Samay Project ServicesShare price, financial results, shareholding and management
- Market cap
- ₹70 cr
- Stock P/E
- 10.3peers 32.8
- Book value
- ₹26
- Price to book
- 1.74
- EV / operating profit
- 8.2
- Market cap to sales
- 1.39
- ROCE · FY26
- 29.1%
- ROE · FY26
- 22.3%
- ROE, 3-year average
- 26.3%
- Operating margin · FY26
- 14.9%peers 11.6%
- Sales growth, 3 years
- 35.1%
- Profit growth, 3 years
- 25.3%
- Debt to equity
- 0.09peers 0.49
- Borrowings
- ₹3.7 cr
- Interest cover
- 22.0×
- Cash from business / op. profit
- -94%
- Debtor days
- 130
- Pledged
- 0.00%
- Promoter holding
- 69.19%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 202
- 52-week high / low
- ₹53 / ₹29
- 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.
Samay Project Services share price chart
Close on 6 Nov 2026 · -2.69% on the day · Vol 4,000
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
- +2.3%
- 3 months
- +9.0%
- 6 months
- +14.7%
- 1 year
- +3.4%
- Since IPO
- +33.1%
- Traded a day, 20 days
- ₹0.06 cr
- Taken for delivery
- 93%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +35% | +60% |
| 3 years, a year | +35% | +25% |
| Latest half, H2 FY26 | +59% | +88% |
About Samay Project Services: business, products and customers
Samay Project Services designs, buys and builds piping, steel tanks and fire fighting systems inside power plants, sugar mills, distilleries, steel plants and ports, working from Chennai. Its shares trade on NSE Emerge.
Samay Project Services is an engineering, procurement and construction contractor for the plant around a main process, which its offer document calls balance of plant. It lays low and high pressure piping and cooling water lines, builds steel storage tanks at site, and installs fire detection and fire fighting systems from pump houses to sprinklers and foam. About half of its sales come from government bodies such as Bharat Heavy Electricals, Engineering Projects (India) and BCG Vaccine Laboratory, won by tender, and the rest from private plants such as Triveni Engineering, Rungta Mines, Nuvocco Cement and Zuari Envien Bioenergy, many reached through the consultant Avant Garde, which has empanelled it.
The company owns no factory. For each order it buys pipes, plates, pumps and valves from approved vendors, has them delivered to site, and hires erection subcontractors whose welders work under its own site engineers. So materials take more than half of every rupee of sales, and the rest of the margin rides on bidding the job right, because most orders are won on price against three to five rivals and some government tenders use reverse auctions.
Read more about the business
The model ties up cash. The company gives bank guarantees for each job and keeps fixed deposits of about a fifth to a quarter of their value as security, customers hold back retention money until work is accepted, and government bodies pay only after certifying invoices. Sales also move in lumps as large jobs start and finish, which is why its biggest customers and states change from year to year.
The offer document names Pratham EPC Projects, a listed pipeline and EPC contractor, as its peer. It listed on NSE Emerge in June 2025, raising money mainly for working capital, and says it plans to enter building BioCNG plants and to bid for larger projects.
From the red herring prospectus (June 2025) and the Crisil rating rationale of April 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 35% a year over three years.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It has little debt for its size: debt to equity 0.09.
- The promoters own a large part of the company: 69.19%.
To watch
- Whether money owed by customers comes down towards the 94 days the offer document planned for FY26, from 109 days in FY25.
- How the ₹12 cr of IPO money set aside for working capital is used, which the offer document planned for FY26.
- Any first BioCNG plant order, the new line the offer document says the company intends to enter.
- The Crisil rating, cut in April 2026 and marked issuer not cooperating because the company did not share information.
- Its borrowings rose a lot last year: ₹3.7 cr, from ₹2.1 cr.
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.
Samay Project Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown 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.
