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On 6 Nov 2026, Karma Energy was priced at ₹34.00, or 44.2× trailing earnings, against an industry P/E of 45.8×, and the shares are 41% below their 52-week high. Its ROCE of −1.7% is the lowest among the 7 largest Utilities (Renewable) peers, and sales and net profit fell 8.7% and 44% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. The company has almost no debt. It is a small-cap company with a market cap of ₹39 Cr, ranked 16th of 18 Utilities (Renewable) companies by market cap; the shares fell 38% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹34.44
Day high
₹34.99
Day low
₹34.00
Prev. close
₹34.69
Volume
2.6K

Health check

5 to check
  • ReturnsBehind

    −37.6% over a year, better than 0 of 7 peers.

  • Price tagDistorted

    A one-off gain inflates profit, so P/E isn’t comparable right now.

  • GrowthShrinking

    Sales −8.7%, profit −43.7% a year over 3 years.

  • ProfitabilityNegative

    ROCE -1.7% vs peer median 5.8%.

  • Balance sheetStretched

    Practically debt-free, Piotroski 7 of 9.

  • Red flags5 to check

    Return on equity is low at 2.6%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Utilities - Renewable

17 listed peers. Screen the industry

Small cap

₹39 Cr, #16 of 18 in its industry by size.

Defensive

Beta 0.59 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹10 Cr · profit ₹1 Cr
Market cap
₹39 Cr
Small cap
P/E
44.2
Industry 45.8
Price to book
0.96
Peers 3.18
Dividend yield
0.00%
ROE
2.6%
Peers 7.3%
ROCE
−1.7%
Peers 5.8%
Debt to equity
0.04
Debt ₹1.53 Cr
EPS (TTM)
₹0.77
Face value ₹10
OPM (TTM)
−21.4%
Net margin 8.9%
Sales growth
+4.8%
Latest quarter vs a year ago
Profit growth
−27.5%
Latest quarter vs a year ago
Price to sales
3.97
EV/EBITDA −18.4

Strengths and risks

Strengths

  • Practically debt-free.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Return on equity is low at 2.6%.
  • Quarterly profit down 27.5% on a year ago.
  • Net profit is above operating profit, so a one-off gain is likely flattering earnings.
  • 41% below its 52-week high.
  • Interest coverage of only −17.4×.

Derived automatically from reported figures. Not a recommendation.

About Karma Energy

Karma Energy Limited generates and sells power from renewable sources in India. The company develops and operates wind farms with a capacity of 33 MW in the states of Andhra Pradesh, Maharashtra, and Tamil Nadu. It also develops a 3.5 MW hydro power project in Balij-ka-Nala-II, Chamba District. The company was incorporated in 2007 and is based in Mumbai, India.

Headquarters
Mumbai
Sector
Utilities
ISIN
INE725L01011
Website
karmaenergy.co

Price range

52 weeks

₹31.26₹58.00

Today

₹34.00₹34.99
Avg volume (3M)
7.6K
1-year return
minus 37.6%
From 52-week high
minus 41.4%

Peers · Utilities - Renewable

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ADANIGREENAdani Green Energy1,424.10plus 0.65%2,34,574129.530.66.3%90.8%3.7516.6%plus 30.2%
ENRINSiemens Energy India2,809.00minus 1.75%1,00,03467.263.429.2%21.5%0.04–minus 11.9%
NHPCNHPC82.08plus 1.84%82,45019.123.75.8%46.1%1.132.0%minus 4.2%
NTPCGREENNTPC Green Energy82.63minus 1.27%69,627107.340.52.9%87.5%1.92156.2%minus 16.9%
ACMESOLARACME Solar Holdings394.95minus 3.17%27,88334.224.87.0%86.5%3.3016.0%plus 49.0%
SJVNSJVN57.15minus 0.70%22,45922.716.45.0%67.8%2.2514.6%minus 34.1%
CLEANMAXClean Max Enviro Energy Solutions1,259.70minus 1.32%14,81581.421.84.9%58.4%2.3227.1%plus 45.2%
KARMAENGKarma Energy34.00minus 1.99%3944.2–−1.7%−21.4%0.04−8.7%minus 37.6%
Median of 7 peers–−1.27%69,62767.224.85.8%67.8%2.2516.3%−4.2%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
3.14.61.20.93.2
3.133.13.32.5
−0.11.6−1.9−2.40.7
−2.9%34.5%−161.0%−277.6%20.6%
0.70.40.31.90.4
00000
0.50.50.50.50.5
0.8––––
0.91.4−2.1−1.10.5
32.5%26.2%110.1%25.7%12.7%
0.610.2−0.80.4
0.530.910.19-0.710.38

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
−8.7%
Profit CAGR 3Y
−43.7%
EPS CAGR 3Y
−43.7%
ROE
2.6%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
12.812.48.79.8
–minus 3.6%minus 29.5%+12.1%
9.59.18.212.6
3.33.20.5−2.8
25.5%26.0%5.3%−28.9%
1.20.10.81
1.10.10.10.2
4.82.91.92
8.7−0.32.23.1
7.2−01.4−0.9
18.2%517.8%0.3%212.1%
5.90.11.41
–minus 97.9%+1031.1%minus 25.2%
5.090.111.210.91

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
11.611.611.611.6
26.926.928.329.3
6.31.11.91.5
10.710.510.24.7
55.5505247.1
27.424.223.621.2
–0.91.5–
13.512.55.811.1
0.30.10.60.1
14.312.320.514.7
55.5505247.1

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
54.41.71.9
8.50.7−1.9−1.8
−13.5−5.30.7−0.6
0−0.20.5−0.5
––−1.3−1.6
54.40.30.3

Shareholding pattern

Source: NSE filings
74.7%
promoters
  • Promoters74.70%
  • Public25.30%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202674.70%25.30%0.00
30 Jun 202674.70%25.30%0.00
31 Mar 202674.70%25.30%0.00
31 Dec 202574.70%25.30%0.00
30 Sep 202574.70%25.30%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you