WEBSITE BSE:543391 NSE: SGFRL Inc. Year: 2010 Industry: Engineering - Construction My Bucket: Add Stock
Last updated: 11:30
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1. Business Overview
Suyog Gurbaxani Funicular Ropeways Ltd. (SGFRL) operates in the specialized segment of engineering and construction focusing on funicular railways and ropeway systems. The company's core business involves the design, engineering, procurement, construction, installation, operation, and maintenance of various types of ropeway projects, including passenger ropeways, material ropeways, and funicular railways. It serves sectors such as tourism, urban mobility, and industrial applications. The company primarily makes money through project execution fees for new installations, as well as ongoing revenue from operations and maintenance contracts for completed projects.
2. Key Segments / Revenue Mix
Given the company's name and sector, its primary business segment is the development and execution of funicular and ropeway projects. Specific breakdown of revenue contribution by project type (e.g., passenger vs. material, funicular vs. aerial ropeway) or service type (construction vs. O&M) is not publicly available.
3. Industry & Positioning
SGFRL operates within the niche of the broader Engineering - Construction sector in India. The industry for funiculars and ropeways is specialized, requiring specific technical expertise, safety certifications, and project management capabilities. It is a relatively less crowded but competitive market, with a mix of domestic specialists and international players. SGFRL positions itself as a specialized provider in this growing niche, catering to infrastructure needs in tourism, urban transport, and industrial logistics, particularly in terrains where traditional transport is challenging.
4. Competitive Advantage (Moat)
Specialized Expertise: Designing, installing, and operating funiculars and ropeways requires highly specialized engineering knowledge, safety protocols, and project execution experience, which acts as a barrier to entry for general construction firms.
Regulatory Compliance & Safety Track Record: Adherence to stringent national and international safety standards and a proven track record of successful, safe project completions can build significant trust and preferential bidding status.
Capital Intensity: The significant capital expenditure required for specialized equipment and resources to undertake such projects creates an entry barrier.
5. Growth Drivers
Tourism Sector Expansion: Growth in domestic and international tourism in India, especially in hilly and scenic regions, drives demand for accessible and scenic transport solutions.
Urban Mobility Solutions: Increasing recognition of ropeways as an eco-friendly and efficient urban transport alternative in congested cities or for connecting specific points (e.g., for pilgrims or commuters).
Government Infrastructure Push: Continued focus by the Indian government on developing infrastructure, including tourism and public transport facilities.
Industrial Applications: Demand for material transport solutions in challenging terrains (e.g., mining, hydropower projects).
6. Risks
Project-Based Revenue Volatility: Revenue generation can be lumpy and dependent on securing large-scale projects, leading to potential fluctuations in financial performance.
Regulatory and Environmental Risks: Projects often require extensive regulatory approvals, environmental clearances, and adherence to strict safety standards, leading to potential delays or increased costs.
High Capital Expenditure: Executing large projects often requires substantial upfront capital investment, exposing the company to financing risks.
Competition: Intense competition from domestic and international specialized players could impact bidding success and profit margins.
Geopolitical and Economic Factors: Economic slowdowns or political instability can defer or cancel large infrastructure projects.
7. Management & Ownership
The company name "Suyog Gurbaxani" suggests a strong promoter-led foundation, with Gurbaxani likely being a key founder or promoter. Details regarding the full management team, their experience, or the precise ownership structure (e.g., promoter holding, institutional ownership) are not publicly provided.
8. Outlook
Suyog Gurbaxani Funicular Ropeways Ltd. operates in a niche but high-potential segment within India's infrastructure landscape. The demand for specialized transport solutions like funiculars and ropeways is expected to grow, driven by expanding tourism, urban development needs, and government infrastructure initiatives. However, the company's success is closely tied to its ability to consistently secure and efficiently execute large, complex projects while navigating stringent regulatory environments. Key challenges include managing project-specific risks, capital intensity, and competition. A sustained pipeline of projects and a strong safety track record will be crucial for its long-term growth and stability.
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Market Cap ₹269 Cr.
