Shanthi Gears Share Price

Shanthi Gears Limited is a leading industrial gearbox manufacturing company in India, primarily engaged in the design, manufacture, supply, and servicing of gears and gear boxes. The company supplies industrial gearboxes, worm reduction gear boxes, helical and bevel helical gear boxes, cooling tower gear boxes, extruder gear boxes, rolling mill gear boxes, and textile gears and gear assemblies to a wide range of industries. The Shanthi Gears share price on the NSE and BSE is a reflection of how market participants respond to a performance and broader business developments within its industry. It captures the company’s sentiment of the investors based on financial results, operational updates, macroeconomic factors, and trends specific to sectors. Movements in the share price͏ reveal how the market evaluates the company’s current position and its future prospects, making ͏it a key indicator of market perception across various industries.

Market sentiment around the Shanthi Gears stock price often mirrors shifts in industrial production patterns, demand from the steel, cement, power, and mining sectors, and investor views on the capital goods sector’s growth prospects. Factors such as the pace of order book expansion, competitive intensity from other gear manufacturers, raw material price fluctuations, and government policies on infrastructure development influence near-term market valuation and medium-term earnings forecasts. All these factors must be closely monitored to have an idea about the Shanthi Gears stock price movements.

Shanthi Gears live share price provides real-time information about the last price traded, bid price, ask price, and volume traded. These indicators represent trading activity and liquidity and the reaction of investors to corporate announcements, quarterly results, and sector news. Constant monitoring of Shanthi Gears live price helps observe short-term price fluctuations and understand how the stock is moving in relation to the broader market.

Furthermore, monitoring the Shanthi Gears share price today helps investors understand real-time market sentiment, price volatility, and trading behaviour. It allows market participants to evaluate short-term performance, identify possible entry or exit points, and respond to news, quarterly results or sector trends that may affect the company’s valuation and overall investment outlook.

Shanthi Gears Limited Company Fundamentals

a. Company Background

Shanthi Gears Limited was incorporated in 1972. The company’s registered office is located in Coimbatore, Tamil Nadu. The company was promoted by P. Subramanian, an entrepreneurial engineer, in 1969 as a partnership concern. In July 1972, the partnership firm was converted into a Private Limited Company and later in March 1986 it became a Public Limited Company. The company is a subsidiary of Tube Investments of India Limited, a part of the diversified Murugappa Group. Shanthi Gears Limited’s primary activity involves the design, manufacture, supply, and servicing of gears and gearboxes. It initially focused on manufacturing gears for textile machinery before gradually expanding into process, power, steel, cement, sugar, and aviation sectors. Shanthi Gears supplies industrial gearboxes, worm gearboxes, helical and bevel helical gearboxes, cooling tower gearboxes, extruder gearboxes, rolling mill gearboxes, and textile gears and gear assemblies. The company has played a pivotal role in promoting indigenous gear manufacturing in India. Over the years, Shanthi Gears has significantly expanded its product range and manufacturing capabilities, becoming a global leader in transmission solutions. It operates in a highly competitive environment, with precision engineering and quality certifications governing its market position. The company has consistently focused on enhancing its capabilities to meet the growing demand for high-performance gear systems. As of 2025, the company had a wholly-owned sales subsidiary for marketing operations. The group companies of Shanthi Gears are Shanthi Clothsline, Shanthi Constructions, and Shanthi Precision Industries Ltd. (SPL), with SPL merged into the company with effect from 1st July 2003 in the exchange ratio of 1:5. In August 2004, the company sub-divided its equity share face value from Rs.10/- to Re.1/-.

b. Product Lines

• Worm reduction gear boxes for industrial applications

• Helical and bevel helical gear boxes for heavy-duty machinery

• Cooling tower gear boxes for thermal power plants and industrial cooling systems

• Extruder gear boxes for plastic and rubber processing industries

• Rolling mill gear boxes for steel and metal processing

• Textile gears and gear assemblies for textile machinery

• Geared motors for various industrial applications

• Custom-made gears for special orders (constituting 50% of business)

