WEBSITE BSE:532005 NSE: SAM INDUS. Inc. Year: 1994 Industry: Engineering - Construction My Bucket: Add Stock
Last updated: 10:39
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1. Business Overview
Sam Industries Ltd. operates in the Engineering - Construction sector in India. The company is primarily involved in various aspects of civil construction, infrastructure development, and structural fabrication. Its core business model involves bidding for and executing projects, often for government agencies, public sector undertakings, and private clients. They typically undertake contracts for the construction of buildings (residential, commercial, industrial), roads, bridges, water treatment plants, and other related infrastructure. The company makes money by successfully completing these projects within budget and agreed timelines, receiving payments in stages based on project milestones.
2. Key Segments / Revenue Mix
While specific percentage breakdowns of revenue by segment are not readily available in public domain for precise figures, Sam Industries' operations broadly cover:
Civil Construction: Undertaking projects for buildings, roads, and other essential infrastructure.
Structural Fabrication: Manufacturing and erecting pre-engineered buildings (PEBs) and various steel structures for industrial, commercial, and warehousing applications.
Water Management Projects: Involvement in projects related to water infrastructure, such as water treatment plants or distribution networks.
Their revenue mix is likely dominated by the execution of these construction and fabrication contracts.
3. Industry & Positioning
The Indian Engineering - Construction industry is vast, fragmented, and highly competitive, characterized by numerous regional and national players. It is significantly influenced by government infrastructure spending, industrial growth, and real estate development. Sam Industries operates within this competitive landscape, likely positioning itself as a regional player or a specialized contractor in specific niches like structural fabrication and PEBs. Its standing is against larger, more diversified national EPC (Engineering, Procurement, and Construction) firms as well as numerous other mid-to-small sized contractors, often competing on factors like cost-effectiveness, timely execution, and project-specific expertise.
4. Competitive Advantage (Moat)
Sam Industries operates in an industry where durable competitive advantages (moats) are generally limited. The construction business is often tender-driven and price-sensitive, with projects awarded based on competitive bidding, technical qualifications, and past performance. While the company may possess certain operational efficiencies, specific project execution capabilities, or client relationships built over time, these typically do not create a strong, sustainable moat like proprietary technology, network effects, or high switching costs. Economies of scale exist for larger players but are less pronounced for mid-sized firms.
5. Growth Drivers
Government Infrastructure Push: Continued high government spending on infrastructure projects (roads, railways, ports, urban development like Smart Cities, 'Gati Shakti' plan) will be a major driver.
Urbanization & Housing: Growing urbanization and government initiatives like 'Housing for All' will drive demand for residential and commercial construction.
Industrial Capex: Revival in private sector capital expenditure and growth in manufacturing (e.g., 'Make in India' initiatives) can boost demand for industrial construction and structural fabrication.
Water Infrastructure Development: Focus on water security, irrigation projects, and sanitation schemes will create opportunities.
6. Risks
Project Execution Risks: Delays, cost overruns, and quality control issues can impact profitability and reputation.
Raw Material Price Volatility: Fluctuations in prices of key construction materials like steel, cement, and fuel can erode margins.
Intense Competition: The fragmented nature of the industry leads to aggressive bidding and margin pressure.
Dependency on Government Spending: A significant portion of contracts often comes from public sector projects, making the company susceptible to changes in government policy or budget allocations.
Working Capital Management: The nature of long-term projects requires efficient working capital management, and delays in client payments can strain liquidity.
Regulatory and Environmental Risks: Changes in construction norms, environmental regulations, and land acquisition issues can impact project timelines and costs.
7. Management & Ownership
Sam Industries Ltd. is promoted by the the Sam family (e.g., Mr. Satpal Singh and his family members) and operates as a promoter-driven company. Promoters typically hold a significant stake, which aligns their interests with the company's long-term performance. Specific details on the quality of independent directors, succession planning, and depth of management beyond the promoters would require more detailed corporate governance reports.
8. Outlook
Sam Industries operates in a sector poised for growth given India's significant infrastructure deficit and the government's strong impetus on capital expenditure. The company's engagement in civil construction and structural fabrication aligns with these tailwinds. However, the inherent challenges of the engineering and construction industry, such as intense competition, raw material price volatility, project execution risks, and working capital management, present considerable headwinds. The company's ability to selectively bid on profitable projects, maintain strong client relationships (especially with government entities), and efficiently manage project execution and costs will be critical for sustained performance in this highly cyclical and competitive environment. Its outlook is dependent on effective execution amidst a favorable but challenging industry backdrop.
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Market Cap ₹46 Cr.
