New Risk • Jun 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹939.8m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 51% per year over the past 5 years. Market cap is less than US$10m (₹939.8m market cap, or US$9.87m). Minor Risk Revenue is less than US$5m (₹343m revenue, or US$3.6m). Reported Earnings • May 14
Full year 2026 earnings released: ₹3.03 loss per share (vs ₹2.10 loss in FY 2025) Full year 2026 results: ₹3.03 loss per share (further deteriorated from ₹2.10 loss in FY 2025). Revenue: ₹345.6m (up 24% from FY 2025). Net loss: ₹195.0m (loss widened 44% from FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • May 12
Standard Industries Limited, Annual General Meeting, Aug 18, 2026 Standard Industries Limited, Annual General Meeting, Aug 18, 2026. Reported Earnings • Feb 15
Third quarter 2026 earnings released: ₹0.72 loss per share (vs ₹0.87 loss in 3Q 2025) Third quarter 2026 results: ₹0.72 loss per share (improved from ₹0.87 loss in 3Q 2025). Revenue: ₹77.3m (flat on 3Q 2025). Net loss: ₹46.2m (loss narrowed 18% from 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Announcement • Feb 03
Standard Industries Limited to Report Q3, 2026 Results on Feb 12, 2026 Standard Industries Limited announced that they will report Q3, 2026 results on Feb 12, 2026 New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹879.4m (US$9.60m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (₹879.4m market cap, or US$9.60m). Minor Risks Dividend is not well covered by earnings (379% payout ratio). Revenue is less than US$5m (₹334m revenue, or US$3.6m). Reported Earnings • Nov 04
Second quarter 2026 earnings released: ₹1.03 loss per share (vs ₹0.32 loss in 2Q 2025) Second quarter 2026 results: ₹1.03 loss per share (further deteriorated from ₹0.32 loss in 2Q 2025). Revenue: ₹40.4m (down 11% from 2Q 2025). Net loss: ₹66.5m (loss widened 223% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Announcement • Oct 21
Standard Industries Limited to Report Q2, 2026 Results on Nov 03, 2025 Standard Industries Limited announced that they will report Q2, 2026 results on Nov 03, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: ₹0.16 loss per share (vs ₹0.21 loss in 1Q 2025) First quarter 2026 results: ₹0.16 loss per share (improved from ₹0.21 loss in 1Q 2025). Revenue: ₹134.6m (up 97% from 1Q 2025). Net loss: ₹10.2m (loss narrowed 26% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Announcement • Jul 24
Standard Industries Limited to Report Q1, 2026 Results on Aug 01, 2025 Standard Industries Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Reported Earnings • Jun 28
Full year 2025 earnings released: ₹2.10 loss per share (vs ₹0.02 loss in FY 2024) Full year 2025 results: ₹2.10 loss per share (further deteriorated from ₹0.02 loss in FY 2024). Revenue: ₹279.2m (up 3.8% from FY 2024). Net loss: ₹135.1m (loss widened ₹133.8m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Reported Earnings • May 21
Full year 2025 earnings released Full year 2025 results: Revenue: ₹306.6m (up 14% from FY 2024). Net loss: ₹135.1m (loss widened ₹133.8m from FY 2024). Announcement • May 13
Standard Industries Limited to Report Fiscal Year 2025 Results on May 20, 2025 Standard Industries Limited announced that they will report fiscal year 2025 results on May 20, 2025 Reported Earnings • Feb 11
Third quarter 2025 earnings released: ₹0.87 loss per share (vs ₹0.41 loss in 3Q 2024) Third quarter 2025 results: ₹0.87 loss per share (further deteriorated from ₹0.41 loss in 3Q 2024). Revenue: ₹51.9m (down 1.7% from 3Q 2024). Net loss: ₹56.2m (loss widened 114% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Jan 31
Standard Industries Limited to Report Q3, 2025 Results on Feb 10, 2025 Standard Industries Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: ₹0.32 loss per share (vs ₹0.73 loss in 2Q 2024) Second quarter 2025 results: ₹0.32 loss per share (improved from ₹0.73 loss in 2Q 2024). Revenue: ₹73.4m (up 23% from 2Q 2024). Net loss: ₹20.6m (loss narrowed 56% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Oct 28
Standard Industries Limited to Report Q2, 2025 Results on Nov 07, 2024 Standard Industries Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Announcement • Aug 15
Standard Industries Limited Announces Committee Changes The board of directors of Standard Industries Limited in its meeting held on August 12, 2024 reconstituted the following Committees as follows: Audit Committee- Shri Khurshed Thanawalla, Non-executive and Independent Director Chairman. Shri Ganpatrao Patwardhan with effect from August 12, 2024, Non-executive and Independent Director, Member. Shri D. H. Parekh, Executive Director, Member. Nomination and Remuneration Committee- Shri Khurshed Thanawalla Non- executive and Independent Director, Chairman. Shri Ganpatrao Patwardhan with effect from August 12, 2024, Non-executive and Independent Director, Member. Smt. Divya P. Mafatla Non-executive and Non Independent Director, Member. Reported Earnings • Aug 13