• High-precision gears for supersonic jet aircraft and aerospace applications

• Grey iron and spheroid graphite (SG) iron castings from company’s own foundry

• Non-ferrous castings including phosphor bronze and aluminium

• Forged components from company’s captive forging plant

• Value Addition and Value Engineering (VAVE) services for enhancing efficiency of existing gear systems

c. Company Revenue Model

• Primary revenue from design, manufacture, and sale of industrial gearboxes including worm, helical, bevel helical, cooling tower, extruder, and rolling mill gear boxes

• Revenue from textile gears and gear assemblies supplied to textile machinery manufacturers

• Revenue from geared motors and industrial drive solutions

• Volume-driven revenue based on quantity of gearboxes and gears manufactured and sold

• Pricing determined by engineering complexity, raw material costs (steel, castings), and customer specifications

• Backward integration benefits from captive foundry producing grey iron, SG iron, and non-ferrous castings, and captive forging plant reducing external dependencies

• Approximately 50% of business from executing special orders and custom-made gears, contributing to higher-margin revenue streams

• Value Addition and Value Engineering (VAVE) services revenue from improving efficiency of existing gear systems

• Revenue from both domestic sales in India and export markets in the United States, Europe, and internationally

• Strong order book from diverse end-user industries including steel, cement, power (thermal & wind), mining, transportation, and construction

• Expanding product portfolio and customer base contributing to new revenue streams

• Seasonal variations in industrial production cycles affecting revenue patterns throughout the year

• Government infrastructure policies and capital goods sector regulations influencing revenue stability

d. Geographic Presence

• Headquartered in Coimbatore, Tamil Nadu with registered office located in the industrial area of Coimbatore

• Strong domestic presence across India serving clients in steel, cement, power (thermal & wind), mining, transportation, and construction sectors

• Manufacturing facility located in Coimbatore with vertically integrated operations including foundry, forging, and machining

• International operations across the United States, Europe, and other global markets through exports

• Serves customers across multiple countries with a global footprint in transmission solutions

• Wholly-owned sales subsidiary handling marketing operations (formerly Shanthi Sales Ltd)

• Focus on expanding export presence into new international markets

• Operations primarily concentrated in India with growing international export footprint

• Strategic expansion through product diversification and enhancement of manufacturing capabilities

e. Key Milestones

• 1969: Promoted as a partnership concern by P. Subramanian

• 1972: Incorporated as a Private Limited Company in July 1972

• 1972: Opened first factory

• 1980-81: Expanded product range to include worm and helical reduction gear boxes

• 1986: Converted into a Public Limited Company in March 1986

• 1986: Completed project of putting up own foundry for grey iron and SG iron castings

• 1992: Came out with rights issue to part-finance expansion-cum-modernisation

• 1994: Made preferential issue of 3.4 lakh equity shares to banks and mutual funds

• 2003: Shanthi Precision Industries Ltd (SPL) merged with the company with effect from 1st July 2003

• 2004: Sub-divided equity share face value from Rs.10/- to Re.1/- in August 2004

• 2004-05: Shanthi Sales Ltd ceased to be subsidiary consequent to divestment of entire shares held

f. Industry Perspective

Shanthi Gears Limited operates in the industrial gear manufacturing industry, which is part of India’s capital goods sector. Globally, the industrial gears market was valued at approximately USD 75 billion in 2024, with the Asia-Pacific region being the largest market, accounting for around 45% of global demand. The global industrial gear market is projected to grow at a CAGR of approximately 5.2% from 2025 to 2030, driven by industrial automation and infrastructure development. In India, the gear market is poised for substantial growth as the nation strengthens its position as a global manufacturing hub. According to industry reports, the Indian gear market was estimated at USD 10 billion in 2025 and is projected to reach USD 15 billion by 2031 with a CAGR of 7.1% from 2025 to 2031. The market size reached USD 4.30 billion in 2024 and is expected to reach USD 5.47 billion by 2033, exhibiting a growth rate (CAGR) of 2.70% during 2025-2033. The Indian gear market, valued at approximately USD 2.1 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030, reaching USD 3.5 billion by the end of the decade. The bulk of the Indian gear market is serviced by five major national players, while a fair portion of the market is met through imports. Import of gearboxes happens predominantly in safety-critical applications and high-technology areas such as wind turbine generators, power plants, and marine applications. While most of these are imported from Europe, China caters to demand in other segments. Demand is driven by government initiatives such as Make in India, Production Linked Incentive (PLI) Scheme for capital goods, National Infrastructure Pipeline (NIP) targeting ₹111 lakh crore investment by 2025, and increasing automation in manufacturing sectors. Key challenges include import competition, raw material price volatility, and technology gaps in high-end applications.

