Krishna Defence and Allied Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Defence Products: 95.4% • Dairy & Kitchen Equipments: 4.6%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 82.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 24.2%
- Latest quarter profit grew 1475.1% YoY, showing strong momentum
- Company has delivered good sales growth of 47.5% CAGR over last 5 years
- Operating margins have improved to 20.7% from 15.7%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Operating cash flow has been negative in recent years
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 30.4%
- Stock is trading at 6.4x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4778.00 | 34.28 | 319540.70 | 0.94 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 405.50 | 48.23 | 296411.53 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1254.00 | 88.27 | 45966.94 | 0.39 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4516.80 | 3287.72 | 25286.84 | 0.22 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ZENTEC | 1829.90 | 91.71 | 16522.70 | 0.05 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 245.30 | 330.36 | 16451.43 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| ASTRAMICRO | 1643.20 | 82.53 | 15601.36 | 0.15 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| APOLLO | 382.65 | 117.20 | 14219.26 | 0.07 | 25.22 | 42.58 | 251.29 | 88.12 | 14.05 | 21.38 |
| PARAS | 1414.15 | 120.66 | 11396.26 | 0.07 | 207.40 | 1353.40 | 1279.10 | 1272.57 | 18.68 | 24.95 |
| UNIMECH | 1451.20 | 102.56 | 7386.90 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1689.10 | 197.71 | 7184.33 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| KRISHNADEF | 1007.40 | 36.45 | 1505.84 | 0.12 | 11.44 | — | 57.60 | 26.29 | 30.83 | 25.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|
| 52 | 46 | 68 | 64 | 65 | 58 | |
| 46 | 35 | 57 | 50 | 49 | 44 | |
| Operating Profit | 6 | 10 | 13 | 14 | 16 | 15 |
| OPM % | 11.48% | 22.71% | 18.57% | 22.26% | 24.75% | 26.32% |
| Other Income | 0 | 1 | 0 | 1 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 |
| 5 | 10 | 12 | 13 | 17 | 15 | |
| Tax % | 24.90% | 27.17% | 24.81% | 24.26% | 25.72% | 21.69% |
| Net Profit | 4 | 7 | 9 | 10 | 12 | 12 |
| 3 | 5 | 1 | 7 | 8 | 1 | |
| Equity Capital | 14 | 14 | 15 | 15 | 15 | 15 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 58 | 25 | 35 | 50 | 64 | 106 | 195 | 245 | 254 | |
| 53 | 21 | 30 | 43 | 55 | 91 | 164 | 192 | 198 | |
| Operating Profit | 6 | 5 | 6 | 7 | 10 | 17 | 34 | 56 | — |
| OPM % | 11 | 18 | 17 | 15 | 16 | 16 | 18 | 23 | — |
| Other Income | 1 | 1 | 1 | 0 | 1 | 1 | 3 | 3 | 4 |
| Interest | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 4 | 5 |
| 3 | 1 | 3 | 4 | 7 | 13 | 30 | 51 | 57 | |
| Tax % | 28 | 34 | 29 | 30 | 21 | 26 | 26 | 25 | 24 |
| Net Profit | 2 | 1 | 2 | 2 | 5 | 10 | 22 | 38 | 43 |
| EPS | 2 | 1 | 2 | 3 | 5 | 7 | 16 | 26 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 5 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 1 | 2 | 3 | 5 | 7 | 16 | 26 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 48%
- 3 Years:
- 57%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 83%
- 3 Years:
- 93%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 50%
- 1 Year:
- 36%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 18%
- 3 Years:
- 20%
- Last Year:
- 24%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - |
| Equity Capital | 4 | 4 | 4 | 8 | 11 | 14 | 14 | 15 |
| 11 | 12 | 14 | 12 | 25 | 85 | 110 | 174 | |
| 13 | 11 | 11 | 16 | 12 | 8 | 9 | 2 | |
| Trade Payables | 17 | 11 | 7 | 14 | 23 | 13 | 8 | 7 |
| 21 | 23 | 20 | 17 | 13 | 13 | 22 | 16 | |
| Total Liabilities | 66 | 61 | 56 | 68 | 85 | 133 | 164 | 213 |
| ASSETS | - | - | - | - | - | - | - | - |
| 10 | 10 | 10 | 14 | 12 | 15 | 23 | 34 | |
| Capital Work in Progress | 0 | 2 | 3 | 0 | 2 | 0 | 2 | 3 |
| 0 | 0 | 0 | 0 | 0 | 0 | 5 | 7 | |
| 11 | 21 | 15 | 16 | 28 | 32 | 72 | 16 | |
| 0 | 0 | 0 | 0 | 0 | 26 | 19 | 35 | |
| Cash & Bank | 9 | 11 | 10 | 12 | 8 | 44 | 23 | 31 |
| 35 | 18 | 18 | 27 | 34 | 16 | 20 | 87 | |
| Total Assets | 66 | 61 | 56 | 68 | 85 | 133 | 164 | 213 |
| Total Debt | 27 | 26 | 26 | 23 | 19 | 9 | 9 | 2 |
| Net Working Capital | 18 | 17 | 19 | 14 | 29 | 84 | 95 | 67 |
| Contingent Liabilities | 13 | 12 | 13 | 17 | 14 | 21 | 57 | 38 |
