Karnika Industries Ltd.
•₹ 112.35-2.3%
2026-08-21
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.4%
- Company has a healthy return on capital (ROCE) of 22.8%
- Latest quarter profit grew 138.7% YoY, showing strong momentum
- Company comfortably covers its interest (6.3x coverage)
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.51x)
- Operating cash flow has been negative in recent years
- Free cash flow has been persistently negative
- Stock is trading at 11.2x its book value
- Rich enterprise valuation - EV/EBITDA of 28.7x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | PAGEIND | 35400.00 | 0.00 | 39484.71 | 1.55 | 192.81 | -3.98 | 1420.45 | 7.89 | 73.60 | 20.35 |
| 2. | KPRMILL | 1122.45 | 42.05 | 38366.91 | 0.45 | 258.54 | 21.55 | 1935.52 | 14.77 | 20.16 | 19.37 |
| 3. | VTL | 594.75 | 20.30 | 17216.57 | 0.84 | 314.56 | 51.46 | 2703.08 | 13.31 | 11.31 | 18.11 |
| 4. | WELSPUNLIV | 181.25 | 61.68 | 17123.64 | 0.06 | 162.61 | 82.09 | 2795.45 | 23.66 | 15.04 | 11.53 |
| 5. | ARVIND | 518.15 | 34.04 | 14095.79 | 0.87 | 57.77 | 5.61 | 2500.96 | 24.65 | 13.98 | 9.64 |
| 6. | MANYAVAR | 542.75 | 32.73 | 13187.64 | 1.43 | 66.90 | 37.31 | 267.95 | 22.74 | 33.92 | 45.53 |
| 7. | PGIL | 2410.95 | 35.88 | 11136.31 | 0.60 | 99.23 | 51.37 | 1528.26 | 24.46 | 22.42 | 10.72 |
| 8. | SWANCORP | 302.25 | 42.38 | 9474.23 | 0.05 | -35.99 | -233.33 | 1013.75 | -16.44 | 4.50 | -0.38 |
| 9. | ICIL | 444.15 | 58.30 | 8796.58 | 0.34 | 63.22 | 67.28 | 1206.96 | 25.89 | 8.73 | 11.88 |
| 10. | GARFIBRES | 759.85 | 35.32 | 7419.81 | 1.18 | 64.60 | 21.56 | 482.37 | 31.35 | 20.98 | 18.70 |
| 11. | KUSUMGAR | 565.70 | 60.48 | 5939.36 | 0.00 | 426.47 | — | 2472.47 | — | 26.15 | 30.50 |
| 12. | KARNIKA | 114.85 | 25.47 | 712.04 | 0.00 | 91.38 | — | 737.72 | — | 24.29 | 17.23 |
Detailed Comparison with:
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 71 | 15 | 60 | 33 | 70 | 60 | 61 | 598 | |
| 61 | 12 | 52 | 28 | 55 | 51 | 55 | 510 | |
| Operating Profit | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — |
| Other Income | 1 | 0 | 2 | 1 | 0 | 0 | 7 | 16 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 13 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| 10 | 2 | 9 | 4 | 13 | 8 | 11 | 104 | |
| Tax % | 25.15% | 24.06% | 26.32% | 25.78% | 26.41% | 25.83% | 29.35% | 29.26% |
| Net Profit | 7 | 1 | 6 | 3 | 9 | 6 | 8 | 74 |
| 6 | 1 | 5 | 2 | 3 | 1 | 1 | 1 | |
| Equity Capital | 12 | 12 | 12 | 12 | 62 | 62 | 62 | 620 |
| Reserves | 51 | 51 | 0 | 0 | 21 | 28 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 12 | 12 | 12 | 12 | 62 | 62 | 62 | 620 |
| Reserves | 51 | 51 | 0 | 0 | 21 | 28 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Sep 2024
- 71
- 61
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 0
- 10
- Tax %
- 25.15%
- Net Profit
- 7
- 6
- Equity Capital
- 12
- Reserves
- 51
- Promoter Pledge %
- 0.00%
- Equity Capital
- 12
- Reserves
- 51
- Promoter Pledge %
- 0.00%
Dec 2024
- 15
- 12
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 2
- Tax %
- 24.06%
- Net Profit
- 1
- 1
- Equity Capital
- 12
- Reserves
- 51
- Promoter Pledge %
- 0.00%
- Equity Capital
- 12
- Reserves
- 51
- Promoter Pledge %
- 0.00%
Mar 2025
- 60
- 52
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 1
- Depreciation
- 0
- 9
- Tax %
- 26.32%
- Net Profit
- 6
- 5
- Equity Capital
- 12
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 12
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 33
- 28
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 1
- Depreciation
- 0
- 4
- Tax %
- 25.78%
- Net Profit
- 3
- 2
- Equity Capital
- 12
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 12
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 70
- 55
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 13
- Tax %
- 26.41%
- Net Profit
- 9
- 3
- Equity Capital
- 62
- Reserves
- 21
- Promoter Pledge %
- 0.00%
- Equity Capital
- 62
- Reserves
- 21
- Promoter Pledge %
- 0.00%
Dec 2025
