WEBSITE BSE:526981 NSE: SHBAJRG Inc. Year: 1990 Industry: Steel & Iron Products My Bucket: Add Stock
Last updated: 15:31
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1. Business Overview
Shri Bajrang Alliance Ltd. operates in the Steel & Iron Products sector in India. The company is primarily involved in the manufacturing, processing, or trading of various steel and iron products. Its core business model likely revolves around sourcing raw materials (such as iron ore, scrap, coal), processing them into intermediate or finished steel products (e.g., billets, rebar, structural steel, or pipes), and then selling these products to end-users in construction, infrastructure, manufacturing, or to other traders. The company makes money through the margin between its production/sourcing costs and its sales revenue.
2. Key Segments / Revenue Mix
Specific segment breakdown and revenue mix are not publicly available from the provided information. However, typical segments for a steel company might include Long Products (e.g., rebar, wire rods, structural steel used in construction), Flat Products (e.g., sheets, plates used in automotive, appliances), or specific value-added products. Without further financial data, it's difficult to ascertain its precise revenue contribution from different product categories or geographical markets.
3. Industry & Positioning
The Indian steel industry is large, cyclical, and highly competitive, characterized by a mix of large integrated players (like Tata Steel, JSW Steel, SAIL) and numerous smaller, regional, and often unorganized players. The industry is highly dependent on demand from sectors like construction, infrastructure, automotive, and manufacturing. Given its likely scale, Shri Bajrang Alliance Ltd. is positioned as a smaller-to-mid-sized player, likely focusing on specific regional markets or niche product categories where it can compete effectively on cost, delivery, or relationships, rather than being a national-level integrated producer. Competition is intense, largely based on price, quality, and delivery timelines.
4. Competitive Advantage (Moat)
For a company of its likely size in a commodity-oriented sector like steel, Shri Bajrang Alliance Ltd. appears to have limited durable competitive advantages. Strong moats such as significant brand equity, network effects, or high switching costs are generally absent in the steel industry. Any potential advantages might stem from operational efficiencies, a strong regional distribution network, established local customer relationships, or a specific cost advantage in sourcing or processing within its operating region. However, these are often susceptible to price fluctuations and new competition.
5. Growth Drivers
Infrastructure Development: Government focus on infrastructure projects (roads, railways, ports, urban development) drives demand for steel products.
Real Estate & Construction: Growing urbanization and housing demand contribute significantly to steel consumption.
Manufacturing Growth: Expansion in sectors like automotive, capital goods, and consumer durables increases demand for various steel grades.
Government Policies: "Make in India" initiatives and protective tariffs can support domestic steel producers.
Rural Demand: Increasing rural disposable income and development projects also contribute to steel demand.
6. Risks
Commodity Price Volatility: Fluctuations in raw material prices (iron ore, coking coal, scrap) and finished steel prices can significantly impact profitability.
Cyclical Demand: The steel industry is highly cyclical, sensitive to economic downturns and demand shocks from key user industries.
Intense Competition: Competition from larger domestic players and imported steel can pressure margins.
Regulatory & Environmental: Strict environmental norms, licensing requirements, and compliance costs can be significant.
Interest Rate Sensitivity: Steel manufacturing is capital-intensive, making companies vulnerable to changes in interest rates impacting financing costs.
Logistics & Power Costs: High energy and transportation costs in India can impact operational efficiency and competitiveness.
7. Management & Ownership
As is common with many Indian companies, Shri Bajrang Alliance Ltd. is likely promoter-driven, meaning a founding family or group holds a significant stake and plays a key role in management and strategic direction. The quality of management would depend on their experience in the steel sector, capital allocation decisions, and ability to navigate industry cycles. Ownership structure typically involves the promoter group holding the largest share, with the remaining shares held by the public and potentially institutional investors. Detailed information on specific management quality or ownership percentages is not available from the given data.
8. Outlook
Shri Bajrang Alliance Ltd. operates within a critical sector for India's economic growth. The ongoing thrust on infrastructure development, urbanization, and domestic manufacturing provides a strong demand backdrop for steel products. However, the company, like others in the sector, faces inherent challenges such as commodity price volatility, intense competition from larger, more integrated players, and the cyclical nature of demand. Its ability to grow and maintain profitability will depend on effective cost management, strategic product mix, regional market penetration, and efficient capital allocation in a highly competitive and capital-intensive industry.
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Market Cap ₹153 Cr.
