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Kernex Microsystems (India) Ltd (KERNEX)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532686 NSE: KERNEX Electronics - Components | Small Cap | Kernex Microsystems Share Price

₹1,732.90 10.30 (0.60%)

As on 18-Sep'26 16:59

Kernex Microsystems (India) Ltd (KERNEX)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532686 NSE: KERNEX Electronics - Components | Small Cap | Kernex Microsystems Share Price

₹1,732.90 10.30 (0.60%)

As on 18-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,912 Cr.
Current Price
₹1,732.9
52-Week Low / High
₹851 / 2,586
TTM EPS
₹113.5
TTM Sales
₹878 Cr.
Book Value per Share
₹213
P/E Ratio
15.27
Industry PE
50.9
Price to Book (P/B)
8.13
Higher than its 5-year historical median
Price to Sales (P/S)
3.32
Lower than its 5-year historical median
EV/EBITDA
10.11
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
38.02%
Outperforms industry median
Return on Capital Employed (ROCE)
23.69%
Outperforms industry median
Return on Assets (ROA)
26.52%
Operating Profit Margin
21.5%
Net Profit Margin
26.37%
Gross Profit Margin
18.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
882.64%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
28.73%
Pledged shares (%) of Promoter's holding (%)
8.87%
Reserves
₹341 Cr.
Equity
₹16.8 Cr.
Face Value
₹10
All Time Low / High
₹11.03 / 2585.85

Kernex Microsystems (India) stock performance

Key Ratios
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Check Before You Invest

Valuation

Somewhat Overvalued

Price Trend

Weak
Q.1 Is Kernex Microsystems (India) Ltd a good quality company?
Kernex Microsystems (India) Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Kernex Microsystems (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Kernex Microsystems (India) Ltd vs industry peers?
Kernex Microsystems (India) Ltd revenue CAGR is 66.39%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Kernex Microsystems (India) Ltd?
Promoters hold 28.73% of the Kernex Microsystems (India) Ltd, with 8.87% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Kernex Microsystems (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 45.1% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Kernex Microsystems (India) Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % -7.1%1.6%-12%-21.2%12.4%1.7%-17.9%-19.9%-14.4%22.3%-
Value Creation
Index
-1.5-0.9-1.9-2.5-0.1-0.9-2.3-2.4-2.00.6-

Growth Parameters

Sales 11.912.313.37.514.615.65.4219.3190874
Sales YoY Gr.-3.4%8.2%-43.9%95.7%6.6%-65.6%-62.7%865%882.6%-
Adj EPS -11.1-16.4-11-26.3-2.80.3-13.7-12.3-11.830.3108.8
YoY Gr.-NANANANANA-5170.4%NANANA-
BVPS (₹) 83.676.965.549.355.756.142.559.772.7102.9217.7
Adj Net
Profit
-13.8-20.5-13.8-32.9-3.50.3-17.1-19-19.850.8183
Cash Flow from Ops. -5.9-25.92.5-25-8.10.9-5.4-34.4-69.410.8-
Debt/CF from Ops. -4.6-0.77.7-0.5-0.715.1-2.2-0.3-0.43.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 36%67%228.3%882.6%
Adj EPS NANANANA
BVPS2.3%13.1%34.3%41.6%
Share Price 45.5% 94.7% 57.1% 56%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-12.4-20.5-15.5-45.9-5.30.5-26.6-25.2-18.534.467.9
Op. Profit
Mgn %
-71.2-169.5-78.1-163.1-48.97.5-180.4-739.4-85.821.533.3
Net Profit
Mgn %
-116.2-167-103.5-440-23.92.2-319.2-948.9-102.726.820.9
Debt to
Equity
0.30.20.20.20.10.20.20.10.20.2-
Working Cap
Days
2,7092,3601,7562,2007478022,3986,6181,492254279
Cash Conv.
Cycle
2,0991,7581,1521,4473913631,2682,9007898682