Samay Project Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 18.24 | 18.90 | 20.10 | 30.06 |
| Expenses | 15.53 | 15.89 | 17 | 25.56 |
| Operating profit | 2.71 | 3.01 | 3.10 | 4.50 |
| OPM | 14.9% | 15.9% | 15.4% | 15.0% |
| Interest | 0.14 | 0.26 | 0.20 | 0.25 |
| Depreciation | 0.08 | 0.10 | 0.11 | 0.10 |
| Profit before tax | 2.76 | 2.96 | 3.86 | 5.47 |
| Net profit | 2.10 | 2.13 | 2.87 | 4 |
Samay Project Services profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 10.15 | 18.77 | 20.34 | 40.73 | 37.14 | 50.16 |
| Expenses | 9.43 | 15.83 | 16.72 | 34.11 | 31.40 | 42.67 |
| Operating profit | 0.72 | 2.94 | 3.62 | 6.62 | 5.74 | 7.48 |
| OPM | 7.1% | 15.7% | 17.8% | 16.3% | 15.5% | 14.9% |
| Other income | 0.23 | 0.61 | 1.57 | 0.21 | 0.58 | 1.74 |
| Interest | 0.31 | 0.29 | 0.41 | 0.38 | 0.43 | 0.44 |
| Depreciation | 0.02 | 0.07 | 0.21 | 0.23 | 0.18 | 0.20 |
| Exceptional and other items | · | · | · | · | · | 0.64 |
| Profit before tax | 0.62 | 3.19 | 4.57 | 6.22 | 5.73 | 9.22 |
| Tax rate | 25.8% | 40.4% | 24.7% | 25.7% | 26.2% | 26.6% |
| Net profit | 0.46 | 1.90 | 3.44 | 4.62 | 4.23 | 6.77 |
| EPS ₹ | 15.01 | 62.01 | 112.27 | 4.19 | 3.84 | 4.70 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Samay Project Services 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.1% | 15.7% | 17.8% | 16.3% | 15.5% | 14.9% |
| Tax rate | 25.8% | 40.4% | 24.7% | 25.7% | 26.2% | 26.6% |
| ROCE | · | 38.9% | 41.2% | 40.3% | 29.9% | 29.1% |
| ROE | · | 27.0% | 35.5% | 33.7% | 23.0% | 22.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Samay Project Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. 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.
Samay Project Services balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.31 | 0.31 | 0.31 | 11.03 | 11.03 | 15.35 |
| Reserves | 5.77 | 7.67 | 11.11 | 5 | 9.76 | 24.49 |
| Net worth | 6.08 | 7.98 | 11.42 | 16.03 | 20.79 | 39.84 |
| Borrowings | 2.04 | 1.81 | 2.99 | 2.35 | 2.09 | 3.66 |
| Other liabilities | 3.68 | 5.14 | 6.87 | 6.45 | 10.11 | 7.22 |
| Total liabilities | 11.80 | 14.93 | 21.28 | 24.83 | 32.99 | 50.72 |
| Fixed assets | 1.96 | 2.62 | 2.72 | 2.61 | 2.66 | 2.73 |
| Capital work in progress | 0.18 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.23 | 0.23 | 0 | 0 | 0 | 0 |
| Other assets | 9.43 | 12.08 | 18.56 | 22.22 | 30.33 | 47.99 |
| Receivables | · | · | · | · | · | 17.88 |
| Inventory | · | · | · | · | · | 1.39 |
| Cash | · | · | · | · | · | 11.71 |
| Trade payables | · | · | · | · | · | 3.24 |
Samay Project Services cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0.68 | 1.69 | -1.61 | 1.95 | 1.81 | -7.04 |
| Cash from investing | -0.35 | -0.60 | 1.12 | 0.04 | -2.64 | -6.04 |
| Cash from financing | -0.32 | -0.70 | 0.78 | -1 | -0.67 | 13.70 |
| Net cash flow | 0.01 | 0.39 | 0.29 | 0.99 | -1.50 | 0.62 |
| Capital spending | · | · | · | · | · | 0.27 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 137 | 79 | 157 | 80 | 130 | 130 |
| Inventory days | 8 | 37 | 42 | 16 | · | · |
| Days payable | 127 | 70 | 51 | 31 | · | · |
| Cash conversion cycle | 17 | 46 | 148 | 66 | 130 | 130 |
| Working capital days | 90 | 73 | 124 | 95 | 135 | 185 |
Samay Project Services peers and competitors
Listed SME companies in the same industryBy sales, Samay Project Services is number 50 of the 58 listed SME companies in construction.
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 |
|---|---|---|---|---|---|---|
| Oneindig Technologies | 140 | 23.0 | 71.1 | 6.1 | 17.5% | 2.23 |
| Promax Power | 39 | 45.1 | 70.7 | 0.9 | 4.5% | 0.97 |
| NACDAC Infrastructure | 25 | 5.6 | 63.2 | 4.4 | 9.3% | 0.27 |
| Popular Foundations | 56 | 55.7 | 61.8 | 1 | 3.7% | 0.33 |
| Chiraharit | 55 | 608.8 | 54.9 | 0.1 | 2.7% | 0.33 |
| Samay Project Services | 70 | 10.3 | 50.2 | 6.8 | 14.9% | 0.09 |
| Suyog Gurbaxani Funicular Ropeways | 196 | 33.0 | 49.3 | 6 | 49.8% | 4.17 |
| Mewar Hi-Tech Engineering | 25 | 28.2 | 47.3 | 0.9 | 13.1% | 1.90 |
| Manav Infra Projects | 51 | 12.7 | 41.6 | 4 | 16.0% | 0.47 |
| Telge Projects | 231 | 36.8 | 40.2 | 6.3 | 22.7% | 0.23 |
| Agni Green Power | 28 | 32.6 | 38.6 | 0.8 | 10.0% | 0.51 |
| Median of the 10 others | 53 | 32.8 | 52.1 | 2.5 | 11.6% | 0.49 |
Samay Project Services 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.