First quarter 2025 earnings released: ₹0.21 loss per share (vs ₹0.43 loss in 1Q 2024) First quarter 2025 results: ₹0.21 loss per share (improved from ₹0.43 loss in 1Q 2024). Revenue: ₹91.4m (up 4.2% from 1Q 2024). Net loss: ₹13.8m (loss narrowed 50% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Aug 02
Standard Industries Limited to Report Q1, 2025 Results on Aug 12, 2024 Standard Industries Limited announced that they will report Q1, 2025 results on Aug 12, 2024 New Risk • Jul 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Revenue is less than US$5m (₹269m revenue, or US$3.2m). Market cap is less than US$100m (₹2.27b market cap, or US$27.1m). Upcoming Dividend • Jul 23
Upcoming dividend of ₹0.55 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 05 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.1%). Reported Earnings • Jul 11
Full year 2024 earnings released: ₹0.02 loss per share (vs ₹3.37 profit in FY 2023) Full year 2024 results: ₹0.02 loss per share (down from ₹3.37 profit in FY 2023). Revenue: ₹269.0m (up 27% from FY 2023). Net loss: ₹1.31m (down 101% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Declared Dividend • May 23
Dividend of ₹0.55 announced Shareholders will receive a dividend of ₹0.55. Ex-date: 30th July 2024 Payment date: 5th September 2024 Dividend yield will be 4.1%, which is higher than the industry average of 0.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Announcement • May 23
Standard Industries Limited, Annual General Meeting, Aug 06, 2024 Standard Industries Limited, Annual General Meeting, Aug 06, 2024. Reported Earnings • May 22
Full year 2024 earnings released: ₹0.02 loss per share (vs ₹3.37 profit in FY 2023) Full year 2024 results: ₹0.02 loss per share (down from ₹3.37 profit in FY 2023). Revenue: ₹385.4m (up 82% from FY 2023). Net loss: ₹1.31m (down 101% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • May 17
Standard Industries Limited to Report Fiscal Year 2024 Results on May 21, 2024 Standard Industries Limited announced that they will report fiscal year 2024 results on May 21, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 14 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.4%. Within top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.1%). Announcement • Mar 15
Standard Industries Limited Declares Interim Dividend for the Financial Year 2023-2024, Payable on or After 12 April, 2024 Standard Industries Limited announced that at its board meeting held on March 15, 2024, declared an Interim Dividend of INR 0.50 per share on 64,328,941 Equity Shares of INR 5 each of the Company, for the Financial Year 2023-2024. The Record Date has been fixed on 28 March, 2024. The Interim Dividend will be paid on or after 12 April, 2024 (but within 30 days from date of declaration). Reported Earnings • Feb 14
Third quarter 2024 earnings released: ₹0.41 loss per share (vs ₹3.53 profit in 3Q 2023) Third quarter 2024 results: ₹0.41 loss per share (down from ₹3.53 profit in 3Q 2023). Net loss: ₹26.3m (down 112% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 06
Standard Industries Limited to Report Q3, 2024 Results on Feb 13, 2024 Standard Industries Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: ₹0.73 loss per share (vs ₹0.22 profit in 2Q 2023) Second quarter 2024 results: ₹0.73 loss per share (down from ₹0.22 profit in 2Q 2023). Revenue: ₹59.5m (up 64% from 2Q 2023). Net loss: ₹47.1m (down 425% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Standard Industries Limited to Report Q2, 2024 Results on Nov 06, 2023 Standard Industries Limited announced that they will report Q2, 2024 results on Nov 06, 2023 Announcement • Aug 03
Standard Industries Limited Approves for the Financial Year Ended March 31, 2023 Standard Industries Limited announced that at the AGM was held on August 1, 2023, the company approved Interim Dividend is INR 0.80 per share on 64,328,941 Equity Shares of the face value of INR 5/- each amounting to INR 51,463,153/- was paid for the financial year ended 31 March, 2023, to those Members whose names stood on the Register of Members of the Company on 1 June 2023. Reported Earnings • Jul 29
First quarter 2024 earnings released: ₹0.43 loss per share (vs ₹0.48 profit in 1Q 2023) First quarter 2024 results: ₹0.43 loss per share (down from ₹0.48 profit in 1Q 2023). Revenue: ₹102.0m (up 16% from 1Q 2023). Net loss: ₹27.8m (down 190% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
Standard Industries Limited to Report Q1, 2024 Results on Jul 28, 2023 Standard Industries Limited announced that they will report Q1, 2024 results on Jul 28, 2023 Upcoming Dividend • Jul 18
