Sahyadri Industries Limited. (SAHYADRI) AI Stock Analysis

• Market Cap: ₹2.43B
• Dividend Yield: 0.4%
• Average Volume (3M): 1.75K
• Price to Earnings (P/E): 14.1
• Beta (1Y): 0.88
• Revenue Growth: 1.59%
• EPS Growth: -15.40%
• Country: IN
• Employees: 748
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 4.54
• Shares Outstanding: 10,946,300
• 10 Day Avg. Volume: 2,242
• 30 Day Avg. Volume: 1,748
• PEG Ratio: -0.50
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 0.42
• P/FCF Ratio: 7.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹237.00 ▼(-7.71% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is primarily supported by relatively stable financial performance, led by a solid equity position and improved leverage, but tempered by the recent revenue and free-cash-flow decline. Technical indicators are the biggest drag, with price trading below key moving averages and negative MACD. Valuation is reasonable on P/E, though the dividend yield provides limited support.

Positive Factors

Strong equity base

A high and improving equity ratio plus lower debt-to-equity materially strengthens the company’s solvency and financial resilience. This durable capital structure reduces refinancing risk, preserves borrowing capacity during cycles, and supports longer-term investment and project financing in construction materials.

Operating cash generation

Strong operating cash flow relative to net income indicates the business converts earnings into cash reliably. Over 2-6 months this supports working capital, routine capex, and debt service without needing external funding, providing a durable buffer against industry cyclicality and revenue volatility.

Healthy gross margins & prior growth

A ~32.7% gross margin and multi-year revenue expansion reflect underlying unit economics and historical demand for the company's products. Even if recent top-line softened, such structural margin and prior growth history imply competitive pricing power or cost control that can support recovery and sustained profitability.

Negative Factors

Recent revenue decline

A year-over-year revenue drop is a durable concern in a cyclical sector: it reduces scale benefits, pressures margins, and may signal weakening demand or pricing erosion. If the top-line trend continues, it can constrain investment, slow growth initiatives, and impair long-term competitiveness.

Free cash flow deterioration

Falling free cash flow limits the firm’s ability to fund capex, pay down debt, or return capital without external financing. Over several months this raises liquidity risk, reduces strategic flexibility, and increases dependence on balance-sheet strength to bridge cash shortfalls in downturns.

Compression in operating margins

Eroding EBIT/EBITDA margins point to margin pressure from higher costs or weaker pricing. This structural profitability weakness can persist if not addressed through cost controls or pricing strategy, reducing free cash flow generation and constraining reinvestment in product or capacity upgrades.

Sahyadri Industries Limited. Business Overview & Revenue Model

Company Description

Sahyadri Industries Limited engages in the production and sale of cement sheets and accessories in India. It operates in Building Material and Power Generation segments. The Building Material segment manufactures and trades in asbestos sheets, flat sheets, non-asbestos flat sheets, accessories for roofing products, doors, and other building materials. The Power Generation segment generates electricity through windmills. The company provides backyard poultry structures; S3, an erect-on-site pre-engineered building technology; toilet block units; and trades in steel doors. It offers its products under Swastik, Cemply, EcoPro, Swachalay, and Swastik Kukdookoo brand names. Sahyadri Industries Limited was founded in 1947 and is based in Pune, India.

How the Company Makes Money

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Sahyadri Industries Limited. Financial Statement Overview

Summary

Underlying financials are stable but mixed: balance sheet strength (high equity ratio and improved debt-to-equity) supports resilience, while the income statement shows a concerning revenue decline from 2024 to 2025 and weaker EBIT/EBITDA margins. Cash flow quality is mixed, with strong operating cash flow relative to net income but a notable drop in free cash flow.

Income Statement

Sahyadri Industries Limited showed a mixed performance in its income statement. The company experienced a decline in revenue from 2024 to 2025, which is concerning, but its gross profit margin and net profit margin remained relatively healthy. The gross profit margin for 2025 stood at approximately 32.74%, and the net profit margin was around 3.24%. However, the decline in EBIT and EBITDA margins indicates potential efficiency issues. Revenue growth from 2020 to 2024 was strong, but the recent dip in 2025 should be monitored closely.

