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Kiri Industries Ltd (KIRIINDUS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532967 NSE: KIRIINDUS Dyes & Pigments | Small Cap | Kiri Industries Share Price

₹382.75 0.75 (0.20%)

As on 06-Jul'26 15:09

Kiri Industries Ltd (KIRIINDUS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532967 NSE: KIRIINDUS Dyes & Pigments | Small Cap | Kiri Industries Share Price

₹382.75 0.75 (0.20%)

As on 06-Jul'26 15:09

Key Metrics
Valuation Multiples
Market Cap
₹2,489 Cr.
Current Price
₹382.8
52-Week Low / High
₹334 / 778
TTM EPS
₹856.4
TTM Sales
₹778 Cr.
Book Value per Share
₹1,008.2
P/E Ratio
0.45
Industry PE
2.8
Price to Book (P/B)
0.38
Lower than its 5-year historical median
Price to Sales (P/S)
3.20
Higher than its 5-year historical median
EV/EBITDA
-47.06
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.94%
Underperforms industry median
Return on Capital Employed (ROCE)
2.47%
Underperforms industry median
Return on Assets (ROA)
0.44%
Operating Profit Margin
-6.2%
Net Profit Margin
0.67%
Gross Profit Margin
6.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.51%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
36.72%
Pledged shares (%) of Promoter's holding (%)
0.27%
Reserves
₹6,505 Cr.
Equity
₹65.2 Cr.
Face Value
₹10
All Time Low / High
₹4.05 / 877.00

Kiri Industries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Kiri Industries Ltd a good quality company?
Kiri Industries Ltd is a average quality company, based on a somewhat consistent 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 Kiri Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Kiri Industries Ltd vs industry peers?
Kiri Industries Ltd revenue CAGR is -7.52%, compared to the industry median CAGR of 5.57%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Kiri Industries Ltd?
Promoters hold 36.72% of the Kiri Industries Ltd, with 0.27% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Kiri Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 7.6% based on the current price.

10 Year X-Ray : Login to view analysis.

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.
Kiri Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.8%18.5%17.3%17.7%7.9%-4.7%-1.4%-20.6%-13.4%2.5%-
Value Creation
Index
-0.30.30.20.3-0.4-1.3-1.1-2.5-2.0-0.8-

Growth Parameters

Sales 8899658841,0629696891,137601633656778
Sales YoY Gr.-8.5%-8.4%20.1%-8.7%-28.9%65%-47.1%5.3%3.5%-
Adj EPS 6.534.134.438.915.4-10.4-1.6-25.1-17.81.2856.4
YoY Gr.-426.5%0.9%12.9%-60.4%-167.3%NANANANA-
BVPS (₹) 59.195.9155.7201.2200.2188.8120.694.876.697.31,008.2
Adj Net
Profit
17.29510412251.8-34.8-8.5-130-92.56.65,581
Cash Flow from Ops. 20420255.310712573.88149.8-77-339-
Debt/CF from Ops. 20.93.11.51.221.21-1.6-0.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -3.3%-7.5%-16.8%3.5%
Adj EPS -17.2%-40.2%NANA
BVPS5.7%-13.4%-6.9%26.9%
Share Price 0% -8.5% 10.4% -31.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
1033.22321.37.9-5.3-1.4-23.3-20.81.2154.9
Op. Profit
Mgn %
11.113.3151510.20.22.9-17.2-9.8-6.2-27.1
Net Profit
Mgn %
1.99.911.811.55.3-5.1-0.8-21.6-14.61717.4
Debt to
Equity
2.60.70.40.30.20.20.20.10.30.30
Working Cap
Days
177103115131162202111182160186463
Cash Conv.
Cycle
941823404240-1-38-75-22387

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales8899658841,0629696891,137601633656
Operating Expenses + 8068377549058736901,105711697699
Manufacturing Costs90111134146172144198151128158
Material Costs646671546682596444791457482424
Employee Cost 32253234414253434045
Other Costs 39314244646164594672
Operating Profit 8312813015696-131-109-63-44
Operating Profit Margin (%) 9.3%13.2%14.7%14.7%9.9%-0.1%2.8%-18.1%-10.0%-6.7%
Other Income + 82334222337105
Exceptional Items 5000000000
Interest 6782454562217
Depreciation 20222528373944444444
Profit Before Tax 79910712659-42-15-136-931
Tax -25469-5-6-20-4
Profit After Tax 99410312050-37-9-134-944
PAT Margin (%) 1.0%9.8%11.6%11.3%5.2%-5.3%-0.8%-22.3%-14.8%0.7%
Adjusted EPS (₹)3.433.833.938.314.9-10.9-1.8-25.9-18.10.8
Dividend Payout Ratio (%)0%0%0%5.20%3.40%0%0%0%0%0%

Valuation of Kiri Industries - Standalone

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

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 161267471631673635625491397541
Share Capital 31283031343452525256
Reserves 130239441599639601573439345485
Debt +2701721571499796274530144
Long Term Debt2691581561499695274124139
Short Term Debt11511111465
Minority Interest0000000000
Trade Payables136146115160180207261352358183
Others Liabilities 21319011713314114612865148218
Total Liabilities 7807758601,0731,0911,0831,0419539341,086

Fixed Assets

Net Fixed Assets +277305349429464519506474437472
Gross Block438327396505576670701712720799
Accumulated Depreciation162224776112151195239283327
CWIP 3363238775859676862
Investments 174168168140140140140140142163
Inventories5040571089710711699123153
Trade Receivables217140181208189145103656895
Cash Equivalents 25711766225
Others Assets 56806713911810911110693135
Total Assets 7807758601,0731,0911,0831,0419539341,086