Samay Project Services 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.
| Jun 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|
| Promoters | 69.19% | 69.19% | 69.19% | 69.19% |
| Foreign investors (FIIs) | 4.22% | 2.06% | 0.29% | - |
| Indian institutions (DIIs) | 8.81% | 4.85% | 4.09% | 3.23% |
| HNIs (over ₹2 lakh each) | - | 4.85% | 6.36% | 8.44% |
| Small holders (up to ₹2 lakh) | - | 7.71% | 5.81% | 6.07% |
| Companies and others | - | 11.34% | 14.26% | 13.07% |
| Number of shareholders | 507 | 269 | 205 | 202 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Samay Project Services study: the business from its own documents
Read from 2 of the company's own documentsSamay Project Services so far
From the company's own record
- 23 June 2025Listed on NSE Emerge at ₹34
- 10 Aug 2026An order announced
- 30 Sept 2026Promoters at 69.19%
- 6 July 2026Highest close since listing, ₹52.50
Samay Project Services key facts from the filings
Each figure with the document it comes from
- Order book
- ₹57.3 cr
- Unbilled work in hand at March 2025, about a year and a half of FY25 sales of ₹37.1 cr.Red herring prospectus, p.41 and p.94
- Government customers
- 51.56%
- Share of FY25 sales from public sector bodies, won through tenders; the rest came from private plants.Red herring prospectus, p.134
- Top ten customers
- 84.26%
- Share of FY25 sales from ten customers; the top five gave 63.06%.Red herring prospectus, p.134
- Largest customer
- 27.13%
- Share of FY25 sales from a single customer, up from 21.18% a year earlier.Red herring prospectus, p.134
- Fire fighting work
- 31.29%
- Share of FY25 sales from fire fighting systems, up from 8.48% in FY24; tanks and piping made up most of the rest.Red herring prospectus, p.130
Show 5 more facts
- Biggest state
- 42.33%
- Share of FY25 sales from projects in Telangana; Orissa came next at 14.94%.Red herring prospectus, p.133
- Days to get paid
- 109 days
- Money owed by customers at March 2025 in days of sales; the company planned for 94 days in FY26.Red herring prospectus, p.94
- Materials cost
- 55.62%
- Materials consumed as a share of FY25 sales, bought for each project from outside vendors.Red herring prospectus, p.37
- People
- 51 staff
- Employees at March 2025, 30 of them in operations, plus 142 contract workers on sites.Red herring prospectus, p.150
- Credit rating
- Crisil B
- Bank loan rating cut from B+ in April 2026, marked issuer not cooperating because the company did not share information.Crisil rating rationale, April 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The offer document put the order book at ₹57.3 cr at March 2025 and said the company would use ₹12 cr of the IPO money for working capital in FY26, expecting money owed by customers to rise as it bills faster. It says the company intends to enter EPC work for BioCNG plants and to bid for larger projects, alone or with partners. It gave no sales or profit guidance.
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.
Samay Project Services earns money by winning plant piping, tank and fire fighting jobs, buying the material and getting it built at site by subcontractors under its own engineers.
Its weak spots are price based bidding, a handful of customers in any year, and cash held up in guarantees, retention money and slow government payments.
WatchCan it set its own prices?Not really. Most work is won by bidding, and once a bidder qualifies the lowest price usually wins.
AverageHow strong is it against rivals?It has a long record and approvals that small contractors lack, but it is small and faces many low cost local rivals.
WatchWho are its customers?Government bodies and private plant owners, but a few of them give most of each year's sales and the names change as jobs end.
WatchDoes it need a lot of money?Yes for working capital, though little for plant. Cash waits in guarantees, retention money and unpaid bills.
AverageCan it keep finding new work?It has work in hand and a steady flow of enquiries from consultants and past customers, but each job has to be won again.
WatchDo good and bad years swing a lot?Yes. Sales depend on when big projects are awarded and billed, and tenders can be delayed by budgets or elections.
Who runs Samay Project Services?
