Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹156Cr
Rev Gr TTM
Revenue Growth TTM
-44.14%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

SHBAJRG
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 578.8 | 193.4 | 5.0 | 169.0 | -37.3 | -13.6 | 17.7 | -13.7 | -64.5 | -31.5 | 9.0 | -56.2 |
| 359 | 146 | 68 | 126 | 224 | 130 | 79 | 106 | 79 | 87 | 84 | 49 |
Operating Profit Operating ProfitCr |
| 0.7 | 3.1 | 0.0 | -1.8 | 0.9 | 0.5 | 1.3 | 0.8 | 1.9 | 2.8 | 3.6 | -5.3 |
Other Income Other IncomeCr | 1 | 0 | 0 | 0 | 4 | 1 | 0 | 0 | 2 | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 3 | 4 | -1 | -3 | 5 | 0 | 0 | 0 | 2 | 2 | 2 | -4 |
| 0 | 1 | 0 | -1 | 1 | 0 | 0 | 0 | 1 | 0 | 1 | -1 |
|
Growth YoY PAT Growth YoY% | 108.4 | -21.2 | -1,320.0 | -388.4 | 37.7 | -90.4 | 172.1 | 114.8 | -72.9 | 342.3 | 275.0 | -829.0 |
| 0.8 | 1.8 | -0.9 | -1.7 | 1.7 | 0.2 | 0.6 | 0.3 | 1.3 | 1.3 | 1.9 | -4.8 |
| 15.4 | 13.4 | 8.2 | 8.2 | 16.3 | 7.7 | 8.3 | 7.6 | 12.6 | 9.5 | 11.2 | 6.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -33.6 | -4.7 | 9.9 | 34.8 | 56.1 | 11.2 | 22.4 | -20.1 | 206.8 | 8.8 | -30.1 | -23.6 |
| 67 | 67 | 70 | 96 | 152 | 171 | 205 | 162 | 513 | 565 | 394 | 299 |
Operating Profit Operating ProfitCr |
| 6.4 | 0.9 | 5.7 | 4.5 | 3.1 | 1.9 | 4.2 | 5.2 | 2.0 | 0.8 | 1.0 | 1.5 |
Other Income Other IncomeCr | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 4 | 3 | 3 |
Interest Expense Interest ExpenseCr | 3 | 2 | 3 | 2 | 3 | 2 | 4 | 3 | 2 | 1 | 1 | 2 |
Depreciation DepreciationCr | 1 | 0 | 0 | 1 | 1 | 0 | 2 | 3 | 3 | 3 | 3 | 3 |
| 2 | -1 | 1 | 2 | 1 | 1 | 3 | 7 | 7 | 5 | 3 | 2 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | 1 | 2 | 1 | 0 |
|
| 55.5 | -166.2 | 170.0 | 33.5 | 22.3 | -53.5 | 226.1 | 73.9 | 48.8 | -44.6 | -35.1 | -23.2 |
| 2.7 | -1.9 | 1.2 | 1.2 | 0.9 | 0.4 | 1.0 | 2.2 | 1.1 | 0.6 | 0.5 | 0.5 |
| 2.1 | -1.4 | 2.7 | 10.1 | 21.7 | 15.5 | 34.2 | 80.1 | 38.0 | 45.4 | 36.2 | 40.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| 36 | 35 | 68 | 78 | 94 | 108 | 144 | 216 | 250 | 292 | 327 | 346 |
Current Liabilities Current LiabilitiesCr | 37 | 30 | 25 | 31 | 31 | 91 | 51 | 31 | 100 | 111 | 114 | 106 |
Non Current Liabilities Non Current LiabilitiesCr | 24 | 23 | 20 | 6 | 0 | 7 | 21 | 20 | 18 | 4 | 19 | 25 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 58 | 46 | 44 | 41 | 54 | 89 | 68 | 48 | 106 | 114 | 122 | 116 |
Non Current Assets Non Current AssetsCr | 48 | 49 | 78 | 82 | 80 | 126 | 158 | 229 | 271 | 302 | 347 | 370 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 6 | 2 | 2 | 13 | -8 | 8 | 2 | 21 | -3 | 0 | -24 |
Investing Cash Flow Investing Cash FlowCr | -1 | 1 | 0 | -1 | -1 | -30 | -7 | -5 | -5 | -7 | -15 |
Financing Cash Flow Financing Cash FlowCr | -5 | -3 | -2 | -12 | 10 | 23 | 5 | -16 | 7 | 8 | 37 |
|
