Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹86 Cr.
Stock P/E
12.9
P/B
0.8
Current Price
₹8
Book Value
₹ 10.4
Face Value
1
52W High
₹16.5
52W Low
₹ 5.1
Dividend Yield
0.63%

Super Tannery Overview

Business

Super Tannery Ltd. is an Indian company primarily engaged in the manufacturing and export of finished leather and a diverse range of leather products. Its core business model involves sourcing raw hides and skins, processing them into finished leather (the tanning process), and then utilizing this leather to produce various goods. The company makes money through the direct sale of finished leather to other manufacturers and through the sale of its own manufactured leather products, which include shoe uppers, complete footwear (fashion and safety shoes), leather goods (bags, wallets), saddlery, and harness items to both domestic and international markets.

Revenue Mix

While exact percentage breakdowns are not publicly available without deep dive into financial reports, Super Tannery's revenue is primarily derived from two broad segments:

Finished Leather: Sales of processed leather in various forms and finishes to footwear, garment, and leather goods manufacturers globally.

Leather Products: Manufacturing and sales of value-added products like shoe uppers, full shoes (including safety footwear), leather garments, leather goods, and saddlery & harness products. The company's vertical integration from tanning to product manufacturing allows for a diversified revenue stream.

Industry

The Indian leather industry is a significant global player, known for its large raw material base and skilled workforce, contributing substantially to exports. However, it is also highly fragmented, with numerous small and medium-sized enterprises alongside a few large, integrated players. The industry faces global competition from other major leather-producing countries like China, Brazil, Italy, and Vietnam, and is increasingly scrutinized for environmental impact. Super Tannery Ltd. is one of India's oldest and largest tanneries, holding a well-established position among the integrated players. Its long history and export focus position it as a significant, experienced player in both finished leather and value-added product categories, catering to international quality standards.

MOAT

Scale and Longevity: As one of the oldest and largest tanneries in India, Super Tannery benefits from significant operational scale, deep institutional knowledge acquired over decades, and established supply chains.

Vertical Integration: The company controls the entire value chain from raw hide processing to finished product manufacturing, allowing for better quality control, cost management, and faster response times compared to less integrated competitors.

Established Export Relationships & Reputation: Its long-standing presence in international markets has likely built strong relationships with global buyers and a reputation for quality, which can be a barrier to entry for new competitors.

Diversified Product Portfolio: The ability to produce a wide range of products (finished leather, footwear, safety shoes, leather goods, saddlery) reduces dependence on any single product category or market segment.

Growth Drivers

Rising Global Demand for Leather Products: Increasing disposable incomes in emerging markets and continued demand for quality leather goods in developed markets can drive sales.

Growth in Footwear & Fashion Industries: The company's exposure to footwear and fashion accessories provides a direct link to the growth of these sectors.

Government Support & Incentives: Indian government initiatives aimed at boosting manufacturing and exports in the leather sector (e.g., Make in India, export promotion schemes) can provide tailwinds.

Product Diversification & Value Addition: Expanding into new types of leather products or higher-value segments can open new revenue streams.

Focus on Sustainability: Companies that can demonstrate sustainable and ethical sourcing/manufacturing practices may gain market share as consumer preferences shift.

Risks

Raw Material Price Volatility: The prices of raw hides and skins are commodities and subject to global supply-demand fluctuations, impacting input costs and margins.

Environmental Regulations & Compliance: The tanning industry is water-intensive and can be polluting. Stricter environmental norms and compliance costs can significantly impact operations and profitability.

Shifts in Consumer Preference: Growing consumer awareness and preference for non-leather, vegan, or synthetic alternatives pose a long-term threat to natural leather demand.

International Trade Barriers & Currency Fluctuations: As a major exporter, the company is exposed to changes in global trade policies, tariffs, and adverse currency movements.

Labor Costs: Rising labor costs in India can compress margins, particularly in manufacturing-intensive processes.

Supply Chain Disruptions: Global events (e.g., pandemics, geopolitical conflicts) can disrupt the sourcing of raw materials or the distribution of finished products.

Management & Ownership

Super Tannery Ltd. is primarily promoted by the Fazal Group, a family-led business group with a long history and deep roots in the Indian leather industry. Promoter families typically hold significant stakes and are actively involved in the management and strategic direction of such legacy companies. The long tenure and multi-generational involvement suggest a commitment to the business and deep industry expertise, though a concentrated ownership structure can sometimes lead to governance concerns if not properly managed.

