Kiri Industries Ltd.

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kiriindustries.comBSE: 532967NSE: KIRIINDUS

Market Cap₹ 3,587 Cr.

Current Price

High / Low₹ 779 / 334

Stock P/E0.6

Book Value₹ 1,041

Price to Book0.32

Dividend Yield0.00 %

ROCE110.4 %

ROE118.6 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company has delivered good profit growth of 85.6% CAGR over last 5 years
Company is almost debt free
Company has a good return on equity (ROE) track record: 3 Years ROE 44.6%
Company has a healthy return on capital (ROCE) of 42.6%
Promoters have been increasing their shareholding - up 15.0pp over 2 years

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
Company's sales have been declining over the last five years
Working capital days have increased from 218 to 1808 days
Operating margins have contracted to -26.3% from -3.6%
Effective tax rate is unusually low at 3.7% - earnings may be flattered

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

Peer comparison

ChemicalsChemicalsDyes & Pigments

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

S.No.	Name
1.	SUDARSCHEM	1261.75	138.75	10045.59	0.40	103.40	88.00	2642.10	5.39	5.99	10.29
2.	KIRIINDUS	550.35	0.61	3586.52	0.00	290.70	186.82	312.36	54.54	110.39	11.71
3.	BODALCHEM	175.00	32.09	2204.02	0.00	30.38	218.67	709.04	56.11	5.06	9.72
4.	VIDHIING	349.05	32.74	1743.33	0.86	17.12	34.74	146.28	66.42	18.83	17.78
5.	SHREEPUSHK	501.95	22.52	1623.19	0.42	22.93	9.40	280.07	10.04	11.81	11.40
6.	ULTRAMAR	427.40	13.54	1248.01	1.40	31.59	56.46	239.96	30.14	11.10	18.95
7.	SUDARCOLOR	380.05	2.88	877.22	0.00	20.36	19.13	222.39	5.54	11.00	11.51
8.	PODDARMENT	295.90	20.60	313.95	1.35	46.47	1015.73	901.30	887.64	5.83	5.95
9.	DYNPRO	235.20	14.38	292.32	0.64	5.19	7.92	86.43	-6.99	11.27	14.60
10.	HPIL	121.00	89.02	138.23	0.00	0.25	-86.19	26.76	-38.75	6.36	2.88
11.	ISHANCH	44.45	0.00	121.37	0.00	0.15	-48.33	41.48	154.63	4.08	8.10

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	227	231	160	219	183	173	179	205	202	213	174	250	312
	226	240	180	229	183	178	223	210	218	227	222	393	310
Operating Profit	2	-10	-21	-10	0	-5	-44	-5	-16	-14	-49	-142	3
OPM %	0.76%	-4.30%	-13.02%	-4.61%	0.09%	-2.66%	-24.86%	-2.48%	-8.02%	-6.41%	-28.01%	-56.83%	0.83%
	1	2	8	3	14	3	92	6	35	1	5,956	66	286
Interest	4	5	6	8	5	18	50	54	60	61	67	8	1
Depreciation	12	12	11	11	11	11	11	11	12	12	12	12	12
Profit before Tax	-13	-26	-30	-26	-2	-31	-14	-64	-53	-85	5,829	-97	309
Tax %	-17.99%	-4.77%	2.89%	-11.04%	48.58%	3.40%	-0.66%	0.44%	2.23%	6.76%	14.02%	615.27%	5.99%
Net Profit	0	0	0	0	782	803	1,769	-85	101	196	5,023	514	291
	-0.49	3.63	25.96	-1.98	17.79	14.98	28.47	-15.37	1.91	-4.74	834.39	84.13	44.89