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 20420255107125748150-77-339
PBT 79910712659-42-15-136-931
Adjustment 842824303741462730-44
Changes in Working Capital 23570-74-36478951161-13-295
Tax Paid 2-2-1-14-18-14-1-2-00
Cash Flow From Investing Activity + -40-86-63-90-102-69-2432712
Capex -42-50-65-115-110-76-32-20-8-73
Net Investments -200280-00-0-1-21
Others 4-351-48782337106
Cash Flow From Financing Activity + -163-11410-13-26-7-57-5650329
Net Proceeds from Shares 37-0-00302200140
Net Proceeds from Borrowing -99-249-2-8-14-1-53-517027
Interest Paid -67-8-2-4-5-4-5-6-22-16
Dividend Paid 0000-8-20000
Others -3314313-0-3-0-2212178
Net Cash Flow 1224-4-20-403

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)6.7844.4627.7921.797.7-5.59-1.48-24.04-21.060.94
ROCE (%)9.7618.5317.3117.697.87-4.72-1.38-20.59-13.42.47
Asset Turnover Ratio0.981.331.11.10.90.631.070.60.670.65
PAT to CFO Conversion(x)22.672.150.530.892.5N/AN/AN/AN/A-84.75
Working Capital Days
Receivable Days125.406365.106774.8088.3039.8051.1038.4045.50
Inventory Days19.901619.7028.4038.705435.8065.106477
Payable Days63.4076.5087.2073.70104.10159.20108244.30268.90233.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.430.430.43100.0078.4978.490.340.270.270.27
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Kiri Industries Ltd FAQs

The current trading price of Kiri Industries on 06-Jul-2026 15:09 is ₹382.8.

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 05-Jul-2026 the market cap of Kiri Industries stood at ₹2,489.4 Cr

The latest P/E ratio of Kiri Industries as of 05-Jul-2026 is 0.45.

The latest P/B ratio of Kiri Industries as of 05-Jul-2026 is 0.38.

The 52-week high of Kiri Industries is ₹778.0 and the 52-week low is ₹334.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kiri Industries is ₹778 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Kiri Industries Ltd is a average quality company.

The key valuation ratios of Kiri Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Kiri Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Kiri Industries Ltd

Kiri Industries, earlier known as Kiri Dyes and Chemicals (KDCL) incorporated in 1998; manufactures high quality dyes and intermediates. KDCL supplies reactive, acid, and direct dyes as well as dye-intermediates in various forms like standardized spray dried/tray dried - powder/granular, crude and reverse osmosis.

The company produces more than 120 dyestuffs used by textiles, leather, paint and printing-ink industries with total production capacity of 10800 MT per annum. Company’s manufacturing units is located at Vatva and Vododara in Gujarat.

The company has received various certifications such as ISO 14001:2004 and ISO 9001: 2000 for its quality management.

Besides India the company has global presence in countries like Korea, Turkey, Taiwan, Bangladesh, U.S.A., Canada etc. All the products manufactured by the company have found global acceptance.

Research and development (R&D)

The Company has in house R&D centre located at Vatva, Ahmedabad is equipped with advanced technology. Company’s 4-5% of total revenue earned is used in research activities. This facility focuses on developing new product, developing cost effective process and creating environmentally friendly products. This facility has employed high skilled workforce comprising of research chemists, engineers and technicians.

Products

Reactive Dyes- Under this the company manufactures a range of dyes namely hot brand, Vinyl Sulphone, , High Exhaust, Bifunctional, Black mix, RGB Series, ED Series, S and W Series and CN Series.

Company also produces dye intermediates.

Milestone

1998- Kiri Dyes and Chemicals was incorporated.

1999- The company started exporting its products to USA and Taiwan

2001- The company was awarded by CHEMEXIL for outstanding export performance in the year 1998-1999.

2001- KDCL was awarded by CHEMEXIL for outstanding export performance in the year 1999-2000.

KDCL was acknowledged with a trophy by Gujarat Dyestuffs Manufactures Association for export performance of more than Rs. 600 Lakhs for direct export of self manufactured dyes and dye intermediates during 1990-2000.

2002- Company obtained permission confirming eligibility of Kiri Dyes to become 100% Export Oriented Unit from Kandla Special Economic Zone.

KDCL received First Award for the highest exports of chemicals from small scale industry by CHEMEXIL for the year 2000-2001.

2003- Company received Platinum Award from CHEMEXCIL for outstanding performance during the year 2002–2003.

KDCL became Government Recognized Trading House.

2004- The company was recognised as a Two Star Export House.

KDCL received Environmental Clearance Certificate from the Ministry of Environment and Forest to its expansion.

Its manufacturing unit was converted into 100% Export Oriented Unit.

2005- Company commenced its backward integration project at Vododara.

Company was honoured with Silver Jubilee award by Export Credit Guarantee Corporation of India, Government of India.

2006- Started commercial production of backward integration project with respect to Vinyl Sulphone Easter at Vadodara.

2007- The company has received various certifications such as ISO 14001:2004 and ISO 9001: 2000 for its quality management.

2011 - Company has changed its name from Kiri Dyes And Chemicals Ltd. to Kiri Industries Ltd.
        - Company has acquired a chemical Company in Taiwan named SMS Chemical Co. Ltd.

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