Outlook

Super Tannery Ltd. benefits from its established position, vertical integration, and extensive export network within the Indian leather industry. The company is well-positioned to capitalize on global demand for quality leather products and India's overall manufacturing growth. However, it operates in an industry facing increasing scrutiny regarding environmental impact and evolving consumer preferences towards non-leather alternatives. The ability to innovate, adapt to sustainable practices, manage raw material price volatility, and navigate global trade dynamics will be crucial for its sustained performance. Its long history and diversified product portfolio provide a degree of resilience, but competitive pressures and shifts in the broader fashion and materials landscape will require continuous strategic adaptation.

Super Tannery Share Price

Live · BSE / NSE · Inception: 1984
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Super Tannery Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 63 65 78 73 69 68 62 60 57 76
Other Income 1 0 1 1 0 1 0 0 1 0
Total Income 64 65 79 74 69 68 63 60 58 76
Total Expenditure 57 59 74 68 63 62 58 55 51 70
Operating Profit 7 6 5 6 6 6 5 5 7 7
Interest 2 1 1 2 1 1 1 1 2 1
Depreciation 2 2 2 2 2 2 2 2 1 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 3 3 2 2 3 3 1 1 4 3
Provision for Tax 1 1 1 1 1 1 0 0 2 1
Profit After Tax 2 2 1 2 2 2 1 1 3 2
Adjustments 0 0 0 -0 0 -0 0 -0 0 -0
Profit After Adjustments 2 2 1 2 2 2 1 1 3 2
Adjusted Earnings Per Share 0.2 0.2 0.1 0.2 0.2 0.2 0.1 0.1 0.3 0.2

Super Tannery Profit & Loss

#(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 316 240 235 246 198 186 191 221 227 229 285 255
Other Income 1 2 3 2 3 1 1 3 2 2 2 1
Total Income 317 242 238 248 201 187 192 224 229 231 287 257
Total Expenditure 289 218 215 231 182 172 175 206 210 211 264 234
Operating Profit 28 24 23 17 18 15 17 17 19 20 23 24
Interest 11 10 9 6 6 7 5 4 4 5 5 5
Depreciation 7 7 7 6 6 6 6 6 7 7 7 7
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 7 7 5 6 3 6 7 8 8 10 9
Provision for Tax 4 4 2 2 2 -1 1 3 2 3 3 3
Profit After Tax 6 3 5 3 4 4 5 5 6 6 7 7
Adjustments 0 0 -0 0 0 -0 0 -0 0 0 0 0
Profit After Adjustments 6 3 5 3 4 3 5 5 6 6 7 7
Adjusted Earnings Per Share 0.5 0.3 0.4 0.3 0.4 0.3 0.4 0.4 0.6 0.6 0.6 0.7

Super Tannery Balance Sheet

#(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 73 76 79 70 75 77 82 86 92 97 103
Minority's Interest 0 0 0 0 1 1 1 1 1 1 1
Borrowings 4 3 0 1 0 3 3 1 0 1 2
Other Non-Current Liabilities 6 6 6 10 11 9 9 12 13 15 16
Total Current Liabilities 156 167 168 138 122 123 146 133 119 133 141
Total Liabilities 241 252 255 219 209 214 240 232 225 247 263
Fixed Assets 69 72 67 54 59 65 73 74 73 78 92
Other Non-Current Assets 4 4 5 4 6 4 6 13 16 18 25
Total Current Assets 168 177 182 161 144 145 161 146 136 151 146
Total Assets 241 252 255 219 209 214 240 232 225 247 263

Super Tannery Cash Flow

#(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 4 3 5 4 1 3 4 3 4 4 3
Cash Flow from Operating Activities 8 5 27 2 28 16 6 20 21 7 46
Cash Flow from Investing Activities -9 -9 -5 -2 -11 -10 -14 -11 -6 -14 -27
Cash Flow from Financing Activities -0 7 -22 -2 -15 -6 7 -9 -13 6 -15
Net Cash Inflow / Outflow -1 4 -0 -2 2 1 -1 0 1 -1 4
Closing Cash & Cash Equivalent 3 6 4 1 3 4 3 4 4 3 7

