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SAB Industries Ltd

SAB

BSE

₹184.700.00%19 Oct 2026

Reports

Construction Civil and Turnkey

SAB Industries Ltd

SAB

BSE

₹184.70

0.00%

19 Oct 2026

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

SAB Industries is fundamentally a family-run project builder that has spent four decades turning government contracts into land, and is now turning that land into a real estate business. Incorporated in 1983 in Chandigarh, it absorbed a fellow promoter-group company, Steel Strips Ltd, in 2021, which brought with it a large portfolio of listed shares. The recurring approach is to use the cash flows and asset base of one engine-first construction, then investments-to patiently stockpile and develop the next, with real estate now emerging as the centrepiece.

Business segments

Four engines at different stages-a real estate developer unlocking a patient land bank, a legacy government contractor, a portfolio of promoter-group shares, and a small farming operation-each built on the assets of the one before.

1. Real Estate Development: the land bank the company was built to create

The company is methodically converting its own land holdings in Punjab and Haryana into residential and industrial projects, with the first phase already complete and sold.

Land bought long ago, sold today - the company develops and sells apartments, industrial plots, and farm houses on land it already owns at prime locations, so its raw material cost was locked in years before any sale.
A flagship project with a second act - the RERA-approved "SSL Highway Towers" sits on 25,846.73 square metres on the Chandigarh-Ambala highway at Derabassi, an industrial satellite town; Phase-I is finished with a completion certificate in hand, and a layout redesign for Phase-2 will add about 200,000 square feet of saleable area.
A pipeline measured in acres - the company holds four more parcels for future development: roughly 36 acres near Lalru on the Chandigarh-Ambala Highway for a mixed-use project, 16 acres on a state highway in Sangrur and 11 acres at Amloh in Fatehgarh Sahib for industrial plots, and a premium plot at Sohna, Gurgaon, for upscale farm houses.

2. Construction & Engineering: the legacy government contractor

A Class-1 licence and a fleet of owned machinery let the company bid for and build public infrastructure across northern India, with the in-house muscle to handle disputes.

Licensed to build for the state - the company is registered as a Class-1 contractor with multiple state public works departments including Uttaranchal, Himachal Pradesh, and Madhya Pradesh, as well as central bodies, which qualifies it to execute large government projects.
Roads, buildings, water, rail - the project portfolio spans buildings and housing, roads, water and environment, irrigation, power, and railways, making the division a generalist infrastructure builder for public-sector clients.
Owns its tools - a sizeable base of owned construction equipment reduces dependence on equipment vendors, giving the company more control over project timelines and costs.
Claims handled in-house - a dedicated Contracts and Claims team, supported by an external legal firm, manages pre-legal claims and litigation, which is a core capability in a business where contract disputes are routine.

3. Investments: a balance-sheet anchor of promoter-group shares

The company holds a concentrated portfolio of listed shares in two fellow promoter-group firms, which acts as a store of value separate from its operating businesses.

Two big bets on the group - the portfolio consists of roughly 1.32 crore shares of Steel Strips Wheels Limited and about 1.48 crore shares of Indian Acrylics Limited, both part of the promoter group headed by the Garg family.
A segment of its own - the investment portfolio is reported as a distinct business segment in the company's financial disclosures, not merely a treasury function.

4. Agriculture: a small farming sideline

The company operates a minor agricultural segment, likely on land it holds, that rounds out its revenue base.

Land put to use - the agriculture segment generates a small share of revenue, consistent with a company that holds significant land and may farm portions of it while holding it for future development.

Group structure and partners

The company sits inside a dense family-controlled network of over twenty entities, with the promoter family holding nearly three-quarters of the stock and the next generation stepping into executive roles.

A web of Garg-family entities - the promoter group includes more than twenty companies spanning chemicals, wheels, finance, and real estate, including Indian Acrylics Ltd, Steel Strips Wheels Ltd, and Steel Strips Infrastructures Ltd.
Promoters firmly in control - as of 31st March 2024, promoters and persons acting in concert held 73.57% of the equity, with almost all shares in dematerialized form.
The amalgamation that reshaped the balance sheet - in October 2021, Steel Strips Ltd was absorbed into SAB Industries via an NCLT-approved scheme, with shareholders getting one SAB share for every 350 Steel Strips shares held; a subsequent proposal to merge Steel Strips Infrastructures was deferred in August 2022.
Next-generation leadership - Ms. Priya Garg, daughter of Chairman Shri Rajinder Kumar Garg, was appointed Managing Director for a five-year term starting August 2025, and her son, Mr. Taavissh Jain, joined the board as a Non-Executive Director at the same time.

