Pennar Industries Limited

BSE:513228 Stock Report

Market Cap: ₹22.6b

Pennar Industries Management

Management criteria checks 4/4

Pennar Industries' CEO is Aditya Rao, appointed in Feb 2014, has a tenure of 12.33 years. total yearly compensation is ₹10.60M, comprised of 69.8% salary and 30.2% bonuses, including company stock and options. directly owns 6.67% of the company’s shares, worth ₹1.50B. The average tenure of the management team and the board of directors is 10.2 years and 7.3 years respectively.

Key information

Aditya Rao

Chief executive officer

₹10.6m

Total compensation

CEO salary percentage69.81%
CEO tenure12.3yrs
CEO ownership6.7%
Management average tenure10.2yrs
Board average tenure7.3yrs

Recent management updates

Recent updates

Narrative Update • Jun 25

513228: Preferential Warrants Will Support Confident Outlook On Earnings Trajectory

Analysts have kept their price target for Pennar Industries steady at ₹260, citing updated assumptions around revenue growth, discount rate and future P/E that broadly offset each other in their valuation work. What’s in the News for Pennar Industries Pennar Industries closed a private placement of 3,000,000 convertible equity warrants on June 18, 2026 at a price of ₹42 per warrant, for gross proceeds of ₹12.6 crore, with participation from Pennar Holdings Private Limited as per company disclosures.
Narrative Update • Jun 07

513228: Preferential Warrants Will Support Confident Outlook On Earnings Trajectory

Analysts have reduced their price target on Pennar Industries from ₹275 to ₹260, citing updated assumptions for the discount rate, revenue growth, profit margins and forward P/E, which together indicate a more conservative fair value estimate. What's in the News Board meeting scheduled for April 10, 2026, to consider and approve the issue of equity shares and/or convertible securities, including warrants, on a preferential basis under SEBI (ICDR) Regulations, 2018, subject to regulatory and shareholder approvals.
Narrative Update • May 22

513228: Preferential Warrants And EGM Will Support Confident Outlook On Earnings Trajectory

Analysts have kept their price target for Pennar Industries steady at ₹275, reflecting largely unchanged views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Board meeting scheduled on May 26, 2026 to consider and approve audited standalone and consolidated financial results for the year ended March 31, 2026, along with other matters with the consent of at least one independent director (company filing).
Narrative Update • Apr 20

513228: Preferential Warrants And EGM Will Support Confident Outlook On Earnings Trajectory

Analysts have kept the Pennar Industries price target steady at ₹275, citing broadly unchanged assumptions around revenue growth, profit margins and future P/E multiple, with only minor tweaks to the discount rate in their updated models. What's in the News Pennar Industries has scheduled an Extraordinary General Meeting on May 8, 2026, at 11:00 Indian Standard Time to seek shareholder approvals on key matters.
Narrative Update • Apr 05

513228: Upcoming Board Review Will Support Confident Outlook On Earnings Trajectory

Analysts have maintained their price target for Pennar Industries at ₹275, indicating unchanged fair value assumptions. However, slightly higher discount rate and future P/E inputs reflect a more cautious view of risk and earnings.
Narrative Update • Mar 21

513228: Upcoming Board Review Will Reinforce Confident Outlook On Earnings Trajectory

Analysts have kept the price target for Pennar Industries steady at ₹275. This reflects only marginal tweaks in discount rate assumptions, revenue growth, profit margin outlook and future P/E inputs, rather than a change in their overall view on the stock.
Narrative Update • Mar 06

513228: Upcoming Board Review Will Support Bullish Reassessment Of Earnings Trajectory

Analysts have reaffirmed their price target for Pennar Industries at ₹275, keeping their estimates broadly steady. Slight adjustments to discount rate, revenue growth, profit margin and future P/E assumptions offset each other in their updated models.
Narrative Update • Feb 19

513228: Upcoming Board Review Will Clarify Earnings Outlook For Bullish Reassessment

Pennar Industries' analyst fair value estimate has been revised from ₹325 to ₹275, with analysts citing updated assumptions for the discount rate, revenue growth, profit margin and forward P/E as the key drivers of this change. What's in the News Board meeting scheduled for February 14, 2026, to review and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
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New Narrative • Feb 14

Commissioning Raebareli Plant Will Increase Future Production Capacity By 30%

Pennar Industries is focusing on high-margin businesses, which is expected to enhance revenue and improve net margins.