Valuation of Kernex Microsystems - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *8.778.778.778.798.798.828.828.828.848.87
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales121213815187420190
Operating Expenses + 213325212214162142149
Manufacturing Costs57634336518
Material Costs51325104431399
Employee Cost 745545681218
Other Costs 4912943351314
Operating Profit -9-21-12-13-74-9-17-2341
Operating Profit Margin (%) -73.5%-170.0%-87.2%-158.0%-49.3%20.9%-141.0%-416.0%-116.0%21.5%
Other Income + 221211812111
Exceptional Items 0240-2500-4000
Interest 6422613137
Depreciation 3322221223
Profit Before Tax -16-2-15-2232-17-20-2733
Tax -02-1-0-0000-0-18
Profit After Tax -16-4-15-2132-17-20-2750
PAT Margin (%) -133.0%-32.9%-110.0%-262.0%23.0%11.0%-258.0%-495.0%-136.0%26.4%
Adjusted EPS (₹)-12.8-3.2-11.8-17.12.71.6-13.8-12.8-15.830.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 9788765659634382107157
Share Capital 12121212121212151717
Reserves 847564434650306790140
Debt +27242620112018112840
Long Term Debt0000000000
Short Term Debt27242620112018102840
Minority Interest0000000-0-0-1
Trade Payables13116011201620
Others Liabilities 19101289815982
Total Liabilities 15613312084799278102159219

Fixed Assets

Net Fixed Assets +50555443333225242425
Gross Block77838375666762636569
Accumulated Depreciation27283032343537394144
CWIP 10000000327
Investments 0000000000
Inventories251092187147253
Trade Receivables524236151312110524
Cash Equivalents 5667151819331934
Others Assets 15201516172315293776
Total Assets 15613312084799278102159219
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -4-263-25-113-5-36-7115
PBT -16-2-15-2232-17-20-2733
Adjustment 9-221713-91751317
Changes in Working Capital 4-22-16-6-05-22-57-35
Tax Paid 0000000000
Cash Flow From Investing Activity + 030-0292516-1-5-9
Capex 029-02824-05-1-2-4
Net Investments 0000000000
Others 00001110-2-5
Cash Flow From Financing Activity + 3-4-2-2-6-1045645
Net Proceeds from Shares 000000649500
Net Proceeds from Borrowing 4-4000000-00
Interest Paid -60-3-2-6-1-3-1-3-7
Dividend Paid 0000000000
Others 5000-00-2-41712
Net Cash Flow -00117329-1111
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-15.19-4.4-17.96-32.375.983.32-32.67-32.07-28.338.02
ROCE (%)-7.281.5-12.27-21.6712.654.63-18.19-23.15-21.0223.69
Asset Turnover Ratio0.080.090.110.080.180.210.080.050.151.01
PAT to CFO Conversion(x)N/AN/AN/AN/A-3.671.5N/AN/AN/A0.3
Working Capital Days
Receivable Days1,5681,386.301,068.101,151.90342.30247.50626.40093.7027.60
Inventory Days764.70519.70257.6024846.3095.90425.20958.10798.50119.50
Payable Days957.50355.301,695.70257.2014.1075.10145.70135.70234.9068.10

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Kernex Microsystems (India) Ltd FAQs

The current trading price of Kernex Microsystems on 18-Sep-2026 16:59 is ₹1,732.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Kernex Microsystems stood at ₹2,911.9 Cr

The latest P/E ratio of Kernex Microsystems as of 17-Sep-2026 is 15.93.

The latest P/B ratio of Kernex Microsystems as of 17-Sep-2026 is 7.96.

The 52-week high of Kernex Microsystems is ₹2,585.9 and the 52-week low is ₹850.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kernex Microsystems is ₹874 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Kernex Microsystems (India) Ltd is a below average quality company.

The key valuation ratios of Kernex Microsystems (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Kernex Microsystems (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Kernex Microsystems (India) Ltd

Kernex Microsystems was incorporated on September 15, 1991 as a private limited company with the object of designing, developing, installing and maintaining software packages for domestic and international markets. They are registered as 100% Export Oriented Unit (EOU) with Software Technology Parks of India, Department of Electronics, Govt. of India, New Delhi.

The company is presently engaged in the business of manufacturing, installing and maintaining of anti-collision systems as well as conceptualizing, designing, and developing certain railway safety and signal systems for Konkan Railways Corporation Ltd. These safety and signal systems are suitable for medium to low speed & density railway tracks like in India and other developing countries.

It entered into technology partnership with Konkan Railway Corporation Ltd, Navi Mumbai for design, engineering and development of anti-collision systems for providing safety to trains in Railways. It hold exclusive license for manufacturing, installation, commissioning and maintenance of anti-collision systems in India. The company also has an outsourced facility for the Konkan Railways Corporation Ltd. for manufacture and supply of ACDs and related accessories.

The company is a technology partner for the development and implementation of ADDs for Metro Sky-Bus Urban Transportation System, Advanced Railway Signal Systems and other safety systems. It holds the exclusive marketing rights of ACD systems all over the world except India.