Stock P/E 75.3
P/B 0.4
Current Price ₹170
Book Value ₹ 388.8
Face Value 10
52W High ₹249.5
Dividend Yield 0%
52W Low ₹ 130.2
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 | 68 | 124 | 227 | 130 | 80 | 107 | 80 | 89 | 87 | 47 |
| Other Income | 0 | 0 | 4 | 1 | 0 | 0 | 2 | 0 | 0 | 0 |
| Total Income | 68 | 124 | 230 | 131 | 80 | 107 | 82 | 90 | 88 | 47 |
| Total Expenditure | 68 | 126 | 224 | 130 | 79 | 106 | 79 | 87 | 84 | 49 |
| Operating Profit | 0 | -2 | 6 | 1 | 1 | 1 | 4 | 3 | 3 | -2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -3 | 5 | 0 | 0 | 0 | 2 | 2 | 2 | -4 |
| Provision for Tax | -0 | -1 | 1 | 0 | -0 | -0 | 1 | 0 | 1 | -1 |
| Profit After Tax | -1 | -2 | 4 | 0 | 0 | 0 | 1 | 1 | 2 | -2 |
| Adjustments | 8 | 9 | 11 | 7 | 7 | 6 | 10 | 7 | 8 | 8 |
| Profit After Adjustments | 7 | 7 | 15 | 7 | 8 | 7 | 11 | 9 | 10 | 6 |
| Adjusted Earnings Per Share | 8.2 | 8.2 | 16.3 | 7.7 | 8.3 | 7.6 | 12.6 | 9.5 | 11.2 | 6.9 |
| #(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 | 72 | 70 | 77 | 101 | 157 | 175 | 214 | 171 | 524 | 570 | 398 | 303 |
| Other Income | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 4 | 3 | 2 |
| Total Income | 74 | 71 | 77 | 101 | 157 | 175 | 214 | 173 | 525 | 574 | 401 | 307 |
| Total Expenditure | 68 | 70 | 72 | 96 | 152 | 171 | 205 | 162 | 513 | 565 | 394 | 299 |
| Operating Profit | 6 | 1 | 4 | 5 | 5 | 3 | 9 | 11 | 12 | 9 | 7 | 8 |
| Interest | 3 | 2 | 3 | 2 | 3 | 2 | 4 | 3 | 2 | 1 | 1 | 1 |
| Depreciation | 1 | 0 | 0 | 1 | 1 | 0 | 2 | 3 | 3 | 3 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | -1 | 1 | 2 | 1 | 1 | 3 | 7 | 7 | 5 | 3 | 2 |
| Provision for Tax | 0 | -0 | 0 | 0 | -0 | 0 | 1 | 3 | 1 | 2 | 1 | 1 |
| Profit After Tax | 2 | -1 | 1 | 1 | 1 | 1 | 2 | 4 | 6 | 3 | 2 | 2 |
| Adjustments | 0 | 0 | 0 | 8 | 17 | 13 | 29 | 68 | 29 | 38 | 31 | 33 |
| Profit After Adjustments | 2 | -1 | 1 | 9 | 18 | 14 | 31 | 72 | 34 | 41 | 33 | 36 |
| Adjusted Earnings Per Share | 2.1 | -1.4 | 1.1 | 10.1 | 21.7 | 15.5 | 34.2 | 80.1 | 38 | 45.4 | 36.2 | 40.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -30% | 33% | 18% | 19% |
| Operating Profit CAGR | -22% | -14% | 18% | 2% |
| PAT CAGR | -33% | -21% | 15% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -3% | 6% | 2% | 19% |
| ROE Average | 1% | 1% | 2% | 1% |
| ROCE Average | 1% | 2% | 3% | 3% |
| #(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 | 45 | 44 | 45 | 87 | 103 | 117 | 153 | 225 | 259 | 301 | 336 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 23 | 22 | 19 | 5 | 0 | 6 | 20 | 17 | 6 | 0 | 15 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 3 | 12 | 4 | 4 |
| Total Current Liabilities | 37 | 29 | 25 | 31 | 31 | 91 | 51 | 31 | 100 | 111 | 114 |
| Total Liabilities | 106 | 96 | 89 | 123 | 135 | 215 | 226 | 277 | 377 | 416 | 469 |
| Fixed Assets | 4 | 4 | 4 | 7 | 8 | 8 | 42 | 42 | 38 | 42 | 42 |
| Other Non-Current Assets | 43 | 46 | 42 | 75 | 73 | 118 | 116 | 187 | 233 | 261 | 305 |
| Total Current Assets | 58 | 46 | 44 | 41 | 54 | 89 | 68 | 47 | 106 | 114 | 122 |
| Total Assets | 106 | 96 | 89 | 123 | 135 | 215 | 226 | 277 | 377 | 416 | 469 |
| #(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 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | 6 | 2 | 5 | 13 | -8 | 8 | 2 | 21 | -3 | 0 | -24 |
| Cash Flow from Investing Activities | -1 | 1 | -0 | -1 | -1 | -30 | -7 | -5 | -5 | -7 | -15 |
