Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 5 Sep - Newspaper advertisement published for dispatch of 23rd AGM notice and annual report on September 5, 2026.
Source: Nse
Shri Hare-Krishna Sponge Iron Ltd. (SHKSIL)
SME CapMetals stocks · SME cap · NSE
Shri Hare-Krishna Sponge Iron Ltd. (SHKSIL) manufactures sponge iron, MS ingots, steel shots & grits from its Raipur, Chhattisgarh facility. The company is transforming into a diversified, integrated steel and casting manufacturer, focusing on operational efficiency and expansion into high-value products.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals11 Oct 2026 · screener
Latest result01 Jun, 08:04 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -5.5% / mo · MACD − · near 52W low
Stock trend: 20
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHKSILD candles · FIT view-29.1%Latest close ₹30.50 on 2026-10-16
Bar
-0.3%
RSI
41
MACD hist
-0.21
52W pos
4%
2026-10-16O ₹30.60H ₹30.60L ₹30.50C ₹30.50Vol 4,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHKSILNifty MetalNifty 500
- SHKSIL
- -25.2%
- Nifty 500
- -4.2%
- Nifty Metal
- -3.0%
- Vs Nifty 500
- -21.1 pp
Chart stats
16 Oct 2026- From 52W high
- -63.7%
- 52W range position
- 3%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.43x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹29 - ₹36.9
₹84
₹29 - ₹84
₹1.6
Latest completed session
20-session average
58.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+13.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹27.2 Cr | NDF | -31.0% |
| EBITDA | ₹0.9 Cr | NDF | -84.3% |
| Operating margin | 3.2% | NDF | -1102 bps |
| PAT | ₹1.6 Cr | NDF | -66.7% |
| PAT margin | 5.7% | NDF | -609 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.69
- P/B
- 0.56
- EV/EBITDA
- 11.53
- Market Cap
- 60.10Cr
Profitability
- ROE
- 6.88%
- ROCE
- 7.76%
- ROA
- 4.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- -11.00%
- EPS 3Y
- -16.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 18.08×
- Altman Z
- 2.68
- Book Value
- 55.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 0.07 Cr
- EPS TTM
- 3.23
Shareholding
- Promoter Hold
- 73.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 27.2-31.0% vs prev
Net Profit
₹ CrLatest: 1.6-66.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 falling (~5.8% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 52% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
6
RS percentile
Stage 4 Downtrend
1M return
-13.8%
3M return
-26.9%
6M return
-30.8%
1Y return
-55.4%
RS 1D
+1
RS 20D
-2
Sector rank
#6
Industry rank
#55
Stage evidence
- Price is 24.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -7.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
199 observations
16 Oct 2026Value 50.35+2.55%
RS vs Nifty 50050
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation25/30
Growth5/25
Quality0/20
Balance Sheet11/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 13.6%.
- Valuation contributes 25/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
9.7
PB
0.6
EV/EBITDA
11.5
ROE
6.9%
ROCE
7.8%
FCF Yield
—
Debt/Equity
0.3
MoS
+13.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 9.7, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 41
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+13.6%
Previous: +13.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
40
41
41
41
41
41
41
41
41
41
41
41
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹63.57
+52.0% MoS
Growth-justified P/E
10.9
Growth-justified Value
₹35.27
+13.6% MoS
PEG
2.42
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AUSL
SME
Aditya Ultra Steel Ltd.
Steel
match 64
21
14.5
4.0%
-147%
OVERVALUED
NMSTEEL
SME
Newmalayalam Steel Ltd.
Steel
match 62
37
7.1
6.6%
+4%
WATCHLIST
SHRIKANHA
SME
Shri Kanha Stainless Ltd.
Steel
match 56
69
4.1
23.7%
+89%
UNDERVALUED
ASHOKAMET
Small
Ashoka Metcast Limited
Steel
match 55
50
2.9
8.4%
+92%
FAIR VALUE
KALANA
SME
Kalana Ispat Ltd.
Steel
match 55
36
23.3
2.2%
+31%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-23T07:52:34.379Z
Management commentary snapshot
H1 FY26 revenue grew 3.2% YoY to ₹39.43 Cr, with EBITDA stable at ₹7.20 Cr. PAT declined 3% YoY to ₹4.65 Cr, impacted by higher power costs. Capex surged to ₹18.70 Cr, up from ₹0.20 Cr.
