Shayona EngineeringShare price, financial results, shareholding and management
- Market cap
- ₹74 cr
- Stock P/E
- 18.2peers 24.9
- Book value
- ₹68.4
- Price to book
- 2.76
- EV / operating profit
- -
- Market cap to sales
- 1.83
- ROCE · FY26
- 19.7%
- ROE · FY26
- 22.1%
- ROE, 3-year average
- 38.0%
- Operating margin · FY26
- 18.7%peers 13.9%
- Sales growth, 3 years
- 47.5%
- Profit growth, 3 years
- 89.9%
- Debt to equity
- 0.76peers 0.38
- Borrowings
- ₹20.2 cr
- Interest cover
- 4.3×
- Cash from business / op. profit
- -77%
- Debtor days
- 198
- Pledged
- 0.00%
- Promoter holding
- 64.14%
- Change in promoter holding
- -
- Shareholders
- 236
- 52-week high / low
- ₹203 / ₹119
- 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.
Shayona Engineering share price chart
Close on 6 Nov 2026 · +2.58% on the day · Vol 7,000
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
- +39.5%
- 3 months
- +31.3%
- 6 months
- +45.3%
- Traded a day, 20 days
- ₹0.49 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +74% | +67% |
| 3 years, a year | +48% | +90% |
| Latest half, H2 FY26 | +54% | +10% |
About Shayona Engineering: business, products and customers
Shayona Engineering makes machined parts, fabricated steel structures and process machinery for factories in Gujarat, and has started making plastic pipes and fittings for water and farm use. Its shares trade on BSE SME.
Shayona began in 2010 as a Vadodara machining and fabrication workshop run as a proprietorship by Vipul Bhikhabhai Solanki and became a company in 2017. From its Makarpura works it machines components on CNC and VMC machines, fabricates heavy structures, tanks and pre-engineered buildings, and builds automated material handling, mixing and dosing equipment, much of it for PVC pipe makers. Castings in many grades are supplied through partner foundries rather than made in house.
Most of this is made to each customer's drawing, so sales come order by order from factories that are spending on new plant. That makes revenue lumpy and tied to a small group of customers in any year, and because customers take long credit, money owed to the company has grown faster than profit, with bank borrowing filling the gap.
Read more about the business
The second line is PVC and HDPE pipes and fittings for irrigation, drainage and water supply, made at a new plant at Menpura near Vadodara that started commercial production in January 2026. Pipes are a standard product sold by weight in a crowded market, so the company says its results there will depend on how quickly it fills the plant and wins buyers.
The offer document says there are no listed companies comparable with Shayona, so it names no peers; it describes the competition as organised and unorganised makers, with smaller unorganised shops competing on price.
From the offer document (Red Herring Prospectus, January 2026), the annual report for FY26, the Crisil rating rationale of June 2025 and the company's order announcements of 26 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 48% a year over three years.
- The promoters own a large part of the company: 64.14%.
To watch
- How fast the Menpura pipe plant fills its capacity after starting commercial production in January 2026 (Annual report FY26, p.33 to 35).
- Spending of the IPO money still set aside for machinery at March 2026 (Annual report FY26, p.23).
- Collection of receivables, most of them due from one party at March 2026 (Annual report FY26, p.34).
- Delivery of the two engineering orders of 26 September 2026, each due within a month (Announcements, 26 September 2026, p.2).
- Customers take longer to pay than before: 198 days in FY26, against 69 in FY21.
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.
