Kothari Industrial Corporation Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Leather: 68.6% • Hotel: 15.2% • Fertilizer: 12.8%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 85.9%
- Promoters have been increasing their shareholding - up 25.9pp over 2 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 43.59x)
- Company has delivered good sales growth of 37.7% CAGR over last 5 years
- Operating margins have improved to -17.7% from -29.2%
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -7.4% over last 3 years
- Interest coverage is weak at -8.0x - earnings barely cover interest
- Equity base is being diluted - shares outstanding up 385.2%
- Working capital days have increased from -853 to 548 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRASIM | 3307.20 | 39.53 | 225081.61 | 0.30 | 3846.28 | 39.00 | 48716.20 | 21.43 | 9.72 | 22.94 |
| 3MINDIA | 33038.80 | 60.88 | 37218.44 | 1.53 | 157.15 | 21.62 | 1046.57 | -0.29 | 51.87 | 19.63 |
| DCMSHRIRAM | 997.10 | 10.85 | 15549.01 | 1.12 | 693.44 | 509.24 | 3784.67 | 9.96 | 11.72 | 8.93 |
| HNDFDS | 612.95 | 47.71 | 7426.67 | 0.00 | 42.76 | 34.76 | 1201.08 | 20.75 | 14.15 | 8.35 |
| BALMLAWRIE | 175.50 | 10.75 | 3001.12 | 4.84 | 70.93 | 5.32 | 748.73 | 10.00 | 15.33 | 15.26 |
| TTKHLTCARE | 1179.65 | 22.54 | 1666.88 | 0.85 | 21.28 | 63.68 | 257.56 | 13.75 | 7.72 | 5.72 |
| KOTIC | 137.35 | 0.00 | 1483.68 | 0.00 | -28.90 | — | 52.44 | 98.47 | -16.89 | -42.58 |
| EMPIND | 1076.80 | 164.59 | 646.08 | 2.32 | 14.18 | 47.35 | 183.60 | 10.07 | 18.16 | 10.77 |
| GILLANDERS | 103.05 | 12.61 | 219.93 | 0.00 | 2.52 | 146.16 | 91.34 | 3.34 | 6.08 | 7.01 |
| ASPINWALL | 251.25 | 12.49 | 196.43 | 2.59 | -0.70 | 78.59 | 113.18 | 25.76 | 8.42 | 0.96 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 6 | 2 | 4 | 13 | 22 | 25 | 26 | 39 | 50 | 51 | 45 | 524 | |
| 4 | 7 | 7 | 16 | 13 | 21 | 26 | 41 | 40 | 54 | 44 | 51 | 687 | |
| Operating Profit | -2 | -2 | -4 | -13 | 0 | 0 | -1 | -14 | -0 | -4 | 6 | -6 | -162 |
| OPM % | -96.63% | -30.65% | -204.15% | -361.14% | 2.75% | 2.12% | -3.31% | -53.33% | -1.20% | -9.01% | 12.47% | -13.93% | -30.93% |
| 0 | 66 | 1 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | |
| Interest | 3 | 0 | 0 | 3 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 3 | 47 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | -1 | 2 | 2 | 2 | 6 | 18 |
| Profit before Tax | -4 | 64 | -4 | -16 | 0 | 0 | -4 | -13 | -2 | -6 | 4 | -14 | -162 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.29% |
| Net Profit | -4 | 64 | -4 | -16 | 0 | 0 | -4 | -13 | -2 | -6 | 4 | -14 | -163 |
| -3.55 | 51.53 | -3.26 | -12.43 | 0.22 | 0.02 | -0.83 | -1.40 | -0.20 | -0.57 | 0.37 | -1.30 | -1.51 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 34 | 17 | 18 | 18 | 12 | 9 | 10 | 14 | 87 | 197 | |
| 51 | 33 | 19 | 21 | 20 | 13 | 13 | 16 | 34 | 102 | 218 | |
| Operating Profit | -3 | 1 | -3 | -3 | -3 | -1 | -4 | -7 | -20 | -15 | -21 |
| OPM % | -5.64% | 2.94% | -17.17% | -14.46% | -14.97% | -9.43% | -38.35% | -70.23% | -145.93% | -17.69% | -10.44% |
| 2 | 1 | 1 | 4 | -4 | 1 | 3 | -2 | 63 | 1 | 2 | |
| Interest | 0 | 3 | 0 | 0 | 0 | 0 | 10 | 11 | 3 | 2 | 8 |
| Depreciation | 5 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 12 |
| Profit before Tax | -6 | -6 | -3 | 1 | -7 | -1 | -11 | -20 | 40 | -17 | -32 |
| Tax % | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | -0.62% | -0.00% | 21.40% | 7.20% | -0.15% |
| Net Profit | -6 | -6 | -3 | 1 | -7 | -1 | -11 | -20 | 32 | -16 | -32 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -3.69 | -0.35 | -5.75 | -10.42 | 25.39 | -1.74 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 38%
- 3 Years:
- 109%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -2%
- 5 Years:
- -4%
- 3 Years:
- -7%
- Last Year:
- -22%
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 | 6 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 6 | 46 |
| -21 | -27 | 2 | 4 | -4 | -4 | -37 | -57 | 2 | 134 | |
| 24 | 21 | 16 | 13 | 13 | 13 | 63 | 73 | 33 | 5 | |
| Trade Payables | 7 | 4 | 13 | 11 | 7 | 7 | 2 | 1 | 4 | 8 |
| 28 | 32 | 32 | 37 | 29 | 30 | 1 | 14 | 11 | 6 | |
| Total Liabilities | 45 | 40 | 73 | 74 | 55 | 56 | 39 | 40 | 56 | 200 |
| 31 | 27 | 59 | 59 | 42 | 42 | 27 | 28 | 30 | 39 | |
| 3 | 2 | 3 | 2 | 1 | 1 | 2 | 2 | 1 | 8 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 | |
| Cash & Bank | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 22 |
| 10 | 9 | 11 | 13 | 12 | 12 | 9 | 11 | 22 | 125 | |
| Total Assets | 45 | 40 | 73 | 74 | 55 | 56 | 39 | 40 | 56 | 200 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 8 | -4 | 1 | -26 | 1 | -22 | 1 | -32 | -154 | |
| Cash from Investing | 0 | 0 | -0 | -0 | 24 | 0 | 4 | -0 | 110 | -13 |
| Cash from Financing | -0 | -8 | 4 | -1 | 2 | -1 | 18 | -1 | -78 | 187 |
| 0 | -0 | -1 | -0 | -0 | -0 | -0 | 0 | 0 | 20 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for KOTIC
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