Stock P/E 14.8
P/B 0.6
Current Price ₹41.8
Book Value ₹ 67.7
Face Value 10
52W High ₹73.5
Dividend Yield 0%
52W Low ₹ 0
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 2 | 2 | 3 | 3 | 2 | 5 | 2 | 4 | 4 |
| Other Income | 9 | 1 | 1 | 1 | 0 | 1 | -0 | 3 | 1 | 1 |
| Total Income | 13 | 3 | 3 | 4 | 4 | 3 | 5 | 5 | 5 | 4 |
| Total Expenditure | 2 | 1 | 3 | 1 | 2 | 2 | 3 | 1 | 1 | 3 |
| Operating Profit | 11 | 1 | -0 | 2 | 2 | 1 | 2 | 4 | 4 | 2 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 11 | 1 | -0 | 2 | 1 | -0 | 1 | 2 | 3 | 0 |
| Provision for Tax | 1 | 0 | -0 | 0 | 1 | -2 | 1 | 1 | 1 | 0 |
| Profit After Tax | 10 | 1 | -0 | 2 | -0 | 1 | 0 | 2 | 2 | 0 |
| Adjustments | -0 | -0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 | -0 |
| Profit After Adjustments | 10 | 1 | -0 | 2 | -0 | 1 | 0 | 2 | 2 | 0 |
| Adjusted Earnings Per Share | 8.8 | 0.8 | -0.2 | 1.4 | -0 | 1.3 | 0.2 | 1.5 | 2 | 0.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 7 | 10 | 12 | 10 | 9 | 8 | 9 | 26 | 10 | 14 | 15 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 4 | 1 | 11 | 2 | 5 |
| Total Income | 8 | 8 | 11 | 13 | 10 | 10 | 10 | 13 | 26 | 21 | 16 | 19 |
| Total Expenditure | 7 | 10 | 8 | 10 | 9 | 9 | 4 | 5 | 18 | 8 | 9 | 8 |
| Operating Profit | 1 | -1 | 3 | 3 | 1 | 1 | 7 | 8 | 8 | 13 | 7 | 12 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 4 |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| Exceptional Income / Expenses | -1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -2 | 3 | 2 | 0 | 0 | 6 | 7 | 7 | 12 | 3 | 6 |
| Provision for Tax | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 2 | 1 | -0 | 3 |
| Profit After Tax | -1 | -2 | 2 | 1 | 0 | -0 | 5 | 6 | 5 | 11 | 3 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -2 | 2 | 1 | 0 | -0 | 5 | 6 | 5 | 11 | 3 | 4 |
| Adjusted Earnings Per Share | -0.9 | -2.1 | 1.6 | 1.2 | 0.2 | -0.3 | 4.5 | 5.4 | 4.9 | 9.7 | 2.8 | 4.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 40% | 16% | 9% | 9% |
| Operating Profit CAGR | -46% | -4% | 48% | 21% |
| PAT CAGR | -73% | -21% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -40% | -10% | 24% | 16% |
| ROE Average | 5% | 11% | 11% | 5% |
| ROCE Average | 6% | 12% | 13% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 41 | 38 | 39 | 41 | 41 | 41 | 46 | 52 | 57 | 68 | 71 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 19 |
| Other Non-Current Liabilities | 2 | 1 | 3 | 3 | 2 | 2 | 3 | 3 | 3 | 4 | 7 |
| Total Current Liabilities | 3 | 3 | 3 | 2 | 5 | 5 | 2 | 9 | 6 | 13 | 17 |
| Total Liabilities | 47 | 44 | 45 | 47 | 48 | 47 | 51 | 64 | 66 | 101 | 114 |
| Fixed Assets | 9 | 16 | 19 | 30 | 30 | 31 | 1 | 0 | 0 | 2 | 41 |
| Other Non-Current Assets | 24 | 16 | 15 | 7 | 9 | 7 | 34 | 44 | 56 | 90 | 61 |
| Total Current Assets | 15 | 13 | 11 | 10 | 9 | 9 | 16 | 20 | 10 | 9 | 12 |
| Total Assets | 47 | 44 | 45 | 47 | 48 | 47 | 51 | 64 | 66 | 101 | 114 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 3 |
| Cash Flow from Operating Activities | -2 | 1 | 1 | 12 | 4 | 1 | 3 | 9 | 13 | 2 | 6 |
| Cash Flow from Investing Activities | 2 | -1 | -1 | -12 | -3 | -0 | -2 | -7 | -13 | -26 | -10 |