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

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹281Cr

Close Price

₹184.70

Industry

Construction Civil and Turnkey

Price To Earnings

—

Price To Sales

9.29

Revenue

₹30Cr

Rev Gr TTM

Revenue Growth TTM

-24.79%

PAT Gr TTM

PAT Growth TTM

-172.83%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	15	5	21	13	9	11	14	6	7	4	13	6
Growth YoY Revenue Growth YoY%				202.8	-41.3	123.2	-34.9	-50.9	-20.9	-62.2	-8.1	-0.9
Expenses ExpensesCr	15	6	17	12	8	11	10	6	7	6	6	7
Operating Profit Operating ProfitCr	0	-1	4	1	1	0	4	0	0	-1	6	-1
OPM OPM%	-1.3	-10.0	20.5	5.5	6.2	3.2	27.7	3.3	-1.1	-35.0	49.2	-10.1
Other Income Other IncomeCr	35	-8	-17	-2	0	-7	-11	47	-23	-13	-12	30
Interest Expense Interest ExpenseCr	1	1	3	1	1	1	4	0	0	0	4	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	34	-9	-17	-2	0	-8	-11	47	-23	-15	-10	29
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	34	-9	-17	-2	0	-8	-11	46	-23	-15	-11	29
Growth YoY PAT Growth YoY%	3,560.8	-1,024.2	-268.5	-105.9	-100.7	15.3	32.9	2,612.4	-9,982.6	-89.5	5.2	-38.2
NPM NPM%	223.7	-182.6	-79.3	-14.1	-2.6	-69.3	-81.8	718.4	-332.7	-347.3	-84.4	447.9
EPS EPS₹	22.1	-6.0	-11.0	-1.2	-0.1	-5.1	-7.4	30.6	-15.3	-9.7	-7.0	18.9

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	15	5	21	13	9	11	14	6	7	4	13	6
Growth YoY Revenue Growth YoY%				202.8	-41.3	123.2	-34.9	-50.9	-20.9	-62.2	-8.1	-0.9
Expenses ExpensesCr	15	6	17	12	8	11	10	6	7	6	6	7
Operating Profit Operating ProfitCr	0	-1	4	1	1	0	4	0	0	-1	6	-1
OPM OPM%	-1.3	-10.0	20.5	5.5	6.2	3.2	27.7	3.3	-1.1	-35.0	49.2	-10.1
Other Income Other IncomeCr	35	-8	-17	-2	0	-7	-11	47	-23	-13	-12	30
Interest Expense Interest ExpenseCr	1	1	3	1	1	1	4	0	0	0	4	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	34	-9	-17	-2	0	-8	-11	47	-23	-15	-10	29
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	34	-9	-17	-2	0	-8	-11	46	-23	-15	-11	29
Growth YoY PAT Growth YoY%	3,560.8	-1,024.2	-268.5	-105.9	-100.7	15.3	32.9	2,612.4	-9,982.6	-89.5	5.2	-38.2
NPM NPM%	223.7	-182.6	-79.3	-14.1	-2.6	-69.3	-81.8	718.4	-332.7	-347.3	-84.4	447.9
EPS EPS₹	22.1	-6.0	-11.0	-1.2	-0.1	-5.1	-7.4	30.6	-15.3	-9.7	-7.0	18.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	27	10	1	0	0	46	47	30	30
Growth Revenue Growth%		-8.6	-62.8	-87.6	-100.0			3.0	-35.4	-24.8
Expenses ExpensesCr	29	26	11	3	3	4	42	41	25	26
Operating Profit Operating ProfitCr	0	1	-1	-1	-3	-4	3	5	5	4
OPM OPM%	0.4	2.4	-7.0	-115.3			7.4	11.6	16.0	13.3
Other Income Other IncomeCr	13	-11	-18	23	47	19	41	-20	-1	-17
Interest Expense Interest ExpenseCr	2	1	1	4	2	0	5	6	5	6
Depreciation DepreciationCr	0	1	0	0	0	0	0	0	1	1
PBT PBTCr	11	-12	-20	17	42	14	39	-21	-2	-19
Tax TaxCr	0	0	0	0	0	0	0	0	1	1
PAT PATCr	10	-12	-20	17	42	14	39	-21	-2	-20
Growth PAT Growth%		-217.9	-66.2	182.3	148.9	-66.6	179.4	-154.3	90.2	-172.8
NPM NPM%	35.5	-45.7	-204.1	1,351.6			85.4	-45.0	-6.8	-65.6
EPS EPS₹	6.8	-8.1	-13.4	11.0	27.4	9.2	25.6	-13.9	-1.4	-13.1

