Shining ToolsShare price, financial results, shareholding and management
- Market cap
- ₹126 cr
- Stock P/E
- 32.5peers 27.2
- Book value
- ₹45.7
- Price to book
- 4.89
- EV / operating profit
- -
- Market cap to sales
- 6.91
- ROCE · FY26
- 22.4%
- ROE · FY26
- 23.0%
- ROE, 3-year average
- 37.3%
- Operating margin · FY26
- 36.5%peers 6.2%
- Sales growth, 3 years
- 21.0%
- Profit growth, 3 years
- +116.1%
- Debt to equity
- 0.24peers 0.29
- Borrowings
- ₹6.3 cr
- Interest cover
- 6.5×
- Cash from business / op. profit
- 15%
- Debtor days
- 135
- Pledged
- 0.00%
- Promoter holding
- 70.68%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 555
- 52-week high / low
- ₹223 / ₹38
- 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.
Shining Tools share price chart
Close on 6 Nov 2026 · +4.98% on the day · Vol 10,800
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
- +33.7%
- 3 months
- +156.8%
- 6 months
- +243.8%
- Traded a day, 20 days
- ₹0.33 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +116% |
| 3 years, a year | +21% | - |
| Latest half, H2 FY26 | +10% | +54% |
About Shining Tools: business, products and customers
Shining Tools makes custom carbide cutting tools for factory machines under the Tixna name, and sharpens worn tools so they can be used again. Its plant is near Rajkot in Gujarat and its shares trade on BSE SME.
Shining Tools, selling under the Tixna brand, designs and grinds solid carbide cutting tools such as end mills, drills, reamers, ball nose and fir tree cutters for CNC machines, and re-sharpens and re-coats used tools. It works from one plant at Pipaliya on the Rajkot to Gondal highway, close to the Shapar and Vavadi industrial belts, and its buyers are machine shops and manufacturers in auto, engineering, agriculture, casting, aerospace and defence. The company began in 2013 by trading tools, moved into making them, later stopped trading, and listed on BSE SME in November 2025.
The way it works shapes the numbers. Most sales are custom tools designed and approved for one customer's job, which take one to three weeks and fetch far more per piece than standard tools, while re-sharpening is billed as job work and uses almost no raw material, so reported margins are high; coating is sent out to outside firms. Customers are given credit and the company keeps finished stock, so much of each year's profit sits in unpaid bills and inventory rather than cash.
Read more about the business
Money from the IPO is going into new CNC grinding machines at the same site, planned to take the plant from five machines to eleven. After the year ended, the board approved a subsidiary, Shinvi Tools Limited, to make hand tools and other hardware.
The offer document says no listed Indian company has the same product mix. It names local makers Accusharp Cutting Tools, SST Cutting Tools, VP Tools India and Arrow Tools, and multinationals Kennametal India, Guhring India, ISCAR India and YG Cutting Tools, as competitors, along with low priced Chinese tools.
From the 2025 offer document, the FY26 annual report and Crisil's rating notes of February 2024 and April 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 21% a year over three years.
- It earns a high return on the money it uses: ROCE 22% in FY26.
- It has little debt for its size: debt to equity 0.24.
- The promoters own a large part of the company: 70.68%.
To watch
- Whether the new grinding machines are installed and filled with orders: the offer document planned them for December 2025, and advances for machines were still outstanding at March 2026 (offer document, p.109 and p.125; annual report FY26, p.86).
- A new Chief Financial Officer after Abhishek Dobaria resigned on 4 August 2026, and a steady board after five independent directors left during FY26 (annual report FY26, p.31 and p.32).
- The statutory auditor reported that the company was not regular in depositing statutory dues, the secretarial auditor recorded late filings, and a ₹30.3 lakh GST demand for 2017-18 is under appeal (annual report FY26, p.34, p.35 and p.91).
