Pennar Industries Ltd(PENIND)

NSE: PENINDBSE: 513228

₹ 151.6-2.38%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,054 crWebsite: www. pennarindia.comUpdated: 24 Oct 2026

About

Pennar Industries Ltd is a diversified Indian engineering company making pre-engineered steel buildings, structural fabrications, boilers, hydraulic cylinders, and automotive body-in-white components, with operations in India and the United States. It reported FY26 revenue of 3620.09 crore. International revenue constituted 24.1% of FY26 total income, driven by US PEB and engineering services exports.^[1]

Business segments

Diversified Engineering: 50.5% of FY26 revenue (₹1,871.77 cr) - covers steel, boilers, hydraulics, BIW, and engineering services.^[2]
Custom Designed Building Solutions & Auxiliaries: 49.5% of FY26 revenue (₹1,835.6 cr) - covers PEB India, PEB US (Ascent Buildings + Ascent Structural), and structural fabrication.^[2]
Custom designed building solutions segment revenue grew ~23% YoY to ₹507 cr in Q1 FY27, from ₹411 cr in Q1 FY26.^[3]
Diversified Engineering segment revenue declined ~15% YoY in Q1 FY27 to ₹385.27 cr from ₹450.95 cr, due to deliberate capital withdrawal from legacy steel, railway and MMS businesses and Hydraulics softness.^[3]
Engineering Services revenue grew 26.3% YoY in Q1 FY27, running at an ~₹70 cr annual run-rate.^[3]

Order book

PEB India order book reached an all-time high of ₹1,008 cr in Q1 FY27, up from ₹810 cr at end of Q4 FY26; it was ₹780 crore in FY2025.^[3][4]
PEB US (Ascent Buildings + Ascent Structural combined) order backlog crossed USD 100 million in Q1 FY27, up from $63 mn at end of Q4 FY26.^[3]
Boilers order backlog stood at ₹150.75 cr in Q1 FY27, up from ₹145 cr at Q4 FY26 and ₹123 cr at Q3 FY26.^[3]
Hydraulics order backlog was ₹30 cr in Q1 FY27 vs ₹34 cr at Q4 FY26, with management in wait-and-watch mode due to US tariff uncertainty.^[3]

Operations and capacity

PEB India capacity utilisation reached 70% in Q4 FY26 after labour issues were resolved; target is ~80% for FY27.^[5]
Raebareli PEB plant became operational in H1 FY26, adding to PEB India's fabrication capacity.^[6]
PEB automation investments were made in end-plate fitment, shot blasting and painting to reduce labour dependency in the India plants (FY26).^[6]
BIW plant for Hyundai was commissioned in Q1 FY27; three programs are in production.^[3]

Customers and markets

BIW division supplies automotive OEMs including Hyundai, TIVOLT, Ashok Leyland and Stellantis across ICE and EV platforms (as of Q2 FY26).^[6]
Boilers division has secured export orders from Australia, Sri Lanka, Saipem and Browns Industry (as of Q3 FY26).^[7]
International revenue was 24.1% of FY26 total income, up from 20% in FY25, driven by US PEB/structural and engineering services exports.^[5]
Hydraulics serves US and European markets; US activity slowed in Q1 FY27 due to tariff uncertainty while the European business performed well.^[3]

Expansion and capex

FY27 capex guided at sub-₹100 cr, primarily for completing the BIW Hyundai plant and automation investments.^[5]
Telco Enterprises (US structural fabrication) was acquired in Q2 FY26 at ~$14 mn enterprise value and is integrated as Ascent Structural.^[6]

Recent developments

AI-assisted design and detailing deployed in Engineering Services during FY26; US sales headcount also strengthened.^[5]

Market Cap

₹2,054 Cr

High / Low

₹280 / 129

Stock P/E

14.4

Price / Book

1.8

Book Value

₹86

EPS

₹10.3

No. of Shares

13.49 Cr

ROCE

15.3%

ROE

12.8%

OPM

8.6%

Debt / Equity

0.98

Sales

₹3,620 Cr

Net Profit

₹139 Cr

Promoter holding

39.9%

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