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	29	27	10	1	0	0	46	47	30	30
Growth Revenue Growth%		-8.6	-62.8	-87.6	-100.0			3.0	-35.4	-24.8
Expenses ExpensesCr	29	26	11	3	3	4	42	41	25	26
Operating Profit Operating ProfitCr	0	1	-1	-1	-3	-4	3	5	5	4
OPM OPM%	0.4	2.4	-7.0	-115.3			7.4	11.6	16.0	13.3
Other Income Other IncomeCr	13	-11	-18	23	47	19	41	-20	-1	-17
Interest Expense Interest ExpenseCr	2	1	1	4	2	0	5	6	5	6
Depreciation DepreciationCr	0	1	0	0	0	0	0	0	1	1
PBT PBTCr	11	-12	-20	17	42	14	39	-21	-2	-19
Tax TaxCr	0	0	0	0	0	0	0	0	1	1
PAT PATCr	10	-12	-20	17	42	14	39	-21	-2	-20
Growth PAT Growth%		-217.9	-66.2	182.3	148.9	-66.6	179.4	-154.3	90.2	-172.8
NPM NPM%	35.5	-45.7	-204.1	1,351.6			85.4	-45.0	-6.8	-65.6
EPS EPS₹	6.8	-8.1	-13.4	11.0	27.4	9.2	25.6	-13.9	-1.4	-13.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	224	186	116	167	299	296	409	340	328
Current Liabilities Current LiabilitiesCr	23	14	20	24	45	87	96	121	103
Non Current Liabilities Non Current LiabilitiesCr	24	25	26	44	85	95	131	86	89
Total Liabilities Total LiabilitiesCr	287	240	177	251	444	493	651	562	535
Current Assets Current AssetsCr	67	60	59	79	88	162	178	180	172
Non Current Assets Non Current AssetsCr	220	179	118	171	356	330	472	382	364
Total Assets Total AssetsCr	287	240	177	251	444	493	651	562	535

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15
Reserves ReservesCr	224	186	116	167	299	296	409	340	328
Current Liabilities Current LiabilitiesCr	23	14	20	24	45	87	96	121	103
Non Current Liabilities Non Current LiabilitiesCr	24	25	26	44	85	95	131	86	89
Total Liabilities Total LiabilitiesCr	287	240	177	251	444	493	651	562	535
Current Assets Current AssetsCr	67	60	59	79	88	162	178	180	172
Non Current Assets Non Current AssetsCr	220	179	118	171	356	330	472	382	364
Total Assets Total AssetsCr	287	240	177	251	444	493	651	562	535

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	6	-8	-4	-34	-22	6	-10
Investing Cash Flow Investing Cash FlowCr	1	0	-1	0	13	0	2	1
Financing Cash Flow Financing Cash FlowCr	-7	-9	19	-10	22	35	-7	-1
Net Cash Flow Net Cash FlowCr	-5	-2	11	-14	1	12	1	-9
Free Cash Flow Free Cash FlowCr						-24	6	-10
CFO To PAT CFO To PAT%	-16.4	-31.6	-47.0	-9.9	-241.0	-57.8	-29.7	469.0
CFO To EBITDA CFO To EBITDA%	314.1	-920.0	551.0	150.4	800.7	-665.0	115.5	-199.7

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	6	-8	-4	-34	-22	6	-10
Investing Cash Flow Investing Cash FlowCr	1	0	-1	0	13	0	2	1
Financing Cash Flow Financing Cash FlowCr	-7	-9	19	-10	22	35	-7	-1
Net Cash Flow Net Cash FlowCr	-5	-2	11	-14	1	12	1	-9
Free Cash Flow Free Cash FlowCr						-24	6	-10
CFO To PAT CFO To PAT%	-16.4	-31.6	-47.0	-9.9	-241.0	-57.8	-29.7	469.0
CFO To EBITDA CFO To EBITDA%	314.1	-920.0	551.0	150.4	800.7	-665.0	115.5	-199.7