Shanthi Gears Limited Stock Market Presence: Listings & Index Representation

Shanthi Gears is actively traded on India’s principal equity markets, with its shares listed on the National Stock Exchange of India (NSE) under the symbol SHANTIGEAR and on the Bombay Stock Exchange (BSE) with the scrip code 522034. Its listing on both exchanges ensures that the Shanthi Gears price is accessible to a wide investor base, encompassing both retail and institutional market participants. The company forms part of several benchmark indices that represent broad market segments. Shanthi Gears is included in indices such as Nifty Microcap 250, Nifty Total Market, S&P BSE AllCap, S&P BSE Industrials, S&P BSE MidSmallCap, and S&P BSE SmallCap. Being represented in multiple indices enhances the visibility and liquidity of the Shanthi Gears price, as index tracking funds and exchange traded strategies often adjust allocations in line with constituent revisions. It also allows investors to benchmark the company’s stock performance relative to broader market trends and peer groups, facilitating cross sectional comparisons within India’s capital goods landscape. The inclusion of Shanthi Gears in these indices reflects its market capitalisation and trading depth, which are key factors market participants consider when evaluating long term investment prospects and the responsiveness of the Shanthi Gears price to corporate and industry developments. The company’s ISIN code is INE631A01022 and face value is ₹1 per share.

Shanthi Gears Limited Stock Performance and Share Price History

The Shanthi Gears price has exhibited significant volatility over the past decade, shaped by the company’s leadership in India’s industrial gear manufacturing sector and broader capital goods industry cycles. The Shanthi Gears price recorded a positive total return of approximately 1.7% over the last 1 year, slightly underperforming broader market indices, and a positive return of 7.1% over the last 3 years. The Shanthi Gears share price delivered a 10-year total return of 18.2%, demonstrating strong long-term wealth creation. The Shanthi Gears share price reached a 52-week high of 620.70 and a 52-week low of 386.00, indicating a wide trading range and substantial price fluctuations. The Shanthi Gears share price recorded an all-time high of 703.55 on 12th July 2024, while the subsequent period has seen the Shanthi Gears stock price moderate from its peak levels. The Shanthi Gears share price has shown a 1-month return of approximately 4.2% and a 3-month return of 1.3%, indicating recent consolidation.

The Shanthi Gears stock price has been particularly responsive to quarterly earnings releases and corporate announcements. When the company reported a 16.75% year-on-year growth in net profit to ₹96.03 crore in FY2025, the Shanthi Gears stock price showed a positive reaction. The Shanthi Gears price has shown a pattern of strong positive momentum in years when the company’s earnings exceeded expectations, while periods of earnings moderation have contributed to consolidation in the Shanthi Gears price. Corporate developments, including strategic announcements such as the expansion into aerospace and railway sectors with AS-9100D and IRIS certifications, have also influenced short-term fluctuations in the Shanthi Gears share price. The Shanthi Gears share price has shown a 5-year return of 28.7%, reflecting the robust growth in the stock. The Shanthi Gears share price reached its 52-week high of 620.70 before declining to its 52-week low of 386.00, reflecting the volatility inherent in the industrial gear distribution space. The Shanthi Gears share price has shown a year-to-date return of -2.5% as of April 2026, indicating some pressure in the current fiscal year. Comprehending these patterns in the Shanthi Gears share price is instrumental for investors seeking to contextualise long term performance trends vis à vis short term price dynamics, as the Shanthi Gears price movements illustrate how industry fundamentals, raw material price cycles, and investor expectations converge in market pricing.

