Admach SystemsShare price, financial results, shareholding and management
- Market cap
- ₹297 cr
- Stock P/E
- 29.7peers 12.7
- Book value
- ₹105
- Price to book
- 4.18
- EV / operating profit
- -
- Market cap to sales
- 4.31
- ROCE · FY26
- 24.8%
- ROE · FY26
- 21.5%
- ROE, 3-year average
- 46.5%
- Operating margin · FY26
- 18.5%peers 12.9%
- Sales growth, 3 years
- 74.4%
- Profit growth, 3 years
- +66.8%
- Debt to equity
- 0.00peers 0.46
- Borrowings
- ₹0 cr
- Interest cover
- 15.0×
- Cash from business / op. profit
- -39%
- Debtor days
- 166
- Pledged
- 0.00%
- Promoter holding
- 52.95%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 417
- 52-week high / low
- ₹525 / ₹179
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Admach Systems share price chart
Close on 6 Nov 2026 · -4.65% on the day · Vol 11,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -6.0%
- 3 months
- +15.4%
- 6 months
- +93.1%
- Traded a day, 20 days
- ₹0.35 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +30% | +67% |
| 3 years, a year | +74% | - |
| Latest half, H2 FY26 | +26% | +39% |
About Admach Systems: business, products and customers
Admach Systems designs and builds custom machines for steel plants, and X-ray and ultrasonic testing machines that find hidden flaws in metal parts for defence, nuclear and engineering customers. Its shares trade on BSE SME.
Admach Systems builds special purpose machines to order at its plant in Nandoshi, Pune: lines that straighten, chamfer, grind, inspect and pack steel bars after rolling, pipe handling and welding systems, and X-ray cabinets and ultrasonic testing machines. The X-ray machines check items such as artillery shells and missile bodies, and the company has supplied them to Ordnance Factories and, through partners, to buyers abroad. In steel, the managing director says the company works only on the cold side after rolling, with long products giving most of its steel sales.
Each machine is designed for one customer, so there is no standard product and revenue arrives project by project. The company books a sale only when a machine is dispatched and invoiced; until then the work sits as inventory, so sales and profit can jump between halves and much of the year's revenue lands in the second half. Customers usually pay about a fifth in advance, most of the rest before shipment and the last tenth after installation, and margins move with the project mix: the company says one large steel project lifted FY24 margins.
Read more about the business
Much of each machine is bought in or machined by outside job workers; the managing director said about seven parts in ten were outsourced before new CNC machines arrived, and that this would flip to mostly in house. The company works with European technology partners, among them VisiConsult, Braun Maschinenfabrik, Sofratest, Nordinkraft and SAS Engineering, sometimes bidding jointly with them, and says its main rivals are European suppliers rather than Indian ones. The offer document names Affordable Robotic & Automation and Bemco Hydraulics as its listed peers.
What is new: a ₹10.6 cr order for the Nuclear Fuel Complex, Hyderabad, finished in September 2026, with the company saying more similar projects are under technical review. It is also designing machines for bright bar and superfinishing lines and has direct export orders from a United States pipe company.
From the offer document, the FY26 annual report, the May 2026 investor presentation and earnings call, and the company's press releases of 22 and 30 September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 74% a year over three years.
- It earns a high return on the money it uses: ROCE 25% in FY26.
- It has little debt for its size: debt to equity 0.00.
To watch
- Sales above ₹100 cr in FY27, as the managing director said on the 28 May 2026 call (Earnings call, p.6).
- An EBITDA margin above 20% in FY27 as the new CNC machines take machining in house (Earnings call, 28 May 2026, p.7 and p.13).
- Follow on orders from the Nuclear Fuel Complex, where the company says four to eight similar projects are under technical evaluation (Earnings call, 28 May 2026, p.15).
- Cash from operations turning positive in FY27, as the company secretary expected, after ₹31.3 cr of customer dues at March 2026 (Earnings call, 28 May 2026, p.19).
