KSE Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Animal Feed: 73.5% • Oil Cake Processing: 23.3% • Dairy: 3.3%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 29.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.0%
- Operating margins have improved to 6.5% from 0.1%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.94x)
- Company has been maintaining a healthy dividend payout of 47.6%
CONS
- Recent results are weak - TTM profit is down 65.1% versus prior year
- Company has delivered a poor profit growth of -5.7% over past five years
- Company has delivered a poor sales growth of 1.7% over past five years
- Valuation is stretched - P/E of 12.2 is well above its own 5-year median (6.7)
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GODREJAGRO | 675.75 | 29.10 | 13002.20 | 1.63 | 128.31 | -13.79 | 2855.22 | 9.68 | 20.95 | 8.85 |
| AVANTIFEED | 799.05 | 20.50 | 10886.71 | 1.25 | 116.30 | -37.36 | 1899.87 | 18.27 | 28.96 | 5.57 |
| MUKKA | 32.07 | 13.92 | 962.10 | 0.00 | 18.63 | 1072.69 | 489.65 | 196.98 | 11.93 | 9.60 |
| KSE | 177.40 | 12.23 | 567.68 | 7.05 | 0.94 | -97.55 | 453.67 | 9.06 | 33.62 | -0.05 |
| AJOONI | 3.47 | 13.49 | 62.89 | 0.00 | 4.32 | 453.14 | 634.91 | 1930.54 | 6.53 | 2.63 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 424 | 437 | 406 | 417 | 431 | 414 | 412 | 392 | 416 | 427 | 428 | 409 | 454 | |
| 426 | 437 | 398 | 390 | 406 | 394 | 384 | 346 | 366 | 384 | 406 | 414 | 456 | |
| Operating Profit | -1 | -1 | 8 | 26 | 25 | 21 | 28 | 46 | 50 | 43 | 22 | -5 | -3 |
| OPM % | -0.31% | -0.19% | 1.92% | 6.32% | 5.86% | 5.01% | 6.88% | 11.69% | 11.92% | 10.04% | 5.18% | -1.29% | -0.60% |
| 1 | 1 | -4 | 2 | 1 | 4 | 2 | 4 | 5 | 4 | 4 | 3 | 3 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | -2 | -2 | 2 | 26 | 25 | 23 | 28 | 47 | 52 | 44 | 23 | -5 | 1 |
| Tax % | 33.54% | 17.06% | 25.81% | 27.14% | 25.90% | 25.68% | 24.29% | 26.17% | 25.81% | 24.85% | 29.07% | 20.26% | 27.27% |
| Net Profit | -1 | -1 | 1 | 19 | 18 | 17 | 21 | 35 | 39 | 33 | 16 | -4 | 1 |
| -3.29 | -4.42 | 3.59 | 59.15 | 57.40 | 53.54 | 6.57 | 10.87 | 120.48 | 102.72 | 5.11 | -1.17 | 0.30 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,047 | 1,304 | 1,209 | 1,429 | 1,543 | 1,670 | 1,610 | 1,683 | 1,650 | 1,680 | 1,718 | |
| 1,018 | 1,196 | 1,196 | 1,402 | 1,404 | 1,659 | 1,613 | 1,651 | 1,529 | 1,571 | 1,661 | |
| Operating Profit | 29 | 108 | 13 | 26 | 139 | 11 | -3 | 32 | 120 | 110 | 57 |
| OPM % | 2.80% | 8.31% | 1.11% | 1.85% | 8.99% | 0.67% | -0.20% | 1.90% | 7.29% | 6.52% | 3.32% |
| 2 | 5 | 6 | 4 | 15 | 3 | 7 | -0 | 11 | 15 | 14 | |
| Interest | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 3 |
| Depreciation | 3 | 4 | 3 | 3 | 2 | 3 | 4 | 5 | 6 | 8 | 8 |
| Profit before Tax | 26 | 109 | 15 | 26 | 150 | 9 | -3 | 24 | 123 | 114 | 63 |
| Tax % | 36.79% | 35.92% | 35.56% | 27.54% | 24.56% | 29.18% | 20.26% | 27.36% | 25.59% | 26.32% | 26.77% |
| Net Profit | 16 | 70 | 9 | 19 | 113 | 7 | -2 | 18 | 91 | 84 | 46 |
| EPS | 51.13 | 217.58 | 29.46 | 59.06 | 352.91 | 20.54 | -7.44 | 55.03 | 285.34 | 26.26 | — |
| Dividend Payout % | 58.68% | 27.58% | 50.92% | 33.86% | 28.34% | 97.39% | -268.75% | 54.52% | 28.04% | 47.60% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 2%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- -6%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -13%
- 5 Years:
- -24%
- 3 Years:
- -37%
- 1 Year:
- -75%
RETURN ON EQUITY
- 10 Years:
- 23%
- 5 Years:
- 14%
- 3 Years:
- 23%
- Last Year:
- 26%
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 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 83 | 141 | 127 | 139 | 240 | 220 | 211 | 222 | 294 | 346 | |
| 37 | 40 | 40 | 12 | 36 | 15 | 14 | 14 | 17 | 18 | |
| Trade Payables | 8 | 15 | 8 | 7 | 19 | 19 | 15 | 8 | 9 | 10 |
| 25 | 30 | 19 | 28 | 37 | 25 | 25 | 31 | 33 | 38 | |
| Total Liabilities | 156 | 230 | 197 | 190 | 335 | 281 | 268 | 277 | 356 | 415 |
| 29 | 27 | 26 | 25 | 24 | 38 | 40 | 43 | 58 | 60 | |
| Capital Work in Progress | 0 | 0 | 0 | 1 | 2 | 2 | 3 | 6 | 4 | 2 |
| 35 | 83 | 43 | 66 | 116 | 47 | 66 | 37 | 113 | 150 | |
| 74 | 91 | 88 | 82 | 170 | 162 | 122 | 155 | 112 | 143 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 1 | |
| Cash & Bank | 11 | 21 | 26 | 2 | 8 | 17 | 13 | 13 | 51 | 40 |
| 6 | 8 | 15 | 14 | 15 | 15 | 24 | 22 | 16 | 19 | |
| Total Assets | 156 | 230 | 197 | 190 | 335 | 281 | 268 | 277 | 356 | 415 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 31 | 99 | 4 | 39 | 62 | 13 | 37 | -15 | 143 | 54 | |
| Cash from Investing | -41 | -53 | 37 | -10 | -42 | 55 | -32 | 24 | -118 | -9 |
| Cash from Financing | 18 | -8 | -26 | -35 | 13 | -51 | -8 | -7 | -19 | -33 |
| 1 | 3 | -1 | -11 | 6 | 8 | -6 | 2 | 6 | 11 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
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News
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