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Shervani Industrial Syndicate Ltd

SHERVANI

NSE

₹337.40+8.14%19 Oct 2026

Reports

Construction Factories and Offices and Commercial

Shervani Industrial Syndicate Ltd

SHERVANI

NSE

₹337.40

+8.14%

19 Oct 2026

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Construction Factories and Offices and Commercial

Indices

Business Overview: What the company does, in plain English.

Shervani Industrial Syndicate is a real estate developer that has been building homes in Prayagraj, Uttar Pradesh, since 1948. It began as an industrial company famous for its ‘GEEP’ flashlights, but after selling that brand, it pivoted entirely to property, and its wholly-owned subsidiary is engaged in biscuit manufacturing, while its Memorandum of Association lists objects such as IT services and healthcare. The recurring approach is to operate from its Prayagraj base, use the cash flows and reputation from one completed project to fund the next, and target steady, middle-income demand rather than speculative booms.

Business segments

Four engines at different stages - a residential real estate anchor, a contract manufacturing operation, a fledgling IT supply business, and two infrastructure bets under construction - each rooted in the company’s Prayagraj base.

1. Real estate: building and selling apartments for middle-income India

The company develops group housing projects in Prayagraj, sells individual flats to homebuyers, and moves on to the next project - a project-based model where reputation for on-time delivery is the competitive edge.

One city, one township - all projects are located within a planned township called ‘Shervani Legacy’ in Prayagraj, a Tier-II city where the company believes unsold inventory is low compared to metropolitan areas.
Built for the salaried class - the company targets middle-income and salaried homebuyers, a segment it says forms the bulk of housing demand and aligns with government policies like PMAY (the affordable housing scheme).
A track record of completion - it has finished and handed over three projects (Tara Towers, Naman Homes, and The Crescent), and is currently building Victory Towers, a 13-storey, 520-unit complex with 2, 3, and 4-bedroom apartments.
Revenue on a per-unit basis - the company earns money when it sells a flat and transfers control to the buyer, recognising the sale price as one-time revenue, not recurring income.
Material supply risks squeeze project margins - construction relies on cement and steel from the organised sector and sand and bricks from the unorganised sector, so cost inflation and supply disruptions directly squeeze project margins.

2. Biscuit manufacturing: a contract producer for a national brand

Through its wholly-owned subsidiary Farco Foods, the company makes biscuits exclusively for Surya Foods and Agro’s ‘Priya Gold’ brand - it owns no brand, sells no biscuits directly, and gets paid for production.

Paid for output, not sales - Farco Foods operates on a job-work basis, meaning it manufactures biscuits for a single client and earns a manufacturing fee, insulating it from consumer marketing and distribution costs.
A steady, single-client operation - the subsidiary produced 4,759 metric tonnes of biscuits in FY25, down from 6,297 metric tonnes five years earlier, but incurred a loss of 15.65 Lakhs during the year.
A failed diversification closed cleanly - the subsidiary previously attempted a goat farming project, but shut it down permanently because the climatic conditions at the project site were unsuitable for goat rearing, and the land now sits vacant and is to be leased out.

3. Information technology: supplying and setting up specialised labs

The company buys and installs IT equipment for institutional projects - it is a project-based hardware and infrastructure business, not a software or services firm.

A separate reportable segment - the company treats IT as a distinct business from real estate in its financial reporting, and it generated revenue from a single customer that accounted for more than 10% of total company revenue in FY24.

4. Hospitality and healthcare: two projects in early construction

The company is building a hospital and planning a holiday resort, both in the Prayagraj area - these are infrastructure bets that will serve entirely new customer bases if completed.

A 50-bed hospital, with room to double - a multi-speciality hospital is under construction within the Shervani Legacy township, with earth excavation complete and building work started; the company is seeking approval to expand it to 100 beds.
A rural tourism resort on the drawing board - the company has conceptualised an eco-conscious holiday resort in Village Sansarpur, about an hour from Prayagraj, with plans for rooms, fishing, outdoor activities, and a restaurant.

Group structure and partners

The company is a family-promoted entity with one wholly-owned subsidiary and two associate investments, all controlled from Prayagraj.

Promoter-controlled with a recent buyback - the Shervani family’s promoter group held 62.07% of equity shares as of March 2025, and a buyback in FY24 reduced total outstanding shares by about 5%, with a promoter entity selling part of its stake.
One operating subsidiary - Farco Foods Private Limited is the wholly-owned biscuit manufacturing arm, and the parent has extended loans of Rs. 489.73 lakhs to it.
Two associate companies on the books - the company holds 35.4% of Star Hotels Private Limited, a Delhi-based hotel firm, and 46.33% of Youngtronics India Private Limited, a Prayagraj-based entity whose investment value has been fully written down.

