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Filtron Engineers Ltd

FILTRON

BSE

₹72.97-0.31%19 Oct 2026

Reports

Engineering Light General

Filtron Engineers Ltd

FILTRON

BSE

₹72.97

-0.31%

19 Oct 2026

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Engineering Light General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

Filtron Engineers is a company in the middle of a complete reinvention. For over thirty years it was a niche manufacturer of stainless-steel processing equipment for dairies and food plants, but operations ground to a halt and the company lay dormant for several years. In early 2026, a reverse merger handed control to the owners of an infrastructure-development firm, Gabrielle Infra Speciality Private Limited (GISPL), who are now reshaping Filtron from a defunct equipment maker into a vehicle for building roads, townships, and industrial projects. The recurring approach is acquisition-led transformation: the company acquires an operating business through a share swap, the target’s promoters take the wheel, and the listed shell gets a new purpose built on the target’s order book.

Business segments

A single engine at the very start of its journey - an infrastructure-development platform acquired through a reverse merger, with a legacy equipment business that had already stopped turning.

1. Infrastructure development and real estate: the new engine acquired through a reverse merger

The company now exists to build, consult on, and develop infrastructure and real estate projects, having absorbed a private developer whose shareholders took control of the listed entity.

Acquired, not built - Filtron bought 100% of Gabrielle Infra Speciality Private Limited (GISPL) by issuing equity and preference shares to GISPL’s shareholders, who in turn obtained a controlling stake in Filtron, so the target’s owners became the new promoters of the listed company.
A broad construction mandate - the company has proposed new legal objects that let it take on almost any kind of civil or industrial construction: roads, bridges, dams, tunnels, pipelines, railway sidings, transmission towers, hotels, hospitals, schools, and entire townships, on a turnkey or labour-contract basis.
Government-contract ready - the amended objects explicitly cover project consultancy and development under DBOT, BOOT, BOT, and BOLT models, which are the standard public-private partnership formats for winning infrastructure work from government authorities.
GISPL is the operating heart - the consolidated financials now treat GISPL’s numbers as the primary figures and Filtron’s legacy results as the add-on, making clear that the acquired subsidiary is the dominant operating entity.

2. Process equipment and turnkey systems: the dormant legacy

The company’s original business - designing and making stainless-steel processing plants for the food and dairy industry - had already ceased operating for years and is not the engine driving the company forward.

A thirty-year food-industry specialist - from 1982 to 2012, Filtron built a reputation supplying mini dairy plants, plate heat exchangers, and turnkey systems to dairies, beverage makers, and food processors, working in stainless steel, aluminium, and other metals.
Operations stopped entirely - the company was inoperative and not regarded as a going concern for several years, with its financial statements prepared on an accrual and historical cost basis, but not on a going concern basis.
A skeleton crew and no investment - with fewer than ten employees and zero spending on research, energy conservation, or technology absorption, the legacy unit lacks the resources to compete against low-cost imports that were already its main threat before it went dormant.

Group structure and partners

The company is now controlled by the former owners of the infrastructure firm it acquired, with a clean corporate structure containing only that one subsidiary.

New promoters at the helm - Mr. Tarak Bipinchandra Gor and Mr. Jayesh Sheshmal Rawal, the erstwhile promoters of GISPL, were appointed as Managing Directors in January 2026, and Mr. Ankit Jayesh Rawal joined as a Non-Executive Director.
The old guard has exited - the original promoters - the Hegde family and Mr. Avinash Sadashiv Muley - sold their entire shareholding and were reclassified as public shareholders by June 2026, severing all promoter ties.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹463Cr

Close Price

₹72.97

Industry

Engineering Light General

Price To Earnings

59.81

Price To Sales

4.71

Revenue

₹98Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	11	65	22
Growth YoY Revenue Growth YoY%					10,850.0
Expenses ExpensesCr	0	0	0	0	9	63	20
Operating Profit Operating ProfitCr	0	0	0	0	1	2	2
OPM OPM%	-240.0				13.4	3.6	10.4
Other Income Other IncomeCr	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	1	3	2
Tax TaxCr	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	1	3	2
Growth YoY PAT Growth YoY%					2,533.3	28,800.0	2,012.5
NPM NPM%	-60.0				13.3	4.4	6.9
EPS EPS₹	-0.2	0.0	-0.3	-0.4	-0.1	1.4	0.2

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	11	65	22
Growth YoY Revenue Growth YoY%					10,850.0
Expenses ExpensesCr	0	0	0	0	9	63	20
Operating Profit Operating ProfitCr	0	0	0	0	1	2	2
OPM OPM%	-240.0				13.4	3.6	10.4
Other Income Other IncomeCr	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	1	3	2
Tax TaxCr	0	0	0	0	0	0	1
PAT PATCr	0	0	0	0	1	3	2
Growth YoY PAT Growth YoY%					2,533.3	28,800.0	2,012.5
NPM NPM%	-60.0				13.3	4.4	6.9
EPS EPS₹	-0.2	0.0	-0.3	-0.4	-0.1	1.4	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	76	98
Growth Revenue Growth%		30,328.3
Expenses ExpensesCr	1	72	92
Operating Profit Operating ProfitCr	0	4	6
OPM OPM%	-159.0	4.9	6.2
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	0	0	0
Depreciation DepreciationCr	0	0	0
PBT PBTCr	0	4	6
Tax TaxCr	0	0	1
PAT PATCr	0	4	6
Growth PAT Growth%		1,486.5
NPM NPM%	-119.8	5.5	5.9
EPS EPS₹	-1.1	2.1	1.2