Shayona Engineering revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Shayona Engineering half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 17.30 | 13.61 | 26.66 |
| Expenses | 13.39 | 10.72 | 22.02 |
| Operating profit | 3.91 | 2.89 | 4.64 |
| OPM | 22.6% | 21.2% | 17.4% |
| Interest | 0.62 | 0.43 | 1.17 |
| Depreciation | 0.13 | 0.21 | 0.41 |
| Profit before tax | 3.17 | 2.25 | 3.08 |
| Net profit | 1.97 | 1.88 | 2.16 |
Shayona Engineering profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 2.97 | 4.58 | 12.56 | 15.24 | 23.15 | 40.27 |
| Expenses | 2.68 | 4.18 | 11.41 | 12.25 | 17.96 | 32.75 |
| Operating profit | 0.29 | 0.40 | 1.15 | 2.99 | 5.19 | 7.52 |
| OPM | 9.8% | 8.7% | 9.2% | 19.6% | 22.4% | 18.7% |
| Other income | 0.03 | 0 | 0.08 | 0.04 | -0.05 | 0.04 |
| Interest | 0.12 | 0.12 | 0.24 | 0.51 | 0.96 | 1.61 |
| Depreciation | 0.11 | 0.15 | 0.18 | 0.20 | 0.26 | 0.62 |
| Profit before tax | 0.09 | 0.13 | 0.81 | 2.32 | 3.92 | 5.34 |
| Tax rate | 33.3% | 23.1% | 27.2% | 26.3% | 38.3% | 24.3% |
| Net profit | 0.07 | 0.10 | 0.59 | 1.71 | 2.42 | 4.04 |
| EPS ₹ | 4.67 | 2.08 | 5.90 | 7.53 | 8.46 | 13.94 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shayona Engineering profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate 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 | 9.8% | 8.7% | 9.2% | 19.6% | 22.4% | 18.7% |
| Tax rate | 33.3% | 23.1% | 27.2% | 26.3% | 38.3% | 24.3% |
| ROCE | · | 11.0% | 27.3% | 38.1% | 29.4% | 19.7% |
| ROE | · | 14.5% | 40.5% | 57.0% | 34.9% | 22.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shayona Engineering debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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.
Shayona Engineering balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.15 | 0.48 | 1 | 2.27 | 2.86 | 3.89 |
| Reserves | 0.33 | 0.42 | 1.01 | 1.72 | 7.03 | 22.75 |
| Net worth | 0.48 | 0.90 | 2.01 | 3.99 | 9.89 | 26.64 |
| Borrowings | 1.83 | 1.32 | 3.45 | 5.42 | 13.91 | 20.18 |
| Other liabilities | 0.90 | 1.69 | 1.81 | 3.17 | 5.80 | 6.60 |
| Total liabilities | 3.21 | 3.91 | 7.27 | 12.58 | 29.60 | 53.42 |
| Fixed assets | 2.20 | 2.73 | 2.81 | 4.12 | 3.75 | 6.34 |
| Capital work in progress | 0 | 0 | 0.05 | 0.05 | 8.89 | 15.98 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 1.01 | 1.18 | 4.41 | 8.41 | 16.96 | 31.10 |
Shayona Engineering cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | 0.41 | -2.10 | -0.20 | -2.25 | -5.80 |
| Cash from investing | · | -0.67 | -0.31 | -1.52 | -8.81 | -10.29 |
| Cash from financing | · | 0.09 | 2.41 | 1.73 | 11.04 | 17.38 |
| Net cash flow | · | -0.17 | 0 | 0.01 | -0.02 | 1.29 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 69 | 57 | 73 | 135 | 185 | 198 |
| Inventory days | 17 | 28 | 49 | 60 | 58 | 15 |
| Days payable | 134 | 149 | 52 | 77 | 101 | 44 |
| Cash conversion cycle | -48 | -64 | 70 | 118 | 142 | 169 |
| Working capital days | -117 | -75 | 3 | -8 | 59 | 114 |
Shayona Engineering peers and competitors
Listed SME companies in the same industryBy sales, Shayona Engineering is number 135 of the 156 listed SME companies in industrial products.