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

₹87Cr

Close Price

₹337.40

Industry

Construction Factories and Offices and Commercial

Price To Earnings

330.78

Price To Sales

5.41

Revenue

₹16Cr

Rev Gr TTM

Revenue Growth TTM

-65.64%

PAT Gr TTM

PAT Growth TTM

-93.55%

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	30	13	26	11	20	12	6	9	3	7	1	5
Growth YoY Revenue Growth YoY%	84.5	297.3	439.5	-85.7	-35.3	-10.4	-75.0	-16.0	-83.0	-43.5	-76.8	-48.0
Expenses ExpensesCr	23	11	26	10	18	11	7	9	4	6	4	5
Operating Profit Operating ProfitCr	7	2	0	0	2	1	0	0	-1	1	-2	0
OPM OPM%	24.1	16.8	0.7	0.6	10.3	6.4	-6.8	0.3	-31.6	8.8	-164.4	-4.8
Other Income Other IncomeCr	0	3	0	1	0	0	3	1	1	1	4	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	7	5	0	0	2	1	2	0	0	1	1	2
Tax TaxCr	0	0	3	0	0	0	0	0	0	1	2	0
PAT PATCr	7	5	-3	0	1	1	2	0	0	0	-1	1
Growth YoY PAT Growth YoY%	55.3		-114.0	-99.3	-83.9	-89.6	176.4	112.5	-123.3	-94.2	-141.3	291.2
NPM NPM%	23.6	38.4	-10.2	1.5	5.9	4.4	31.3	3.8	-8.1	0.5	-55.7	28.9
EPS EPS₹	26.4	18.5	-10.2	0.6	4.5	2.0	7.8	1.3	-1.0	0.1	-3.2	5.1

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	30	13	26	11	20	12	6	9	3	7	1	5
Growth YoY Revenue Growth YoY%	84.5	297.3	439.5	-85.7	-35.3	-10.4	-75.0	-16.0	-83.0	-43.5	-76.8	-48.0
Expenses ExpensesCr	23	11	26	10	18	11	7	9	4	6	4	5
Operating Profit Operating ProfitCr	7	2	0	0	2	1	0	0	-1	1	-2	0
OPM OPM%	24.1	16.8	0.7	0.6	10.3	6.4	-6.8	0.3	-31.6	8.8	-164.4	-4.8
Other Income Other IncomeCr	0	3	0	1	0	0	3	1	1	1	4	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	7	5	0	0	2	1	2	0	0	1	1	2
Tax TaxCr	0	0	3	0	0	0	0	0	0	1	2	0
PAT PATCr	7	5	-3	0	1	1	2	0	0	0	-1	1
Growth YoY PAT Growth YoY%	55.3		-114.0	-99.3	-83.9	-89.6	176.4	112.5	-123.3	-94.2	-141.3	291.2
NPM NPM%	23.6	38.4	-10.2	1.5	5.9	4.4	31.3	3.8	-8.1	0.5	-55.7	28.9
EPS EPS₹	26.4	18.5	-10.2	0.6	4.5	2.0	7.8	1.3	-1.0	0.1	-3.2	5.1