Financial Year	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	76	98
Growth Revenue Growth%		30,328.3
Expenses ExpensesCr	1	72	92
Operating Profit Operating ProfitCr	0	4	6
OPM OPM%	-159.0	4.9	6.2
Other Income Other IncomeCr	0	1	1
Interest Expense Interest ExpenseCr	0	0	0
Depreciation DepreciationCr	0	0	0
PBT PBTCr	0	4	6
Tax TaxCr	0	0	1
PAT PATCr	0	4	6
Growth PAT Growth%		1,486.5
NPM NPM%	-119.8	5.5	5.9
EPS EPS₹	-1.1	2.1	1.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	64
Reserves ReservesCr	-7	-3
Current Liabilities Current LiabilitiesCr	3	40
Non Current Liabilities Non Current LiabilitiesCr	2	26
Total Liabilities Total LiabilitiesCr	1	126
Current Assets Current AssetsCr	0	60
Non Current Assets Non Current AssetsCr	1	65
Total Assets Total AssetsCr	1	126

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	64
Reserves ReservesCr	-7	-3
Current Liabilities Current LiabilitiesCr	3	40
Non Current Liabilities Non Current LiabilitiesCr	2	26
Total Liabilities Total LiabilitiesCr	1	126
Current Assets Current AssetsCr	0	60
Non Current Assets Non Current AssetsCr	1	65
Total Assets Total AssetsCr	1	126

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-23
Investing Cash Flow Investing Cash FlowCr	0	-4
Financing Cash Flow Financing Cash FlowCr	1	32
Net Cash Flow Net Cash FlowCr	0	5
Free Cash Flow Free Cash FlowCr	-1	-23
CFO To PAT CFO To PAT%	187.3	-544.5
CFO To EBITDA CFO To EBITDA%	141.2	-605.9

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-23
Investing Cash Flow Investing Cash FlowCr	0	-4
Financing Cash Flow Financing Cash FlowCr	1	32
Net Cash Flow Net Cash FlowCr	0	5
Free Cash Flow Free Cash FlowCr	-1	-23
CFO To PAT CFO To PAT%	187.3	-544.5
CFO To EBITDA CFO To EBITDA%	141.2	-605.9

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		613	463
Price To Earnings Price To Earnings		148.4	59.8
Price To Sales Price To Sales		8.1	4.7
Price To Book Price To Book		10.2	7.7
EV To EBITDA EV To EBITDA		167.1	78.3
Profitability Ratios Profitability Ratios
GPM GPM%	99.2	7.7	7.7
OPM OPM%	-159.0	4.9	6.2
NPM NPM%	-119.8	5.5	5.9
ROCE ROCE%	192.0	5.7	5.7
ROE ROE%	7.4	6.9	6.9
ROA ROA%	-25.8	3.3	3.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		613	463
Price To Earnings Price To Earnings		148.4	59.8
Price To Sales Price To Sales		8.1	4.7
Price To Book Price To Book		10.2	7.7
EV To EBITDA EV To EBITDA		167.1	78.3
Profitability Ratios Profitability Ratios
GPM GPM%	99.2	7.7	7.7
OPM OPM%	-159.0	4.9	6.2
NPM NPM%	-119.8	5.5	5.9
ROCE ROCE%	192.0	5.7	5.7
ROE ROE%	7.4	6.9	6.9
ROA ROA%	-25.8	3.3	3.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SUNITATOOL	LTELEVATOR	CRYOGENIC	FILTRON	BATLIBOI	TEAMTECH	ADMACH
Market CapitalizationMkt CapCr	775	730	588	463	432	422	352
Close PriceClose₹	1,233.85	336.00	412.00	72.97	91.51	140.80	520.00
IndustryIndustry	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General
Price To EarningsPE	124.63	22.94	53.58	59.81	45.53		51.13
Price To SalesPS	16.38	6.56	14.41	4.71	0.87	7.87	5.11
RevenueRevenueCr	47	111	41	98	496	54	69
Revenue Growth TTMRev Gr TTM%	57.3%	97.0%	24.1%		27.8%		29.1%
PAT Growth TTMPAT Gr TTM%	20.9%	90.4%	67.2%		16.5%		58.9%

	SUNITATOOL	LTELEVATOR	CRYOGENIC	FILTRON	BATLIBOI	TEAMTECH	ADMACH
Market CapitalizationMkt CapCr	775	730	588	463	432	422	352
Close PriceClose₹	1,233.85	336.00	412.00	72.97	91.51	140.80	520.00
IndustryIndustry	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General	Engineering Light General
Price To EarningsPE	124.63	22.94	53.58	59.81	45.53		51.13
Price To SalesPS	16.38	6.56	14.41	4.71	0.87	7.87	5.11
RevenueRevenueCr	47	111	41	98	496	54	69
Revenue Growth TTMRev Gr TTM%	57.3%	97.0%	24.1%		27.8%		29.1%
PAT Growth TTMPAT Gr TTM%	20.9%	90.4%	67.2%		16.5%		58.9%

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FY2026

Jun 26