1. At a Glance – The Great Indian Roofing Soap Opera
Imagine a 90-year-old company that has survived British rule, License Raj, globalization… but is currently losing money selling roofs. Not metaphorically. Literally.
Welcome to Everest Industries Ltd — where the roof is leaking, the walls are cracking, and the auditors are probably asking, “Bhai, yeh kya ho raha hai?”
Here’s the masala:
Revenue falling (-23.7% YoY)
PAT deeply negative (₹ -38 Cr in Q3)
Operating margins at -7%
Debt quietly sitting at ₹309 Cr
Credit rating downgraded to Crisil A-/Negative
And half the business still depends on… asbestos (yes, that controversial thing banned in 50+ countries)
And just when you think it can’t get better:
GST notices
Management exits
Delayed capex
Land sale to survive cash flow pressure
This is not a turnaround story. This is a “please turn around before the bank does” story.
But wait…
Is this just a bad phase? Or is Everest slowly becoming… the Nokia of roofing?
Let’s dig deeper.
2. Introduction – From Legacy Giant to Struggling Survivor
Everest Industries started in 1934. Back when India didn’t even have WiFi, they were already putting roofs over people’s heads.
Fast forward to 2026:
Still selling roofing
Still dominant in rural markets
Still dependent on asbestos
But now:
Competing with GI sheets
Facing environmental risks
Losing profitability
Getting downgraded by rating agencies
The irony?
India is building highways, factories, warehouses, logistics parks…
And Everest — a building solutions company — is struggling to make money in a construction boom.
That’s like a chaiwala losing money during winter.
So what exactly went wrong?
3. Business Model – WTF Do They Even Do?
Everest has two main businesses:
1. Building Products (69% revenue)
This includes:
Asbestos roofing sheets (core product)
Fiber cement boards
Panels, ceilings, etc.
Translation: They sell affordable roofing to rural India
2. Steel Buildings (31% revenue)
Pre-engineered buildings (PEB)
Industrial sheds
Warehouses
Translation: They compete with Tata BlueScope, Kirby, etc.
Reality Check
50%+ revenue still depends on AC roofing
Demand depends on rural income + construction cycle
Competition from GI sheets
And here’s the killer:
If GI sheet prices fall → Everest loses demand.
So basically: Their biggest competitor is not another company…
It’s metal.
Question for you: Would you bet on a company whose core product is banned in most developed countries?
4. Financials Overview – Numbers That Need Therapy