Free Cash Flow Free Cash FlowCr | 6 | 2 | 1 | 12 | -10 | -23 | -5 | 19 | 6 | -14 | -28 |
| 334.2 | -170.5 | 177.0 | 1,070.4 | -587.1 | 1,126.5 | 80.2 | 553.8 | -44.9 | 8.2 | -1,165.4 |
CFO To EBITDA CFO To EBITDA% | 140.0 | 356.8 | 37.0 | 279.6 | -172.0 | 227.6 | 19.5 | 235.6 | -23.8 | 5.7 | -573.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 17 | 28 | 16 | 16 | 14 | 16 | 129 | 228 | 141 | 237 | 121 |
Price To Earnings Price To Earnings | 9.1 | 0.0 | 16.5 | 1.8 | 0.7 | 1.1 | 4.2 | 3.2 | 4.1 | 5.8 | 3.7 |
Price To Sales Price To Sales | 0.2 | 0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.6 | 1.3 | 0.3 | 0.4 | 0.3 |
Price To Book Price To Book | 0.4 | 0.7 | 0.3 | 0.2 | 0.1 | 0.1 | 0.9 | 1.0 | 0.6 | 0.8 | 0.4 |
| 15.8 | 122.6 | 12.7 | 9.1 | 6.9 | 18.8 | 20.8 | 30.1 | 18.3 | 65.1 | 52.8 |
Profitability Ratios Profitability Ratios |
| 14.5 | 7.5 | 14.1 | 14.5 | 10.1 | 11.0 | 17.7 | 29.3 | 20.3 | 12.7 | 17.6 |
| 6.4 | 0.9 | 5.7 | 4.5 | 3.1 | 1.9 | 4.2 | 5.2 | 2.0 | 0.8 | 1.0 |
| 2.7 | -1.9 | 1.2 | 1.2 | 0.9 | 0.4 | 1.0 | 2.2 | 1.1 | 0.6 | 0.5 |
| 5.8 | 0.8 | 3.4 | 3.4 | 3.4 | 1.9 | 3.4 | 3.6 | 3.0 | 1.6 | 0.9 |
| 4.2 | -2.9 | 1.1 | 1.4 | 1.4 | 0.6 | 1.4 | 1.7 | 2.2 | 1.0 | 0.6 |
| 1.8 | -1.3 | 0.7 | 1.0 | 1.1 | 0.3 | 1.0 | 1.4 | 1.5 | 0.8 | 0.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Core Business Segments**
#### **1. Agro & Food Division (GOELD Frozen Foods)**
- **Brand & Product Portfolio**:
GOELD offers a wide range of pure vegetarian frozen foods, including Indian breads (e.g., Malabar Paratha, Lachha Paratha), snacks (Punjabi Samosa, Spring Rolls), curries (Dal Makhni, Paneer Butter Masala), pre-cut vegetables (Green Peas, Sweet Corn, French Fries), desserts, and newly launched products such as **Pizza Pockets**, **Paneer Pakora**, **Idli**, **Herb Chilli Burger Patty**, and **chilled parathas**. Recent launches emphasize nutrition, convenience, and authenticity.
- **Innovation & R&D**:
Supported by a dedicated culinary lab and technology-driven product development, GOELD has also developed vegan-friendly, preservative-free, and health-focused offerings, including healthy parathas and supercritical fluid extraction (SCFE)-based nutraceuticals and essential oils nearing commercialization.
- **Manufacturing & Infrastructure**:
Operates a **BRC-accredited, state-of-the-art 5-acre manufacturing facility in Raipur**, equipped with advanced freezing, packaging, and cold chain infrastructure. The plant enables consistent quality, scalability, and compliance with global food safety standards.
- **Cold Chain & Distribution**:
Maintains a **robust cold chain network** minimizing wastage and ensuring product integrity. GOELD supports over 500 retail outlets with freezer placements and leverages a professional sales team of 65+ for field outreach.
