Systematic IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹534 cr
- Stock P/E
- 25.4peers 23.8
- Book value
- ₹90
- Price to book
- 2.66
- EV / operating profit
- -
- Market cap to sales
- 0.97
- ROCE · FY26
- 17.5%
- ROE · FY26
- 14.9%
- ROE, 3-year average
- 20.5%
- Operating margin · FY26
- 6.6%peers 6.1%
- Sales growth, 3 years
- 20.0%
- Profit growth, 3 years
- 51.9%
- Debt to equity
- 0.05peers 1.02
- Borrowings
- ₹10 cr
- Interest cover
- 5.7×
- Cash from business / op. profit
- 16%
- Debtor days
- 51
- Pledged
- 0.00%
- Promoter holding
- 73.43%
- Change in promoter holding
- +0.02 pts
- Shareholders
- 1,262
- 52-week high / low
- ₹299 / ₹125
- 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.
Systematic Industries share price chart
Close on 6 Nov 2026 · -2.60% on the day · Vol 9,600
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
- -15.6%
- 3 months
- +10.3%
- 6 months
- +3.2%
- 1 year
- +19.0%
- Traded a day, 20 days
- ₹0.49 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +17% |
| 3 years, a year | +20% | +52% |
| Latest half, H2 FY26 | +6% | +7% |
About Systematic Industries: business, products and customers
Systematic Industries makes steel wire for power cables, transmission lines, fencing and farms, and has started making optical fibre cable and optical ground wire for power and telecom networks. Its shares trade on the BSE SME platform.
Systematic Industries, founded in Mumbai in 2000, draws and coats steel wire at three plants near Silvassa and one at Sarigam in Gujarat: galvanised wire, mild steel and high-carbon wire, cable armour wire and the steel core used in power conductors. Its wire goes into power cables and transmission lines, gabions, fencing and binding wire, and farm trellising, and is sold in about 25 states and to more than 30 countries. Since 2025 it also makes aluminium clad steel wire, optical fibre cable and optical ground wire, used in power and data transmission.
Steel wire rod from steel makers is the main input, and cost of goods sold was about 82% of total expenses in FY25, so the company earns a thin conversion margin and its sales rise and fall with steel prices as well as with tonnes. Money is tied up in stock and in what customers owe, which is why profit has run ahead of cash from operations. The newer fibre products and supply-and-install work for Power Grid are where the company says it expects better margins.
Read more about the business
Capacity is set to rise from 1,00,000 t to 1,72,000 t a year from November 2026 with two acquired units: a 48,000 t galvanised wire plant at Siltara in Chhattisgarh and Wire Brigade Industries' 24,000 t unit in Howrah, a company the offer document lists among group companies in which the directors are interested. Money from the 2025 listing went mainly to repaying loans. The offer document names Bansal Wire Industries (stainless and steel wire) and Advait Energy Transitions (ACS wire, optical ground wire and transmission services) as listed peers, and Tata Wiron as another large steel wire maker.
From the offer document (Red Herring Prospectus, September 2025), the annual report for FY24 and the September 2026 investor presentation.
Read the deeper study ↓In its favour
- Sales have grown fast: 20% a year over three years.
- It has little debt for its size: debt to equity 0.05.
- The promoters own a large part of the company: 73.43%.
To watch
- Start of the 72,000 t of acquired capacity at Siltara and Howrah, expected from November 2026 (Investor presentation, September 2026, p.6 and p.19).
- Delivery of the Power Grid optical ground wire contract on the Agra to Kumher section, the company's first supply-and-install job (Investor presentation, September 2026, p.12).
- The company's stated target of margin expansion to 10% within two years (Investor presentation, September 2026, p.23).
- Dealings with group companies in the same trade: ₹21.1 cr of FY25 purchases from Wire Brigade Industries, ₹8.0 cr of job work by Veritas Industries, and a factory at Umerkui rented from Siddhant Ispat, under a non-compete agreement dated 9 May 2025 (Offer document, p.35, p.44 and p.48).
- 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.
Systematic Industries 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.
