Kiri Industries (KIRIINDUS) had a P/E of 0.5× on 6 Nov 2026, below the industry P/E of 22.1×, and the shares are 36% below their 52-week high. It earns ROCE of 92%, and sales fell 3.6% 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 ₹3,260 Cr, ranked 45th of 204 Specialty Chemicals companies by market cap; the shares fell 9.3% over the past year.
- ₹493.65
- ₹509.00
- ₹480.30
- ₹489.20
- 7.3 L
Health check
- ReturnsBehind
−9.3% 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.
- GrowthSteady
Sales −3.6%, profit +273.6% a year over 3 years.
- ProfitabilityStrong
ROCE 91.9% vs peer median 24.4%.
- Balance sheetSolid
Practically debt-free.
- Red flags3 to check
Net profit is above operating profit, so a one-off gain is likely flattering earnings.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹3,260 Cr
- Small cap
- P/E
- 0.5
- Industry 22.1
- Price to book
- 0.47
- Peers 13.33
- Dividend yield
- 0.00%
- ROE
- 115.0%
- Peers 23.0%
- ROCE
- 91.9%
- Peers 24.4%
- Debt to equity
- 0.01
- Debt ₹42 Cr
- EPS (TTM)
- ₹928.39
- Face value ₹10
- OPM (TTM)
- −19.9%
- Net margin 615.5%
- Sales growth
- +54.5%
- Latest quarter vs a year ago
- Profit growth
- +2763.6%
- Latest quarter vs a year ago
- Price to sales
- 3.43
- EV/EBITDA 4.4
Strengths and risks
Strengths
- Return on equity of 115.0%.
- Return on capital employed of 91.9%.
- Practically debt-free.
- Quarterly profit up 2763.6% on a year ago.
- Quarterly sales up 54.5% on a year ago.
Risks to check
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- 36% below its 52-week high.
- Interest coverage of only −0.2×.
About Kiri Industries
Kiri Industries Limited manufactures and sells dyes, dye intermediates, and basic chemicals in India and internationally. It provides reactive dyes, acid dyes, direct dyes, and disperse dyes; and basic chemicals comprising sulphuric acid, chloro sulhponic acid, oleum, spent sulphuric acid, and thionyl chloride. The company also offers dye intermediates, such as sulpho J.acid, sulpho tobias acid, sulpho gama acid, and para nitro toluene ortho sulfonic…
- Headquarters
- Ahmedabad
- Employees
- 787
- Sector
- Basic Materials
- ISIN
- INE415I01015
- Website
- kiriindustries.com
Price range
- Avg volume (3M)
- 10.8 L
- 1-year return
- minus 9.3%
- From 52-week high
- minus 35.8%
Peers · Specialty Chemicals
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINTAsian Paints | 2,546.00 | plus 0.88% | 2,44,025 | 50.5 | 35.0 | 24.4% | 18.9% | 0.21 | 1.1% | plus 1.5% |
| SOLARINDSSolar Industries India | 18,608.00 | plus 0.48% | 1,68,384 | 74.4 | 64.1 | 29.5% | 27.8% | 0.22 | 12.4% | plus 35.9% |
| PIDILITINDPidilite Industries | 1,579.00 | plus 1.63% | 1,60,827 | 60.0 | 44.4 | 28.5% | 23.5% | 0.03 | 7.4% | plus 6.8% |