The Shanthi Gears share price has shown distinct seasonal patterns over the past decade. The best performing year historically was 2022 with a positive return of 133.5%, followed by 2023 with a positive return of 73.9%, and 2020 with a positive return of 22.4%. The stock recorded negative annual returns in 2019 (-26.7%), 2024 (-15.8%), and 2025 (-6.6%). Historically, 5 out of the last 7 years (71%) have shown positive returns, with the average annual return reflecting the stock’s strong performance in bull markets. In terms of annual performance, the Shanthi Gears share price delivered its strongest annual return of 133.5% in 2022, followed by a positive return of 73.9% in 2023, and 21.3% in 2021. The Shanthi Gears share price has demonstrated that the stock tends to perform better in periods of strong industrial production and supportive government policies, while underperforming during phases of raw material inflation and global supply chain disruptions. The Shanthi Gears stock price has shown a 1-year return of 1.7% according to some sources. The Shanthi Gears stock price has shown continued moderate performance in the current trading period, reflecting the steady demand in the capital goods sector.

Shanthi Gears Limited Investor Relevance and Role in Portfolio

Shanthi Gears holds a significant position for portfolio investors who seek exposure to India’s capital goods sector with a focus on the industrial gear manufacturing segment. The company’s strong presence in gearboxes and gears for steel, cement, power, mining, and textile industries aligns it with investment strategies that value industrial infrastructure and domestic manufacturing. The Shanthi Gears share price often mirrors how these themes resonate with investor portfolios, whereby both thematic and sector specific funds monitor industrial production indicators and order book expansion factors when evaluating allocation decisions.

Institutional stakeholders play a moderate role in Shanthi Gears’ ownership profile, with notable long term investment entities such as Tube Investments of India Limited (promoter, holding 70.47% of the company’s total shares) and Ambadi Investments Limited among key shareholders identified in institutional holdings data. Mutual fund holders of Shanthi Gears encompass those that seek capital goods and industrial exposure, including Motilal Oswal Mutual Fund, BOI AXA Mutual Fund, and other institutional funds. The Shanthi Gears share price has shown institutional participation, with Foreign Institutional Investors (FIIs) holding 3.16% and Domestic Institutional Investors (DIIs) holding 0.22% as of December 2025. Mutual funds and UTI held 0.01% shareholding. The Shanthi Gears stock price’s beta reflects that the company’s essential industrial nature and established customer relationships may provide some stability, though the capital goods sector remains sensitive to economic cycles and raw material price fluctuations.

Based on data, Shanthi Gears exhibits varying levels of beta and volatility across different measurement periods. The long-term beta of 0.43 indicates that the stock is significantly less volatile than the broader market over an extended period. Based on data, the daily-one month beta of 0.74 suggests lower sensitivity than the market, while the daily-three month beta of 0.49 indicates reduced volatility in short-term trading. The weekly-one year beta of 0.74 shows below-market sensitivity, while the weekly-two year beta shows moderate fluctuations. Based on data, the 2 week-two year range beta stands at 0.74, and the monthly-two year beta continues to show low correlation. Supporting statistics include mean values across different periods: daily-one month mean of 0.74, daily-three month mean of 0.49, weekly-one year mean of 0.74, and weekly-two year mean of 0.43. Standard deviations across periods are as follows: daily-one month 0.74, daily-three month 0.49, weekly-one year 0.74, weekly-two year 0.43, 2 week-two year 0.43, and monthly-two year 0.43. Overall, Shanthi Gears demonstrates a low volatility profile with beta values suggesting the stock tends to move with significantly less volatility compared to broader market direction.

Shanthi Gears Limited Sectoral Relevance and Peer Positioning

The sector relevance of Shanthi Gears is anchored in its role within the broader Indian industrial gear manufacturing industry, where it competes with other gear and transmission solution providers. As part of this industry, the company’s strategic positioning connects industrial gearboxes, worm gears, helical gears, bevel helical gears, and textile gears for steel, cement, power, mining, and construction applications. Competitors in the industrial gear and auto ancillary segment include companies such as Bharat Gears Ltd, Carraro India Ltd, JTEKT India Ltd, Gajra Bevel Gears Ltd, Motherson Group, Bosch Ltd, and UNO Minda Ltd. Firms with parallels in either product portfolio scale or customer reach are often referenced when evaluating relative performance and operational positioning within the sector.

