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Employees: 1,435
Size Shanthi Gears (SHANTIGEAR.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $396M, the 945th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹489.85 on 6 Nov 2026.
Performance Over six months the shares gained 6.3%, against -24.3% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 14.2% over the last twelve months (peer median +8.3%); the operating margin is 13.2% (peer median 4.7%).
Valuation It trades at 7.3× enterprise value to sales against a peer median of 1.3× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 41% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +22 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points above its cost of capital (12.3% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹4.95B | ₹5.19B | ₹6.05B | ₹5.36B | ₹4.46B |
| Revenue growth | — | -14% | +13% | +20% | — |
| Gross profit | ₹1.56B | ₹1.22B | ₹1.52B | ₹1.24B | ₹1.03B |
| EBITDA | ₹848M | ₹1.07B | ₹1.31B | ₹1.08B | ₹910M |
| Net income | ₹580M | ₹767M | ₹960M | ₹822M | ₹670M |
| Free cash flow | n/a | ₹254M | ₹722M | ₹238M | ₹527M |
| Capital expenditure | n/a | ₹530M | ₹244M | ₹200M | ₹153M |
| Total debt | ₹54.0M | ₹0 | ₹0 | ₹0 | ₹0 |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHANTIGEAR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -9.3% | 5th lowest of 21 |
| 6-month return | +6.3% | -24.3% | 3rd highest of 21 |
| Distance from 52-week high | -34.1% | -35.5% | 9th highest of 21 |
| Revenue growth (TTM) | -14.2% | +8.3% | 3rd lowest of 21 |
| Operating margin | 13.2% | 4.7% | 2nd highest of 21 |
| EV / Sales | 7.3× | 1.3× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 41.2% | -0.2% | most demanding of 10 |
| Growth delivered (Del g) | +19.2% | +6.5% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | +22.0 pp | -7.1 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +2.5 pp | -1.6 pp | 4th highest of 21 |
| EV / EBITDA | 42.7× | 9.8× | most expensive of 9 |
| Net debt / EBITDA | -1.4× | 0.9× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanthi Gears SHANTIGEAR.NS | India | $396M | +6% | -14% | 13% | 7.3× | 41.2% | +19.2% |
| Mingxin New Material 605068.SS | China | $395M | -37% | -1% | 2% | 2.4× | 13.2% | +13.0% |
| Stabilus STM.DE | Germany | $395M | -21% | -8% | 7% | 0.8× | -4.4% | +9.5% |
| Changshu Tongrun Auto Accessory 603201.SS | China | $391M | -13% | +12% | 9% | 0.8× | -9.2% | +4.3% |
| Zhejiang Jinfei Kaida Wheel 002863.SZ | China | $401M | -20% | +15% | 4% | 1.2× | n/a | n/a |
| Shandong Gold Phoenix 603586.SS | China | $387M | -18% | -17% | 5% | 1.1× | -5.7% | +6.5% |
| Shandong Longji Machinery 002363.SZ | China | $405M | -23% | -16% | 4% | 0.9× | 6.8% | +5.0% |
| Jing-Jin Electric Technologies 688280.SS | China | $380M | -41% | +38% | -2% | 1.1× | 33.7% | +36.4% |
| PXI Auto Components Suzhou 301560.SZ | China | $415M | -24% | +8% | 2% | 2.8× | n/a | n/a |
| Guangzhou Jinzhong Auto Parts Manufacturing 301133.SZ | China | $377M | -55% | +8% | -3% | 2.4× | n/a | n/a |
| Xuelong 603949.SS | China | $416M | -26% | +10% | 17% | 5.2× | n/a | n/a |
| Snt Motiv 064960.KS | South Korea | $376M | -31% | 0% | 10% | 0.5× | n/a | n/a |
| Shanghai Lianming Machinery 603006.SS | China | $418M | -19% | +17% | 8% | 2.6× | 18.6% | -5.1% |
| Yantai Yatong Precision Mechanical 603190.SS | China | $374M | -29% | +21% | 8% | 1.7× | n/a | n/a |
| Zhejiang Yueling 002725.SZ | China | $371M | -43% | -1% | -1% | 3.5× | n/a | n/a |
| Ningbo Gaofa Automotive Control System 603788.SS | China | $424M | -25% | +3% | 11% | 1.6× | -0.2% | +12.1% |
| Hefei Changqing Machinery 603768.SS | China | $368M | -13% | +11% | -3% | 1.4× | n/a | n/a |
| Xingmin Intelligent Transportation Systems (Group) 002355.SZ | China | $426M | -29% | +20% | -19% | 3.6× | n/a | n/a |
| Rane (Madras) RML.NS | India | $367M | +34% | +42% | 5% | 0.9× | n/a | n/a |
| DaikyoNishikawa 4246.T | Japan | $431M | +17% | -3% | 6% | 0.4× | -5.1% | +2.0% |
| Chuo Spring 5992.T | Japan | $433M | -28% | +2% | 2% | 0.6× | n/a | n/a |