Consolidated

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	32	46	91	79	92	32	9	27	143	48	21	16
Growth Revenue Growth%	740.7	45.3	97.8	-13.9	17.6	-65.5	-72.2	201.5	434.2	-66.1	-55.8	-65.6
Expenses ExpensesCr	31	35	58	36	67	27	12	23	113	46	23	19
Operating Profit Operating ProfitCr	1	11	33	43	25	5	-3	4	30	2	-2	-3
OPM OPM%	1.6	23.6	36.4	54.8	27.0	15.6	-31.0	13.6	20.9	5.0	-8.6	-19.6
Other Income Other IncomeCr	2	6	2	0	1	1	1	22	5	4	6	8
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	2	1	1
PBT PBTCr	2	16	34	43	25	5	-3	24	34	5	2	4
Tax TaxCr	0	0	9	8	5	-2	0	1	3	1	3	3
PAT PATCr	2	16	25	34	20	7	-3	24	31	4	-1	0
Growth PAT Growth%	205.3	809.0	58.8	35.2	-41.5	-66.6	-141.6	952.3	30.5	-87.6	-119.1	-93.5
NPM NPM%	5.5	34.4	27.6	43.4	21.6	20.9	-31.3	88.5	21.6	7.9	-3.4	1.6
EPS EPS₹	5.3	48.4	80.2	108.4	73.3	24.5	-10.2	86.9	119.0	14.9	-2.8	1.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	32	46	91	79	92	32	9	27	143	48	21	16
Growth Revenue Growth%	740.7	45.3	97.8	-13.9	17.6	-65.5	-72.2	201.5	434.2	-66.1	-55.8	-65.6
Expenses ExpensesCr	31	35	58	36	67	27	12	23	113	46	23	19
Operating Profit Operating ProfitCr	1	11	33	43	25	5	-3	4	30	2	-2	-3
OPM OPM%	1.6	23.6	36.4	54.8	27.0	15.6	-31.0	13.6	20.9	5.0	-8.6	-19.6
Other Income Other IncomeCr	2	6	2	0	1	1	1	22	5	4	6	8
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	1	1	1	1	1	2	1	1
PBT PBTCr	2	16	34	43	25	5	-3	24	34	5	2	4
Tax TaxCr	0	0	9	8	5	-2	0	1	3	1	3	3
PAT PATCr	2	16	25	34	20	7	-3	24	31	4	-1	0
Growth PAT Growth%	205.3	809.0	58.8	35.2	-41.5	-66.6	-141.6	952.3	30.5	-87.6	-119.1	-93.5
NPM NPM%	5.5	34.4	27.6	43.4	21.6	20.9	-31.3	88.5	21.6	7.9	-3.4	1.6
EPS EPS₹	5.3	48.4	80.2	108.4	73.3	24.5	-10.2	86.9	119.0	14.9	-2.8	1.0

Consolidated

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	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	187	194	171	150	130	130	126	142	151	148	130
Current Liabilities Current LiabilitiesCr	15	13	56	77	35	50	88	117	62	57	137
Non Current Liabilities Non Current LiabilitiesCr	0	0	1	1	2	3	2	2	19	50	74
Total Liabilities Total LiabilitiesCr	205	210	231	231	170	185	220	264	234	257	344
Current Assets Current AssetsCr	188	190	209	209	148	163	196	220	179	183	285
Non Current Assets Non Current AssetsCr	18	20	22	22	22	22	24	44	55	74	59
Total Assets Total AssetsCr	205	210	231	231	170	185	220	264	234	257	344

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	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	187	194	171	150	130	130	126	142	151	148	130
Current Liabilities Current LiabilitiesCr	15	13	56	77	35	50	88	117	62	57	137
Non Current Liabilities Non Current LiabilitiesCr	0	0	1	1	2	3	2	2	19	50	74
Total Liabilities Total LiabilitiesCr	205	210	231	231	170	185	220	264	234	257	344
Current Assets Current AssetsCr	188	190	209	209	148	163	196	220	179	183	285
Non Current Assets Non Current AssetsCr	18	20	22	22	22	22	24	44	55	74	59
Total Assets Total AssetsCr	205	210	231	231	170	185	220	264	234	257	344

Consolidated

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	2	16	26	25	-13	5	1	7	-9	14	45
Investing Cash Flow Investing Cash FlowCr	1	-5	-26	7	26	-2	-5	0	-10	-26	-29
Financing Cash Flow Financing Cash FlowCr	-3	-7	1	-31	-22	-2	6	-11	22	10	16
Net Cash Flow Net Cash FlowCr	0	4	1	2	-9	1	2	-4	3	-2	32
Free Cash Flow Free Cash FlowCr	2	16	24	22	-14	3	-1	7	-15	6	32
CFO To PAT CFO To PAT%	126.8	99.4	103.9	74.6	-64.2	76.4	-42.4	28.7	-27.6	375.4	-6,117.8
CFO To EBITDA CFO To EBITDA%	446.1	144.9	78.9	59.1	-51.4	102.2	-42.8	186.1	-28.5	597.9	-2,440.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	16	26	25	-13	5	1	7	-9	14	45
Investing Cash Flow Investing Cash FlowCr	1	-5	-26	7	26	-2	-5	0	-10	-26	-29
Financing Cash Flow Financing Cash FlowCr	-3	-7	1	-31	-22	-2	6	-11	22	10	16
Net Cash Flow Net Cash FlowCr	0	4	1	2	-9	1	2	-4	3	-2	32
Free Cash Flow Free Cash FlowCr	2	16	24	22	-14	3	-1	7	-15	6	32
CFO To PAT CFO To PAT%	126.8	99.4	103.9	74.6	-64.2	76.4	-42.4	28.7	-27.6	375.4	-6,117.8
CFO To EBITDA CFO To EBITDA%	446.1	144.9	78.9	59.1	-51.4	102.2	-42.8	186.1	-28.5	597.9	-2,440.4

