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Sam Industries Ltd

SAMINDUS

BSE

₹34.00-6.98%19 Oct 2026 at 11:59 AM

Reports

Construction Factories and Offices and Commercial

Sam Industries Ltd

SAMINDUS

BSE

₹34.00

-6.98%

19 Oct 2026 at 11:59 AM

SOICxStockScans Reports

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Construction Factories and Offices and Commercial

Indices

Business Overview: What the company does, in plain English.Forensic Report: Accounting quality and red flags.

Sam Industries is a family-run real estate developer that has quietly transformed itself from a maker of welding electrodes into a builder of warehouses for India’s e-commerce boom. Incorporated in 1994 and led by a husband-and-wife team in Indore, the company wound down its legacy manufacturing business and redirected its capital into buying land and constructing buildings that it then leases to logistics and retail tenants. The recurring pattern is simple: use the cash from one asset to build the next, keeping the company small, debt-free, and tightly held by its promoters.

Business segments

Two engines, one cycle - a real estate business that buys land, builds warehouses and shops, and locks in long-term tenants, and an investment portfolio that holds the proceeds in public stocks until the next project is ready.

1. Real Estate: a landlord to India’s logistics networks

The company buys land in the Indore-Dewas corridor, builds warehouses and commercial buildings on it, and then signs multi-year leases with national logistics and retail chains - it is a property owner, not a trader.

Built for tenants with national scale - the division has signed lease agreements with Instakart Services and Delhivery, two of India’s largest logistics companies, for warehouses on A.B. Road in Indore.
A second project feeds the same demand - a separate commercial building called ‘Shivaay One’ on Yeshwant Niwas Road has been leased to two fashion retailers, N. M. Fashion Designs and Gabbana Fashions, again on nine-year terms with three-year lock-ins, showing the model is repeatable across tenant types.
More space is already under construction - Delhivery has signed a letter of intent for a further 60,000-square-foot warehouse at a new site called Shivaay LogiSpace, which Sam Industries Limited will build and then lease to Delhivery for nine years, extending the relationship before the first lease even expires.
The land bank is the foundation - the company holds inventory of land valued at cost and has three projects in progress as capital work-in-progress: two at its original Dakachya village site and one at the Yeshwant Niwas Road address in Indore city.
Legacy assets still pay rent - the division also earns lease rent from D&H Secheron Electrodes, a related party that once housed the company’s old welding business, so even the retired manufacturing operation contributes cash to the real estate engine.

2. Investments: a patient pool of capital parked in public markets

The company holds a diversified portfolio of quoted Indian equities and mutual funds, earning dividends and interest while it waits to deploy cash into its next real estate project.

A portfolio of household names - the non-current investment book includes shares in Cochin Shipyard, BSE Limited, Central Depository Services, ITC, and HDFC Bank, among others, giving it exposure to power, auto, pharma, and retail sectors.
Marked to market every year - all quoted shares are valued at the closing market price on the balance-sheet date, so the portfolio’s value rises and falls with the stock market, and the company has made an irrevocable election to present subsequent changes in fair value of equity instruments in profit or loss.
Income arrives as dividends and interest - the division recognises dividend income when the right to receive it is established, and interest on a time-proportionate basis, providing a steady trickle of cash that supplements the rental income from the real estate side.

Group structure and partners

The company is a standalone entity with no subsidiaries or joint ventures, tightly controlled by its promoter family and a network of related private companies that supply it with land.

Promoters own nearly three-quarters - as of the latest disclosed shareholding, the promoter group held 74.83% of the equity, with the single largest shareholder being Sam Exim Limited at 48%.
Land comes from related parties - the company purchased the Yeshwant Niwas Road plot for its ‘Shivaay One’ project from four related private companies - Celestial Commercial, Sam Hoteliers & Resorts, Sam Project Developers, and Sam Spintex - for a total consideration of Rs. 8.51 crore.
A family affair at the top - the Chairman, Mr. Ashutosh Maheshwari, and the Whole-time Director, Mrs. Gitanjali Maheshwari, are spouses, and together they run a company with only nine permanent employees including themselves.
Social spending runs through a foundation - the company’s corporate social responsibility activities, focused on promoting education in Indore, are channelled through Sam Foundation, a separate entity with its own CSR registration.

