NSE: PENIND · BSE: 513228 · ISIN INE932A01024
Pennar Industries Limited stock analysis
Pennar Industries Limited ranks #3821 in the TickerSutra evidence-ranked universe with a score of 38/100 and 95% data confidence. The latest captured fundamentals show ROCE of 15.3%, quarterly sales growth of 2.9% and quarterly profit growth of 10.9%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Promoter pledge is 8.7% of promoter holding
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,266cr | ₹171cr | ₹42cr | 8.0% |
| 2023 | ₹2,895cr | ₹221cr | ₹75cr | 8.0% |
| 2024 | ₹3,131cr | ₹273cr | ₹98cr | 9.0% |
| 2025 | ₹3,227cr | ₹310cr | ₹119cr | 10.0% |
| 2026 | ₹3,620cr | ₹355cr | ₹139cr | 10.0% |
| TTM | ₹3,645cr | ₹362cr | ₹142cr | 10.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Pennar Industries Limited has informed the Exchange about the receipt of Trading Approval from National Stock Exchange of India Limited and BSE Limited
RoutinePennar Industries Ltd-$ - 513228 - Intimation Of Receipt Of Trading Approval From NSE And BSE.BSE · 29 Sept 2026Intimation of receipt of Trading approval form BSE Limited and National Stock Exchange of India Limited.
RoutineTrading WindowBSE · 25 Sept 2026Pennar Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
At Sadashivpet, manpower in the PEB business was fully stabilised through long term contractor partnerships, improved onboarding and buffer manning of critical lines, restoring complete manning well before the year closed. The ZAP91 solar module program at Sadashivpet progressed towards commissioning, while automation and capacity expansion programs at Ascent in the USA moved ahead as planned. I am particularly pleas
Our strategy for FY2027 is straightforward. We have committed to growing profit after tax by 20%, led by operating leverage as utilisation rises across India and the United States. Capex will be light, under ₹ 100 crores, directed at completing the Body in White plant and at automation, because the labour cost arbitrage that Indian manufacturing has long enjoyed is narrowing and we intend to stay ahead of that curve.
Profit before tax grew 12.97% to ₹ 179.57 crores. EBITDA margins improved to 10.95%, our third successive year of margin expansion, driven by a deliberate shift in mix towards higher value businesses. Standalone profit after tax crossed ₹ 101 crores for the first time.
Our assets capacity utilizations are ready to take on additional revenue. We are confident of I mean, forget Q1 to Q2. Q1 to Q2 sequentially also, you will see very decent.
Hydraulics demonstrated resilience. After tariff actions in the United States disrupted export orders early in the FY2026 was Pennar’s strongest year, with record profit, expanding margins, double-digit segment growth, strong cash generation and 20.23% ROCE. “ Aditya Rao Vice Chairman and Managing Director 10 Annual Report FY25-26 year, demand recovered smartly, the backlog rose to ₹ 34 crores from ₹ 22 crores, and w
https:// www.pennarindia.com/dividend-distribution-policy.php Appreciation: Your directors take this opportunity to express their appreciation for the co-operation to all the suppliers and customers who have been associated with the Company as partners. The Directors would also like to take this opportunity to thank the financial institutions, banks, regulatory and government authorities as well as the shareholders f
* Formulate and review from time to time the policy for selection and appointment of Directors, Key Managerial Personnel and senior management employees and their remuneration. * Review the performance of the Board of Directors and Key Managerial Personnel based on certain criteria as approved by the Board. In reviewing the overall remuneration of the Board of Directors and Key Managerial Personnel, the Committee ens
775.12 crore, taking the debt to equity ratio to 1.05 from 0.92. This increase warrants a candid explanation: about USD 14 million relates to the funding of the Ascent Structural acquisition, and the balance is predominantly working capital borrowing that scaled with revenue, alongside a conscious build up of inventory ahead of price increases. Cash, cash equivalents and bank balances stood at a record Rs.
There's also -- I mean, speaking from a promoter point of view, there's about INR50 crores of capital that's been brought in, but INR20 crores has been brought in already. So that too will , to some extent , reduce debt equity, though that's not the major metric , but staying around 0.7 is the stated target. Pennar Industries Limited August 13, 2026 Page 10 of 23 Moderator: Thank you.
During the financial year under review, the Company continued to focus on the development of its manufacturing facility located at Sadashivpet, Telangana, India. As of the end of the financial year, the manufacturing unit was under development and commercial production had not commenced. The Company is undertaking the necessary activities for the establishment and commissioning of the manufacturing facility and is pr
No trade receivables are due from directors or other officers of the Company either severally or jointly with any other person or firms or private companies in which any director is a partner, a director or a member. Trade receivables balance as at March 31, 2026, ₹ 10,035 Lakhs (As at March 31, 2025 : ₹ Nil Lakhs) is due from the Company’s Largest customers individually representing more than 5% of total trade recei
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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