- **Expansion Strategy**:
- **Modern Trade & Quick Commerce**: Available on leading platforms including **Swiggy Instamart, Zepto, BigBasket, Blinkit** (expanded to Raipur, Durg, Bhilai, and other Tier-II cities).
- **E-commerce & D2C**: Expanding digital reach via Jio Mart, D-Mart Ready, and direct channels.
- **B2B (HoReCa)**: Strong presence in hotels, restaurants, cloud kitchens, and catering services, including a landmark **supply tie-up with KFC (Yum Brands)**.
- **Super Stockist Model**: Expanded to North, West India, and Chennai, enhancing B2B and e-commerce reach.
- **International Markets**:
- Active exports to **UK, USA, Australia, UAE, Netherlands, New Zealand, and Southeast Asia**.
- **GOELD launched in the UK** (May 2025) with plans for **EU, Middle East, Japan, and North America**.
- Participation in major global exhibitions including **Gulfood Dubai, SIAL Mumbai, IFE London, Anuga India, FAIC, and AAHAR** has secured export orders and strengthened distributor relationships.
- Export milestones: 72 containers (May 2024), 84 containers (Aug 2024), and **99 containers (Q4 FY24–25)**.
- **Recent Strategic Moves**:
- **Acquisition of Potful Biryani** (May 2025) added **27 food service outlets** in Bangalore, Chennai, and Hyderabad, significantly boosting its presence in the QSR and food service sector.
- New distribution network launched in **Western Uttar Pradesh** and expanded availability on **Blinkit** across central India.
- Strategic rollout of GOELD products in **27+ food service outlets** across South India.
#### **2. Steel Division**
- Produces **high-quality structural steel**, angles, and beams used in **railway infrastructure and transmission line towers**.
- Key clients include **Indian Railways** and ongoing engagements with **Suzlon Energy Ltd.** and **Sterlite Power Transmission Ltd.** for upcoming orders in FY25–26.
- Growth driven by **on-time delivery, product quality**, and strong performance in institutional supply contracts.
#### **3. Ethanol & Chemicals (via Associate: Shri Bajrang Chemical Distillery LLP)**
- Plans to **expand ethanol plant capacity by 120 KLPD (60% increase)** from 200 KLPD to enhance production scale and profitability.
- Focus on operational efficiency and market expansion for industrial and biofuel applications.
---
### **Strategic Highlights (Recent Period: Nov 2025)**
#### **Pricing & Market Penetration**
- Launched **premium 400g French fries at ₹245 (₹45/100g)** — strategically priced to position frozen foods as **affordable staples** rather than premium indulgences.
- Enabled by **economies of scale, disciplined procurement, and operational efficiency**, supporting long-term **household penetration and volume growth**.
#### **Brand Visibility & Trade Participation**
- Active participation in **SIAL Mumbai 2025**, showcasing products to distributors, retailers, and exporters.
- Ongoing engagement at global events (**Gulfood, AAHAR, IFE London**) reflects aggressive brand-building and international outreach.
- Focus on **targeted marketing**, partnerships, and exhibition presence to enhance **brand recall and equity**.
#### **Target Consumers**
- Core focus on **health-conscious, vegetarian, and urban busy consumers**.
- Growing relevance among **Indian diaspora markets** and alignment with **plant-based, vegan, and time-saving food trends**.
---
### **Financial & Operational Scale (as of Nov 2023)**
- **Domestic Revenue (Agro Division)**: ₹5,724 Crore (₹57,237.97 Lakh) reported under standalone financials — underscoring substantial scale in the frozen food segment.
- **Retail Presence**:
- Over **3,000 physical retail outlets** across India.
- Available on **10+ online platforms**, with distribution in **35+ cities** and expansion to 100+ cities targeted by 2022–23.
- **Production Capacity**: 6,600 MT/year (expandable), with quarterly production exceeding **300,000 kg** and **26% QoQ growth** in premium lines.
---
### **Leadership & Vision**
- Led by **Archit Goel**, Whole-Time Director and CFO of SBAL, who has driven the company’s transformation beyond traditional steel into high-growth FMCG and food sectors.
- Part of the **prominent GOEL Group**, with diversified interests in mining, power, steel, education, and media in Central India.
- Vision: To **modernize India’s food ecosystem**, shape consumer habits through innovation, and become a **global leader in vegetarian frozen foods**.