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 |
|---|---|---|---|---|---|---|
| Solve Plastic Products | 8 | 18.1 | 45.6 | 0.4 | 4.5% | 1.09 |
| Polysil Irrigation Systems | 138 | 49.3 | 45.6 | 2.8 | 10.9% | 0.61 |
| Alphalogic Industries | 134 | 24.9 | 45.1 | 5.4 | 12.7% | 0.04 |
| Rajeshwari Cans | 17 | 7.4 | 42.6 | 2.2 | 12.8% | 0.53 |
| Holmarc Opto-Mechatronics | 132 | 32.2 | 42.2 | 4.1 | 15.0% | 0.02 |
| Gayatri Rubbers And Chemicals | 330 | 59.0 | 41.8 | 5.6 | 21.0% | 0.35 |
| Shayona Engineering | 74 | 18.2 | 40.3 | 4 | 18.7% | 0.76 |
| Ameya Precision Engineers | 139 | 24.8 | 40.1 | 5.6 | 19.0% | 0.01 |
| Lead Reclaim And Rubber Products | 95 | 23.2 | 39.8 | 4.1 | 21.4% | 0.52 |
| Rex Sealing and Packing Industries | 36 | 20.1 | 38.2 | 1.8 | 10.4% | 0.15 |
| Swastika Castal | 102 | 31.0 | 35.4 | 3.3 | 15.2% | 0.40 |
| Median of the 10 others | 117 | 24.9 | 42 | 3.7 | 13.9% | 0.38 |
Shayona Engineering shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Shayona Engineering 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.
| Mar 26 | |
|---|---|
| Promoters | 64.14% |
| Number of shareholders | 236 |
Shayona Engineering study: the business from its own documents
Read from 5 of the company's own documentsShayona Engineering so far
From the company's own record
- 26 Sept 2026An order announced
- 26 Sept 2026An order announced
- 31 March 2026Promoters at 64.14%
- 6 Nov 2026Highest close since listing, ₹188.85
Shayona Engineering key facts from the filings
Each figure with the document it comes from
- Engineering share of sales
- 62%
- Share of revenue from the engineering division in the eight months to November 2025; plastics were 32% and castings 6%.Offer document, p.124
- Top ten customers
- 91.7%
- Share of revenue from the ten largest customers in the eight months to November 2025, up from 73.2% in FY25.Offer document, p.125
- One customer's dues
- 71%
- Share of trade receivables owed by a single party at March 2026.Annual report FY26, p.34
- Money owed by customers
- ₹21.8 cr
- Trade receivables at March 2026, against ₹11.7 cr a year earlier, as sales grew.Annual report FY26, p.33
- Menpura pipe plant
- 3,000 MT a year
- Installed capacity for PVC and HDPE pipes and fittings; commercial production began in January 2026.Offer document, p.132; Annual report FY26, p.33
Show 5 more facts
- IPO
- ₹14.9 cr at ₹144
- Fresh issue of 10,32,000 shares; listed on BSE SME on 30 January 2026.Annual report FY26, p.23
- IPO money moved
- ₹1.4 cr
- Machinery money used for a while for working capital at March 2026, then restored; ₹2.5 cr of the ₹3.8 cr machinery budget was still to be spent.Annual report FY26, p.23
- Auditor change
- Aug 2026
- SGPS & Associates resigned from 24 August 2026, citing the larger work after listing and fees not agreed; O. P. Rathi & Co. was appointed.Annual report FY26, p.27
- Credit rating
- Crisil B-/Stable
- Reaffirmed in June 2025 on ₹17 cr of bank facilities, citing modest scale and cyclical customers.Crisil rating rationale, 10 June 2025, p.1
- New orders
- ₹1.7 cr
- Two orders for engineering items from domestic customers on 26 September 2026, before GST, each to be delivered within a month.Announcements, 26 September 2026, p.2; our arithmetic
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.
Shayona earns its money making engineering goods to order for a small group of factory customers, and has just added a plastic pipe plant.
Its weak spots are reliance on a few customers, long credit that ties up cash, and a new pipe business that still has to find its buyers.
WatchCan it set its own prices?Its rating agency says intense competition limits its pricing power, and the company says it may not always pass on higher metal and polymer costs in time.
WatchHow strong is it against rivals?It offers a wide mix of machining, fabrication and automation, but the work needs little capital, so many small shops can compete.