Systematic Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 165 | 282 | 253.68 | 298.83 |
| Expenses | 151 | 261 | 235.75 | 280.14 |
| Operating profit | 14 | 21 | 17.94 | 18.69 |
| OPM | 8.0% | 7.0% | 7.1% | 6.3% |
| Interest | 4 | 4 | 4.54 | 1.48 |
| Depreciation | 1 | 3 | 3.08 | 3.24 |
| Profit before tax | 9 | 15 | 12.42 | 15.70 |
| Net profit | 7 | 11 | 9.29 | 11.73 |
Systematic Industries profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 213 | 175 | 234 | 320 | 370 | 447 | 552.51 |
| Expenses | 204 | 169 | 225 | 307 | 346 | 412 | 515.88 |
| Operating profit | 9 | 6 | 9 | 13 | 24 | 35 | 36.63 |
| OPM | 4.3% | 3.4% | 3.8% | 4.2% | 7.0% | 8.0% | 6.6% |
| Other income | 0 | 2 | 2 | 1 | 2 | 3 | 3.84 |
| Interest | 2 | 2 | 4 | 4 | 7 | 8 | 6.02 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 4 | 6.32 |
| Exceptional and other items | · | · | · | · | 1 | -1 | · |
| Profit before tax | 5 | 4 | 5 | 8 | 17 | 25 | 28.12 |
| Tax rate | 20.0% | 25.0% | 20.0% | 25.0% | 29.4% | 28.0% | 25.2% |
| Net profit | 4 | 3 | 4 | 6 | 12 | 18 | 21.02 |
| EPS ₹ | 60.70 | 44.01 | 59.03 | 95.75 | 125.56 | 10.99 | 10.74 |
| Dividend payout | 0.0% | 0.0% | 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.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Systematic Industries 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 moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 4.3% | 3.4% | 3.8% | 4.2% | 7.0% | 8.0% | 6.6% |
| Tax rate | 20.0% | 25.0% | 20.0% | 25.0% | 29.4% | 28.0% | 25.2% |
| ROCE | · | 9.2% | 12.1% | 12.5% | 19.0% | 20.6% | 17.5% |
| ROE | · | 7.9% | 9.6% | 12.9% | 21.5% | 25.2% | 14.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Systematic Industries 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. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Systematic Industries balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.66 | 0.66 | 0.66 | 0.66 | 0.99 | 17 | 22 |
| Reserves | 36 | 39 | 43 | 49 | 61 | 64 | 179 |
| Net worth | 36.66 | 39.66 | 43.66 | 49.66 | 61.99 | 81 | 201 |
| Borrowings | 25 | 29 | 36 | 62 | 79 | 99 | 10 |
| Other liabilities | 11.34 | 8.34 | 9.34 | 18.34 | 21.01 | 26 | 24 |
| Total liabilities | 73 | 77 | 89 | 130 | 162 | 206 | 235 |
| Fixed assets | 10 | 13 | 11 | 27 | 26 | 61 | 58 |
| Capital work in progress | 0 | 0 | 0 | 0 | 21 | 1 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 63 | 64 | 78 | 103 | 115 | 144 | 175 |
Systematic Industries cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | -2 | 2 | -1 | -7 | 15 | 8 | 6 |
| Cash from investing | 0 | -4 | -2 | -15 | -24 | -20 | -2 |
| Cash from financing | 3 | 1 | 3 | 22 | 10 | 12 | 5 |
| Net cash flow | 1 | -1 | 0 | 0 | 1 | 0 | 9 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 62 | 65 | 62 | 66 | 51 | 65 | 51 |
| Inventory days | 21 | 38 | 30 | 36 | 43 | 42 | 45 |
| Days payable | 14 | 15 | 12 | 18 | 17 | 14 | 11 |
| Cash conversion cycle | 69 | 88 | 80 | 85 | 78 | 92 | 85 |
| Working capital days | 52 | 72 | 62 | 43 | 31 | 32 | 89 |
Systematic Industries peers and competitors
Listed SME companies in the same industryBy sales, Systematic Industries is number 12 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 |
|---|---|---|---|---|---|---|
| Rajputana Industries | 147 | 12.0 | 698 | 12.2 | 4.0% | 0.83 |
| Purv Flexipack | 84 | 24.5 | 660 | 3.4 | 0.2% | 1.51 |
| Divine Power Energy | 1,520 | 56.3 | 626 | 27 | 8.0% | 1.21 |
| Subam Papers | 632 | 70.2 | 584 | 9 | 8.0% | 0.42 |
| Systematic Industries | 534 | 25.4 | 553 | 21 | 6.6% | 0.05 |
| Jay Bee Laminations | 193 | 10.6 | 548 | 18.3 | 6.2% | 0.19 |
| Cool Caps Industries | 235 | 28.1 | 531 | 8.4 | 1.1% | 1.72 |
| Vilas Transcore | 914 | 23.1 | 461 | 39.6 | 11.2% | 0.12 |
| Riddhi Steel and Tube | 360 | 32.7 | 458 | 11 | 6.0% | 1.88 |
| Mangalam Alloys | 92 | 6.3 | 438 | 14.7 | 12.5% | 1.87 |
| Aditya Ultra Steel | 59 | 14.7 | 406 | 4 | 2.7% | 0.77 |
| Median of the 10 others | 214 | 23.8 | 539 | 11.6 | 6.1% | 1.02 |
Systematic Industries 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.