| Book Value per Share | 36.54 | 38.31 | 43.55 | 24.70 | 32.03 | 71.98 | 88.24 | 126.35 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 3 | 7 | 2 | 4 | -7 | -3 | -11 | 86 | |
| Cash from Investing | -8 | -4 | -0 | -4 | 1 | -37 | 5 | -92 |
| Cash from Financing | 5 | -3 | -2 | -1 | 6 | 45 | 1 | 11 |
| -0 | 0 | 0 | -0 | 0 | 5 | -5 | 6 | |
| Free Cash Flow | 3 | 4 | -1 | 2 | -10 | -5 | -11 | 70 |
| OCF / Net Profit | 1.43 | 9.84 | 1.02 | 1.60 | -1.38 | -0.33 | -0.50 | 2.26 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -10 | -25 | 46 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||
| EPS (₹) | 4.92 | 1.78 | 4.43 | 2.93 | 4.63 | 7.14 | 15.67 | 25.53 |
| Book Value (₹) | 36.54 | 38.31 | 43.55 | 24.70 | 32.03 | 71.98 | 88.24 | 126.35 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.25 |
| Cash EPS (₹) | 3.99 | 2.55 | 3.88 | 4.92 | 6.35 | 8.72 | 17.63 | 28.28 |
| PROFITABILITY | ||||||||
| Operating Margin % | 10.68% | 18.47% | 16.89% | 14.65% | 15.66% | 14.84% | 15.63% | 20.68% |
| Net Margin % | 3.54% | 2.99% | 5.32% | 4.93% | 8.32% | 9.20% | 11.01% | 14.96% |
| ROE % | 13.45% | 4.75% | 10.83% | 12.60% | 18.45% | 14.47% | 19.78% | 24.38% |
| ROCE % | 11.59% | 7.64% | 10.55% | 12.38% | 15.01% | 17.00% | 24.49% | 31.16% |
| 3.13% | 1.17% | 3.16% | 3.96% | 6.95% | 8.98% | 14.83% | 20.24% | |
| EFFICIENCY | ||||||||
| Debtor Days | 198 | 320 | 132 | 128 | 140 | 91 | 41 | 38 |
| Inventory Days | 70 | 232 | 187 | 113 | 127 | 104 | 96 | 64 |
| Payable Days | 162 | 804 | 196 | 179 | 201 | 116 | 40 | 21 |
| 105 | -253 | 123 | 63 | 65 | 79 | 97 | 81 | |
| FINANCIAL HEALTH | ||||||||
| Debt to Equity (x) | 1.78x | 1.60x | 1.40x | 1.11x | 0.51x | 0.10x | 0.08x | 0.01x |
| Interest Coverage (x) | 2.40x | 1.54x | 2.40x | 2.66x | 6.32x | 8.67x | 19.43x | 49.51x |
| 1.49x | 1.55x | 1.82x | 1.39x | 1.79x | 4.32x | 4.01x | 3.99x | |
| GROWTH | ||||||||
| Revenue Growth % | 0.00% | -57.19% | 40.15% | 42.52% | 27.51% | 67.20% | 83.10% | 25.62% |
| Operating Profit Growth % | 0.00% | -25.97% | 28.10% | 23.64% | 36.28% | 71.11% | 100.36% | 63.80% |
| Net Profit Growth % | 0.00% | -63.86% | 149.62% | 32.03% | 115.38% | 84.85% | 125.02% | 73.05% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 54.41% | 119.36% | 62.92% | |
| VALUATION | ||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 49.43x | 43.31x | 31.55x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.90x | 7.69x | 6.37x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 0.16% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 26.34x | 27.54x | 20.97x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Krishna Defence And Allied Industries Limited has informed the Exchange Krishna Defence and Allied Industries Limited ("Company"), has been declared as a Winner on 25th August 2026, under the DRISHTI Challenge conducted by Yantra India Limited, a Government of India enterprise under the Ministry of Defence.
2026-08-26 - Krishna Defence And Allied Industries Limited has informed the Exchange that Krishna Defence and Allied Industries Limited ( Company ), has been recognised as a Winner by the India SME Forum Top 50 SMEs Award under the category Fastest Growing SME" for the State of Gujarat on 20th August 2026.
2026-08-17 - Krishna Defence And Allied Industries Limited has informed the Exchange regarding Revised Outcome of the Board Meeting in a machine-readable and searchable form held on August 12, 2026. We wish to clarify that there are no other changes in the contents of the revised outcome, and it remains identical to the one previously submitted, except for the file format.
2026-08-14 - Krishna Defence And Allied Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-14 - Krishna Defence And Allied Industries Limited has informed the Exchange regarding Resignation of Ms Gunjan Bhagtani as Company Secretary & Compliance Officer of the company w.e.f. August 14, 2026.
2026-08-14 - Krishna Defence And Allied Industries Limited has informed the Exchange about Earnings Presentation for Q1 FY 26-27.
2026-08-12 - Krishna Defence And Allied Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-01 - Krishna Defence And Allied Industries Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-07-17 - Krishna Defence And Allied Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 15, 2026. Further, the company has informed the Exchange regarding voting results.
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