1. At a Glance — Blink and You’ll Miss the Plot
Shri Bajrang Alliance Ltd (SBAL) is the kind of company that makes equity analysts squint. Market cap around ₹154 Cr, stock price ₹172, book value a chunky ₹395, and yet the stock trades at 0.43× P/B like it personally offended the market. Trailing P/E of 4.26 sits awkwardly next to an EV/EBITDA of 32.6, which is basically valuation schizophrenia.
Latest quarter (Q3 FY26) shows ₹46.96 Cr revenue, PAT ₹6.17 Cr, EPS ₹6.86, but sales are down 56% QoQ. ROE is a respectable 10.2%, ROCE is a sleepy 0.97%, and operating margins hover around 1–3% like they’re afraid of heights. Promoters hold ~64% with zero pledging. Debt sits at ₹81 Cr with D/E 0.23.
Steel, frozen foods, essential oils, ethanol expansion, export orders, QSR clients, and a Goel family safety net — SBAL is not boring. It’s confusing. And that’s exactly why people keep staring at it. Curious yet?
2. Introduction — A Company With Multiple Personalities
Incorporated in 1990, SBAL belongs to the Goel family group, whose business interests range from steel to food to power to media — because why not. The company operates two very different worlds under one balance sheet: structural steel manufacturing and ready-to-eat vegetarian frozen foods, with a side hustle in essential oils & oleoresins.
Raw material linkages and financial oxygen come from group heavyweight Shri Bajrang Power and Ispat Ltd, which has formally committed liquidity support. Translation: if things get tight, the family opens the wallet. That matters when margins are thin and capex ambitions are thick.
SBAL’s recent years read like a corporate reinvention arc — frozen food plant, QSR approvals, export orders, ethanol capacity announcements, solar transition, and an amalgamation scheme. But quarterly numbers still swing like a pendulum.
Is this a transformation story or a diversified headache? Let’s unpack.
3. Business Model — WTF Do They Even Do?
Think of SBAL as two roommates sharing one kitchen:
Steel Division
Annual rolling capacity of 60,000 MT, producing angles, beams, channels, flats, H-beams and rounds. It’s classic structural steel — commodity-ish, price-taker, margin-thin. The upside depends more on volumes and cycles than branding.
Agro & Food Division
This is where management dreams big. A frozen food plant in Raipur with 6,600 TPA capacity, 500-ton cold storage at –18°C, and a vegetarian brand GOELD selling snacks, breads, curries, samosas, patties — the works. Add essential oils and oleoresins, and suddenly SBAL wants to sit at the same table as FMCG processors.
Production in the agro division jumped ~146% YoY (June 2022 to June 2023). That’s not a typo. The problem? Scaling revenue smoothly without blowing up working capital. Would you trust a steel company to nail frozen momos logistics?
4. Financials Overview — Numbers That Argue With Each Other
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 46.96 | 107.23 | 87.40 | -56.2% | -46.3% |
| EBITDA (₹ Cr) | -2.50 | 0.89 | 3.11 | NA | NA |
| PAT (₹ Cr) | 6.17 | 6.81 | 10.11 | -9.4% | -39.0% |
| EPS (₹) | 6.86 | 7.57 | 11.23 | -9.4% | -38.9% |
Annualised EPS (Q3 rule): Average of Q1–Q3 EPS × 4 ≈ conservative view warranted due