CEO Compensation Analysis

How has Aditya Rao's remuneration changed compared to Pennar Industries's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹1b

Dec 31 2025n/an/a

₹1b

Sep 30 2025n/an/a

₹1b

Jun 30 2025n/an/a

₹1b

Mar 31 2025₹11m₹7m

₹1b

Dec 31 2024n/an/a

₹1b

Sep 30 2024n/an/a

₹1b

Jun 30 2024n/an/a

₹1b

Mar 31 2024₹11m₹9m

₹983m

Dec 31 2023n/an/a

₹931m

Sep 30 2023n/an/a

₹890m

Jun 30 2023n/an/a

₹832m

Mar 31 2023₹12m₹9m

₹754m

Dec 31 2022n/an/a

₹686m

Sep 30 2022n/an/a

₹580m

Jun 30 2022n/an/a

₹495m

Mar 31 2022₹11m₹9m

₹418m

Dec 31 2021n/an/a

₹588m

Sep 30 2021n/an/a

₹507m

Jun 30 2021n/an/a

₹431m

Mar 31 2021₹7m₹5m

₹25m

Dec 31 2020n/an/a

-₹300m

Sep 30 2020n/an/a

-₹206m

Jun 30 2020n/an/a

₹24m

Mar 31 2020₹12m₹10m

₹531m

Compensation vs Market: Aditya's total compensation ($USD112.02K) is below average for companies of similar size in the Indian market ($USD170.38K).

Compensation vs Earnings: Aditya's compensation has been consistent with company performance over the past year.

CEO

Aditya Rao (45 yo)

12.3yrs
Tenure
₹10,600,000
Compensation

Mr. Aditya Narsing Rao, B.S., M. Eng., has been Managing Director of Pennar Industries Limited since February 2014 and serves as its Vice Chairman. He has worked on new product development and the developm...

Leadership Team

NamePositionTenureCompensationOwnership
Aditya Rao
Vice Chairman & MD12.3yrs₹10.60m6.67%
₹ 1.5b
Shrikant Bhakkad
Chief Financial Officer3.1yrs₹11.90mno data
Mirza Mohammed Baig
Compliance Officer & Company Secretary12.5yrs₹1.60mno data
Lavanya Kumar Kondapally
Executive Director8.1yrs₹12.90m0.19%
₹ 43.9m
Yalamanchili Rao
President & Business Unit Headno data₹6.60mno data
Indukuri Venkata Raju
Chief Operating Officerno data₹5.76mno data
Rajat Narain
Executive Vice-President-HRno data₹9.39mno data
Dayasagar Neelagiri
EVP & Business Unit Headno data₹6.11mno data
M. Reddy
Executive Vice President & Business Unit Headno data₹6.77mno data
K. Kumar
Business Head of Industrial Componentsno datano datano data
D Krishnan
Chief Executive Officer of Engineering Servicesno datano datano data
Altaeur Rahman
Executive Vice President of Engineeringno data₹8.86mno data
10.2yrs
Average Tenure
57yo
Average Age

Experienced Management: 513228's management team is seasoned and experienced (10.2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Aditya Rao
Vice Chairman & MD18.4yrs₹10.60m6.67%
₹ 1.5b
Lavanya Kumar Kondapally
Executive Director12.1yrs₹12.90m0.19%
₹ 43.9m
Eric James Brown
Non-Executive Non-Independent Director8.6yrsno datano data
Manish Sabharwal
Non-Executive Independent Director15.2yrs₹400.00kno data
Joginapally Venkata Rao
Chairman Emeritus2.8yrs₹15.50m11.86%
₹ 2.7b
Chandrasekhar Sripada
Non-Executive Independent Director7.3yrs₹2.80mno data
Ravi Venkata Ramakrishna
Independent Non-Executive Chairman5yrs₹3.00mno data
Virginia Sharma
Independent Non Executive Director3.6yrs₹2.90mno data
Parthasarathy Srinivasa
Independent Director2.3yrs₹2.80mno data
7.3yrs
Average Tenure
69yo
Average Age

Experienced Board: 513228's board of directors are considered experienced (7.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/30 10:56
End of Day Share Price 2026/06/30 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pennar Industries Limited is covered by 4 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Giriraj DagaCentrum Broking Limited
Anil BurraFirstCall Research
Naveed MD.FirstCall Research