Sarthak Industries Limited

What Sarthak Industries Limited does

Sarthak Industries Limited is a Mumbai-headquartered, BSE-listed public company (bom:531930) that manufactures LPG cylinders at a single plant located in the Pithampur Industrial Area, District Dhar, Madhya Pradesh. The company's stated manufacturing capacity is 7 lakh (700,000) cylinders per annum. Its end-customers are India's three public-sector oil marketing companies — Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) — alongside private LPG distribution entities. The product set is concentrated: LPG cylinders are the company's core offering, supplemented by opportunistic, "time-to-time" trading activities that are not separately quantified in disclosures.

The business model is direct B2B hardware sales negotiated with PSU oil company procurement departments. Pricing is contract-based and not publicly disclosed. Distribution is single-geography (domestic India), and the company operates without software platforms, APIs, digital channels, or app distribution. GTM is direct enterprise sales with no intermediaries. Customers are vertically partitioned (PSU OMCs versus private LPG firms), and the company holds BIS-required certifications to supply cylinders to India's regulated gas-distribution market. The corporate office is in Indore and the registered office in Mumbai; investor relations are handled through a publicly disclosed website and a registrar and share transfer agent.

Operationally, the company is a small-scale commodity manufacturer. FY2025-26 signals are weak: Q3 FY2025 (December 2025 quarter) revenue of Rs 43.23 crore is down 29.70% YoY from Rs 61.49 crore, and standalone net profit of Rs 0.43 crore is down 58.65% YoY from Rs 1.04 crore, with operating profit margin compressing to 1.99% (from 2.20% YoY). Headcount is in the 11–50 band. The company has no subsidiaries, no recent M&A, no product launches, and no disclosed AI/ML or software capabilities. India Ratings upgraded the credit profile to IND BB+/Stable/IND A4+ on 07 February 2026, an improvement in debt-cost positioning but not an operating growth event. Founded in 1982 as Malav Metals Private Limited, the company converted to a public limited (Avanti LPG (India) Limited) in 1994 and adopted its present name after its 1996 IPO.

Name

Sarthak Industries Limited

Legal name

Sarthak Industries Limited

Website

https://sarthakindustries.com

Company type

Public

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

Sarthak Industries Limited is a Mumbai-headquartered, BSE-listed Indian manufacturer of LPG cylinders, operating a single plant in Pithampur, Madhya Pradesh with 7 lakh cylinders/annum capacity, supplying India's three PSU oil marketing companies — IOCL, HPCL, and BPCL — and select private LPG firms.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. LPG Cylinder Manufacturing: Manufacturing and sale of LPG cylinders to oil companies and private entities. Primary revenue stream with current annual manufacturing capacity of 7 lakh cylinders.
2. Trading Activities: Opportunistic trading activities undertaken on a time-to-time basis alongside manufacturing operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Sarthak Industries Limited manufactures LPG (Liquefied Petroleum Gas) cylinders at its production facility in Pithampur Industrial Area, District Dhar, Madhya Pradesh, with a stated annual capacity of 7 lakh (700,000) cylinders. The manufactured cylinders are supplied in bulk to India's public-sector oil marketing companies — Indian Oil Corporation Ltd. (IOCL), Hindustan Petroleum Corporation Ltd. (HPCL), and Bharat Petroleum Corporation Ltd. (BPCL) — as well as to private LPG distribution companies. The company also undertakes opportunistic trading activities on a time-to-time basis alongside its manufacturing operations.

Product overview

Sarthak Industries Limited is a manufacturing company that produces LPG cylinders as its core product. The company operates a single manufacturing unit in Pithampur Industrial Area, Dhar (M.P.) with an annual capacity of 7 lakh (700,000) cylinders. The company also undertakes trading activities on an opportunity basis in addition to its manufacturing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• LPG Cylinders Manufactured LPG (Liquefied Petroleum Gas) cylinders produced at the company's Pithampur Industrial Area facility in District Dhar, Madhya Pradesh, with an annual capacity of 7 lakh (700,000) cylinders. Cylinders are BIS-grade pressure vessels compliant with applicable Indian regulatory safety standards and are supplied in bulk to India's public-sector oil marketing companies — Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd., and Bharat Petroleum Corporation Ltd. — as well as to private LPG distribution companies for use in domestic cooking gas distribution.

Named customers4 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Indian Oil Corporation Ltd.coreChannel Partner/ Reseller/ DistributorMajor public sector oil marketing company - primary customer for LPG cylinders. Sarthak Industries supplies LPG cylinders manufactured at its Pithampur facility to IOC for gas distribution operations.
• Hindustan Petroleum Corporation Ltd.coreChannel Partner/ Reseller/ DistributorPublic sector oil company - key customer for LPG cylinder supplies. HP supplies cylinders to HPCL for distribution across their retail network.
• Bharat Petroleum Corporation Ltd.coreChannel Partner/ Reseller/ DistributorMajor PSU oil marketing company - significant customer for LPG cylinders. Supplies manufactured products to BPCL for their cooking gas distribution network.

Scale indicators5 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• Luxfer Holdings PLC: US/UK-listed specialist in high-pressure composite and aluminum cylinders for gas storage applications including LPG and industrial gases. Closely comparable on core product (gas containment cylinders) and B2B industrial supply motion.
• Chart Industries: US-listed provider of equipment and services for the LNG, LPG, industrial gas and clean energy value chains, including cryogenic storage and transportation equipment. Comparable infrastructure-equipment supplier participating in the same LPG/gas equipment ecosystem.
• Everest Kanto Cylinder Limited: India-listed manufacturer of compressed gas cylinders (LPG, CNG, hydrogen and industrial gases), serving oil & gas and industrial gas customers via B2B OEM contracts. Most directly comparable peer to Sarthak Industries given overlapping product category, customer base and manufacturing-supply model.
• Worthington Enterprises (formerly Worthington Industries): US-listed global manufacturer of pressure cylinders, gas containment solutions and consumer products serving energy and industrial gas markets. Closest international comparable on product category and OEM supply model.

Broad incumbents

• Bharat Petroleum Corporation Limited: One of Sarthak's largest PSU customers and itself a participant in LPG cylinder manufacturing and distribution in India. Comparable as a market participant in LPG equipment, but at vastly greater scale and integrated downstream.
• Indian Oil Corporation Limited: India's largest PSU oil marketing company and a direct customer of Sarthak for LPG cylinders, with in-house cylinder sourcing capabilities. Comparable given overlapping cylinder procurement needs but as a diversified downstream oil major.
• Hindustan Petroleum Corporation Limited: Third major PSU OMC customer of Sarthak, with its own LPG cylinder manufacturing footprint in India. Comparable due to overlapping LPG equipment demand and supplier relationships, but as a much larger integrated energy retailer.
• Confidence Petroleum India Limited: Indian listed company active across the LPG value chain including bottling, distribution, and cylinder manufacturing/trading. Comparable on LPG equipment and distribution adjacency, but much broader in scope and scale than Sarthak.

Others

• Ratnamani Metals & Tubes Limited: Indian listed manufacturer of stainless steel and carbon steel pipes and tubes serving oil & gas, power and process industries. Adjacent steel-based energy infrastructure supplier sharing raw material dynamics, although product mix is pipe rather than cylinder.
• Hi-Tech Pipes Limited: Indian listed steel pipe and tube manufacturer serving infrastructure, energy and industrial markets. Comparable as a domestic steel-based energy infrastructure supplier sharing input-cost dynamics and Indian end-market exposure, though it does not manufacture cylinders.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/sarthak-industries-limited---india

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sarthak Industries Limited