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1 — At a Glance
Stratmont Industries closed FY2026 with revenue of ₹186.6 crore, nearly double the ₹93.2 crore of the year before. Net profit reached ₹2.62 crore, up from ₹1.04 crore. On a five-year view the sales CAGR is 238% and the profit CAGR is 205% — the kind of numbers that usually belong to a company that started from almost nothing, which this one did: FY2021 revenue was ₹0.42 crore.
Two facts sit against that growth. Trade receivables stand at ₹55.15 crore against ₹186.6 crore of sales — roughly one rupee in three of annual revenue was still owed at year-end. And the March 2026 quarter, the one that closes the year, recorded net profit of ₹0.00 crore, a 100% drop from the prior-year quarter even as full-year profit rose.
The market pays 68x earnings for this, against an industry median near 22x. The book value is ₹11.2 against a multiple of 5.55x.
A company that grew revenue 100% in a year while its final quarter earned nothing is a company worth reading slowly. What follows is the record.
2 — Introduction
Incorporated in 1984, Stratmont Industries operates as a trade finance and distribution business, providing supply-chain financing to the construction and infrastructure sectors. Its operating business relates predominantly to trading of coking coal and LAM coke, steel, and the hiring of piling rigs. The audited results describe a single business segment: trading of coal/coke metal and hiring of piling rigs.
The recent history is one of near-constant corporate motion. In FY2025 the company issued 2.5 crore equity shares — 80 lakh on a cash basis and 1.7 crore through conversion of loans on a preferential basis — lifting paid-up capital to ₹28.49 crore. That same year the company recorded a change in the nature of its business, broadening its stated scope across infrastructure, real estate, energy, commodities, chemicals, pharmaceuticals, textiles and engineering services.
The managing director’s chair changed hands in July 2024, when Vineet Kumar resigned and Sudhanshu Kumar Mishra was appointed. The company secretary changed in November 2025. The chief financial officer, Ganesh Yadav, resigned in June 2026 for personal reasons, weeks after signing off on the year’s results.
Against that backdrop of allotments, appointments and departures, the numbers are what stay on the record. The rest of this entry works through them.
3 — Business Model: WTF Do They Even Do?
On paper, Stratmont is two businesses stapled together. The larger one buys and sells commodities — coking coal, LAM coke, steel, and assorted metals — for a client base described as 300-plus companies. The smaller one owns piling rigs and rents them out. In FY2025 the split was roughly 97% traded goods and 3% hiring income.
Trading is a beautifully simple model to describe and a brutal one to run. You buy a commodity, you sell it slightly higher, and the difference — before your own costs — is the whole business. Stratmont’s difference is thin: raw-material cost was ₹178.3 crore against ₹186.6 crore of sales, leaving an operating margin of 3.4%. For every ₹100 of coal and steel that moved through the books, about ₹3.40 stayed behind as operating profit before interest and depreciation.
The piling-rig fleet is the more tangible half. The gross block of rigs grew from ₹573 lakh to ₹909 lakh across recent years — real steel that shows up as fixed assets rather than as a spread on somebody else’s commodity.
The “trade finance” framing matters here, because a trading house that offers credit support to clients is really running a lending book dressed as a distributor. That is exactly where the ₹55 crore of receivables comes from.
Does a 3.4% margin business deserve a lending book the size of its annual revenue, or is the lending book the actual business?
4 — Financials Overview
Figures are
