Key Metrics of Shanthi Gears
About Shanthi Gears
Sectors
Company details
- Website
- shanthigears.com
- Registered office
- 304a, Trichy Road, Singanallur, Coimbatore, In-tn, 641005
- Listed
- NSE: SHANTIGEAR · ₹491.20
Operational Areas of Shanthi Gears
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Oct 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹39.0 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Benefits arising from strong parentage
TIIL, the flagship company of the Murugappa Group, holds a 73.16% stake in SGL as on August 31, 2026 (increased its stake to 73.16% from 70.46% in August 2026 ).
+ Established presence in industrial gears; diversified clientele and end-user sectors support revenue stability
SGL has extensive presence in the industrial gears segment for five decades and caters to a reputed clientele from diversified sectors such as general engineering, steel, lifts, railways, cement and power, among others.
+ Strong financial profile
SGL has remained debt free since FY2013, aided by healthy net cash accrualsof more than Rs. 45 crore annually and moderate capex.
+ Healthy order book
SGL’s pending order book position stood at over Rs. 378.0 crore as on June 30, 2026, supported by demand from both the original equipment manufacturers (OEM) and replacement segments.
Credit challenges
− Moderate scale of operations
The company’s operating income (OI) stood at Rs. 521.9 crore in FY2026 and Rs. 115.5 crore in Q1 FY2027, which declined by 14% on a YoY basis in both periods.
− Close linkage to capex cycle exposes revenues to cyclicality in end-user industries
SGL’s income is exposed to the domestic capex cycles, and any economic slowdown could impact its revenues, as witnessed in the past.
− Margins susceptible to fluctuations in raw material prices
SGL’s major raw materials include alloy steel and other steel components.
Could lead to an upgrade
ICRA could upgrade SGL’s ratings, if it demonstrates a sustained and significant growth in its scale of operations and earnings, with meaningful scale-up in export geographical presence and market share, while sustaining its healthy debt protection metrics and
Could lead to a downgrade
Pressure on the company’s ratings could arise, if it witnesses a sharp deterioration in its earnings or a significant rise in debt on a sustained basis, or weakening in the parent’s credit profile or SGL’s operational/financial linkages with the parent, TIIL.
Agency-reported financials (ICRA, 01 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹605 Cr | ₹522 Cr |
| PAT | ₹96.00 Cr | ₹76.70 Cr |
| OPBDIT/OI | 21.5% | 20.6% |
| PAT/OI | 15.9% | 14.7% |
| Total outside liabilities/Tangible net worth (times) | 0.20× | 0.20× |
| Total debt/OPBDIT (times) | 0.00× | 0.00× |
| Interest coverage (times) | 295.30× | 298.40× |
| Revenue growth (YoY) | — | −13.8% |
| EBITDA (margin × income) | ₹130 Cr | ₹108 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹0.00 Cr | ₹0.00 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.44 Cr | ₹0.36 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short-term fund-based – Overdraft | Working capital & bank lines | ₹1.00 L | ₹1.00 L | 0.0% | A1+ | Reaffirmed | ICRA |
| Long-term non-fund based | Non-fund based limits | ₹29.0 Cr | ₹39.0 Cr | 34.5% | AA (Stable) | Reaffirmed | ICRA |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 83% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 83% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 298.4×
Rated limits by facility
Timeline
From the report
SGL has a robust financial profile, marked by healthy profitability, external debt-free status and strong liquidity.
From the report
Strong financial profile – SGL has remained debt free since FY2013, aided by healthy net cash accrualsof more than Rs. 45 crore annually and moderate capex.
From the report
Strong financial profile – SGL has remained debt free since FY2013, aided by healthy net cash accrualsof more than Rs. 45 crore annually and moderate capex.
From the report
Additionally, the company has a strong liquidity profile with sizeable liquid investments of Rs. 155.9 crore as on March 31, 2026.
From the report
The company has remained external debt free, and the fund-based working capital utilisation has been nil over the last 10 years, and this is expected to continue over the medium term.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Shanthi Gears
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Gears & Transmissions · Auto Components, Forging & Casting | elecon.com | 1951 | Vallabh Vidyanagar, India | |
| Gears & Transmissions · Auto Components, Forging & Casting | bharatgears.com | — | Faridabad, India | |
 Sona Comstar |
Casting & Die Casting (India) · Auto Components, Forging & Casting | sonacomstar.com | — | Gurgaon, India |
 ZF India |
Gears & Transmissions · Auto Components, Forging & Casting | zf.com | — | Pune, India |
 GKN Driveline India |
Part of GKN Automotive. | gknautomotive.com | — | Faridabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Industrial gears and gearboxes
Filings
No filings on record yet.