- 60
- 51
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 8
- Tax %
- 25.83%
- Net Profit
- 6
- 1
- Equity Capital
- 62
- Reserves
- 28
- Promoter Pledge %
- 0.00%
- Equity Capital
- 62
- Reserves
- 28
- Promoter Pledge %
- 0.00%
Mar 2026
- 61
- 55
- Operating Profit
- —
- OPM %
- —
- Other Income
- 7
- Interest
- 1
- Depreciation
- 0
- 11
- Tax %
- 29.35%
- Net Profit
- 8
- 1
- Equity Capital
- 62
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 62
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 598
- 510
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 13
- Depreciation
- 2
- 104
- Tax %
- 29.26%
- Net Profit
- 74
- 1
- Equity Capital
- 620
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 620
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|
| 125 | 127 | 173 | 251 | |
| 109 | 109 | 146 | 212 | |
| Operating Profit | 17 | 19 | 30 | — |
| OPM % | 13 | 15 | 17 | — |
| Other Income | 1 | 1 | 4 | 9 |
| Interest | 5 | 5 | 5 | 5 |
| Depreciation | 0 | 1 | 1 | 1 |
| 11 | 14 | 24 | 43 | |
| Tax % | 26 | 26 | 25 | 28 |
| Net Profit | 8 | 10 | 18 | 31 |
| EPS | 9 | 8 | 15 | — |
| Dividend Payout % | 0 | 0 | 1 | — |
| Minority Interest | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 3 | — |
| Minority Interest | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 3 | — |
Mar 2023
- 125
- 109
- Operating Profit
- 17
- OPM %
- 13
- Other Income
- 1
- Interest
- 5
- Depreciation
- 0
- 11
- Tax %
- 26
- Net Profit
- 8
- EPS
- 9
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2024
- 127
- 109
- Operating Profit
- 19
- OPM %
- 15
- Other Income
- 1
- Interest
- 5
- Depreciation
- 1
- 14
- Tax %
- 26
- Net Profit
- 10
- EPS
- 8
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2025
- 173
- 146
- Operating Profit
- 30
- OPM %
- 17
- Other Income
- 4
- Interest
- 5
- Depreciation
- 1
- 24
- Tax %
- 25
- Net Profit
- 18
- EPS
- 15
- Dividend Payout %
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
TTM
- 251
- 212
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 5
- Depreciation
- 1
- 43
- Tax %
- 28
- Net Profit
- 31
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 34%
- Last Year:
- 29%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| LIABILITIES | - | - | - |
| Equity Capital | 9 | 12 | 12 |
| 9 | 41 | 59 | |
| 52 | 50 | 58 | |
| Trade Payables | 26 | 13 | 21 |
| 2 | 4 | 4 | |
| Total Liabilities | 98 | 120 | 154 |
| ASSETS | - | - | - |
| 2 | 5 | 7 | |
| 0 | 0 | 9 | |
| 49 | 48 | 50 | |
| 0 | 51 | 75 | |
| Cash & Bank | 2 | 12 | 1 |
| 46 | 4 | 13 | |
| Total Assets | 98 | 120 | 154 |
| Total Debt | 52 | 52 | 60 |
| Net Working Capital | 16 | 49 | 56 |
| Contingent Liabilities | 1 | 0 | 0 |
| Book Value per Share | 19.70 | 42.83 | 57.27 |
| Face Value | 10.00 | 10.00 | 10.00 |
| Total Debt | 52 | 52 | 60 |
| Net Working Capital | 16 | 49 | 56 |
| Contingent Liabilities | 1 | 0 | 0 |
| Book Value per Share | 19.70 | 42.83 | 57.27 |
| Face Value | 10.00 | 10.00 | 10.00 |
Mar 2023
- Equity Capital
- 9
- 9
- 52
- Trade Payables
- 26
- 2
- Total Liabilities
- 98
- 2
- 0
- 49
- 0
- Cash & Bank
- 2
- 46
- Total Assets
- 98
- Total Debt
- 52
- Net Working Capital
- 16
- Contingent Liabilities
- 1
- Book Value per Share
- 19.70
- Face Value
- 10.00
- Total Debt
- 52
- Net Working Capital
- 16
- Contingent Liabilities
- 1
- Book Value per Share
- 19.70
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 12
- 41
- 50
- Trade Payables
- 13
- 4
- Total Liabilities
- 120
- 5
- 0
- 48
- 51
- Cash & Bank
- 12
- 4
- Total Assets
- 120
- Total Debt
- 52
- Net Working Capital
- 49
- Contingent Liabilities
- 0
- Book Value per Share
- 42.83
- Face Value
- 10.00
- Total Debt
- 52
- Net Working Capital
- 49
- Contingent Liabilities
- 0
- Book Value per Share
- 42.83
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 12
- 59
- 58
- Trade Payables
- 21
- 4
- Total Liabilities
- 154
- 7
- 9
- 50
- 75
- Cash & Bank
- 1
- 13
- Total Assets
- 154