WatchWho are its customers?A handful of private factory customers bring almost all of its sales, and one of them owed most of its receivables at the year end.
WatchDoes it need a lot of money?Growth has needed more working capital and borrowing, and its operations used cash in the latest year even as profit rose.
AverageCan it keep finding new work?Orders keep arriving from factory customers and the pipe plant adds a new product, but the company reports no order book.
WatchDo good and bad years swing a lot?Demand rises and falls with customers' spending on plant, and losing orders from one customer has already cut the use of a unit.
Who runs Shayona Engineering?
Promoters, directors and officers; tap a name for the background
VBVipul Bhikhabhai SolankiPromoter, Chairman and Managing Director
Founded the proprietorship Shayona Engineering Works in 2010 and has been a director since the company was formed in 2017; over 20 years in engineering. Studied to higher secondary level and earlier worked as a supervisor at Shyam Industries. Held 69.73% before the IPO.
Offer document, p.117 and p.153 to 154GRGaurav Ratukumar ParekhPromoter and Whole-time Director
Over 30 years in engineering, production and operations; earlier plant manager at Shyam Industries, project manager at Swastik Engineers and plant in charge at Innovative Tyres & Tubes. A director since 2017. Held 12.24% before the IPO.
Offer document, p.117 and p.154 to 155KVKinnariben Vipulbhai SolankiPromoter and Whole-time Director
Ran a boutique business from 2010 to 2020 and joined the board in April 2024; described in the offer document as the wife of Vipul Bhikhabhai Solanki. Held 5.31% before the IPO.
Offer document, p.117, p.153 and p.155 to 156MGMiteshkumar Ghanshyambhai RanaIndependent Director
A Company Secretary with over 11 years in corporate law and compliance, running Mitesh Rana & Co. in Vadodara since 2013; holds a Master of Commerce from M. S. University of Vadodara. Appointed in August 2024.
Offer document, p.154 to 155ATArpita Tejaskumar ShahIndependent Director
Worked in equity research since 2004, including at KIFS Trade Capital, and has been an independent financial adviser since 2012; holds a CFA designation from ICFAI University. Appointed in August 2024.
Offer document, p.154 to 155Shayona Engineering 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 ₹26.7 cr (+54%), net profit ₹2.2 cr (+10%) on H2 FY25.
- 26 Sept 2026: an order announced.
- 26 Sept 2026: an order announced.
Shayona Engineering announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateDear Sir/Madam, Pursuant to the provisions of Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2PDF ↗
- Company UpdateDear Sir, Pursuant to Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, please find enclosed herPDF ↗
- Company UpdateIntimation of receipt of Purchase OrderPDF ↗
- Company UpdateIntimation of Receipt of OrderPDF ↗
- Insider Trading / SASTDear Sir/Madam, This is to inform you that pursuant to the 'Code of Fair Disclosure (Including determination of Legitimate Purpose), Internal procedures and PDF ↗
Shayona Engineering annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Shayona Engineering 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 Shayona Engineering's 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 (38,92,268 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 FY21 (₹4.67) and FY22 (₹2.08) 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 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shayona Engineering
What does Shayona Engineering do?
Shayona Engineering makes machined parts, fabricated steel structures and process machinery for factories in Gujarat, and has started making plastic pipes and fittings for water and farm use. Its shares trade on BSE SME.
What is the share price of Shayona Engineering?
₹189 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shayona Engineering?
₹74 cr at the close on 6 Nov 2026, on 38,92,268 shares.
What is the P/E of Shayona Engineering?
18.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shayona Engineering's revenue and profit?
Revenue ₹40 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Shayona Engineering?
Vipul Bhikhabhai Solanki, Gaurav Ratukumar Parekh, Kinnariben Vipulbhai Solanki; promoters held 64.14% at 31 March 2026.
What is Shayona Engineering's website?
www.shayonaengg.com
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Built from 2 annual reports, 2 credit rating notes, 1 offer document, 5 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.