Shekhawati Industries logo

Shekhawati Industries financials: balance sheet, profit and loss, cash flow

NSE: SHEKHAWATIBSE: 533301Textiles & ApparelsSmall Cap

Shekhawati Industries Limited · Formerly Shekhawati Poly-Yarn · Face value ₹10 · Listed Jan 2011
Last close ₹22.86up ₹0.79 (3.58%)BSE ₹22.75

Share price at the NSE close on 28 Oct 2026. Previous close ₹22.07.

28 Oct: open ₹22.07, high ₹23.17, low ₹21.52

52-week range of traded prices to 28 Oct 2026
₹9.12Low, 30 Mar 2026₹33.26High, 1 Oct 2026
Market cap
₹79 Cr3,452nd largest listed
P/E
9.08
P/B
2.97
Dividend yield
Nonein the last 12 months
ROE
39.1%
ROCE
0.7%
Debt to equity
0.15
Volume, NSE
23,712

Shekhawati Industries' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Shekhawati Industries annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
93−51Mar 17146−14Mar 18147−9.297Mar 19163−2197Mar 2029−1197Mar 21363−24201Mar 22302−21201Mar 23771540Mar 24616.30Mar 25168.80Mar 26
A loss in 7 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
200.6%−55.4%1.2%−3.4%0.1%−7.3%−10.4%−4.6%−4.6%20.9%8.8%50.6%−55.4%−9.3%−6.3%−13.0%−39.9%−6.7%−7.0%200.6%10.4%53.5%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹77 Cr, differs from its quarters added, ₹68 Cr.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue16
  2. Materials and goods−1.5
  3. Employee costs−2.6
  4. Other expenses−4.1
  5. Operating profit8.3
  6. Depreciation−1.1
  7. Other income+1.7
  8. One-off items0.0
  9. Finance costs−0.1
  10. Profit before tax8.8
  11. Tax0.0
  12. Net profit8.8

What the company owns

  • Inventory₹16 Cr
  • Plant, investments and other assets₹10 Cr
  • Current investments₹4 Cr
  • Cash and bank₹2 Cr
  • Receivables₹0 Cr