- Dealings with promoter linked parties: ₹0.85 cr of FY26 purchases from Shree Industries, a concern of a director's relative, and an IDFC First Bank complaint against Shine Industries and the promoters, pending at the offer document (annual report FY26, p.43 and p.92; offer document, p.303).
- It paid no dividend in the past year.
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.
Shining Tools 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.
Shining Tools half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 9.39 | 8.01 | 10.29 |
| Expenses | 5.29 | 4.40 | 7.22 |
| Operating profit | 4.10 | 3.61 | 3.07 |
| OPM | 43.7% | 45.1% | 29.8% |
| Interest | 0.41 | 0.41 | 0.43 |
| Depreciation | 1.26 | 0.69 | 0.97 |
| Profit before tax | 2.46 | 2.52 | 2.05 |
| Net profit | 1.33 | 1.84 | 2.05 |
Shining Tools profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 7.96 | 10.07 | 10.32 | 10.53 | 14.73 | 18.30 |
| Expenses | 5.89 | 8.20 | 8.50 | 6.31 | 8.31 | 11.62 |
| Operating profit | 2.07 | 1.87 | 1.82 | 4.22 | 6.42 | 6.68 |
| OPM | 26.0% | 18.6% | 17.6% | 40.1% | 43.6% | 36.5% |
| Other income | 0.01 | 0.03 | 0.14 | 0.07 | 0.04 | 0.41 |
| Interest | 1.16 | 1.11 | 1.13 | 0.92 | 0.98 | 0.84 |
| Depreciation | 0.84 | 1.04 | 0.93 | 0.74 | 2.46 | 1.67 |
| Profit before tax | 0.08 | -0.25 | -0.10 | 2.63 | 3.02 | 4.58 |
| Tax rate | 37.5% | -20.0% | -30.0% | 25.5% | 40.4% | 15.1% |
| Net profit | 0.06 | -0.20 | -0.08 | 1.96 | 1.80 | 3.89 |
| EPS ₹ | 0.30 | -1 | -0.40 | 9.80 | 4.33 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY22, FY23) comes from tax charged on a small or negative profit, as reported.
Earnings per share is left blank where the source shows zero against a profit.
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.
Shining Tools profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than 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 | 26.0% | 18.6% | 17.6% | 40.1% | 43.6% | 36.5% |
| Tax rate | 37.5% | -20.0% | -30.0% | 25.5% | 40.4% | 15.1% |
| ROCE | · | 6.6% | 8.6% | 30.2% | 28.3% | 22.4% |
| ROE | · | -8.9% | -3.9% | 60.1% | 28.8% | 23.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Shining Tools debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. 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.
Shining Tools balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 4.16 | 5.66 |
| Reserves | 0.41 | 0.10 | 0.02 | 2.50 | 3.83 | 20.20 |
| Net worth | 2.41 | 2.10 | 2.02 | 4.50 | 7.99 | 25.86 |
| Borrowings | 11.25 | 10.46 | 9.45 | 7.54 | 8.19 | 6.30 |
| Other liabilities | 4.25 | 5.62 | 5.36 | 4.04 | 3.49 | 3.84 |
| Total liabilities | 17.91 | 18.18 | 16.83 | 16.08 | 19.67 | 36 |
| Fixed assets | 6.88 | 6.11 | 5.27 | 6.61 | 6.78 | 13.59 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0.34 | 0 |
| Investments | 0.15 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 10.88 | 12.07 | 11.56 | 9.47 | 12.55 | 22.41 |
Shining Tools cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 4.08 | 2.30 | 2.31 | 3.32 | 1.17 | 1.03 |
| Cash from investing | -1.82 | -0.40 | -0.09 | -1.40 | -2.95 | -12.05 |
| Cash from financing | -2.23 | -1.89 | -2.14 | -1.78 | 1.49 | 11.25 |
| Net cash flow | 0.03 | 0.01 | 0.08 | 0.14 | -0.29 | 0.23 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 165 | 145 | 134 | 83 | 127 | 135 |
| Inventory days | 1,041 | 379 | 432 | 253 | 236 | 252 |
| Days payable | 685 | 298 | 450 | 171 | 83 | 67 |
| Cash conversion cycle | 521 | 226 | 117 | 164 | 280 | 320 |
| Working capital days | 70 | 50 | 44 | 36 | 121 | 262 |
Shining Tools peers and competitors
