Kothari Products Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Trading Items: 98.9% • Real Estate: 1.1%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Latest quarter profit grew 154.6% YoY, showing strong momentum
- Company comfortably covers its interest (11.5x coverage)
- Attractively priced for its growth - PEG of 0.1
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (252.2% of PBT)
- Company has a low return on capital employed of 2.7%
- Company has a low return on equity of 2.3% over last 3 years
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| KOTHARIPRO | 68.27 | 20.10 | 407.49 | 0.00 | 7.50 | -64.71 | 269.89 | 8.65 | -6.30 | -2.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 94 | 60 | 59 | 72 | 120 | 91 | 37 | 56 | 66 | 89 | 63 | 110 | 1,777 | |
| 94 | 63 | 59 | 75 | 119 | 160 | 43 | 61 | 66 | 90 | 79 | 128 | 1,934 | |
| Operating Profit | 0 | -3 | -1 | -2 | 1 | -69 | -6 | -6 | -0 | -1 | -16 | -18 | -156 |
| OPM % | 0.07% | -5.22% | -0.93% | -3.22% | 0.74% | -76.01% | -16.59% | -9.91% | -0.67% | -0.77% | -25.56% | -16.81% | -8.79% |
| 12 | 3 | 4 | 6 | 5 | 100 | 24 | 15 | 9 | 36 | 40 | 0 | 342 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 1 | 15 |
| Depreciation | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 1 | 6 |
| Profit before Tax | 11 | -2 | 3 | 2 | 5 | 30 | 16 | 7 | 7 | 32 | 22 | -20 | 186 |
| Tax % | 11.79% | 4.17% | 3.91% | -2.84% | 23.25% | -2.47% | -0.95% | 52.48% | 21.04% | 6.72% | 15.00% | 5.05% | 25.58% |
| Net Profit | 10 | -2 | 2 | 2 | 4 | 30 | 16 | 4 | 5 | 30 | 18 | -19 | 138 |
| 3.18 | -0.54 | 0.83 | 0.61 | 1.17 | 10.14 | 5.36 | 0.59 | 0.91 | 5.05 | 3.07 | -3.19 | 2.32 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,645 | 4,352 | 4,225 | 3,230 | 2,385 | 1,707 | 1,079 | 287 | 285 | 304 | 440 | |
| 4,525 | 4,235 | 4,164 | 3,244 | 2,429 | 1,731 | 1,079 | 309 | 291 | 384 | 491 | |
| Operating Profit | 120 | 117 | 62 | -14 | -44 | -24 | -0 | -22 | -6 | -80 | -51 |
| OPM % | 2.58% | 2.68% | 1.46% | -0.44% | -1.84% | -1.39% | -0.02% | -7.65% | -2.08% | -26.34% | -11.58% |
| 14 | 29 | 17 | 66 | 133 | 71 | 35 | 32 | 25 | 145 | 110 | |
| Interest | 48 | 48 | 26 | 33 | 36 | 34 | 23 | 5 | 4 | 5 | 6 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 84 | 96 | 50 | 17 | 51 | 12 | 10 | 3 | 13 | 57 | 52 |
| Tax % | 33.90% | 32.45% | 12.59% | -21.41% | 32.85% | 18.87% | 47.27% | 51.32% | 9.32% | 7.14% | 17.45% |
| Net Profit | 55 | 65 | 44 | 20 | 34 | 9 | 5 | 1 | 12 | 53 | 43 |
| EPS | 0.00 | 0.00 | 14.79 | 0.00 | 0.00 | 3.14 | 1.71 | 0.49 | 4.08 | 8.93 | — |
| Dividend Payout % | 16.16% | 13.88% | 10.14% | 14.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -24%
- 5 Years:
- -34%
- 3 Years:
- -34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 9%
- 3 Years:
- 119%
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- 6%
- 3 Years:
- 1%
- 1 Year:
- -12%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 2%
- 3 Years:
- 2%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 60 |
| 741 | 794 | 837 | 843 | 874 | 914 | 919 | 920 | 933 | 956 | |
| 50 | 111 | 331 | 730 | 703 | 510 | 91 | 94 | 51 | 130 | |
| Trade Payables | 2,392 | 1,930 | 1,418 | 386 | 36 | 78 | 10 | 26 | 30 | 41 |
| 369 | 105 | 65 | -8 | 7 | 5 | 7 | 8 | 16 | 16 | |
| Total Liabilities | 3,581 | 2,970 | 2,681 | 1,980 | 1,650 | 1,537 | 1,057 | 1,078 | 1,059 | 1,203 |
| 11 | 10 | 13 | 12 | 12 | 11 | 11 | 10 | 9 | 11 | |
| Capital Work in Progress | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| 1,371 | 483 | 570 | 295 | 269 | 174 | 517 | 646 | 725 | 688 | |
| 76 | 45 | 43 | 16 | 6 | 3 | 8 | 6 | 4 | 7 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126 | 123 | |