Systematic Industries 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.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 73.41% | 73.43% |
| Foreign investors (FIIs) | 2.55% | - |
| Indian institutions (DIIs) | 11.39% | - |
| Number of shareholders | 2,152 | 1,262 |
Systematic Industries study: the business from its own documents
Read from 3 of the company's own documentsSystematic Industries so far
From the company's own record
- March 2000Company formed
- 31 March 2026Promoters at 73.43%
- 30 Sept 2026Highest close since listing, ₹295.10
Systematic Industries key facts from the filings
Each figure with the document it comes from
- Steel wire capacity
- 1.00 → 1.72 lakh t a year
- Capacity once the acquired Siltara and Wire Brigade units start, which the company expects from November 2026.Investor presentation, September 2026, p.6 and p.19
- Capacity in use
- 71.42%
- Share of steel wire capacity used in FY25, when 71,423 t was made on 1,00,000 t of capacity.Offer document, p.49
- Newer products
- 1.7%
- Share of FY26 revenue from optical ground wire, optical fibre cable and related work; the rest came from steel wire.Investor presentation, September 2026, p.31
- Power Grid order
- ₹82.4 cr
- Optical ground wire package from Power Grid, including the company's first supply-and-install contract, on the 400 kV Agra to Kumher section.Investor presentation, September 2026, p.12
- Railway order
- Over ₹10 cr
- First order from Indian Railways, for armoured optical fibre cable.Investor presentation, September 2026, p.25
Show 4 more facts
- Largest customer
- 8.34%
- Share of FY25 revenue from the biggest customer; the top ten together were 34.39%.Offer document, p.49
- Largest supplier
- 27.80%
- Share of FY25 purchases from one supplier of raw materials such as wire rod, with no long-term supply contracts.Offer document, p.42
- Exports
- 7.8%
- Share of FY26 revenue from exports to more than 30 countries, including Sri Lanka, Japan, Bhutan, Canada and Brazil.Investor presentation, September 2026, p.23 and p.31
- Borrowings
- ₹99.2 cr → ₹10.0 cr
- Loans at March 2025 and March 2026, after listing money was used for repayment.Investor presentation, September 2026, p.27; Offer document, p.103
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the 72,000 t of acquired capacity will be operational from November 2026, that it now qualifies to bid for optical ground wire tenders it puts at about ₹1,000 cr in FY27, and that it has an order pipeline of ₹25 cr for its new product segments. It also states a target of margin expansion to 10% in the next two years.
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.
Systematic Industries earns a small margin on every tonne of steel wire rod it turns into wire, and is trying to add fibre and power-line products that pay better.
Its weak spots are thin margins set by steel prices, cash that trails profit, and close dealings with promoter group companies in the same trade.
WatchCan it set its own prices?Steel wire rod is most of the cost, so the company largely passes on steel prices and keeps a thin spread.
AverageHow strong is it against rivals?It is among the larger steel wire makers and holds Power Grid, railway and BIS approvals, but bigger rivals operate at several times its size.
StrongWho are its customers?Sales are spread across many buyers at home and abroad, so no single customer carries the business.
AverageDoes it need a lot of money?Wire lines cost a moderate amount, but stock and customer dues take a lot of cash, and growth has come partly from buying plants.
AverageCan it keep finding new work?Steel wire demand is steady and repeat, and the new fibre products have won their first large orders, though they are still small.
AverageDo good and bad years swing a lot?Sales have grown every year recently and the business is not seasonal, but steel prices and infrastructure spending move both sales and margins.
Who runs Systematic Industries?