Listed SME companies in the same industryBy sales, Shining Tools is number 51 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 |
|---|---|---|---|---|---|---|
| Emkay Taps and Cutting Tools | 102 | 12.6 | 32.6 | 8.1 | -7.3% | 0.00 |
| Ishan International | 11 | 27.2 | 26.9 | 0.4 | 1.9% | 0.27 |
| Sjp Ultrasonics | 108 | 20.5 | 26.6 | 5.2 | 31.2% | 0.29 |
| Containe Technologies | 10 | 9.9 | 24 | 1 | 9.1% | 0.55 |
| Arrowhead Seperation Engineering | 13 | 75.1 | 23.3 | 0.2 | 3.3% | 0.32 |
| Sollfege Smart Electronics | 81 | 36.9 | 22.2 | 2.2 | 18.9% | 0.60 |
| Boss Packaging Solutions | 24 | 14.5 | 20 | 1.7 | 13.7% | 0.00 |
| Shining Tools | 126 | 32.5 | 18.3 | 3.9 | 36.5% | 0.24 |
| Misquita Engineering | 26 | 111.1 | 18 | 0.2 | 3.2% | 0.17 |
| Highness Microelectronics | 146 | 35.7 | 16.1 | 4.1 | 41.9% | 0.29 |
| Quality RO Industries | 6 | - | 15.7 | -0.4 | 2.4% | 0.63 |
| Median of the 10 others | 25 | 27.2 | 22.7 | 1.3 | 6.2% | 0.29 |
Shining Tools 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 is about the same.
Shining Tools 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.
| Nov 24 | Nov 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 70.68% | 70.68% | 70.68% |
| Number of shareholders | 561 | 561 | 555 |
Shining Tools study: the business from its own documents
Read from 5 of the company's own documentsShining Tools so far
From the company's own record
- May 2013Company formed
- 31 March 2026Promoters at 70.68%
- 6 Nov 2026Highest close since listing, ₹223.45
Shining Tools key facts from the filings
Each figure with the document it comes from
- Custom tools
- 73.19%
- Share of FY25 sales from tools made to one customer's design; standard tools were 7.18%.Offer document, p.167
- Re-sharpening income
- ₹2.8 cr
- Job work in FY26 that restores used tools and needs almost no raw material.Annual report FY26, p.86; offer document, p.282
- Top ten customers
- 56.91%
- Share of FY25 sales, up from 43.19% in FY23, with no long term contracts.Offer document, p.38 and p.39
- Sales within Gujarat
- 92.68%
- Share of FY25 revenue from customers in the home state.Offer document, p.166
- IPO money
- ₹17.1 cr
- Raised at ₹114 a share, listed on 14 November 2025; ₹9.1 cr was set aside for new grinding machines.Annual report FY26, p.28, p.30 and p.96
Show 5 more facts
- Plant and machinery added
- ₹8.1 cr
- Added in FY26, with another ₹3.9 cr paid in advance for machines at March 2026.Annual report FY26, p.83 and p.86
- Receivables
- ₹6.7 cr
- Owed by customers at March 2026, up from ₹5.1 cr; finished stock rose to ₹4.6 cr from ₹2.8 cr.Annual report FY26, p.69 and p.85
- Loans to promoter relatives
- ₹4.16 cr
- Lent between FY21 and FY24 in breach of Section 185, recovered by March 2024 and compounded for ₹30 lakh in June 2025.Annual report FY26, p.38 and p.39
- Crisil rating
- B, not cooperating
- Crisil kept its B rating on the bank loans and marked the company as not cooperating in February 2024 and April 2025.Crisil rating rationale, 24 Apr 2025, p.1; 22 Feb 2024, p.1
- Independent directors who left
- 5
- Resigned between May 2025 and February 2026; the Chief Financial Officer also resigned on 4 August 2026.Annual report FY26, p.31 and p.32
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 set out a plan to add six grinding machines to the five already running, more than doubling installed capacity, and to add distributors, two or three reconditioning centres in Madhya Pradesh and Maharashtra, and exports. After FY26 the board approved a subsidiary, Shinvi Tools Limited, for hand tools and other hardware, which the annual report says was still being incorporated. The company gives no figures for future years.
