.35 Lakhs.
Inventories grew by 43% to ₹3,924.29 Lakhs, indicating higher stock levels.
Current borrowings increased to ₹659.92 Lakhs from zero in the previous year.
Statutory auditors issued an unmodified opinion on the standalone financial results.

💡 Investors should monitor the company's working capital management, specifically the rising trade receivables and inventory levels, to ensure efficient cash flow. The introduction of short-term debt after a debt-free period last year warrants a closer look at the upcoming cash flow statements.

Sarthak Metals Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Mar 2026, 10:35 AM

Sarthak Metals Limited (SMLT) has informed the exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons until 48 hours after the results are made public. The specific date for the board meeting to approve these results has not yet been announced.

Trading window closure effective from Wednesday, April 1, 2026
Applies to all directors, officers, and designated persons of the company
Closure pertains to financial results for the quarter and year ended March 31, 2026
Window to reopen 48 hours after the official declaration of financial results

💡 This is a routine regulatory filing and requires no immediate action from investors. Monitor future announcements for the specific date of the board meeting to review the company's annual financial performance.

View All SMLT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for Q2 FY26 was INR 36.31 Cr, representing a 21% YoY decline from INR 45.72 Cr in Q2 FY25. The Aluminium Flipping Coil segment saw a 47.37% YoY volume drop to 180 tonnes, though realizations improved 17.03% to INR 2.68 Lakh/Tonne. Historical revenue grew 106% from INR 221.93 Cr in FY21 to INR 457.31 Cr in FY22.

Geographic Revenue Split

Not disclosed in available documents, though the company utilizes exports to provide a natural hedge against currency fluctuations.

Profitability Margins

PAT margins were 6.01% in FY22 and improved to 7.29% in FY23. For Q2 FY26, PAT was INR 0.76 Cr, down 8% YoY from INR 0.83 Cr. Operating margins in H1 FY23 improved to 10.35% from 9.01% in FY22 due to higher capacity utilization.

EBITDA Margin

EBITDA margin for Q2 FY26 was 4.53%, an improvement of 32 bps YoY from 4.21% in Q2 FY25. This margin expansion occurred despite a 15% YoY drop in absolute EBITDA to INR 1.64 Cr, driven by strategic withdrawal from low-margin segments.

Capital Expenditure

Not disclosed in absolute INR Cr, but the company is expected to increase production capacity over the medium term. Debt-funded capex is monitored as a potential risk to liquidity.

Credit Rating & Borrowing

CRISIL BBB/Positive (Outlook revised from Stable in Nov 2022). Total bank loan facilities rated at INR 27.25 Cr. Repayment obligations were INR 1.68 Cr for FY23 and INR 2.58 Cr for FY24.

⚙️ Operational Drivers

Raw Materials

Aluminum and Ferro alloys are the primary raw materials, with costs susceptible to high volatility which impacts operating margins.

Import Sources

Not disclosed in available documents, but benchmarking to international commodity exchanges and US Dollar benchmarking suggests global sourcing.

Key Suppliers

Key suppliers include Tata Steel Ltd, Jindal Steel and Power Ltd, and Jindal Stainless Limited, who also serve as major customers.

Capacity Expansion

Current capacity utilization has reached healthy levels, leading to an ROCE of over 25.5% in FY22. Planned expansion is expected over the medium term to support revenue growth.

Raw Material Costs

Raw material costs are managed through long-term contracts benchmarked to international commodity exchanges to provide supply-side hedges. Operating margins of 9.01% in FY22 indicate sufficient cost pass-through.

Manufacturing Efficiency

Operating income to gross block ratio was over 21 times as of March 31, 2022, indicating high asset turnover and efficiency.

📈 Strategic Growth

Growth Strategy

Growth will be driven by the new Welding division (targeting INR 25 Cr+ sales with 9-10% EBITDA margins) and the upcoming Biotech segment targeting distillery companies. The company is also expanding its SKU count from 5 to 10 in the welding business.

Products & Services

Metallurgical cored wires, aluminum flipping coil, and welding consumables (welding division).

Brand Portfolio

Sarthak Metals Limited (SMLT).

New Products/Services

Welding division (star performer) and Biotech division (revenue expected to start very soon with positive response from distilleries).

Market Expansion

The company is targeting the distillery sector for its biotech products and expanding its presence in the welding consumables market.

🌍 External Factors

Industry Trends

The industry is seeing intense price pressure and 'unethical competition' in certain segments like flipping coils, leading players to focus on technological differentiation and niche segments like welding.

Competitive Landscape

Faces competition from domestic and established players; currently navigating a subdued market due to unethical competitive practices in the flipping coil segment.

Competitive Moat

Moat is built on 5 decades of promoter experience and deep-rooted relationships with Tier-1 steel manufacturers, which mitigates bad debt risk and ensures raw material supply.

Macro Economic Sensitivity

Highly sensitive to the steel industry, which is driven by infrastructure and real estate cyclicality. Volumetric growth of 35% in FY22 was directly linked to robust steel demand.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015, specifically Regulations 17 to 27 regarding corporate governance.

Legal Contingencies

No material financial or commercial transactions by senior management with personal interest were reported. Statutory audit fees were INR 5,00,000.

⚠️ Risk Analysis

Key Uncertainties

Volatility in aluminum and ferro alloy prices can squeeze operating margins if cost pass-through is delayed. Dependency on the cyclical infrastructure sector poses a risk to volume stability.