Salasar Techno Engineering Ltd (SALASAR)

Metals & Mining · Steel · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹5.91 ↓ 20.67% (1Y)

🎯 Key Takeaways

Salasar Techno Engineering is in a post-merger integration and restructuring phase, transitioning from a loss-making standalone entity to a consolidated profitable structure following the completion of the EMC Limited merger in June 2026. The company is rebuilding its operational base in the steel engineering sector with a focus on stabilizing financial performance and strengthening governance through corporate actions.
Revenue declined 33.5% QoQ to ₹296 in Q1FY27.
⚠️ 1) Merger integration risk: The benefits of merging EMC and Hill View Infrabuild have not yet been quantified, and regulatory approval delays could st

Market Cap

₹1,033

P/E Ratio

73.9

P/B Ratio

1.35

ROE

1.8%

ROCE

8.3%

Debt/Equity

0.41

Promoter

44.5%

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📖 The Story

Salasar Techno Engineering is in a post-merger integration and restructuring phase, transitioning from a loss-making standalone entity to a consolidated profitable structure following the completion of the EMC Limited merger in June 2026. The company is rebuilding its operational base in the steel engineering sector with a focus on stabilizing financial performance and strengthening governance through corporate actions.

📰 What's Happening

The company completed the merger of EMC Limited in June 2026 and reported unaudited Q1 June 2026 results showing a return to standalone profitability with net profit of ₹477.64 lakhs versus a prior quarter loss. Management also advanced the amalgamation of Hill View Infrabuild through an NCLT-mandated shareholder meeting on August 8, 2026, superseding an earlier proposal, with e-voting conducted from August 4-7, 2026. The scheme remains subject to regulatory approvals before implementation, indicating ongoing strategic consolidation efforts.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	300	427	331	445	296
Operating Profit	24	35	20	8	15
OPM %	8.0%	8.2%	6.0%	1.8%	5.2%
Net Profit	9	16	7	-14	5
EPS	₹0.05	₹0.09	₹0.04	₹-0.08	₹0.03

Revenue has shown volatility but stabilized around ₹29,000-440 lakhs per quarter, with operating performance improving in Q1 June 2026 as OPM rose to 5.2% despite lower revenue. Net profit turned positive standalone in Q1 June 2026 after two consecutive loss quarters, signaling early benefits from cost optimization or margin recovery post-merger. However, the sharp revenue decline from ₹445 lakhs in March 2026 to ₹296 lakhs in June 2026 suggests seasonal or project-based fluctuations typical in engineering contracting.

🔮 Management Outlook & What's Next

Management provided no forward guidance in the latest financial results filing for Q1 June 2026, offering only historical unaudited figures and commentary on merger integration. The absence of guidance reflects uncertainty around the sustainability of profitability and the impact of ongoing corporate restructuring on future cash flows and margins.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	173	173	173	175
Reserves	531	594	640	659
Borrowings	371	316	350	422
Total Liabilities	1,437	1,725	1,848	2,154
Fixed Assets	218	394	395	435
Investments	180	0	0	0
Total Assets	1,437	1,725	1,848	2,154

The balance sheet shows steady growth in total assets from ₹1,725 lakhs in March 2025 to ₹2,154 lakhs in March 2026, driven by asset accumulation despite flat equity. Borrowings increased slightly to ₹422 lakhs in March 2026 from ₹350 lakhs a year earlier, indicating modest capital expenditure or working capital financing. Equity remains stable around ₹175 lakhs, suggesting limited retained earnings or dividend activity to preserve capital during the turnaround phase.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-5
Investing	+10
Financing	-3
Net Cash Flow	+1

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	48.0%	46.6%	47.2%	44.5%
FII	3.5%	5.0%	5.0%	5.9%
DII	0.0%	0.0%	0.0%	0.0%
Public	42.3%	41.6%	40.9%	42.0%
# Shareholders	5,13,972	4,93,128	4,79,968	4,71,081

Promoter holding has gradually declined from 48.04% in Q2FY26 to 44.5% in Q1FY27, while FII allocation remains low but stable around 5-6%, and DII remains at 0%. The rising number of public shareholders (4,71,081 in Q1FY27) suggests retail interest but also fragmentation. No significant institutional accumulation is evident, and promoter dilution is occurring slowly, possibly through public offers or stock-based incentives.

⚖️ Peer Comparison — Steel

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
JSWSTEEL	3.21 L Cr	12.9	20.9%	28.0%	0.95
TATASTEEL	2.30 L Cr	20.8	12.7%	11.0%	0.83
JINDALSTEL	1.18 L Cr	43.4	7.4%	5.3%	0.43
SAIL	81,289	19.0	8.8%	7.3%	0.51
JSL	57,977	17.8	18.0%	16.4%	0.37
SHYAMMETL	30,498	27.1	14.2%	9.7%	0.09
SARDAEN	17,566	15.6	19.2%	17.6%	0.45
GPIL	16,380	18.6	19.2%	14.2%	0.07
USHAMART	15,201	30.0	20.6%	15.4%	0.04
VISL	14,414	—	—	—	-1.07

🔗 Peer Stock Analyses

JSWSTEEL TATASTEEL JINDALSTEL SAIL JSL

⚠️ Risk Factors

1) Merger integration risk: The benefits of merging EMC and Hill View Infrabuild have not yet been quantified, and regulatory approval delays could stall strategic consolidation. 2) Revenue volatility: Sharp quarterly swings in revenue and margins indicate project-dependent earnings with limited visibility into order pipeline. 3) Low ROE and ROCE: Persistent low returns (ROE 1.8%, ROCE 8.3%) reflect underutilized capital and pricing pressure in the steel engineering segment.

📋 Recent Filings

🧠 Analyst's Read

The company is navigating a fragile recovery marked by profitability restoration post-merger but lacks clear visibility on future growth drivers. Investors should monitor the regulatory clearance of the Hill View Infrabuild amalgamation and the trajectory of order inflows to assess whether the current margin improvement is sustainable or driven by one-time factors.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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