Promoters, directors and officers; tap a name for the background
SRSiddharth Rajendra AgarwalPromoter, Chairman and Managing Director · holds 67.71%
Holds a PGDM from S.P. Jain Institute of Management and Research (2000) and has 24 years in the steel wire and cable industry; with the company since incorporation and Chairman and Managing Director for three years from 30 January 2025, on pay of up to ₹10 lakh a month. Also a director of the group companies Siddhant Ispat, Veritas Industries and Wire Brigade Industries.
Offer document, p.191 to 192 and p.194SRSatya Rajendra AgrawalPromoter and Non-Executive Director · holds 0.68%
Passed the tenth standard in 1969 and has about ten years of experience; a director since December 2015 and a director of Siddhant Ispat, Veritas Industries and Wire Brigade Industries. The offer document records Satya Rajendra Agrawal as the mother of Siddharth Rajendra Agarwal.
Offer document, p.191 to 193 and p.208VNVikas Navin HegdeWhole Time Director
Holds a BE in Mechanical Engineering from the University of Mumbai and a PGDM in Finance from ITM Business School, with 14 years of experience; joined as a senior manager in 2019 and became Whole Time Director from 30 January 2025, covering production, quality and design.
Offer document, p.191 to 193DPDwarika Prasad AgrawalChief Financial Officer
An associate member of the ICAI with a B.Com from Jiwaji University and 13 years in finance, accounts and tax; joined in May 2022 as accounts and finance manager and became CFO from 19 December 2024.
Offer document, p.205ASArchana Surendra YadavIndependent Director
A chartered accountant since 2004 with a PGDBM from Xavier Institute of Management, Bhubaneswar and a forensic audit course from the ICAI, with more than 15 years of experience; also on the boards of J. Kumar Infraprojects, V2 Retail and Resonance Specialties.
Offer document, p.192 to 193Systematic Industries 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 ₹299 cr (+6%), net profit ₹11.7 cr (+7%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.41% to 73.43%.
Systematic Industries announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74 (5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- AGM/EGMDisclosure under Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - 01/2026-27 Extra Ordinary General MeetingPDF ↗
- AGM/EGMProceedings of the 01/2026-27 Extra Ordinary General Meeting of the Company held on October 1, 2026PDF ↗
- Insider Trading / SASTIntimation for closure of Trading Window in terms of SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- AGM/EGMDisclosure under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - 26th Annual General MeetingPDF ↗
- Company UpdateIntimation of schedule of Arihant Capital - Bharat Connect Conference - September 2026 under Regulation 30 of SEBI (LODR) Regulations, 2015PDF ↗
- AGM/EGMProceedings of the 26th Annual General Meeting of the CompanyPDF ↗
Systematic Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Sept 2026 ↗read
Systematic Industries 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 Systematic Industries' 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 (2,23,31,242 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 (₹125.56) and FY25 (₹10.99) 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, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Systematic Industries
What does Systematic Industries do?
Systematic Industries makes steel wire for power cables, transmission lines, fencing and farms, and has started making optical fibre cable and optical ground wire for power and telecom networks. Its shares trade on the BSE SME platform.
What is the share price of Systematic Industries?
₹239 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Systematic Industries?
₹534 cr at the close on 6 Nov 2026, on 2,23,31,242 shares.
What is the P/E of Systematic Industries?
25.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Systematic Industries' revenue and profit?
Revenue ₹553 cr and profit after tax ₹21 cr in FY26.
Who are the promoters of Systematic Industries?
Siddharth Rajendra Agarwal, Satya Rajendra Agrawal; promoters held 73.43% at 31 March 2026.
What is Systematic Industries' website?
systematicindustries.com
More SME companies like Systematic Industries
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
- Sealmatic IndiaSEALMATIC · BSE SME · Industrial ProductsMarket cap ₹519 cr
- Subam PapersSUBAM · BSE SME · Industrial ProductsMarket cap ₹583 cr
- ANB Metal CastAMCL · NSE Emerge · Industrial Products · listed 2025Market cap ₹468 cr
- Megatherm InductionMEGATHERM · NSE Emerge · Industrial Products · listed 2024Market cap ₹439 cr
- Parmeshwar MetalPARMESHWAR · BSE SME · Industrial ProductsMarket cap ₹435 cr
- Shera EnergySHERA · NSE Emerge · Industrial Products · listed 2023Market cap ₹421 cr
Built from 1 offer document, 1 investor presentation, 1 annual report, 7 exchange announcements, 2 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.