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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Mkt Cap

Market Capitalization

₹38Cr

Close Price

₹34.00

Industry

Construction Factories and Offices and Commercial

Price To Earnings

10.09

Price To Sales

2.61

Revenue

₹14Cr

Rev Gr TTM

Revenue Growth TTM

9.31%

PAT Gr TTM

PAT Growth TTM

15.53%

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	4	2	2	3	3	2	5	2	4	4	3	4
Growth YoY Revenue Growth YoY%	-36.8	-85.2	-61.4	41.9	-18.2	21.6	153.7	-16.2	25.1	70.2	-46.0	63.4
Expenses ExpensesCr	2	1	3	1	2	2	3	1	1	3	3	2
Operating Profit Operating ProfitCr	2	1	-1	1	1	0	2	1	3	1	0	2
OPM OPM%	59.8	35.1	-35.6	53.5	34.9	11.5	39.8	44.5	67.6	27.1	0.0	45.8
Other Income Other IncomeCr	9	1	1	1	0	1	0	3	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	1	1	1	1	1
PBT PBTCr	11	1	0	2	1	0	1	2	3	0	0	1
Tax TaxCr	1	0	0	0	1	-2	1	1	1	0	0	1
PAT PATCr	10	1	0	2	0	1	0	2	2	0	1	0
Growth YoY PAT Growth YoY%	301.6	-70.9	51.8	363.6	-100.3	50.0	181.5	5.9	7,433.3	-70.2	190.9	-71.6
NPM NPM%	235.3	55.0	-12.5	56.5	-0.9	67.8	4.0	71.4	52.0	11.9	21.6	12.4
EPS EPS₹	8.8	0.8	-0.2	1.4	0.0	1.3	0.2	1.5	2.0	0.4	0.6	0.4

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	4	2	2	3	3	2	5	2	4	4	3	4
Growth YoY Revenue Growth YoY%	-36.8	-85.2	-61.4	41.9	-18.2	21.6	153.7	-16.2	25.1	70.2	-46.0	63.4
Expenses ExpensesCr	2	1	3	1	2	2	3	1	1	3	3	2
Operating Profit Operating ProfitCr	2	1	-1	1	1	0	2	1	3	1	0	2
OPM OPM%	59.8	35.1	-35.6	53.5	34.9	11.5	39.8	44.5	67.6	27.1	0.0	45.8
Other Income Other IncomeCr	9	1	1	1	0	1	0	3	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	1	1	1	1	1
PBT PBTCr	11	1	0	2	1	0	1	2	3	0	0	1
Tax TaxCr	1	0	0	0	1	-2	1	1	1	0	0	1
PAT PATCr	10	1	0	2	0	1	0	2	2	0	1	0
Growth YoY PAT Growth YoY%	301.6	-70.9	51.8	363.6	-100.3	50.0	181.5	5.9	7,433.3	-70.2	190.9	-71.6
NPM NPM%	235.3	55.0	-12.5	56.5	-0.9	67.8	4.0	71.4	52.0	11.9	21.6	12.4
EPS EPS₹	8.8	0.8	-0.2	1.4	0.0	1.3	0.2	1.5	2.0	0.4	0.6	0.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	7	10	12	10	9	8	9	26	10	14	13	14
Growth Revenue Growth%	14.8	39.1	12.9	-17.8	-0.5	-18.9	22.2	171.7	-61.2	37.8	-4.8	9.3
Expenses ExpensesCr	10	8	10	9	9	4	5	18	8	9	8	9
Operating Profit Operating ProfitCr	-2	3	2	0	1	4	4	7	2	5	5	6
OPM OPM%	-30.5	24.4	13.9	3.2	6.5	49.9	45.3	27.6	21.9	37.0	37.2	38.2
Other Income Other IncomeCr	1	1	1	1	0	3	4	1	11	2	6	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	1	3	3	3
Depreciation DepreciationCr	1	1	0	0	0	0	0	0	0	1	2	2
PBT PBTCr	-2	3	2	0	0	6	7	7	12	3	6	5
Tax TaxCr	0	1	1	0	1	1	1	2	1	0	1	1
PAT PATCr	-2	2	1	0	0	5	6	5	11	3	5	4
Growth PAT Growth%	-142.4	176.3	-26.6	-83.0	-226.2	1,844.3	19.6	-9.4	98.5	-70.7	55.5	15.5
NPM NPM%	-32.1	17.6	11.4	2.4	-3.0	64.8	63.4	21.1	108.2	23.0	37.5	25.8
EPS EPS₹	-2.1	1.6	1.2	0.2	-0.3	4.5	5.4	4.9	9.7	2.8	4.4	3.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	7	10	12	10	9	8	9	26	10	14	13	14
Growth Revenue Growth%	14.8	39.1	12.9	-17.8	-0.5	-18.9	22.2	171.7	-61.2	37.8	-4.8	9.3
Expenses ExpensesCr	10	8	10	9	9	4	5	18	8	9	8	9
Operating Profit Operating ProfitCr	-2	3	2	0	1	4	4	7	2	5	5	6
OPM OPM%	-30.5	24.4	13.9	3.2	6.5	49.9	45.3	27.6	21.9	37.0	37.2	38.2
Other Income Other IncomeCr	1	1	1	1	0	3	4	1	11	2	6	4
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	1	3	3	3
Depreciation DepreciationCr	1	1	0	0	0	0	0	0	0	1	2	2
PBT PBTCr	-2	3	2	0	0	6	7	7	12	3	6	5
Tax TaxCr	0	1	1	0	1	1	1	2	1	0	1	1
PAT PATCr	-2	2	1	0	0	5	6	5	11	3	5	4
Growth PAT Growth%	-142.4	176.3	-26.6	-83.0	-226.2	1,844.3	19.6	-9.4	98.5	-70.7	55.5	15.5
NPM NPM%	-32.1	17.6	11.4	2.4	-3.0	64.8	63.4	21.1	108.2	23.0	37.5	25.8
EPS EPS₹	-2.1	1.6	1.2	0.2	-0.3	4.5	5.4	4.9	9.7	2.8	4.4	3.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	27	28	30	30	30	35	40	46	57	60	65
Current Liabilities Current LiabilitiesCr	3	3	2	5	5	2	9	6	13	17	13
Non Current Liabilities Non Current LiabilitiesCr	3	3	3	2	2	3	3	3	21	26	30
Total Liabilities Total LiabilitiesCr	44	45	47	48	47	51	64	66	101	114	119
Current Assets Current AssetsCr	13	11	10	9	9	16	20	10	9	12	5
Non Current Assets Non Current AssetsCr	32	34	37	39	38	35	44	56	93	102	113
Total Assets Total AssetsCr	44	45	47	48	47	51	64	66	101	114	119