- Customers take longer to pay than before: 166 days in FY26, against 36 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Admach Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Admach Systems half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 22 | 32 | 28.45 | 40.46 |
| Expenses | 17 | 26 | 21.78 | 34.37 |
| Operating profit | 4 | 6 | 6.67 | 6.09 |
| OPM | 19.0% | 20.0% | 23.4% | 15.1% |
| Interest | 1 | 1 | 0.36 | 0.50 |
| Depreciation | 0 | 0 | 0.40 | 0.39 |
| Profit before tax | 3 | 5 | 5.98 | 6.07 |
| Net profit | 2 | 4 | 4.48 | 5.54 |
Admach Systems profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 14 | 13 | 20 | 53 | 68.91 |
| Expenses | 14 | 12 | 13 | 43 | 56.15 |
| Operating profit | 1 | 1 | 6 | 10 | 12.76 |
| OPM | 3.7% | 8.0% | 32.0% | 19.0% | 18.5% |
| Other income | 0 | 0 | 0 | 0 | 0.93 |
| Interest | 0 | 1 | 2 | 2 | 0.86 |
| Depreciation | 0 | 0 | 0 | 1 | 0.79 |
| Exceptional and other items | -1 | · | · | 1 | · |
| Profit before tax | 0 | 0 | 4 | 8 | 12.05 |
| Tax rate | 31.0% | -11.0% | 25.0% | 25.0% | 16.9% |
| Net profit | 0 | 0 | 3 | 6 | 10.01 |
| EPS ₹ | 10.09 | 1 | 16.75 | 12.62 | 18.39 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Admach Systems profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 3.7% | 8.0% | 32.0% | 19.0% | 18.5% |
| Tax rate | 31.0% | -11.0% | 25.0% | 25.0% | 16.9% |
| ROCE | · | 14.1% | 37.5% | 36.4% | 24.8% |
| ROE | · | 0.0% | 75.0% | 42.9% | 21.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Admach Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Admach Systems balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.21 | 1 | 2 | 5 | 7 |
| Reserves | 2 | 1 | 4 | 17 | 64 |
| Net worth | 2.21 | 2 | 6 | 22 | 71 |
| Borrowings | 2 | 8 | 16 | 11 | 0 |
| Other liabilities | 8.79 | 10 | 14 | 23 | 20 |
| Total liabilities | 13 | 20 | 36 | 56 | 91 |
| Fixed assets | 1 | 1 | 1 | 4 | 5 |
| Capital work in progress | 0 | 0 | 0 | 0 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 12 | 19 | 35 | 52 | 75 |
Admach Systems cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -1 | -2 | -8 | 2 | -5 |
| Cash from investing | 0 | -4 | 3 | -4 | -19 |
| Cash from financing | 1 | 6 | 5 | 4 | 27 |
| Net cash flow | 0 | 0 | 0 | 2 | 3 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 36 | 55 | 89 | 126 | 166 |
| Inventory days | 342 | 538 | 1,942 | 271 | 215 |
| Days payable | 258 | 163 | 771 | 162 | 59 |
| Cash conversion cycle | 120 | 430 | 1,260 | 235 | 322 |
| Working capital days | 26 | 45 | 111 | 111 | 231 |
Admach Systems peers and competitors
Listed SME companies in the same industryBy sales, Admach Systems is number 34 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sona Machinery | 42 | - | 84.5 | -3.5 | -4.1% | 0.11 |
| Srigee Dlm | 47 | 6.9 | 72.3 | 6.9 | 8.0% | 0.20 |
| Laxmipati Engineering Works | 248 | 9.2 | 72 | 27 | 18.0% | 0.47 |
| SM Auto Stamping | 41 | 12.3 | 71.3 | 3.4 | 5.8% | 0.29 |
| Admach Systems | 297 | 29.7 | 68.9 | 10 | 18.5% | 0.00 |
| HRS Aluglaze | 498 | 49.8 | 68 | 10 | 27.0% | 0.52 |
| Global Pet Industries | 193 | 36.4 | 55.6 | 5.3 | 9.6% | 0.00 |
| Skytech Infinite Platform | 31 | 7.4 | 51.7 | 4.2 | 12.9% | 0.49 |
| Roopa Screen | 118 | 18.2 | 50.7 | 6.5 | 19.9% | 0.45 |
| Sunita Tools | 772 | 124.8 | 46.9 | 6.2 | 20.3% | 0.61 |
| Vruddhi Engineering Works | 39 | 12.7 | 43 | 3.1 | 13.0% | 0.55 |
| Median of the 10 others | 83 | 12.7 | 61.8 | 5.7 | 12.9% | 0.46 |
Admach Systems shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Admach Systems shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 52.95% | 52.95% |
| Foreign investors (FIIs) | 2.83% | - |
| Indian institutions (DIIs) | 7.95% | - |
| Number of shareholders | 958 | 417 |
Admach Systems study: the business from its own documents
Read from 7 of the company's own documentsAdmach Systems so far
From the company's own record
- 22 Sept 2026Order worth ₹10.62 cr
- 30 Sept 2026Order worth ₹0.53 cr
- 31 March 2026Promoters at 52.95%
- 30 Sept 2026Highest close since listing, ₹500.00
Admach Systems key facts from the filings
Each figure with the document it comes from
- Order book
- ₹69.0 cr
- Work in hand on 30 September 2026, including GST, about the size of a full year of FY26 sales.Press release, 30 September 2026, p.2
- FY26 sales
- ₹68.9 cr
- Up 29% on FY25, with profit after tax up 59% to ₹10.0 cr.Investor presentation, May 2026, p.27
- Largest customer
- 83.33%