- Total Debt
- 60
- Net Working Capital
- 56
- Contingent Liabilities
- 0
- Book Value per Share
- 57.27
- Face Value
- 10.00
- Total Debt
- 60
- Net Working Capital
- 56
- Contingent Liabilities
- 0
- Book Value per Share
- 57.27
- Face Value
- 10.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| -53 | -6 | 4 | |
| Cash from Investing | -2 | -4 | -18 |
| Cash from Financing | 57 | 20 | 4 |
| 2 | 10 | -10 | |
| Free Cash Flow | -53 | -10 | 1 |
| OCF / Net Profit | -6.49 | -0.60 | 0.23 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
| OCF / Net Profit | -6.49 | -0.60 | 0.23 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
Mar 2023
- -53
- Cash from Investing
- -2
- Cash from Financing
- 57
- 2
- Free Cash Flow
- -53
- OCF / Net Profit
- -6.49
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -6.49
- Cumulative 5-Year FCF
- 0
Mar 2024
- -6
- Cash from Investing
- -4
- Cash from Financing
- 20
- 10
- Free Cash Flow
- -10
- OCF / Net Profit
- -0.60
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.60
- Cumulative 5-Year FCF
- 0
Mar 2025
- 4
- Cash from Investing
- -18
- Cash from Financing
- 4
- -10
- Free Cash Flow
- 1
- OCF / Net Profit
- 0.23
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.23
- Cumulative 5-Year FCF
- 0
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| PER SHARE | - | - | - |
| EPS (₹) | 8.99 | 8.15 | 14.54 |
| Book Value (₹) | 19.70 | 42.83 | 57.27 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.10 |
| Cash EPS (₹) | 1.88 | 1.76 | 3.09 |
| PROFITABILITY | - | - | - |
| Operating Margin % | 13.36% | 14.21% | 15.13% |
| Net Margin % | 6.57% | 7.94% | 10.45% |
| ROE % | 45.64% | 28.45% | 29.05% |
| ROCE % | 23.14% | 21.08% | 24.29% |
| 8.37% | 9.29% | 13.15% | |
| EFFICIENCY | - | - | - |
| Debtor Days | 118 | 131 | 133 |
| Inventory Days | 142 | 138 | 103 |
| Payable Days | 151 | 110 | 65 |
| 109 | 160 | 171 | |
| FINANCIAL HEALTH | - | - | - |
| Debt to Equity (x) | 2.92x | 0.98x | 0.85x |
| Interest Coverage (x) | 3.15x | 3.78x | 6.33x |
| 1.20x | 1.76x | 1.68x | |
| GROWTH | - | - | - |
| Revenue Growth % | 0.00% | 2.15% | 35.57% |
| Operating Profit Growth % | 0.00% | 15.77% | 54.84% |
| Net Profit Growth % | 0.00% | 23.50% | 78.43% |
| 0.00% | -9.36% | 78.43% | |
| VALUATION | - | - | - |
| P/E (x) | 0.00x | 7.40x | 8.84x |
| P/B (x) | 0.00x | 7.04x | 11.22x |
| Dividend Yield % | 0.00% | 0.00% | 0.02% |
| 0.00x | 21.52x | 28.69x |
Mar 2023
- EPS (₹)
- 8.99
- Book Value (₹)
- 19.70
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.88
- Operating Margin %
- 13.36%
- Net Margin %
- 6.57%
- ROE %
- 45.64%
- ROCE %
- 23.14%
- 8.37%
- Debtor Days
- 118
- Inventory Days
- 142
- Payable Days
- 151
- 109
- Debt to Equity (x)
- 2.92x
- Interest Coverage (x)
- 3.15x
- 1.20x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 8.15
- Book Value (₹)
- 42.83
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.76
- Operating Margin %
- 14.21%
- Net Margin %
- 7.94%
- ROE %
- 28.45%
- ROCE %
- 21.08%
- 9.29%
- Debtor Days
- 131
- Inventory Days
- 138
- Payable Days
- 110
- 160
- Debt to Equity (x)
- 0.98x
- Interest Coverage (x)
- 3.78x
- 1.76x
- Revenue Growth %
- 2.15%
- Operating Profit Growth %
- 15.77%
- Net Profit Growth %
- 23.50%
- -9.36%
- P/E (x)
- 7.40x
- P/B (x)
- 7.04x
- Dividend Yield %
- 0.00%
- 21.52x
Mar 2025
- EPS (₹)
- 14.54
- Book Value (₹)
- 57.27
- Dividend per Share (₹)
- 0.10
- Cash EPS (₹)
- 3.09
- Operating Margin %
- 15.13%
- Net Margin %
- 10.45%
- ROE %
- 29.05%
- ROCE %
- 24.29%
- 13.15%
- Debtor Days
- 133
- Inventory Days
- 103
- Payable Days
- 65
- 171
- Debt to Equity (x)
- 0.85x
- Interest Coverage (x)
- 6.33x
- 1.68x
- Revenue Growth %
- 35.57%
- Operating Profit Growth %
- 54.84%
- Net Profit Growth %
- 78.43%
- 78.43%
- P/E (x)
- 8.84x
- P/B (x)
- 11.22x
- Dividend Yield %
- 0.02%
- 28.69x
Documents
Announcements
Nothing filed yet.
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
May 2026
Nov 2025