Promoters, directors and officers; tap a name for the background
ARAnand RPromoter, Chairman and Managing Director · holds 47.39%
Bachelor's degree in production engineering from Bharathiar University, an MBA from Baylor University and a certificate from the Institute of Cost and Works Accountants of India. Promoter and director of Comfort Solutions from 2002 to 2008, marketing fire fighting products, and has run the company since 2008; about 22 years in fire fighting products, 16 of them with the company. Responsible for strategy, growth and financial performance. The offer document states that Anand R and Santhi Karthikeyan are brother and sister.
Red herring prospectus, p.167 and p.168SKSanthi KarthikeyanPromoter and Whole-time Director · holds 21.78%
Bachelor's degree in electronics and communication engineering from the University of Madras. Scientist at the Defence Electronics Research Lab, Hyderabad, and at the Combat Vehicles Research and Development Establishment, Madras, then promoter and director of Comfort Solutions; with the company since 2008, with 33 years of experience. Heads the engineering, piping and fire fighting divisions and detailed engineering on every project.
Red herring prospectus, p.167KUK UlaganathanChief Financial Officer
Bachelor's and master's degrees in commerce; senior finance manager at InterTouch Metal Building from 2010 to 2019 and assistant manager, finance at EDAC Engineering from 2019 to 2022. Joined in July 2023 and became CFO in December 2023, with 14 years in finance and accounts.
Red herring prospectus, p.176NANarayanan AnanthaseshanIndependent Director
Physics graduate with a master's in applied science from PSG College of Technology and an M.Tech in materials science from IIT Kharagpur. At Carborundum Universal from 1986, rising to Managing Director from November 2019 to August 2023; 36 years in leadership roles. Independent Director since January 2024.
Red herring prospectus, p.167 and p.168GRGowri RamachandranIndependent Director
Master's degrees in commerce and business administration and a doctorate in corporate secretaryship from Alagappa University. Worked in the Railway Services from 1984 and at RITES from 1994 to 2005 in finance; on the board of the Hindustan Chamber of Commerce since 2018. Independent Director since January 2024.
Red herring prospectus, p.167VVinuIndependent Director
B.Tech in chemical engineering from Anna University and a doctorate from the Indian Institute of Science; researcher at Northwestern University, then faculty at IIT Madras since 2012 and professor of chemical engineering since 2022. Independent Director since January 2024.
Red herring prospectus, p.168Samay Project Services 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 ₹30.1 cr (+59%), net profit ₹4 cr (+88%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 69.19%; Aarth AIF Growth Fund down to 3.23%.
- 10 Aug 2026: an order announced.
Samay Project Services announcements
12 on record, latest first; each opens the filing on the exchange
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Shareholders meetingSCRUTINIZER REPORT IS BEING SUBMITTEDPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on July 31, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting resuPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on July 31, 2026. Further, the company shall submit to the Exchange a copy of Srutinizers report along with voting rePDF ↗
- Updates''PDF ↗
- Updates'APPOINTMENT OF BALAJI KRISHNAMOORTHY (MEMNERSHIP NO:275085), PRACTICING CHARTERED ACCOUNTANT AS SCRUTINIZER TO SCRUTINISE THE REMOTE E-VOTING PROCESS DURING ENPDF ↗
- Updates'Cutoff date for e-voting Intimation'PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on July 31, 2026PDF ↗
- Disclosure of material issueSamay Project Services Limited has informed regarding Disclosure of material issuePDF ↗
- Outcome of Board MeetingHeld on Jun 30, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Samay Project Services Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing OPDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Samay Project Services Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing OPDF ↗
Samay Project Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Samay Project Services 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 Samay Project Services' data · 9
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 (1,53,49,320 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓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 FY23 (₹112.27) and FY24 (₹4.19) 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, FY21 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Samay Project Services
What does Samay Project Services do?
Samay Project Services designs, buys and builds piping, steel tanks and fire fighting systems inside power plants, sugar mills, distilleries, steel plants and ports, working from Chennai. Its shares trade on NSE Emerge.
What is the share price of Samay Project Services?
₹45.3 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Samay Project Services?
₹70 cr at the close on 6 Nov 2026, on 1,53,49,320 shares.
What is the P/E of Samay Project Services?
10.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Samay Project Services' revenue and profit?
Revenue ₹50 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Samay Project Services?
Anand R, Santhi Karthikeyan; promoters held 69.19% at 30 Sept 2026.
What was the IPO price of Samay Project Services?
₹34 a share; it listed on 23 June 2025.
What is Samay Project Services' website?
www.samayprojects.com
More SME companies like Samay Project Services
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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Every listed SME company in Construction → · SME companies listed in 2025 →
Built from 1 offer document, 1 credit rating note, 12 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.