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	27	28	30	30	30	35	40	46	57	60	65
Current Liabilities Current LiabilitiesCr	3	3	2	5	5	2	9	6	13	17	13
Non Current Liabilities Non Current LiabilitiesCr	3	3	3	2	2	3	3	3	21	26	30
Total Liabilities Total LiabilitiesCr	44	45	47	48	47	51	64	66	101	114	119
Current Assets Current AssetsCr	13	11	10	9	9	16	20	10	9	12	5
Non Current Assets Non Current AssetsCr	32	34	37	39	38	35	44	56	93	102	113
Total Assets Total AssetsCr	44	45	47	48	47	51	64	66	101	114	119

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	1	12	4	1	3	9	13	2	6	12
Investing Cash Flow Investing Cash FlowCr	-1	-1	-12	-3	0	-2	-7	-13	-26	-10	-9
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	-2	26	4	-3
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	2	-1	1	0	-1
Free Cash Flow Free Cash FlowCr	1	1	1	2	0	1	8	13	0	-34	6
CFO To PAT CFO To PAT%	-34.1	61.1	936.6	1,548.5	-415.6	54.8	150.9	240.8	18.9	182.0	251.8
CFO To EBITDA CFO To EBITDA%	-35.9	44.1	771.9	1,164.0	192.4	71.2	211.3	184.3	93.6	113.1	254.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	1	12	4	1	3	9	13	2	6	12
Investing Cash Flow Investing Cash FlowCr	-1	-1	-12	-3	0	-2	-7	-13	-26	-10	-9
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	-2	26	4	-3
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	2	-1	1	0	-1
Free Cash Flow Free Cash FlowCr	1	1	1	2	0	1	8	13	0	-34	6
CFO To PAT CFO To PAT%	-34.1	61.1	936.6	1,548.5	-415.6	54.8	150.9	240.8	18.9	182.0	251.8
CFO To EBITDA CFO To EBITDA%	-35.9	44.1	771.9	1,164.0	192.4	71.2	211.3	184.3	93.6	113.1	254.0