In valuation terms, factors like the Shanthi Gears P/E ratio have shown variations over different periods. The mean historical PE Ratio over the last ten years has varied significantly, with the current P/E ratio of 42.7 having changed with respect to the historical average, trading at a 44% premium to its peers’ median range of 29.63 times. Periods when investors perceived improvements in profitability or earnings sustainability have corresponded with expansion in valuation multiples, whereas phases of moderation in earnings momentum or industry cyclicality have seen valuation contraction. Shanthi Gears earnings have shown a trajectory of consistent growth over the analysed period, responding to both volume growth and margin improvements. Shanthi Gears market cap has fluctuated in line with investor perceptions of the company’s growth potential in a competitive and evolving capital goods market.

Over years, the Shanthi Gears market cap has followed a pattern of strong growth followed by moderation. From fiscal year 2020 onwards, the company’s market cap showed an extraordinary increasing trend, reflecting strong investor confidence following the company’s expansion into high-value segments. The market cap increased from approximately ₹1,800 crore in 2020 to a peak of ₹5,400 crore in 2024, before moderating to approximately ₹3,300-3,600 crore in recent periods. As of recent data, market capitalization stands at approximately ₹3,338.29 crore to ₹3,618 crore depending on the source. This decrease mirrors the correction in the Shanthi Gears share price and the broader performance of the capital goods sector relative to broader market indices.

Shanthi Gears earnings over the past ten years has been characterised by a period of consistent growth. Net income showed a generally increasing trend, with reported net profit rising from ₹20.17 crore in 2021 to ₹42.47 crore in 2022, ₹67.05 crore in 2023, ₹82.25 crore in 2024, and reaching a record high of ₹96.03 crore in 2025. In FY2025, profit amounted to ₹96.03 crore, a 16.75% increase from ₹82.25 crore in FY2024. This recent earnings growth reflects the impact of volume expansion, product mix improvement, and operational efficiencies on the company’s profitability. The company has delivered good profit growth of 36.6% CAGR over the last 5 years.

Shanthi Gears EPS has shown an increasing trend over the majority of the past decade, indicating a strong financial track record. The diluted EPS growth rate has shown variation, with EPS of ₹2.63 in 2021, ₹5.53 in 2022, ₹8.74 in 2023, ₹10.72 in 2024, and ₹12.52 in 2025. The year-on-year growth rates show 110.3% growth in 2022, 58.0% growth in 2023, 22.7% growth in 2024, and 16.8% growth in 2025. Over a ten-year period, the company demonstrated consistent improvement in EPS, with average earnings per share growth of approximately 20-25% per year in recent years. The TTM EPS stands at ₹12.52 as of recent data, reflecting the continued positive momentum.

The Shanthi Gears P/E ratio has shown fluctuations over the ten-year period. At the end of recent fiscal years, the P/E ratio varied, with 2021 at elevated levels, 2022 at 33.79, 2023 at 30.26, 2024 at 54.17, and 2025 at 34.38. The mean historical P/E ratio over the last ten years has varied significantly. The current P/E ratio stands at 42.7 compared to the industry P/E of 29.63, reflecting that investor expectations are pricing in strong earnings growth ahead. The Shanthi Gears share price has been influenced by these valuation metrics. The Shanthi Gears stock price continues to be evaluated in the context of its earnings potential and market position.

Summary

Shanthi Gears Limited is a leading industrial gear manufacturer listed on both the NSE and BSE, where the Shanthi Gears share price reflects industrial production cycles, infrastructure spending trends, and order book expansion within the capital goods sector. Its representation in multiple stock indices supports market visibility, while investor interest is shaped by earnings trends, valuation narratives, and broader industrial manufacturing themes. Within the sector, the company’s competitive context and earnings dynamics provide key perspectives on its role in India’s gear manufacturing market.