Kama Holdings Ltd.

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kamaholdings.comBSE: 532468NSE: KAMAHOLD

Market Cap₹ 7,377 Cr.

Current Price

High / Low₹ 2,784 / 2,289

Stock P/E7.9

Book Value₹ 2,491

Price to Book0.97

Dividend Yield1.80 %

ROCE20.9 %

ROE24.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Chemicals and Polymers Business (CPB): 48.8% • Packaging Films Business (PFB): 36.2% • Technical Textiles Business (TTB): 11.8%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 14.3%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.5%
Company has consistently been profitable over the last 5 years
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 7.9 is below its historical median

CONS

Company has delivered a poor profit growth of 9.0% over past five years
Operating margins have contracted to 21.9% from 25.1%
Growth is decelerating - 3Y profit CAGR (-7.4%) trails the 5Y trend (9.0%)
Though reporting repeated profits, the company pays out little dividend (14.3%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1927.00	30.43	308717.22	0.08	62966.70	1081.55	420369.00	1091.26	11.88	40.79
2.	AIIL	515.10	20.85	43743.61	0.00	11082.20	1075.19	14695.40	1109.37	13.85	88.91
3.	CHOLAHLDNG	1529.15	10.76	28713.99	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13141.85	13.49	26588.73	0.65	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	272.25	23.23	26194.64	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13294.90	54.55	15194.17	1.65	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11368.40	91.85	12618.50	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	126.60	11.65	12115.11	2.57	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	422.90	19.29	9392.77	2.64	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	256.80	161.16	8852.76	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2298.75	7.93	7376.82	1.80	584.02	10.80	4657.56	7.07	20.86	22.01
12.	PILANIINVS	4138.60	138.89	4582.36	0.22	-47.26	-17.55	14.44	-70.70	1.41	-9.33

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	3,754	3,363	3,206	3,076	3,782	3,501	3,426	3,526	4,350	3,857	3,640	3,743	4,658
	2,858	2,652	2,562	2,499	2,888	2,878	2,899	2,885	3,375	3,002	2,880	2,948	3,609
Operating Profit	897	710	644	577	894	623	526	641	975	855	760	795	1,049
OPM %	23.88%	21.12%	20.08%	18.75%	23.64%	17.80%	15.36%	18.18%	22.41%	22.17%	20.88%	21.24%	22.52%
	48	1	17	12	19	7	26	22	16	11	12	-59	-7
Interest	66	65	79	67	90	96	94	96	89	80	71	65	62
Depreciation	154	156	161	168	185	188	193	194	194	203	212	217	219
Profit before Tax	739	490	421	354	651	346	291	373	707	584	521	454	761
Tax %	23.43%	26.22%	28.84%	27.98%	4.34%	27.49%	30.02%	27.00%	25.43%	25.24%	25.16%	4.40%	23.21%
Net Profit	0	0	0	0	0	251	204	272	527	436	390	434	584
	89.44	286.34	234.92	40.25	127.78	39.15	32.30	42.78	82.63	68.89	61.40	68.06	91.69

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,864	5,633	7,153	7,269	8,468	12,502	15,075	13,440	14,828	15,930	15,898
	3,890	4,714	5,829	5,792	6,302	9,365	11,381	10,602	12,037	12,439	12,439
Operating Profit	975	919	1,324	1,477	2,166	3,138	3,694	2,838	2,792	3,491	3,459
OPM %	20.04%	16.31%	18.51%	20.32%	25.58%	25.10%	24.50%	21.12%	18.83%	21.91%	21.76%
	66	123	15	27	32	86	83	49	70	-44	-44
Interest	103	126	200	200	133	115	204	301	375	277	277
Depreciation	297	333	361	386	451	515	573	671	769	850	850
Profit before Tax	641	584	778	918	1,614	2,593	3,000	1,916	1,718	2,319	2,319
Tax %	21.82%	21.62%	23.35%	0.50%	25.87%	27.16%	22.51%	19.68%	26.97%	20.48%	20.48%
Net Profit	501	458	597	913	1,197	1,889	2,324	1,539	1,254	1,844	1,844
EPS	496.18	377.73	527.58	821.74	939.10	1483.68	390.31	272.27	196.86	290.04	—
Dividend Payout %	3.02%	3.97%	2.84%	3.65%	11.50%	10.92%	8.50%	37.09%	17.14%	14.29%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 13%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 9%
3 Years:: -9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 31%
5 Years:: 31%
3 Years:: 22%
Last Year:: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6	6	6	6	6	6	6	32	32	32
Minority Interest	1,308	1,624	1,971	2,354	3,379	4,077	5,114	5,715	6,286	6,991
	1,846	1,943	2,364	2,791	3,748	4,828	5,703	6,566	7,199	7,961
	2,429	3,168	3,750	4,082	3,453	3,602	4,428	5,110	4,958	5,326
Trade Payables	809	1,044	1,382	1,112	1,585	2,096	2,231	2,198	2,332	2,585
	756	874	652	733	1,088	1,588	1,764	1,710	1,718	2,284
Total Liabilities	7,154	8,660	10,126	11,078	13,260	16,198	19,246	21,331	22,525	25,180
	4,424	5,140	5,621	6,346	7,809	8,411	10,042	13,263	13,751	13,963
Capital Work in Progress	270	580	777	1,415	773	1,672	2,406	806	811	1,889
	290	219	243	354	646	619	952	1,139	1,708	1,627
	838	959	1,225	1,202	1,467	2,139	2,275	2,327	2,349	2,789
	0	0	0	0	0	0	0	1,944	2,173	2,564
Cash & Bank	98	100	202	128	359	537	625	583	420	699
	1,234	1,661	2,058	1,633	2,207	2,819	2,947	1,269	1,313	1,649
Total Assets	7,154	8,660	10,126	11,078	13,260	16,198	19,246	21,331	22,525	25,180

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	754	833	1,056	1,439	2,065	2,542	3,392	2,126	2,534	2,561
Cash from Investing	-645	-1,289	-1,043	-1,191	-1,530	-1,617	-2,927	-2,094	-1,705	-1,616
Cash from Financing	-243	575	266	-177	-182	-205	144	-71	-1,064	-697
	-253	-8	127	-76	96	311	90	-39	-236	247

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	0.16	0.21	0.22	0.28	0.30	0.30	0.29	0.24	0.24
	0.00	0.00	0.03	0.03	0.03	0.04	0.03	0.03	0.03
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.84	24.78	24.75	24.69	24.67	24.66	24.67	24.72	24.72

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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