Stock P/E 30.9
P/B 11
Current Price ₹108.1
Book Value ₹ 9.8
Face Value 10
52W High ₹146.9
Dividend Yield 0%
52W Low ₹ 94
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 8 | 13 | 4 | 8 | 18 | 63 | 53 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 0 | 0 | 8 | 13 | 4 | 8 | 18 | 63 | 53 | |
| Total Expenditure | 0 | 0 | 5 | 6 | 4 | 4 | 7 | 48 | 35 | |
| Operating Profit | 0 | 0 | 3 | 7 | 1 | 4 | 11 | 15 | 18 | |
| Interest | 0 | 0 | 2 | 2 | 2 | 4 | 5 | 7 | 3 | |
| Depreciation | 0 | 0 | 5 | 7 | 7 | 7 | 7 | 0 | 7 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | -3 | -2 | -8 | -7 | 0 | 8 | 8 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 2 | -1 | |
| Profit After Tax | 0 | 0 | -3 | -2 | -8 | -7 | 0 | 6 | 9 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | -3 | -2 | -8 | -7 | 0 | 6 | 9 | |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | -3.9 | -2.8 | 0.1 | 2.2 | 3.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | 88% | 32% | 0% |
| Operating Profit CAGR | 20% | 65% | 21% | 0% |
| PAT CAGR | 50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -21% | 34% | NA% | NA% |
| ROE Average | 43% | 30% | -13% | -11% |
| ROCE Average | 10% | 11% | 5% | 2% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 12 | 12 | 17 | 15 | 7 | 10 | 10 | 16 | 24 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 60 | 68 | 67 | 64 | 72 | 62 | 61 | 80 | 80 |
| Other Non-Current Liabilities | 6 | 10 | 3 | 3 | 3 | 3 | 2 | 2 | 2 |
| Total Current Liabilities | 5 | 3 | 7 | 7 | 4 | 7 | 7 | 18 | 34 |
| Total Liabilities | 83 | 93 | 94 | 89 | 86 | 82 | 80 | 115 | 140 |
| Fixed Assets | 0 | 0 | 92 | 86 | 80 | 73 | 67 | 60 | 54 |
| Other Non-Current Assets | 76 | 91 | 0 | 0 | 4 | 4 | 4 | 5 | 5 |
| Total Current Assets | 7 | 3 | 2 | 2 | 2 | 5 | 8 | 51 | 82 |
| Total Assets | 83 | 93 | 94 | 89 | 86 | 82 | 80 | 115 | 140 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 0 | 0 | 0 | 3 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | 9 | 6 | -6 | 4 | 1 | -14 | 4 |
| Cash Flow from Investing Activities | -16 | -11 | -4 | -1 | -0 | 0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | 18 | 10 | -5 | -5 | 6 | -1 | -4 | 14 | -4 |
| Net Cash Inflow / Outflow | 1 | -1 | 0 | -0 | -0 | 3 | -3 | -0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | 0 | 0 | -3.91 | -2.79 | 0.13 | 2.25 | 3.5 |
| CEPS(Rs) | 0 | 0 | 0.71 | 2.38 | -0.6 | -0.12 | 2.8 | 2.33 | 6.15 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 0 | 0 | 3.44 | 3.97 | 4.1 | 6.35 | 9.84 |
| Core EBITDA Margin(%) | 0 | 0 | 42.09 | 51.15 | 18.93 | 51.48 | 62.26 | 23.99 | 33.04 |
| EBIT Margin(%) | 0 | 0 | -20.21 | 0.37 | -130.92 | -30.97 | 25.49 | 23.73 | 20.61 |
| Pre Tax Margin(%) | 0 | 0 | -44.06 | -14.26 | -177.33 | -86.14 | 0.05 | 12.42 | 15.4 |
| PAT Margin (%) | 0 | 0 | -44.06 | -14.26 | -177.33 | -86.14 | 1.74 | 8.85 | 16.4 |
| Cash Profit Margin (%) | 0 | 0 | 18.24 | 36.54 | -27.39 | -3.59 | 38.63 | 9.19 | 28.85 |
| ROA(%) | 0 | 0 | -3.71 | -2.06 | -9.07 | -8.23 | 0.39 | 5.72 | 6.8 |
| ROE(%) | 0 | 0 | -24.2 | -11.86 | -72.44 | -82.27 | 3.13 | 43.02 | 43.19 |
| ROCE(%) | 0 | 0 | -1.9 | 0.06 | -7.12 | -3.13 | 5.96 | 16.75 | 10.24 |
| Receivable days | 0 | 0 | 14.98 | 13.52 | 60.11 | 35.42 | 16.45 | 4.28 | 5.21 |
| Inventory Days | 0 | 0 | 29.75 | 16.98 | 49.68 | 28.84 | 77.98 | 29.94 | 14.65 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | -42.68 | -326.31 | 1093.72 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 356.29 | 49.94 | 37.19 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 11.45 | 10.98 | 17.68 | 13.21 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0 | 11.53 | 6.66 | 21.18 | 22.6 | 9.87 | 5.79 | 7.72 |
| EV/Core EBITDA(x) | 0 | 0 | 27.4 | 13.01 | 111.42 | 42.9 | 15.82 | 24.07 | 23.35 |
| Net Sales Growth(%) | 0 | 0 | 0 | 66.82 | -66.08 | 76.21 | 128.39 | 250.55 | -16.02 |
| EBIT Growth(%) | 0 | 0 | 0 | 103.08 | 0 | 57.43 | 284.04 | 226.33 | -27.06 |
| PAT Growth(%) | 0 | 0 | 0 | 46.01 | -321.8 | 12.58 | 104.53 | 1679.25 | 55.61 |
| EPS Growth(%) | 0 | 0 | 0 | 0 | -321.8 | 28.66 | 104.53 | 1678.7 | 55.61 |
| Debt/Equity(x) | 5 | 5.71 | 4.24 | 4.55 | 10.7 | 6.88 | 6.47 | 5.51 | 3.52 |
| Current Ratio(x) | 1.32 | 0.95 | 0.25 | 0.33 | 0.56 | 0.74 | 1.26 | 2.83 | 2.41 |
| Quick Ratio(x) | 1.4 | 0.95 | 0.16 | 0.25 | 0.41 | 0.65 | 0.21 | 2.65 | 2.38 |
| Interest Cover(x) | 0 | 0 | -0.85 | 0.03 | -2.82 | -0.56 | 1 | 2.1 | 3.96 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.6 | 0.59 | 0.31 | 0.27 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.78 | 64 | 64 | 63.38 | 63.33 | 63.33 | 63.33 | 63.33 | 63.33 | 63.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.22 | 36 | 36 | 36.62 | 36.67 | 36.67 | 36.67 | 36.67 | 36.67 | 36.67 |
| 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 | 1.61 | 1.59 | 1.59 | 1.58 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 | 1.57 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.88 | 0.89 | 0.89 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 | 2.49 |
* The pros and cons are machine generated.
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