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Everest Industries is in a deepening operational crisis: revenue is falling 20-25% year-on-year across consecutive quarters, margins have turned negative, and the stock has lost over 55% from its all-time high of ₹1,448 (Dec 2023) to trade near ₹332. The web reveals that the company is now relying on a major land monetisation at Podanur to shore up its balance sheet, while its planned steel building plant expansion in Andhra Pradesh has been deferred yet again – signs that management's growth promises remain unfulfilled.
What Matters Most
Stock Price (₹)
Market Cap (₹ Cr)
Mojo Score / 100
1. Severe Revenue Decline Across Consecutive Quarters
Q3 FY26 (Dec 2025) consolidated net sales fell to ₹282.95 crore, down 23.7% year-on-year. Q2 FY26 (Sep 2025) was similarly weak at ₹306.16 crore, down 18.8% YoY. Standalone revenue deteriorated even more sharply: ₹268.83 crore in Q3 FY26, a 26.8% YoY decline. The TTM consolidated revenue has collapsed to approximately ₹1,544 crore versus prior year levels near ₹1,648 crore, indicating this is not seasonal but structural.
2. Profitability Has Turned Deeply Negative
Q3 FY26 reported a net loss of ₹37-38 crore (consolidated). Operating margin turned negative at -2.9% in Q2 and worsened further in Q3. The TTM net loss stands at approximately ₹47 crore, producing a meaningless PE ratio (MarketsMojo reports PE of -51.79). The Mojo Score is 22/100, carrying a Strong Sell rating.
Source: Moneycontrol, Screener.in
3. Podanur Land Sale – Balance Sheet Lifeline
Everest completed Phase I sale of 16.84 acres of vacant land at its Podanur (Coimbatore) facility to G Square Properties Pvt Ltd for ₹100.82 crore (total Phase I value: ₹133.85 crore as of April 10, 2026). Phase II is expected by November 2026. This is the company's oldest facility, established in 1953, and the land sale signals management is monetising legacy assets to survive the downturn rather than investing for growth.
Source: Pocketful, Screener.in
4. Andhra Pradesh Steel Building Plant Deferred Again (to FY27)
The planned manufacturing facility at R. Ananthpuram, Andhra Pradesh, for the Steel Building Division has been deferred to FY2026-27. The company stated on April 1, 2026 that it is "being re-evaluated and discussed with Andhra Pradesh Industrial Infrastructure Development Corporation Ltd (APIIDC)." This was already deferred once from FY24-25 to FY25-26. Repeated deferrals undermine confidence in management's capital allocation and growth plans.
Source: Economic Times, Screener.in
5. ICRA Withdrew Credit Ratings at Company's Request
On April 10, 2026, ICRA withdrew ratings for ₹440 crore worth of facilities at Everest Industries' own request. While this could simply reflect a shift to another rating agency, withdrawal of ratings during a period of financial stress is unusual and warrants monitoring.
Source: Screener.in
6. Stock Has Cratered – Down 55% from All-Time High
The stock hit an all-time high of ₹1,448.10 on December 29, 2023. It has since fallen to ₹332, a 77% decline. The 52-week low of ₹287.40 was hit on March 30, 2026. The 1-year return is -23.9%. Stock price CAGR over the last 3 years is -25%. MarketsMojo notes the stock has "significantly underperformed both its sector and the broader market benchmarks over multiple time horizons."
Source: Business Standard, MarketsMojo
7. FII Holdings Surged but Now Plateauing
FII holdings rose from 0.73% (Mar 2023) to a peak of 10.67% before settling at 10.28% (Dec 2025). Notably, Massachusetts Institute of Technology holds 9.86% – an unusual institutional holder. Promoter Falak Investment Pvt Ltd holds 50.15%. FII/FPI decreased their shareholding in the latest quarter, suggesting institutional confidence may be waning.
Source: Trendlyne, MarketsMojo
8. Long-Term Returns Are Dismal
10-year compounded sales growth is just 3%, profit growth is -12%, and stock price CAGR is a mere 2%. Return on equity averaged 7% over 10 years but has turned negative at -1% TTM. ROCE similarly fell from 12% (FY24 and FY25) to deeply negative in recent quarters. This is a company that has destroyed value over any meaningful holding period.
Source: Screener.in
Recent News Timeline
What the Specialists Asked
Insider Spotlight
Falak Investment Pvt Ltd, controlled by the BN Gujral family, is the promoter with 50.15% stake. No promoter pledge has been reported. Promoter holding has been modestly declining from 50.74% (Mar 2023) to 50.15% (Mar 2025).
The most notable institutional holder is MIT (Massachusetts Institute of Technology) at 9.86% – this is their endowment fund and represents an unusual bet on an Indian micro-cap building materials company. No specific insider buying or selling transactions by directors were found in the search results during the review period.
Industry Context
Everest operates in two segments within India's construction materials industry:
Fibre Cement / Building Products: The sector includes competitors like HIL Ltd (Birla group), Ramco Industries, and Visaka Industries. India's fibre cement market is tied to rural and semi-urban housing construction. The segment is semi-commoditised with limited pricing power. Asbestos cement sheets remain a significant portion of production at several Everest plants, though the company has been transitioning to non-asbestos alternatives since 1994.
Pre-Engineered Buildings (PEB): The PEB market in India has been growing on the back of industrial and warehouse construction. Everest claims to be one of the largest PEB companies but has struggled with execution – the Andhra Pradesh plant deferral being the latest example. Competition in PEB includes Interarch Building Products, Kirby Building Systems, and Pennar Industries.
The broader Indian construction materials sector faces headwinds from monsoon seasonality and government infrastructure spending patterns. However, Everest's revenue decline of 20-25% YoY significantly exceeds any sector-wide softness, suggesting company-specific problems in addition to industry cyclicality.
Source: MarketsMojo, 5paisa, Livemint