What pays for it: net worth and liabilities

  • Net worth₹22 Cr
  • Owed to suppliers₹8 Cr
  • Other liabilities₹2 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Shekhawati Industries quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Filed 21 AprMar 2026Filed 27 AprSep 2026Twelve monthsFiled 21 Oct
Revenue from operations931461471632936330277611616
92151147175323803166155814
Materials and goods bought641161211355326268201716
Employee costs7–79710106733
Other expenses21–1930194438353146
Operating profit before depreciation1−50−12−3−17−1416582
Operating margin1.2%−3.4%0.1%−7.3%−10.4%−4.6%−4.6%20.9%8.8%50.6%10.7%
Materials, % of revenue69.1%–82.0%83.2%18.2%89.8%88.7%26.0%28.3%9.0%38.7%
Employee costs, % of revenue7.4%–5.0%5.8%24.9%2.7%3.2%7.8%11.2%15.6%16.1%
Other expenses, % of revenue22.2%–12.9%18.4%67.3%12.0%12.8%45.3%51.7%24.8%34.5%
Depreciation and amortisation1010101010998111
Operating profit after depreciation−9−15−10−22−13−26−238570
Other income02111224229
Finance costs00000000000
Profit before one-off items and tax−9−14−9−21−11−24−2111699
One-off items−52–00000143000
Profit before tax−61−14−9−21−11−24−21154699
−100000000000
Net profit−51−14−9−21−11−24−21154699
Other comprehensive income––000000000
Total comprehensive income––−9−21−11−24−21154699
Net margin−55.4%−9.3%−6.3%−13.0%−39.9%−6.7%−7.0%200.6%10.4%53.5%54.3%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.
Earlier years, Mar 2011 to Mar 2016
₹ croreMar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016
Revenue from operations148210240352354225
134190212318322229
Materials and goods bought123168186282292198
Employee costs–36777
Other expenses–1920292324
Operating profit before depreciation1420283432−4
Operating margin9.6%9.7%11.5%9.6%9.2%−1.6%
Materials, % of revenue–79.7%77.7%80.1%82.4%88.0%
Employee costs, % of revenue–1.6%2.4%2.1%1.9%3.1%
Other expenses, % of revenue–8.9%8.4%8.1%6.6%10.4%
Depreciation and amortisation4610111012
Operating profit after depreciation1114182323−15
Other income011021
Finance costs6912131322
Profit before one-off items and tax5671112−36
One-off items–––––−68
Profit before tax5671112−104
Tax222450
Net profit44577−104
Net margin2.4%2.1%1.9%2.0%2.0%−46.3%
Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Filed 21 AprMar 2026Filed 27 AprSep 2026Half yearFiled 21 Oct
−69−90−101−126−1477132227
Share capital343434343434343434
Reserves−103−124−136−160−181−27−21−12−8
9797972012010004
207204206271254282485
222119111
Total assets14011610614610844383233
11610897858010864
2589612835302629
Net debt979797200200−2−4−53
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Filed 21 AprMar 2026Filed 27 AprSep 2026Half year
−115212−1−8−8
−1153140−10−9
–1316−155−7−20−23
Receivables–−14−171100
Inventories–−34330−8−7−7
Payables–66−16−103−2−6−15
Other working capital–−4−1−59−8−70
Tax paid–−1−1−2122
Capital spending–100121
Free cash flow−114212−1−10−9
–−1−2481103
–−3−1−61004
Dividends paid–000000
Shares bought back–000000
Shares issued–000000
Net change in cash−1110−101−1
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Filed 21 AprMar 2026Filed 27 Apr
––––––––₹1.82₹2.55
As stated that year−₹1.53−₹0.39−₹0.27−₹0.61−₹0.33−₹0.71−₹0.61₹4.47₹1.82₹2.55
––––––––₹1.82₹2.55
––––––––₹3.83₹6.38
Shareholder yield–––––0.0%0.0%0.0%0.0%0.0%
Market cap at the year end (₹ crore)15.512.112.16.913.829.322.474.177.532.2
Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Shekhawati Industries PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Filed 21 AprMar 2026Filed 27 Apr
Revenue growth−58.8%57.3%0.9%10.4%−82.4%1,166.3%−16.9%–−21.0%−72.9%
Operating profit growth––––––––−66.7%55.3%
Net profit growth––––––––−95.9%40.2%
Earnings per share growth–––––––––40.1%
––13.4%26.6%12.0%21.5%15.6%−220.6%61.4%50.1%
–––13.2 pts−14.6 pts9.5 pts−6.0 pts−236.1 pts282.0 pts−11.3 pts
From the net margin–––14.3 pts55.3 pts−10.0 pts1.0 pts−460.0 pts209.2 pts255.9 pts
From asset turnover–––5.8 pts−65.2 pts20.5 pts−4.0 pts255.9 pts−5.3 pts−216.2 pts
From borrowing–––−7.0 pts−4.7 pts−1.0 pts−3.0 pts−32.0 pts78.1 pts−51.0 pts
Return on capital employed––−34.1%−308.3%–−34.0%−42.6%106.3%34.4%32.8%
Cash conversion–––––––8.0%−8.7%−92.1%
Interest cover–––––––172.9127.574.3
Debt to equity–––––––0.000.000.00
Receivable days––29754192357311
Inventory days––19320382211964,033
Payable days––12713575702792771,875
Cash conversion cycle, days––363−61−19−45−202−782,169
Working capital days––−216−225−1,269−9−32229269
Asset turnover––1.051.270.262.882.371.011.480.47
Assets per rupee of net worth––−2.04−1.62−1.16−1.11−0.93−1.094.021.99
Sales per rupee of plant––1.391.680.334.574.2455.4842.897.73
Capital spending to depreciation–––––0.060.000.010.931.44
Plant being built, % of plant in use––6.0%6.6%7.3%––––0.0%
Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022 and Mar 2023: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the year to Mar 2021: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Revenue growth is left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year
25.2%
Cash from operations against operating profit
−97.5%
Measure10 years5 years3 years
Return on equity, average–−14.4%−36.4%
Return on capital employed, average–19.4%57.8%
Operating margin, average5.1%14.2%26.8%
Net margin, average12.7%50.2%88.2%
Asset turnover, average–1.640.98
Cash conversion cycle, days, average–365630
Interest cover, average––124.9
Debt to equity, average––0.00

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations10.93.7−8.1
Cash from investing55.057.99.7
Cash from financing−64.2−61.0−0.3
Capital spending3.02.41.6
Dividends paid0.00.00.0
Shares bought back0.00.00.0
Shares issued for cash0.00.00.0
Borrowings raised–0.00.0
Borrowings repaid60.860.50.0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––555645
Altman Z-scorePublished threshold 1.81−1.72−2.70−4.06−1.25−2.6613.783.413.50
Beneish M-scorePublished threshold −1.78––2.569.96−3.0713.01−2.581.37
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–––−22.12−17.23123.5714.7420.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times–––––0.180.100.02
Receivables growth less revenue growthOur threshold 0 percentage points–−85.78128.70−828.9920.8436.17−74.3859.16
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–−94.7722.185,797.59−78.6492.13723.45169.69
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–−1.45−0.990.96−0.30−1.61−1.66−4.89
Assets under construction, years of additionsOur threshold 2 years of additions–7.8421.53––––0.00
Effective tax ratePublished threshold 17.16 per cent–––––0.040.000.00
Tax charged less tax paid, % of profitOur threshold 10 percentage points–––––−0.95−11.58−17.87
A threshold marked as ours has no published figure; it is the line we read the check against.