| What management said | When | What happened |
|---|---|---|
| Turnover of ₹21.3 cr in FY26, including ₹3.0 cr to ₹3.5 cr from new machines in February and March 2026 | Offer document, 2025, p.125 | ₹18.3 cr revenue from operations |
| New machines installed and commissioned by December 2025 | Offer document, 2025, p.125 | Foreign payments for two machines in FY26 and ₹3.9 cr still paid in advance for machines at March 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.
Shining Tools earns high margins grinding custom carbide tools and re-sharpening worn ones for nearby factories.
Its weak spots are a small customer base mostly in one state, money tied up in unpaid bills and stock, and past lapses in governance.
AverageCan it set its own prices?Partly. Custom tools fetch more per piece, but cheap imported tools and many local makers hold down prices of standard tools.
AverageHow strong is it against rivals?A small regional specialist whose edge is quick custom design close to its customers, against much larger Indian and foreign tool brands.
WatchWho are its customers?Factories mostly in Gujarat, with ten customers taking more than half of sales and no long term contracts.
WatchDoes it need a lot of money?Yes. The grinding machines are costly and customers take long credit, so profit turns into cash slowly.
AverageCan it keep finding new work?Worn tools come back for re-sharpening and customers often reorder, but the new machines need buyers beyond the present base.
AverageDo good and bad years swing a lot?Somewhat. Tools are used up steadily, but demand follows factory activity and the company made a loss as recently as FY23.
Who runs Shining Tools?
Promoters, directors and officers; tap a name for the background
VLVipulbhai Laljibhai GhoniaPromoter, Chairman and Managing Director · holds 11.76%
Matriculated from the Gujarat Secondary Education Board in 1993; a director since incorporation on 1 May 2013 and Managing Director from 7 November 2024, looking after purchase, finance and accounts. The offer document states Vipulbhai Laljibhai Ghonia is the spouse of Kiranben Vipulbhai Ghonia, the brother of Kamalbhai Laljibhai Ghonia and the son of Jayaben Laljibhai Ghonia.
Offer document, p.171, p.206, p.207 and p.236; annual report FY26, p.11KLKamalbhai Laljibhai GhoniaPromoter and Whole-Time Director · holds 11.77%
Bachelor of Arts from Saurashtra University, Rajkot (2000); a director since 2013 with more than 10 years in machining, product design, tool geometry and grinding, and leads sales, execution and the technical side. The offer document states Kamalbhai Laljibhai Ghonia is the spouse of Pritiben Kamalbhai Ghonia.
Offer document, p.171, p.206 and p.236KVKiranben Vipulbhai GhoniaPromoter and Non-Executive Director · holds 11.78%
Bachelor of Home Science from Saurashtra University (1998) with over 10 years in customer relationships and human resources; a director since 21 March 2024 and chair of the nomination and stakeholders committees. The annual report names Kiranben Vipulbhai Ghonia among those who received loans from the company in breach of Section 185.
Offer document, p.206; annual report FY26, p.9, p.26 and p.38PKPritiben Kamalbhai GhoniaPromoter · holds 18.75%
Bachelor of Arts with more than 10 years in business, as the offer document states. The annual report names Shine Engineering as the proprietorship of Pritiben Ghonia, which received loans from the company between FY21 and FY24.