Super Tannery Ratios

# 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) 0.51 0.29 0.44 0.3 0.37 0.32 0.44 0.42 0.59 0.55 0.63
CEPS(Rs) 1.17 0.96 1.12 0.83 0.93 0.86 0.99 1 1.2 1.16 1.3
DPS(Rs) 0.05 0 0 0 0 0 0.05 0.05 0.05 0.05 0.05
Book NAV/Share(Rs) 6.61 6.9 7.34 6.51 6.91 7.15 7.57 7.96 8.5 9.01 9.58
Core EBITDA Margin(%) 8.64 8.89 8.4 6.13 7.8 7.61 8.48 6.73 7.36 7.71 7.25
EBIT Margin(%) 6.72 6.77 6.76 4.63 6.29 5.12 5.98 5.05 5.44 5.69 5.38
Pre Tax Margin(%) 2.97 2.77 2.91 2.18 3.09 1.49 3.18 3.25 3.47 3.67 3.52
PAT Margin (%) 1.81 1.3 2.04 1.31 2.02 1.94 2.49 2.07 2.79 2.5 2.33
Cash Profit Margin (%) 4.13 4.32 5.13 3.64 5.07 5.01 5.6 4.91 5.74 5.48 4.94
ROA(%) 2.27 1.26 1.89 1.37 1.87 1.71 2.1 1.94 2.77 2.43 2.61
ROE(%) 7.98 4.27 6.24 4.32 5.51 4.75 5.99 5.45 7.13 6.06 6.62
ROCE(%) 12.28 9.23 8.98 7.06 8.44 6.46 7.28 6.8 7.63 7.76 8.81
Receivable days 62.81 72.9 73.77 78.92 90.39 73.12 86.06 85.6 78.06 84.77 69.73
Inventory Days 106.58 144.28 161.11 134.51 142.92 166.83 159.7 122.35 104.3 94.56 71.87
Payable days 97.51 125.05 152.85 118.52 145.74 183.49 183.32 150.22 141.41 144.56 138.08
PER(x) 10.61 14 9.96 15.76 6.03 3.98 6.58 12.23 10.97 15.5 15.2
Price/Book(x) 0.82 0.59 0.6 0.73 0.33 0.18 0.38 0.65 0.77 0.95 0.99
Dividend Yield(%) 0.92 0 0 0 0 0 1.72 0.97 0.77 0.58 0.52
EV/Net Sales(x) 0.49 0.6 0.57 0.52 0.45 0.41 0.55 0.56 0.57 0.7 0.56
EV/Core EBITDA(x) 5.61 6.16 5.8 7.44 4.83 5.04 6.1 7.16 6.84 8.11 6.95
Net Sales Growth(%) -10.19 -24.02 -1.98 4.53 -19.55 -6.02 2.9 15.58 2.62 0.91 24.62
EBIT Growth(%) -11.11 -20.87 -1.98 -28.65 9.41 -23.58 20.2 -2.4 10.55 5.63 17.85
PAT Growth(%) -42.44 -43.77 54.14 -32.71 23.62 -9.67 31.9 -3.94 38.56 -9.52 15.93
EPS Growth(%) -42.34 -43.82 53.36 -31.77 23.45 -15.02 39.16 -4.1 40.58 -6.98 13.36
Debt/Equity(x) 1.38 1.44 1.18 1.13 0.95 0.93 1.01 0.9 0.74 0.81 0.67
Current Ratio(x) 1.07 1.06 1.08 1.16 1.18 1.17 1.1 1.1 1.14 1.14 1.04
Quick Ratio(x) 0.5 0.48 0.44 0.64 0.5 0.47 0.55 0.59 0.62 0.71 0.66
Interest Cover(x) 1.79 1.69 1.75 1.89 1.96 1.41 2.14 2.81 2.76 2.81 2.89
Total Debt/Mcap(x) 1.68 2.46 1.96 1.54 2.91 5.3 2.65 1.39 0.97 0.85 0.67

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +24% +9% +9% -1%
Operating Profit CAGR +15% +11% +9% -2%
PAT CAGR +17% +12% +12% +2%
Share Price CAGR +1% -3% +10% +3%
ROE Average +7% +7% +6% +6%
ROCE Average +9% +8% +8% +8%

Super Tannery Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 58.42 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 41.58 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 58.4258.4258.4258.4258.4258.4258.4258.4258.4258.42
FII 0000000000
DII 0000000000
Public 41.5841.5841.5841.5841.5841.5841.5841.5841.5841.58
Others 0000000000
Total 100100100100100100100100100100

Super Tannery Peer Comparison

Super Tannery Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Super Tannery Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Debtor days have improved from 144.56 to 138.08days.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
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