- Share of sales in April to June 2025; the top ten customers gave 99.94%. In FY25 the largest gave 19.44%.Offer document, p.201
- Nuclear Fuel Complex order
- ₹10.6 cr
- Ordered on 30 December 2025 and finished on 22 September 2026, ahead of the 15 October 2026 deadline.Press release, 22 September 2026, p.2
- Export share
- 7.16%
- Share of FY26 sales from abroad, down from 12.61% in FY25; the rest was sold in India.Investor presentation, May 2026, p.22
Show 5 more facts
- Money owed by customers
- ₹31.3 cr
- Trade receivables at March 2026, up from ₹18.4 cr a year earlier while sales rose 29%.Investor presentation, May 2026, p.28
- Cash from operations
- ₹-4.5 cr
- In FY26, against profit of ₹10.0 cr, as receivables and other working capital grew.Investor presentation, May 2026, p.29
- New machinery not yet in use
- ₹11.4 cr
- Capital work in progress at March 2026, more than twice the ₹4.9 cr of plant and equipment in use.Investor presentation, May 2026, p.28
- IPO
- ₹42.6 cr at ₹239
- All new shares, listed on 31 December 2025; the issue was to fund new machinery and working capital, and borrowings were nil by March 2026.Annual report FY26, p.17; offer document, p.127 and p.128; investor presentation, May 2026, p.28
- Plant
- 28,925 of 75,347 sq ft
- Floor area in use at the single Pune site, with 56 permanent employees at March 2026.Investor presentation, May 2026, p.10; annual report FY26, p.35
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the managing director said the company would easily pass ₹100 cr of sales in FY27, and, asked whether about ₹200 cr was possible by FY28, said the company was hopeful and confident; the current plant, the company says, can handle about ₹200 cr of sales. The company secretary said the company is targeting an EBITDA margin above 20% in FY27 as more machining moves in house, and the managing director put FY27 working capital at about 75 days. The company says it has quoted for more than ₹200 cr of work, that it has historically converted about 60% to 65% of quotes, and that four to eight more projects like the Nuclear Fuel Complex order are under technical evaluation.
| What management said | When | What happened |
|---|---|---|
| The Nuclear Fuel Complex order of about ₹10 cr would be executed by September 2026 | May 2026 call | Finished on 22 September 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Admach Systems earns a margin on each machine it designs and builds to order, and it has won work in demanding areas such as defence and nuclear.
Its weak spots are a very small number of customers in any one period, sales that only count when a machine ships, and cash that has lagged profit.
AverageCan it set its own prices?It wins work by being cheaper than European machines, but with one buyer taking most of a period's sales, the buyer has a strong hand.
AverageHow strong is it against rivals?Tie ups with European technology firms and long customer histories help, and the managing director says competition comes only from Europe.
WatchWho are its customers?Large steel makers, engineering firms and government bodies, but a handful of them make up almost all sales in any period.
WatchDoes it need a lot of money?Plant needs are modest, but work in progress and unpaid bills tie up a lot of money between order and final payment.
AverageCan it keep finding new work?The order book and quotes in hand are large for its size, but each order has to be won afresh.
WatchDo good and bad years swing a lot?Sales and margins depend on which big projects ship when, so halves and years can look very different.
Who runs Admach Systems?
Promoters, directors and officers; tap a name for the background
ACAjay Chamanlal LonganiPromoter, Chairman and Managing Director · holds 49.96%
Holds a bachelor's degree in mechanical engineering from the College of Engineering, Ahmednagar, and has been with the company since incorporation, managing projects for domestic and international firms in steel, packaging and other sectors. Managing Director for five years from July 2023. The offer document states that Ajay Chamanlal Longani is the spouse of Rajni Ajay Longani and the brother of Mahesh Chamanlal Longani.
Offer document, p.237, p.239 and p.240; annual report FY26, p.48RARajni Ajay LonganiPromoter and Executive Director · holds 1.00%
Completed higher secondary education at SIES College of Arts, Science and Commerce, Sion, Mumbai, and has been with the company since incorporation, in charge of recruitment, staffing and employee relations.