Consolidated

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	46	48	169	189	58	61	60	96	142	89	81	87
Price To Earnings Price To Earnings	26.4	3.0	6.7	5.5	2.9	9.2		4.1	4.4			330.8
Price To Sales Price To Sales	1.4	1.0	1.9	2.4	0.6	1.9	6.8	3.6	1.0	1.9	3.8	5.4
Price To Book Price To Book	0.2	0.9	2.8	2.9	0.4	0.5	0.5	0.7	0.9	0.7	0.6	0.7
EV To EBITDA EV To EBITDA	71.6	2.5	3.9	3.6	2.0	10.1	-19.7	22.5	5.3	46.4	-48.3	-28.0
Profitability Ratios Profitability Ratios
GPM GPM%	18.2	34.9	44.3	65.3	37.0	38.8	45.6	44.3	36.1	22.9	35.4	35.4
OPM OPM%	1.6	23.6	36.4	54.8	27.0	15.6	-31.0	13.6	20.9	5.0	-8.6	-19.6
NPM NPM%	5.5	34.4	27.6	43.4	21.6	20.9	-31.3	88.5	21.6	7.9	-3.4	1.6
ROCE ROCE%	1.2	8.1	19.1	26.8	18.4	3.6	-1.9	16.8	18.3	2.6	1.3	1.3
ROE ROE%	0.9	8.1	14.5	22.3	15.0	5.0	-2.1	16.3	20.1	2.5	-0.6	-0.6
ROA ROA%	0.8	7.5	10.9	14.7	11.7	3.6	-1.3	8.9	13.2	1.5	-0.2	-0.2
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	46	48	169	189	58	61	60	96	142	89	81	87
Price To Earnings Price To Earnings	26.4	3.0	6.7	5.5	2.9	9.2		4.1	4.4			330.8
Price To Sales Price To Sales	1.4	1.0	1.9	2.4	0.6	1.9	6.8	3.6	1.0	1.9	3.8	5.4
Price To Book Price To Book	0.2	0.9	2.8	2.9	0.4	0.5	0.5	0.7	0.9	0.7	0.6	0.7
EV To EBITDA EV To EBITDA	71.6	2.5	3.9	3.6	2.0	10.1	-19.7	22.5	5.3	46.4	-48.3	-28.0
Profitability Ratios Profitability Ratios
GPM GPM%	18.2	34.9	44.3	65.3	37.0	38.8	45.6	44.3	36.1	22.9	35.4	35.4
OPM OPM%	1.6	23.6	36.4	54.8	27.0	15.6	-31.0	13.6	20.9	5.0	-8.6	-19.6
NPM NPM%	5.5	34.4	27.6	43.4	21.6	20.9	-31.3	88.5	21.6	7.9	-3.4	1.6
ROCE ROCE%	1.2	8.1	19.1	26.8	18.4	3.6	-1.9	16.8	18.3	2.6	1.3	1.3
ROE ROE%	0.9	8.1	14.5	22.3	15.0	5.0	-2.1	16.3	20.1	2.5	-0.6	-0.6
ROA ROA%	0.8	7.5	10.9	14.7	11.7	3.6	-1.3	8.9	13.2	1.5	-0.2	-0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GROVY	VIRYA	NEWINFRA	SHERVANI	VR	CINEVISTA	SHRISTI
Market CapitalizationMkt CapCr	106	105	89	87	85	79	74
Close PriceClose₹	60.35	698.35	1.69	337.40	95.70	13.78	33.40
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	21.71			330.78	21.70	13.78
Price To SalesPS	2.01	10,475.25	24.92	5.41	1.14	2.95	1.30
RevenueRevenueCr	52	0	4	16	74	27	57
Revenue Growth TTMRev Gr TTM%	61.8%		-22.4%	-65.6%	195.1%	66.1%	-40.3%
PAT Growth TTMPAT Gr TTM%	18.1%	-642.9%	-125.1%	-93.5%	95.8%	121.0%	-241.9%

	GROVY	VIRYA	NEWINFRA	SHERVANI	VR	CINEVISTA	SHRISTI
Market CapitalizationMkt CapCr	106	105	89	87	85	79	74
Close PriceClose₹	60.35	698.35	1.69	337.40	95.70	13.78	33.40
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	21.71			330.78	21.70	13.78
Price To SalesPS	2.01	10,475.25	24.92	5.41	1.14	2.95	1.30
RevenueRevenueCr	52	0	4	16	74	27	57
Revenue Growth TTMRev Gr TTM%	61.8%		-22.4%	-65.6%	195.1%	66.1%	-40.3%
PAT Growth TTMPAT Gr TTM%	18.1%	-642.9%	-125.1%	-93.5%	95.8%	121.0%	-241.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26