Upcoming dividend of ₹0.25 per share at 4.4% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 23 August 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.1%). Upcoming Dividend • May 25
Upcoming dividend of ₹0.80 per share at 5.6% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 4.8% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.1%). Reported Earnings • May 23
Full year 2023 earnings released: EPS: ₹3.37 (vs ₹28.71 in FY 2022) Full year 2023 results: EPS: ₹3.37 (down from ₹28.71 in FY 2022). Revenue: ₹664.3m (down 85% from FY 2022). Net income: ₹216.6m (down 88% from FY 2022). Profit margin: 33% (down from 42% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Standard Industries Limited to Report Fiscal Year 2023 Results on May 22, 2023 Standard Industries Limited announced that they will report fiscal year 2023 results on May 22, 2023 Reported Earnings • Feb 07
Third quarter 2023 earnings released: EPS: ₹3.53 (vs ₹0.66 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹3.53 (up from ₹0.66 loss in 3Q 2022). Revenue: ₹37.0m (up 5.8% from 3Q 2022). Net income: ₹227.1m (up ₹269.3m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Standard Industries Limited to Report Q3, 2023 Results on Feb 06, 2023 Standard Industries Limited announced that they will report Q3, 2023 results on Feb 06, 2023 Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: ₹0.22 (vs ₹1.22 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.22 (down from ₹1.22 in 2Q 2022). Revenue: ₹103.6m (up 401% from 2Q 2022). Net income: ₹14.5m (down 82% from 2Q 2022). Profit margin: 14% (down from 381% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of ₹0.75 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 8.7% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.1%). Reported Earnings • Jul 21
Full year 2022 earnings released: EPS: ₹28.71 (vs ₹0.48 in FY 2021) Full year 2022 results: EPS: ₹28.71 (up from ₹0.48 in FY 2021). Revenue: ₹4.64b (up ₹4.52b from FY 2021). Net income: ₹1.85b (up ₹1.82b from FY 2021). Profit margin: 40% (up from 26% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹25.65, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 82% over the past three years. Buying Opportunity • Jun 22
Now 23% undervalued Over the last 90 days, the stock is up 151%. The fair value is estimated to be ₹39.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • May 23
Upcoming dividend of ₹1.75 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 18 June 2022. The company last paid an ordinary dividend in September 2011. The average dividend yield among industry peers is 0.1%. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 18% share price gain to ₹17.85, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₹14.50, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 21x in the Trade Distributors industry in India. Negligible returns to shareholders over past three years. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹0.66 loss per share (down from ₹0.95 profit in 3Q 2021). Revenue: ₹43.0m (up 55% from 3Q 2021). Net loss: ₹42.2m (down 169% from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Oct 20
Second quarter 2022 earnings released: EPS ₹1.22 (vs ₹0.17 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹150.9m (up 340% from 2Q 2021). Net income: ₹78.8m (up ₹89.5m from 2Q 2021). Profit margin: 52% (up from net loss in 2Q 2021). Reported Earnings • Jul 24
First quarter 2022 earnings released: EPS ₹0.32 (vs ₹0.40 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹30.2m (up 60% from 1Q 2021). Net income: ₹20.7m (up ₹46.4m from 1Q 2021). Profit margin: 68% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Reported Earnings • Jun 23
Full year 2021 earnings released: EPS ₹0.30 (vs ₹6.24 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹434.8m (up 105% from FY 2020). Net income: ₹31.1m (up ₹432.3m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 26
New 90-day high: ₹12.75 The company is up 47% from its price of ₹8.65 on 27 November 2020. The Indian market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 90% over the same period. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS ₹0.95 (vs ₹0.46 loss in 3Q 2020) Third quarter 2021 results: Net income: ₹61.4m (up ₹90.6m from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 12
New 90-day high: ₹11.05 The company is up 17% from its price of ₹9.45 on 14 October 2020. The Indian market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 59% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: ₹10.60 The company is up 7.0% from its price of ₹9.90 on 11 September 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: ₹8.90 The company is down 12% from its price of ₹10.15 on 26 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: ₹9.05 The company is down 3.0% from its price of ₹9.35 on 05 August 2020. The Indian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 55% over the same period. 
