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San Engineering and Locomotive Company ₹850 ▲ 0.0% 1M
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San Engineering and Locomotive Company Unlisted Shares

Railways Locomotives and railway components

San Engineering and Locomotive Company, based in Bengaluru, makes diesel hydraulic and diesel electric locomotives, gear boxes, gears, cardan shafts and power packs for railway use. It reported standalone revenue of ₹2,929.08 million in FY26.

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Indicative price
As of 23 Oct 2026
₹850 ▲ 0.00% in 1 month
Key facts

San Engineering and Locomotive Company share details

Lot size
50 shares
Min. investment
₹42,500
Face value
₹10
Implied market cap
₹378 Cr
Shares outstanding
4,450,000
Founded
1973
Headquarters
Bengaluru, Karnataka
Website
san-engineering.com
ISIN
INE031H01012
CIN
U74210KA1973PLC002424
Lock-in after IPO
6 months
Price history

San Engineering and Locomotive Company share price chart

1Y change
+0.00%
High
₹850
Low
₹850

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About San Engineering and Locomotive Company

San Engineering and Locomotive Company Limited (SEL) was incorporated in 1973 and has its registered office and factory at Whitefield Road, Bengaluru. The company manufactures diesel hydraulic and diesel electric locomotives, gear boxes, gears, cardan shafts, power packs and fibre glass parts. All of this is meant for railway applications. In FY26 the company reported standalone revenue from operations of ₹2,929.08 million, up from ₹2,626.41 million in FY25. Profit for the year was ₹189.35 million. The year before it was ₹483.87 million, but that figure included a ₹250.50 million exceptional gain on the sale of property, plant and equipment. The company reports a single segment, and almost all revenue comes from India, with a small export amount in FY26. The annual report lists new products such as a Track Recording Car and an OHE Recording Car for Indian Railways, which were awaiting trials, and several developments under way, including a locomotive modernisation design and a twin power pack diesel electric locomotive. The figures here are standalone, since the company also holds subsidiaries, SAN Rolling Stock Services and SAN Motors, at cost. The company is closely held by its promoters. Milind S Thakker holds 45.02% and Anjana M Thakker 6.71%. Sonmil Engineering Pvt Ltd holds 34.43% and Importex International Pvt Ltd 9.33%. Together they hold 95.49% of the 4,450,000 equity shares. The board recommended a final dividend of ₹10 per share for FY26. The company has not filed for an IPO as per our records. Its shares trade off-market through unlisted share dealers. The indicative price on IPO Guru is ₹850 per share with a lot size of 50 shares, which implies a market cap of about ₹378.25 crore. Such prices are indicative only, as there is no exchange to set them.

Strengths

  • Standalone revenue from operations rose to ₹2,929.08 million in FY26 from ₹2,626.41 million in FY25.
  • The balance sheet carries no bank borrowings. The only debt-like items are small lease liabilities of ₹3.51 million non-current and ₹3.91 million current.
  • Net worth stood at ₹2,996.53 million on 31 March 2026, against total assets of ₹3,561.49 million.
  • Operating cash flow turned positive at ₹272.00 million in FY26, after a negative ₹303.68 million in FY25.
  • Finance costs fell to ₹6.47 million in FY26 from ₹17.46 million in FY25.
  • The company has been making railway equipment since 1973 and is developing new products such as Track Recording Car and OHE Recording Car for Indian Railways.
  • It pays dividends, with a ₹10 per share final dividend recommended for FY26.

Risks

  • Profit for the year fell to ₹189.35 million in FY26 from ₹483.87 million in FY25. The earlier year had a one-time ₹250.50 million gain on sale of property, plant and equipment.
  • Two customers each contributed more than 10% of revenue and together paid ₹1,193.26 million in FY26, which is a large share of total revenue.
  • The business serves a single segment, railway products, so it depends on orders and approvals from Indian Railways and related bodies.
  • Trade receivables were ₹1,471.71 million on 31 March 2026, about half of annual revenue, which ties up working capital.
  • Several new products were still waiting for trials and approvals by RDSO and CCRS at the time of the report, so their timing is uncertain.
  • Promoters and their group companies hold 95.49% of the shares, leaving very little public holding.
  • Operating cash flow was negative ₹303.68 million in FY25, so cash generation has not been steady.
  • Unlisted shares have no exchange, so prices are indicative and buying or selling may take time.
Financials

San Engineering and Locomotive Company financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY26Latest FY25
Revenue (₹ Cr) 293 263
PAT (₹ Cr) 18.94 48.39
PAT Margin (%) 6.47 18.42
RoNW (%) 6.32 16.93
EPS (₹) 42.55 108.73
Total Assets (₹ Cr) 356 347
Net Worth (₹ Cr) 300 286

Swipe the table sideways for earlier years →

Leadership

Management team

Mr. Milind S Thakker
Chairman
Non-executive chairman and promoter shareholder.
Mr. Ramanathan Narayanan
Vice-Chairman & Managing Director
Executive director leading the company.
Mr. Shiv Dayal
Independent Director
Non-executive independent director.
Mr. Yash Gupta
Independent Director
Non-executive independent director.
Mr. Jasjiv Sahney
Director
Non-executive director.
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San Engineering and Locomotive Company unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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