| Cash Flow from Financing Activities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -2 | 26 | 4 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 2 | -1 | 1 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 3 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.88 | -2.14 | 1.63 | 1.2 | 0.2 | -0.26 | 4.49 | 5.37 | 4.87 | 9.67 | 2.83 |
| CEPS(Rs) | -0.26 | -1.53 | 2.25 | 1.57 | 0.56 | 0.07 | 4.83 | 5.7 | 5.19 | 10.08 | 4.11 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 36.44 | 34.3 | 35.52 | 36.71 | 36.92 | 36.64 | 41.14 | 46.51 | 51.38 | 61.05 | 63.88 |
| Core EBITDA Margin(%) | -1.25 | -30.54 | 24.4 | 13.9 | 3.16 | 6.51 | 49.93 | 45.26 | 27.63 | 21.85 | 36.97 |
| EBIT Margin(%) | -8.11 | -28.46 | 27.35 | 18.58 | 4.79 | 7.72 | 80.67 | 79.75 | 29.65 | 126.13 | 41.52 |
| Pre Tax Margin(%) | -8.19 | -28.58 | 27.23 | 18.24 | 3.01 | 4.48 | 77.72 | 75.64 | 28.48 | 120.58 | 22.73 |
| PAT Margin (%) | -15.21 | -32.11 | 17.62 | 11.45 | 2.38 | -3.01 | 64.81 | 63.39 | 21.14 | 108.16 | 22.97 |
| Cash Profit Margin (%) | -4.51 | -22.97 | 24.23 | 14.98 | 6.49 | 0.86 | 69.59 | 67.29 | 22.52 | 112.79 | 33.39 |
| ROA(%) | -2.06 | -5.17 | 4.04 | 2.9 | 0.48 | -0.6 | 10.16 | 10.36 | 8.28 | 12.82 | 2.92 |
| ROE(%) | -2.39 | -6.05 | 4.68 | 3.32 | 0.55 | -0.7 | 11.56 | 12.26 | 9.95 | 17.2 | 4.53 |
| ROCE(%) | -1.22 | -5.11 | 7.07 | 5.33 | 1.08 | 1.7 | 13.94 | 15.06 | 13.66 | 16.46 | 5.71 |
| Receivable days | 26.41 | 16.74 | 18.29 | 23.57 | 28.2 | 23.51 | 20.83 | 28.51 | 18.77 | 79.41 | 38.84 |
| Inventory Days | 233.24 | 194.17 | 129.78 | 104.67 | 117.92 | 111 | 354.42 | 532.87 | 153.8 | 166.83 | 56.28 |
| Payable days | 2011.83 | 1223.71 | 0 | 97.16 | 1397.98 | 984.16 | 289.81 | -116.63 | 53.9 | 142.85 | 244.35 |
| PER(x) | 0 | 0 | 5.37 | 13.69 | 59.99 | 0 | 2.96 | 6.54 | 10.38 | 10.97 | 21.35 |
| Price/Book(x) | 0.43 | 0.29 | 0.25 | 0.45 | 0.33 | 0.23 | 0.32 | 0.76 | 0.98 | 1.74 | 0.95 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.99 | 1.71 | 0.94 | 1.62 | 1.61 | 1.18 | 1.87 | 4.06 | 2.16 | 14.28 | 7.15 |
| EV/Core EBITDA(x) | 16.57 | -8.89 | 2.77 | 7.31 | 18.09 | 9.93 | 2.19 | 4.85 | 6.91 | 10.92 | 13.76 |
| Net Sales Growth(%) | -22.27 | 14.77 | 39.11 | 12.91 | -17.84 | -0.49 | -18.92 | 22.24 | 171.67 | -61.19 | 37.78 |
| EBIT Growth(%) | -131.78 | -302.51 | 233.67 | -23.27 | -78.8 | 60.28 | 747.12 | 20.84 | 1.02 | 65.05 | -54.65 |
| PAT Growth(%) | -159.07 | -142.36 | 176.33 | -26.61 | -82.95 | -226.17 | 1844.28 | 19.55 | -9.39 | 98.53 | -70.74 |
| EPS Growth(%) | -159.07 | -142.37 | 176.33 | -26.61 | -82.95 | -226.2 | 1844.16 | 19.55 | -9.39 | 98.53 | -70.74 |
| Debt/Equity(x) | 0.04 | 0.05 | 0 | 0.02 | 0.05 | 0.06 | 0.01 | 0.04 | 0 | 0.39 | 0.46 |
| Current Ratio(x) | 4.4 | 4.11 | 4.3 | 4.16 | 1.79 | 2.03 | 7.97 | 2.18 | 1.61 | 0.68 | 0.69 |
| Quick Ratio(x) | 3.2 | 2.88 | 2.95 | 2.83 | 1.2 | 1.42 | 1.84 | 0.55 | 0.57 | 0.46 | 0.61 |
| Interest Cover(x) | -101.69 | -234.23 | 229.45 | 54.31 | 2.68 | 2.38 | 27.35 | 19.41 | 25.21 | 22.74 | 2.21 |
| Total Debt/Mcap(x) | 0.1 | 0.16 | 0 | 0.03 | 0.14 | 0.24 | 0.02 | 0.05 | 0.01 | 0.23 | 0.49 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 | 74.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 | 25.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 |
* The pros and cons are machine generated.
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