Standalone

Financial Year	Mar 2016	Mar 2017	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	11	10	18	14	9	15	39	56	118	67	42	38
Price To Earnings Price To Earnings		5.4	13.8	61.3		3.0	6.6	10.5	11.1	21.6	8.7	10.1
Price To Sales Price To Sales	1.5	0.9	1.6	1.4	1.0	1.9	4.2	2.2	11.9	4.9	3.2	2.6
Price To Book Price To Book	0.3	0.3	0.5	0.3	0.2	0.3	0.8	1.0	1.8	0.9	0.6	0.5
EV To EBITDA EV To EBITDA	-4.8	3.9	11.6	51.1	18.1	3.8	9.0	7.8	65.4	19.3	14.9	12.5
Profitability Ratios Profitability Ratios
GPM GPM%	33.9	48.0	43.3	38.9	50.5	89.3	131.4	63.7	61.1	81.3	82.6	82.6
OPM OPM%	-30.5	24.4	13.9	3.2	6.5	49.9	45.3	27.6	21.9	37.0	37.2	38.2
NPM NPM%	-32.1	17.6	11.4	2.4	-3.0	64.8	63.4	21.1	108.2	23.0	37.5	25.8
ROCE ROCE%	-5.5	7.1	5.2	1.1	1.7	13.4	13.9	13.2	13.2	5.5	7.8	7.8
ROE ROE%	-6.2	4.6	3.3	0.6	-0.7	10.9	11.5	9.5	15.8	4.4	6.4	6.4
ROA ROA%	-5.3	4.0	2.9	0.5	-0.6	9.8	9.3	8.2	10.6	2.8	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	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	11	10	18	14	9	15	39	56	118	67	42	38
Price To Earnings Price To Earnings		5.4	13.8	61.3		3.0	6.6	10.5	11.1	21.6	8.7	10.1
Price To Sales Price To Sales	1.5	0.9	1.6	1.4	1.0	1.9	4.2	2.2	11.9	4.9	3.2	2.6
Price To Book Price To Book	0.3	0.3	0.5	0.3	0.2	0.3	0.8	1.0	1.8	0.9	0.6	0.5
EV To EBITDA EV To EBITDA	-4.8	3.9	11.6	51.1	18.1	3.8	9.0	7.8	65.4	19.3	14.9	12.5
Profitability Ratios Profitability Ratios
GPM GPM%	33.9	48.0	43.3	38.9	50.5	89.3	131.4	63.7	61.1	81.3	82.6	82.6
OPM OPM%	-30.5	24.4	13.9	3.2	6.5	49.9	45.3	27.6	21.9	37.0	37.2	38.2
NPM NPM%	-32.1	17.6	11.4	2.4	-3.0	64.8	63.4	21.1	108.2	23.0	37.5	25.8
ROCE ROCE%	-5.5	7.1	5.2	1.1	1.7	13.4	13.9	13.2	13.2	5.5	7.8	7.8
ROE ROE%	-6.2	4.6	3.3	0.6	-0.7	10.9	11.5	9.5	15.8	4.4	6.4	6.4
ROA ROA%	-5.3	4.0	2.9	0.5	-0.6	9.8	9.3	8.2	10.6	2.8	4.1	4.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GOTHIPL	SIMPLXREA	GOLDENTOBC	SAMINDUS	SKYLMILAR	BHANDERI	ANSALHSG
Market CapitalizationMkt CapCr	42	41	39	38	37	32	31
Close PriceClose₹	40.79	137.56	22.12	34.00	9.22	125.00	4.50
IndustryIndustry	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial
Price To EarningsPE	19.52		5.61	10.09
Price To SalesPS	7.86	3.88	1.19	2.61	26.87	11.80	0.10
RevenueRevenueCr	5	11	33	14	1	3	304
Revenue Growth TTMRev Gr TTM%	24.8%	222.5%	49.5%	9.3%	-48.3%	-47.6%	-27.6%
PAT Growth TTMPAT Gr TTM%	40.8%	-243.8%	230.8%	15.5%	-138.1%	-77.7%	-68.9%

	GOTHIPL	SIMPLXREA	GOLDENTOBC	SAMINDUS	SKYLMILAR	BHANDERI	ANSALHSG
Market CapitalizationMkt CapCr	42	41	39	38	37	32	31
Close PriceClose₹	40.79	137.56	22.12	34.00	9.22	125.00	4.50
IndustryIndustry	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial
Price To EarningsPE	19.52		5.61	10.09
Price To SalesPS	7.86	3.88	1.19	2.61	26.87	11.80	0.10
RevenueRevenueCr	5	11	33	14	1	3	304
Revenue Growth TTMRev Gr TTM%	24.8%	222.5%	49.5%	9.3%	-48.3%	-47.6%	-27.6%
PAT Growth TTMPAT Gr TTM%	40.8%	-243.8%	230.8%	15.5%	-138.1%	-77.7%	-68.9%

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