Balance Sheet

The balance sheet of Sahyadri Industries Limited presents a stable financial structure with a strong equity base. The debt-to-equity ratio decreased from 2024 to 2025, reflecting improved leverage management. The return on equity (ROE) for 2025 was 5.14%, indicating a moderate return on shareholder investments. The equity ratio improved to 69.68% in 2025, showcasing a solid equity position relative to total assets. However, the company's debt levels have fluctuated over the years, which may pose risks if not managed appropriately.

Cash Flow

The cash flow statement indicates a decline in free cash flow from 2024 to 2025, which could impact future investments and debt servicing. The operating cash flow to net income ratio was strong in 2025, indicating effective cash generation relative to earnings. However, the free cash flow to net income ratio decreased significantly, signaling potential challenges in maintaining sufficient liquidity. The fluctuating cash flow trends highlight the need for better cash management to support long-term financial health.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.19B	6.05B	6.34B	5.94B	5.41B	4.71B
Gross Profit	2.67B	1.15B	1.17B	1.34B	1.49B	1.73B
EBITDA	549.30M	580.30M	706.00M	842.60M	1.04B	973.50M
Net Income	185.20M	194.60M	263.70M	371.10M	618.20M	616.90M
Balance Sheet
Total Assets	4.98B	5.43B	5.60B	5.57B	4.69B	3.79B
Cash, Cash Equivalents and Short-Term Investments	64.60M	54.80M	169.70M	161.50M	245.50M	520.00M
Total Debt	350.10M	783.90M	1.16B	1.24B	802.00M	467.60M
Total Liabilities	1.08B	1.65B	2.00B	2.21B	1.64B	1.34B
Stockholders Equity	3.90B	3.78B	3.60B	3.35B	3.04B	2.45B
Cash Flow
Free Cash Flow	465.90M	345.70M	157.40M	-304.60M	-544.10M	317.60M
Operating Cash Flow	556.80M	538.90M	578.00M	167.20M	105.10M	495.80M
Investing Cash Flow	-109.40M	-108.00M	-340.20M	-445.20M	-329.40M	-301.00M
Financing Cash Flow	-463.50M	-456.20M	-216.00M	290.50M	224.50M	-188.25M

Sahyadri Industries Limited. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 256.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SAHYADRI, the sentiment is Negative. The current price of 256.8 is above the 20-day moving average (MA) of 239.11, above the 50-day MA of 246.05, and below the 200-day MA of 267.36, indicating a bearish trend. The MACD of -5.96 indicates Positive momentum. The RSI at 35.65 is Neutral, neither overbought nor oversold. The STOCH value of 52.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SAHYADRI.

Sahyadri Industries Limited. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAHYADRI	63 Neutral	₹2.43B	14.07	―	0.40%	1.59%	-15.40%
PASUPTAC	62 Neutral	₹3.74B	4.61	―	―	36.99%	10.60%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
VISAKAIND	59 Neutral	₹4.76B	79.94	―	0.74%	6.79%	―
MURUDCERA	56 Neutral	₹1.70B	12.89	―	1.44%	10.18%	28.03%
KAKATCEM	54 Neutral	₹751.73M	-5.21	―	2.30%	-32.19%	-1097.08%
APCL	51 Neutral	₹3.21B	-4.95	―	―	-3.03%	27.30%

Sahyadri Industries Limited. Corporate Events

Sahyadri Industries Announces Trading Window Closure Ahead of Q3 Results

Sahyadri Industries Limited has announced that its trading window for dealing in the company’s securities will be closed from 1 January 2026 until 48 hours after the declaration of its financial results for the quarter and nine months ended 31 December 2025. The company has directed all designated persons and their immediate relatives to refrain from trading in its shares during this period, in line with SEBI’s Prohibition of Insider Trading Regulations, underscoring its adherence to regulatory norms and governance standards ahead of its upcoming financial disclosures.