| Cash Flow from Financing Activities | -5 | -3 | -6 | -12 | 10 | 23 | 5 | -16 | 7 | 8 | 37 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 1 | -1 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| # | 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) | 2.11 | -1.4 | 1.06 | 10.08 | 21.72 | 15.54 | 34.21 | 80.08 | 37.97 | 45.4 | 36.22 |
| CEPS(Rs) | 2.84 | -0.95 | 1.47 | 2.13 | 2.39 | 1.06 | 4.74 | 7.11 | 9.37 | 6.87 | 5.82 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 50.14 | 48.74 | 49.8 | 92.59 | 111.2 | 126.57 | 166.66 | 246.85 | 284.52 | 330.46 | 369.51 |
| Core EBITDA Margin(%) | 5.62 | 0.8 | 5.1 | 4.38 | 3.13 | 1.9 | 4.24 | 5.31 | 2.08 | 0.81 | 1.04 |
| EBIT Margin(%) | 7.17 | 0.96 | 4.7 | 3.67 | 2.68 | 1.77 | 3.44 | 5.64 | 1.82 | 1.04 | 0.95 |
| Pre Tax Margin(%) | 2.96 | -1.67 | 1.45 | 1.6 | 0.9 | 0.57 | 1.34 | 4.02 | 1.36 | 0.85 | 0.64 |
| PAT Margin (%) | 2.36 | -1.67 | 1.14 | 1.14 | 0.92 | 0.38 | 1.02 | 2.22 | 1.08 | 0.55 | 0.51 |
| Cash Profit Margin (%) | 3.16 | -1.14 | 1.57 | 1.87 | 1.37 | 0.54 | 1.99 | 3.75 | 1.61 | 1.08 | 1.31 |
| ROA(%) | 1.78 | -1.25 | 1.03 | 1.11 | 1.12 | 0.38 | 0.99 | 1.51 | 1.73 | 0.79 | 0.46 |
| ROE(%) | 4.31 | -2.83 | 2.15 | 1.84 | 1.57 | 0.63 | 1.65 | 2.04 | 2.36 | 1.13 | 0.64 |
| ROCE(%) | 5.59 | 0.75 | 4.42 | 3.85 | 3.67 | 2.21 | 3.98 | 4.08 | 3.33 | 1.78 | 0.97 |
| Receivable days | 93.97 | 111.27 | 101.32 | 59.98 | 34.54 | 67.5 | 65.52 | 46.48 | 27.43 | 35.33 | 32.92 |
| Inventory Days | 95.79 | 71.59 | 67.75 | 71.82 | 70.46 | 70.01 | 51.59 | 60.53 | 22.81 | 29.21 | 60.61 |
| Payable days | 4.02 | 6.15 | 3.73 | 5.44 | 15.81 | 65.29 | 59.21 | 19.39 | 8.67 | 7.76 | 17.15 |
| PER(x) | 9.08 | 0 | 16.47 | 1.79 | 0.73 | 1.13 | 4.19 | 3.16 | 4.14 | 5.8 | 3.7 |
| Price/Book(x) | 0.38 | 0.65 | 0.35 | 0.19 | 0.14 | 0.14 | 0.86 | 1.02 | 0.55 | 0.8 | 0.36 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.02 | 1.09 | 0.74 | 0.42 | 0.22 | 0.36 | 0.87 | 1.57 | 0.37 | 0.52 | 0.55 |
| EV/Core EBITDA(x) | 11.5 | 67.89 | 13.15 | 9.43 | 6.86 | 18.47 | 19.82 | 24.41 | 15.83 | 32.87 | 31.11 |
| Net Sales Growth(%) | -32.5 | -2.87 | 8.91 | 31.23 | 56.11 | 11.18 | 22.44 | -20.13 | 206.81 | 8.82 | -30.1 |
| EBIT Growth(%) | -3.5 | -87.48 | 443.85 | -4.37 | 11.74 | -26.5 | 137.43 | 31.01 | -0.78 | -38.01 | -35.85 |
| PAT Growth(%) | 55.51 | -166.18 | 175.69 | 23.44 | 22.28 | -53.47 | 226.08 | 73.9 | 48.76 | -44.6 | -35.11 |
| EPS Growth(%) | 55.51 | -166.18 | 175.69 | 851.7 | 115.48 | -28.46 | 120.14 | 134.09 | -52.59 | 19.58 | -20.23 |
| Debt/Equity(x) | 1.26 | 1.11 | 0.91 | 0.32 | 0.2 | 0.41 | 0.39 | 0.19 | 0.21 | 0.2 | 0.29 |
| Current Ratio(x) | 1.57 | 1.57 | 1.77 | 1.33 | 1.75 | 0.98 | 1.32 | 1.52 | 1.06 | 1.03 | 1.07 |
| Quick Ratio(x) | 1.12 | 1.14 | 1.02 | 0.61 | 0.51 | 0.67 | 0.69 | 0.73 | 0.65 | 0.57 | 0.35 |
| Interest Cover(x) | 1.7 | 0.36 | 1.45 | 1.78 | 1.51 | 1.47 | 1.64 | 3.48 | 3.89 | 5.64 | 3.03 |
| Total Debt/Mcap(x) | 3.29 | 1.71 | 2.61 | 1.63 | 1.36 | 2.96 | 0.45 | 0.18 | 0.38 | 0.25 | 0.81 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.97 | 64.83 | 63.97 | 63.97 | 63.97 | 63.97 | 63.97 | 63.97 | 63.97 | 63.97 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.03 | 35.17 | 36.03 | 36.03 | 36.03 | 36.03 | 36.03 | 36.03 | 36.03 | 36.03 |
| 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 | 0.58 | 0.6 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.9 | 0.92 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
* The pros and cons are machine generated.
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