They developed and exported software packages from 1993 to 2003 namely “Mimex” for GUI application, LearnX a self learning tool, ELX, Flicker, MathX, EzEc Builder, Netcare, E-DOCS, etc. With E-DOCS, They provided powerful, extensible and affordable document management and imaging solutions to companies and organizations looking to reduce their dependence on paper distributed information more efficiently and assist collaboration among users. MathX was an interactive mathematical wizard on MS-Windows, NT and 95 for evaluating complete expressions and solving intricate equations. It provided an easy to use interface to combine equations, graphics and text in single/multiple documents. EzEc Builder package was an integrated Electronic Commerce Tool to create and maintain supermarkets on Internet. It provided a BackOffice administration and an extensive set of canned reports. A virtual ERP, with all facets of electronics commerce, inventory control, financial accounting and customer management. Their turnover increased from Rs. 4.5 Million to Rs. 78 Million during fiscal year 1993 to 2003. In the domestic market, we also developed Intelligent Data Acquisition System and installed on Konkan Railways in 53 stations from 1997 to 1999.

The company started developing Railway Safety systems from 1999 and successfully developed and demonstrated a prototype of ACDs to Konkan Railway Corporation and Members of the Railway Safety Board. In March 2000 we entered into a Memorandum of Understanding with KRCL for Technical Collaboration for developing full scale networked Anti-Collision Systems (ACDs). They, jointly with KRCL, took up an intensive analysis of the major accidents that occurred in India, The functional requirements of the clients and operational safety procedures have been fully considered, for designing the logics of Anti Collision Systems. Based on the concept and domain knowledge provided by Konkan Railway Corporation Ltd, we developed the networked Anti-Collision Devices, using Global Positioning System, Radio Data Communication, Application Logics and Inter facing these with an Auto Breaking System developed by KRCL.

With operations in USA and planned operations in Far East, Africa and Middle East, Kernex is truly a global player in the offing.

Product range of the company includes:

  • Raksha kavach- It is a fully integrated, state of the art electronic control system designed to minimize collisions and increase safety on any railway network, both freight as well as passenger trains. It is a non-vital system providing an additional layer of safety in train operations to prevent dangerous train collisions, caused due to human errors or limitations and equipment failures.
  • Auto Control System - Auto control system (ACS) from is a cost-effective solution for rail based urban mass transportation. It can be used in both Manual and Auto mode operations. It supports Drivers, Station managers and Supervising staff with automatic functions and display information. This system monitors and controls continuously rail movements, Rail and station operations with the help of fail-safe signaling methodologies
  • Satdham Safety System (SSS)- The present signal systems involve fixed optical signals and physical monitoring wherein track circuits and relays are used. These are further linked and net worked with complex logical paths and routes on which a train is to be received or dispatched. Physical wiring and very large number of relays with on / off status are combined and designs with layout plans for wiring are prepared laboriously to ensure interlocking of signals.
  • Auto Tracking And Safety System (ATS) - Advancements in Modern communication technology can effectively be used to provide solutions and improve quality and efficiency of our transportation system. ATS is a fleet tracking, security and management solution for owners of vehicles to obtain information on the location and status of each vehicle in real-time.
  • Accurex- Accurex is a state of art Data Acquisition System developed and engineered by Kernex Microsystems ( India ) Ltd., Hyderabad . Accurex follows open systems standard and can be used for a wide range of applications such as Railways, Process Industries, R&D establishments, Defence establishments etc. Accurex comprises of a Central Monitoring Unit (CMU) and a number of Intelligent Data Acquisition Systems (IDAS) connected on a wide area network, which can be based on a copper cable, Telephone network, Optical Fibre cable, VHF/UHF/Microwave/GSM Radio network or Satellite link.
  • Edocs- Edocs is a 100% browser-based document management system that transforms the way businesses work with both paper and electronic documents. Enterprise and/or departmental applications involving: Document Management and Workflow Scanning PDF file management It can be easily implemented at a fraction of the cost of older client/server systems. The cornerstone of EDOCS's architecture is a COM-based API, which integrates seamlessly with other Windows® NT-based Internet, Intranet, or extranet applications.

The customer list of the company includes:

  • Konkan Railway Corporation Limited (also a technical partner)
  • North-East Frontier Railway
  • SKYBUS METRO Corporation Limited
  • DAXPRO, Kuala Lumpur, Malaysia
  • Electronic Corporation of India Limited
  • Singareni Collieries Company Limited
  • Wolverine Information Systems Inc. U.S.A
  • JKL Corporation Fremont, CA, U.S.A
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