| Cash & Bank | 51 | 163 | 89 | 82 | 28 | 45 | 29 | 3 | 14 | 41 |
| 2,072 | 2,268 | 1,967 | 1,574 | 1,334 | 1,303 | 493 | 413 | 181 | 333 | |
| Total Assets | 3,581 | 2,970 | 2,681 | 1,980 | 1,650 | 1,537 | 1,057 | 1,078 | 1,059 | 1,203 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -112 | 56 | -485 | -1,214 | 81 | -119 | 903 | 32 | 52 | -24 | |
| Cash from Investing | 277 | -51 | 300 | 895 | 85 | 69 | -545 | -38 | -5 | -25 |
| Cash from Financing | -127 | 12 | 182 | 360 | -196 | 71 | -385 | -1 | -36 | 72 |
| 16 | -9 | -29 | 32 | -34 | 19 | -16 | -11 | 11 | 24 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 18.57 | 21.62 | 14.79 | 6.82 | 11.40 | 3.14 | 1.71 | 0.50 | 4.08 | 8.93 |
| Book Value (₹) | 258.20 | 276.21 | 290.52 | 292.60 | 302.80 | 316.23 | 317.94 | 318.44 | 322.52 | 170.16 |
| Dividend per Share (₹) | 3.00 | 3.00 | 1.50 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 9.57 | 11.08 | 7.73 | 3.79 | 6.08 | 1.95 | 1.25 | 0.58 | 2.30 | 9.25 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 2.88% | 3.34% | 1.86% | 1.61% | 3.73% | 2.77% | 3.25% | 3.39% | -2.08% | -26.34% |
| Net Margin % | 1.19% | 1.48% | 1.04% | 0.63% | 1.43% | 0.55% | 0.47% | 0.52% | 4.26% | 17.55% |
| ROE % | 7.33% | 8.09% | 5.22% | 2.34% | 3.83% | 1.01% | 0.54% | 0.16% | 1.27% | 5.39% |
| ROCE % | 15.67% | 16.39% | 7.20% | 3.57% | 5.41% | 2.95% | 2.63% | 0.74% | 1.70% | 5.78% |
| 1.49% | 1.97% | 1.56% | 0.87% | 1.88% | 0.59% | 0.39% | 0.14% | 1.14% | 4.71% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 140 | 119 | 95 | 138 | 178 | 232 | 228 | 219 | 178 | 150 |
| Inventory Days | 6 | 5 | 4 | 3 | 2 | 1 | 2 | 9 | 6 | 7 |
| Payable Days | 188 | 190 | 150 | 103 | 32 | 12 | 15 | 24 | 37 | 43 |
| -43 | -66 | -50 | 38 | 147 | 220 | 215 | 204 | 148 | 113 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.06x | 0.13x | 0.38x | 0.83x | 0.78x | 0.54x | 0.09x | 0.10x | 0.06x | 0.13x |
| Interest Coverage (x) | 2.74x | 2.98x | 2.93x | 1.51x | 2.41x | 1.34x | 1.42x | 1.65x | 4.21x | 11.48x |
| 1.12x | 1.17x | 1.10x | 1.44x | 1.72x | 2.17x | 5.30x | 5.44x | 5.03x | 2.21x | |
| GROWTH | ||||||||||
| Revenue Growth % | -0.07% | -6.31% | -2.90% | -23.56% | -26.16% | -28.43% | -36.79% | -73.39% | -0.56% | 6.39% |
| Operating Profit Growth % | 22.50% | 8.75% | -45.86% | -33.77% | 70.56% | -46.77% | -25.86% | -72.31% | 97.22% | 237.87% |
| Net Profit Growth % | 12.37% | 16.42% | -31.58% | -53.87% | 67.14% | -72.47% | -45.46% | -71.04% | 721.62% | 338.40% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 721.59% | 119.17% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 14.09x | 7.64x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.36x | 0.40x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.22x | 7.77x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Kothari Products Limited has informed the Exchange about General Updates
2026-08-29 - Kothari Products Limited has informed the Exchange about General Updates
2026-08-14 - Kothari Products Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Kothari Products Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - Kothari Products Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-14 - Kothari Products Limited has informed the Exchange regarding 'PAPER NOTICE TO SHAREHOLDERS FOR SPECIAL WINDOW'.
2026-07-09 - Kothari Products Limited has informed the Exchange about General Updates
2026-07-09 - Kothari Products Limited has informed the Exchange about General Updates
2026-06-24 - Kothari Products Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
Recent coverage and analyst commentary for KOTHARIPRO
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