Offer document, p.232; annual report FY26, p.38JLJayaben Laljibhai GhoniaPromoter · holds 16.60%
Listed in the offer document as a housewife and the mother of Vipulbhai and Kamalbhai Ghonia; has lent money to the company.
Offer document, p.233 and p.236; annual report FY26, p.93SDShaileshbhai Durlabhjibhai SagpariyaIndependent Director
Independent director since 11 December 2025 and chair of the audit committee from 11 February 2026; the annual report gives no further background.
Annual report FY26, p.9 and p.31JBJay Bharatbhai PansuriaIndependent Director
Independent director since 11 December 2025 and a member of the audit committee; the annual report gives no further background.
Annual report FY26, p.9 and p.31SDSneha Dhaval ShahCompany Secretary and Compliance Officer
Company secretary qualified with the Institute of Company Secretaries of India in 2016, earlier at Lingraj Steel and Power; in the role since 16 November 2024.
Offer document, p.215; annual report FY26, p.9Shining Tools 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 ₹10.3 cr (+10%), net profit ₹2.1 cr (+54%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 70.68%.
Shining Tools announcements
6 on record, latest first; each opens the filing on the exchange
- AGM/EGMPDF ↗
- OthersAnnual Report for the Financial Year 2025-26 of the 13th Annual General MeetingPDF ↗
- AGM/EGMShining tools limited informed the exchange about the proceedings of Annual general meeting which concluded at 12:33 P.M. (including time allowed for e-voting)PDF ↗
- Insider Trading / SASTTrading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 for the designated person from Thursday PDF ↗
- Company UpdateWith reference to your communication dated 18th September, 2026 the company confirms that it has complied with Regulation 30 of SEBI, Listing Regulations and thPDF ↗
- Company UpdateThe Exchange has sought clarification from Shining Tools Ltd on September 18, 2026 with reference to significant movement in price, in order to ensure that inve
Shining Tools annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Shining Tools 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 Shining Tools' 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 (56,58,400 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 moves in line with profit across the years shown.
- ✓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 Shining Tools
What does Shining Tools do?
Shining Tools makes custom carbide cutting tools for factory machines under the Tixna name, and sharpens worn tools so they can be used again. Its plant is near Rajkot in Gujarat and its shares trade on BSE SME.
What is the share price of Shining Tools?
₹223 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shining Tools?
₹126 cr at the close on 6 Nov 2026, on 56,58,400 shares.
What is the P/E of Shining Tools?
32.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shining Tools' revenue and profit?
Revenue ₹18 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Shining Tools?
Vipulbhai Laljibhai Ghonia, Kamalbhai Laljibhai Ghonia, Kiranben Vipulbhai Ghonia, Pritiben Kamalbhai Ghonia, Jayaben Laljibhai Ghonia; promoters held 70.68% at 31 March 2026.
What is Shining Tools' website?
www.tixnatools.com
More SME companies like Shining Tools
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
- Energy Mission Machineries (India)EMMIL · NSE Emerge · Industrial Manufacturing · listed 2024Market cap ₹122 cr
- Sjp UltrasonicsSJP · BSE SME · Industrial ManufacturingMarket cap ₹119 cr
- Apollo Techno IndustriesATIL · BSE SME · Industrial ManufacturingMarket cap ₹115 cr
- Roopa ScreenROOPA · BSE SME · Industrial ManufacturingMarket cap ₹104 cr
- Shri Balaji Valve ComponentsSBVCL · BSE SME · Industrial ManufacturingMarket cap ₹101 cr
- Emkay Taps and Cutting ToolsEMKAYTOOLS · NSE Emerge · Industrial Manufacturing · listed 2015Market cap ₹99 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 6 exchange announcements, 3 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.