Offer document, p.237 and p.239; annual report FY26, p.31 and p.48MCMahesh Chamanlal LonganiPromoter and Executive Director · holds 0.50%
Holds a bachelor's degree in instrumentation engineering from Pune University; with the company since its start, first in production, quality and resource planning, and an Executive Director since July 2024. The offer document states that Mahesh Chamanlal Longani is the brother of Ajay Chamanlal Longani and the spouse of Sonal Mahesh Longani.
Offer document, p.237, p.238 and p.239; annual report FY26, p.48SMSonal Mahesh LonganiPromoter and Non Executive Director · holds 0.50%
Holds a bachelor's degree in commerce from the University of Pune and worked in the company as an accounts associate from April 2021, handling payables, receivables and bank reconciliations.
Offer document, p.238 and p.239; annual report FY26, p.48SAShivdas Anandrao ShindeChief Financial Officer
Holds a bachelor's degree in commerce and a postgraduate diploma in taxation law from Swami Ramanand Teerth Marathwada University; with the company since April 2025 after working as a senior executive at a Pune chartered accountancy firm.
Offer document, p.251AAAtul Ashok DangeIndependent Director
Holds a bachelor's degree in mechanical engineering from MIT, Aurangabad, and has over 25 years in sales leadership, with past roles at Robertshaw Controls, Invensys Controls, Siebe Appliance Controls and Videocon Appliances. On the board since November 2024.
Offer document, p.238ASAbhishek SinghIndependent Director
Holds a bachelor's degree in commerce from St. Thomas College, Bhilai Nagar; earlier a project manager at Mill Engineering, with experience in business development in the steel industry. On the board since November 2024.
Offer document, p.238Admach Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹40.5 cr (+26%), net profit ₹5.5 cr (+39%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 52.95%.
- 30 Sept 2026: order worth ₹0.53 cr announced.
- 22 Sept 2026: order worth ₹10.62 cr announced.
Admach Systems announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance certificate for the quarter ended on September 30, 2026 under the Regulation 74(5) of Securities and Exchange Board PDF ↗
- Company UpdateOutcome of Analyst/Institutional Investor meeting held on September 29, 2026PDF ↗
- Company UpdatePress Release pertaining to Total Order Book of the CompanyPDF ↗
- Company UpdateAdmach Systems Limited has submitted clarification to the Exchange regarding the disclosures filed under the tab 'Announcement under Regulation 30 (LODR)-ChangePDF ↗
- Company Updatere-appointment of Mr. Mahesh Longani, who retires by rotation and being eligible, had offered himself for re-appointmentPDF ↗
- AGM/EGMthe Proceedings of the 18th Annual General Meeting held on Monday, 28th September 2026 at 03:00 P.M. (IST), through video conference PDF ↗
- Insider Trading / SASTclosure of trading windowPDF ↗
- Company UpdatePress Release pertaining to Sucessfully completed contract/orderPDF ↗
- Company Updateschedule of Investor/Analyst meet pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, PDF ↗
Admach Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 28 Feb 2026 ↗read
- 30 June 2026 ↗read
Admach Systems share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Admach Systems' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (67,72,800 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹16.75) and FY25 (₹12.62) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Admach Systems
What does Admach Systems do?
Admach Systems designs and builds custom machines for steel plants, and X-ray and ultrasonic testing machines that find hidden flaws in metal parts for defence, nuclear and engineering customers. Its shares trade on BSE SME.
What is the share price of Admach Systems?
₹439 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Admach Systems?
₹297 cr at the close on 6 Nov 2026, on 67,72,800 shares.
What is the P/E of Admach Systems?
29.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Admach Systems' revenue and profit?
Revenue ₹69 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Admach Systems?
Ajay Chamanlal Longani, Rajni Ajay Longani, Mahesh Chamanlal Longani, Sonal Mahesh Longani; promoters held 52.95% at 31 March 2026.
What is Admach Systems' website?
www.admach.co.in
More SME companies like Admach Systems
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
- Kataria IndustriesKATARIA · NSE Emerge · Industrial Manufacturing · listed 2024Market cap ₹291 cr
- Laxmipati Engineering WorksLAXMIPATI · BSE SME · Industrial ManufacturingMarket cap ₹253 cr
- True ColorsTRUECOLORS · BSE SME · Industrial ManufacturingMarket cap ₹358 cr
- Innovators Facade SystemsINNOVATORS · BSE SME · Industrial ManufacturingMarket cap ₹226 cr
- Kwick Forensic SolutionsKWICK · BSE SME · Industrial ManufacturingMarket cap ₹403 cr
- IC Electricals CompanyICELCO · NSE Emerge · Industrial Manufacturing · listed 2026Market cap ₹214 cr
Built from 2 earnings call transcripts, 2 annual reports, 1 offer document, 1 investor presentation, 1 press release, 9 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.