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
	1,125	1,117	1,394	1,305	957	1,497	945	709	740	840	950
	966	936	1,163	1,119	874	1,376	983	768	794	1,061	1,152
Operating Profit	159	181	231	186	83	121	-37	-59	-54	-221	-202
OPM %	14.13%	16.20%	16.57%	14.25%	8.63%	8.10%	-3.97%	-8.39%	-7.29%	-26.31%	-21.27%
	2	2	3	5	2	2	3	37	115	6,057	6,308
Interest	9	3	5	5	4	5	6	23	127	195	137
Depreciation	29	34	38	44	46	50	49	46	45	47	47
Profit before Tax	279	376	198	402	265	404	122	166	262	5,782	5,956
Tax %	4.91%	4.86%	16.92%	6.57%	4.87%	3.81%	12.78%	0.07%	-0.86%	3.72%	3.94%
Net Profit	266	358	164	376	252	389	107	166	265	5,567	5,721
EPS	72.84	77.93	31.62	72.34	48.69	74.94	20.67	32.07	47.59	927.40	—
Dividend Payout %	0.00%	0.00%	3.82%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -2%
5 Years:: -3%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 40%
5 Years:: 86%
3 Years:: 274%

STOCK PRICE CAGR

10 Years:: 6%
5 Years:: -1%
3 Years:: 24%
1 Year:: -5%

RETURN ON EQUITY

10 Years:: 27%
5 Years:: 31%
3 Years:: 45%
Last Year:: 119%

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
Equity Capital	28	30	31	34	34	52	52	52	56	60
Minority Interest	0	0	0	0	0	0	-0	0	0	9
	878	1,335	1,536	1,900	2,151	2,521	2,627	2,732	3,012	6,280
	185	177	169	151	150	99	53	36	1,233	38
Trade Payables	184	168	198	218	256	325	394	384	213	363
	198	114	134	104	102	65	63	141	190	352
Total Liabilities	1,473	1,824	2,067	2,407	2,693	3,061	3,190	3,345	4,703	7,102
	376	412	484	512	563	546	510	437	806	1,067
Capital Work in Progress	36	32	38	79	58	63	73	68	63	42
	717	948	954	1,214	1,445	1,781	1,992	2,528	3,152	3,341
	83	119	169	143	169	245	195	124	153	169
	0	0	0	0	0	0	0	87	109	104
Cash & Bank	16	16	23	15	10	19	99	5	14	1,055
	246	298	400	445	447	408	322	96	407	1,324
Total Assets	1,473	1,824	2,067	2,407	2,693	3,061	3,190	3,345	4,703	7,102

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
	218	77	177	171	107	114	109	-77	-342	4,555
Cash from Investing	-105	-66	-119	-104	-70	-29	-18	29	-842	-3,050
Cash from Financing	-119	2	-16	-27	-7	-57	-56	50	1,194	-966
	-7	0	7	-7	-5	6	14	2	9	539

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
	26.72	26.72	31.72	31.72	31.72	36.72	36.72	36.72	41.71
	39.73	33.37	25.98	25.94	23.79	22.25	19.67	18.32	16.75
	0.34	1.11	1.22	1.20	1.25	0.85	0.37	1.28	1.29
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	33.21	38.80	41.09	41.14	43.24	40.19	43.26	43.69	40.25

Documents

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

2026-09-09

Updates

2026-09-09 - Kiri Industries Limited has informed the Exchange regarding 'Acquisition of shares of Makilala Mining Company, Inc. by Equinaire Holdings Limited through public auction.'.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Kiri Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Record Date

2026-09-03 - Kiri Industries Limited has informed the Exchange that Record date for the purpose of Meeting is 22-Sep-2026.

2026-09-03

Updates

2026-09-03 - Kiri Industries Limited has informed the Exchange regarding 'Submission of Business Responsibility and Sustainability Reportingfor the year ended March 31, 2026'.

2026-09-03

Shareholders meeting

2026-09-03 - Kiri Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Kiri Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

Preferential issue

2026-08-31 - Kiri Industries Limited has informed the Exchange about Preferential issue

2026-08-31

Outcome of Board Meeting

2026-08-31 - Kiri Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on August 31, 2026.

2026-08-26

Trading Window

2026-08-26 - Kiri Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

News

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