The company is executing a strategic shift towards an integrated, diversified steel and casting manufacturer. While H1 FY26 PAT was impacted by power costs, the ongoing significant capex for a captive power plant and new high-value casting division, alongside recommencement of existing units, positions it for future growth and improved margins. Execution of these projects is key.
Growth engines
5 MW Green Energy Captive Power Plant
Expected to significantly reduce power costs and enhance operational efficiency, supporting recommencement of Furnace Division and Rolling Mill.
New Casting Division
Entry into specialized engineered steel and castings (Tooth Points, Grinding Media Balls, High Alloy Cast Steel Chain Links) for high-value sectors.
Re-commencement of Furnace Division
Resuming production of MS Ingots & High-Tensile Ingots, backed by captive green power, to support internal rolling and external demand.
Re-commencement of Rolling Mill
Restarting operations to produce Beams, Angles, Channels, and other structural steel sections, enhancing market presence.
Capacity and execution
5 MW Green Energy Captive Power Plant
On track for commissioning by the end of January 2026.
Casting Division
Commercial production targeted for May/June 2026 for specialized engineered steel and castings.
Rolling Mill
Rolling Mill to restart operations by March 2026.
Steel Shots & Grits Manufacturing Unit
Will resume operations with the commissioning of the Captive Power Plant.
Tailwinds
Import Substitution Opportunity
New casting products address an import-heavy Indian market, creating a significant import-substitution opportunity.
Make in India Initiative
New casting division enhances brand positioning under Make in India, offering reliable domestic alternatives.
Infrastructure & Industrial Growth
Large and expanding domestic demand driven by growth in Defence, Mining, Cement, Automobile, Steel, and Engineering Industries.
Recurring Demand Pattern
Recurring demand due to fast replacement cycles for wear components (Tooth Points, Grinding Media Balls) and maintenance cycles for critical parts.
Headwinds
Higher Power Costs
PAT impacted YOY due to higher power cost from state electricity reforms.
Risk radar
Project Execution Risk
The thesis hinges on the successful and timely commissioning of the captive power plant, new casting division, and recommencement of existing units.
Commodity Price Volatility
As a metals company, the business is inherently exposed to fluctuations in raw material (sponge iron) and finished product prices.
Competition in Value-Added Products
Entry into specialized castings will face competition from existing domestic and international players, despite positioning as a high-quality indigenous alternative.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
H1 results are best compared year-over-year to account for potential seasonal variations in demand, production, and input costs in the metals sector. The company also explicitly states PAT was 'impacted YOY'.
Sector KPIs management disclosed
Revenue from Operations
H1 FY26 revenue was ₹39.43 Cr, up from ₹38.2 Cr in H1 FY25.
EBITDA
H1 FY26 EBITDA was ₹7.20 Cr, up from ₹7.13 Cr in H1 FY25.
PAT
H1 FY26 PAT was ₹4.65 Cr, down from ₹4.79 Cr in H1 FY25.
Capex
H1 FY26 Capex was ₹18.70 Cr, significantly up from ₹0.20 Cr in H1 FY25.
Management forward view
Strategic Transformation
Management states this year has been a period of transformation, preparing the business for the next phase of expansion.
Cost Efficiency & Operational Reliability
The 5 MW Green Energy Captive Power Plant is expected to achieve a major shift in cost efficiency and operational reliability.
Diversified, Integrated Manufacturer
The company is shaping itself into a diversified, integrated steel and casting manufacturer with a strong presence across high-value product categories.
Value Creation
Management believes the steps taken today will unlock significant value for all stakeholders in the years ahead.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Captive Power Plant Commissioning | On track for commissioning by end of January 2026. | Confirmation of successful commissioning and initial impact on power costs. |
| Casting Division Commercial Production | Targeted for May/June 2026. | Announcement of commercial production and initial revenue contribution from new products. |
| Rolling Mill Restart | Targeted for March 2026. | Confirmation of restart and improved capacity utilization. |
| Power Cost Reduction | PAT impacted by higher power costs. | Evidence of reduced power costs and improved PAT margins post-captive power plant operation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 28th percentile within Metals. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Metals: 28th pctile, median 70 · SME: 36th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
Trust risks
- ▸ROCE is low at 7.8%.
- ▸ROE is low at 6.9%.
- ▸ROCE trend is -7.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shri Hare-Krishna Sponge Iron Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 2 Sep - Board approved FY26 annual report, AGM on 28 Sep 2026, and proposed company name change.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.