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	91	104	82	45	132	115	297	231	203	281
Price To Earnings Price To Earnings	8.8	-8.5	-4.0	2.7	3.2	8.3	7.6
Price To Sales Price To Sales	3.1	3.9	8.2	36.6			6.5	4.9	6.7	9.3
Price To Book Price To Book	0.4	0.5	0.6	0.3	0.4	0.4	0.7	0.7	0.6	0.8
EV To EBITDA EV To EBITDA	823.1	169.7	-139.4	-46.9	-57.6	-37.1	107.6	51.5	51.2	80.2
Profitability Ratios Profitability Ratios
GPM GPM%							20.7	27.8	42.0	42.0
OPM OPM%	0.4	2.4	-7.0	-115.3			7.4	11.6	16.0	13.3
NPM NPM%	35.5	-45.7	-204.1	1,351.6			85.4	-45.0	-6.8	-65.6
ROCE ROCE%	4.9	-4.9	-11.8	9.6	12.9	4.0	8.8	-3.6	0.9	0.9
ROE ROE%	4.3	-6.1	-15.6	9.2	13.3	4.5	9.2	-5.9	-0.6	-0.6
ROA ROA%	3.6	-5.1	-11.5	6.7	9.4	2.8	6.0	-3.8	-0.4	-0.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	91	104	82	45	132	115	297	231	203	281
Price To Earnings Price To Earnings	8.8	-8.5	-4.0	2.7	3.2	8.3	7.6
Price To Sales Price To Sales	3.1	3.9	8.2	36.6			6.5	4.9	6.7	9.3
Price To Book Price To Book	0.4	0.5	0.6	0.3	0.4	0.4	0.7	0.7	0.6	0.8
EV To EBITDA EV To EBITDA	823.1	169.7	-139.4	-46.9	-57.6	-37.1	107.6	51.5	51.2	80.2
Profitability Ratios Profitability Ratios
GPM GPM%							20.7	27.8	42.0	42.0
OPM OPM%	0.4	2.4	-7.0	-115.3			7.4	11.6	16.0	13.3
NPM NPM%	35.5	-45.7	-204.1	1,351.6			85.4	-45.0	-6.8	-65.6
ROCE ROCE%	4.9	-4.9	-11.8	9.6	12.9	4.0	8.8	-3.6	0.9	0.9
ROE ROE%	4.3	-6.1	-15.6	9.2	13.3	4.5	9.2	-5.9	-0.6	-0.6
ROA ROA%	3.6	-5.1	-11.5	6.7	9.4	2.8	6.0	-3.8	-0.4	-0.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GANESHIN	VVIPIL	DBEIL	SAB	ANNU	SAVY	SOMATEX
Market CapitalizationMkt CapCr	368	363	295	281	280	276	245
Close PriceClose₹	84.00	145.50	6.34	184.70	42.80	132.65	74.30
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	3.93	12.07	10.75			5.97	27.32
Price To SalesPS	0.36	1.05	0.55	9.29	1.16	0.43	2.29
RevenueRevenueCr	1,034	346	538	30	241	638	107
Revenue Growth TTMRev Gr TTM%	77.1%	-6.5%	-7.8%	-24.8%		125.2%	956.4%
PAT Growth TTMPAT Gr TTM%	93.1%	-15.0%	-52.1%	-172.8%		75.4%	-87.5%

	GANESHIN	VVIPIL	DBEIL	SAB	ANNU	SAVY	SOMATEX
Market CapitalizationMkt CapCr	368	363	295	281	280	276	245
Close PriceClose₹	84.00	145.50	6.34	184.70	42.80	132.65	74.30
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	3.93	12.07	10.75			5.97	27.32
Price To SalesPS	0.36	1.05	0.55	9.29	1.16	0.43	2.29
RevenueRevenueCr	1,034	346	538	30	241	638	107
Revenue Growth TTMRev Gr TTM%	77.1%	-6.5%	-7.8%	-24.8%		125.2%	956.4%
PAT Growth TTMPAT Gr TTM%	93.1%	-15.0%	-52.1%	-172.8%		75.4%	-87.5%

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