| LINDEINDIALinde India | 6,859.00 | plus 8.73% | 58,496 | 118.4 | 64.2 | 16.3% | 31.5% | 0.23 | – | plus 5.4% |
| BERGEPAINTBerger Paints India | 478.35 | minus 5.28% | 55,776 | 45.4 | 29.4 | 20.6% | 15.3% | 0.15 | 4.2% | minus 6.0% |
| FLUOROCHEMGujarat Fluorochemicals | 4,665.50 | minus 0.94% | 51,251 | 75.9 | 44.0 | 9.6% | 24.1% | 0.26 | −4.5% | plus 28.0% |
| ACUTAASAcutaas Chemicals | 3,786.60 | plus 0.42% | 31,001 | 70.9 | 64.1 | 27.7% | 39.4% | 0.01 | 29.4% | plus 105.6% |
| KIRIINDUSKiri Industries | 500.20 | plus 2.25% | 3,260 | 0.5 | – | – | 1.3% | 0.01 | −3.6% | minus 9.3% |
| Median of 7 peers | – | 0.48% | 58,496 | 70.9 | 44.4 | 24.4% | 24.1% | 0.21 | 5.8% | 6.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 202 | 213 | 174 | 250 | 312 | |
| 218 | 227 | 222 | 393 | 296 | |
| −16.2 | −13.7 | −48.6 | −142 | 15.9 | |
| −8.0% | −6.4% | −28.0% | −56.8% | 5.1% | |
| 34.8 | 0.6 | 102 | 38.7 | 286 | |
| 59.5 | 60.5 | 67 | 8.2 | 1.4 | |
| 11.6 | 11.7 | 11.9 | 11.8 | 11.9 | |
| – | – | 5,854 | 26.9 | – | |
| −52.6 | −85.2 | 5,829 | −96.7 | 289 | |
| 2.2% | 6.8% | 14.0% | 615.3% | 6.4% | |
| 10.1 | 19.6 | 5,022 | 515 | 290 | |
| 1.75 | 3.27 | 799.47 | 80.64 | 44.89 |
Profit & loss
- Sales CAGR 3Y
- −3.6%
- Profit CAGR 3Y
- +273.6%
- EPS CAGR 3Y
- +251.8%
- ROE
- 115.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 916 | 694 | 729 | 822 | |
| – | minus 24.2% | +5.0% | +12.7% | |
| 948 | 752 | 780 | 859 | |
| −31.7 | −57.8 | −50.5 | −37 | |
| −3.5% | −8.3% | −6.9% | −4.5% | |
| 209 | 291 | 469 | 255 | |
| 5.7 | 21.6 | 126 | 191 | |
| 48.9 | 45.6 | 44.5 | 46.9 | |
| – | −0 | 14.8 | 5,801 | |
| 122 | 166 | 262 | 5,782 | |
| 12.8% | 0.1% | −0.9% | 3.7% | |
| 107 | 166 | 265 | 5,567 | |
| – | +55.9% | +59.3% | +2002.7% | |
| 20.67 | 31.95 | 42.81 | 900.91 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 51.8 | 51.8 | 55.6 | 60 | |
| 2,627 | 2,732 | 3,191 | 6,376 | |
| 53 | 126 | 1,124 | 41.8 | |
| 472 | 456 | 355 | 561 | |
| 3,205 | 3,365 | 4,725 | 7,039 | |
| 638 | 559 | 970 | 1,607 | |
| 130 | 122 | 164 | 540 | |
| 0 | 0 | 4.2 | 82.7 | |
| 98.2 | 3.6 | 381 | 3,608 | |
| 2,339 | 2,680 | 3,206 | 1,201 | |
| 3,205 | 3,365 | 4,725 | 7,039 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 88.7 | −76.8 | −342 | 4,555 | |
| −17.9 | 28.8 | −842 | −3,050 | |
| −56.5 | 49.8 | 1,194 | −966 | |
| 14.2 | 1.7 | 9.5 | 539 | |
| −22.2 | −7.8 | −407 | −287 | |
| 66.4 | −84.7 | −749 | 4,268 |
Shareholding pattern
- Promoters41.71%
- Public58.29%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 7 Nov 2026 | 41.71% | 58.29% | 0.00 | |
| 30 Sep 2026 | 41.71% | 58.29% | 0.00 | |
| 30 Jun 2026 | 41.71% | 58.29% | 0.00 | |
| 11 Apr 2026 | 41.71% | 58.29% | plus 4.99 | |
| 31 Mar 2026 | 36.72% | 63.28% | – |
Major shareholders
Filings & events
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