Small Chemicals

Kiri Industries Ltd.

KIRIINDUS

₹602.4

1.02% (6.1)

Market Cap

₹3,351 Cr.

P/E

757.42

Kiri Industries Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Kiri Industries Ltd. Shareprice

Has the share price of Kiri Industries grown faster than its competition?

Kiri Industries has given lower returns compared to its competitors.
Kiri Industries has grown at ~5.85% over the last 9yrs while peers have grown at a median rate of 8.64%

Is Kiri Industries stock expensive?

Kiri Industries is not expensive.
Latest PE of Kiri Industries is 12.52, while 3 year average PE is 22.52.
Also latest EV/EBITDA of Kiri Industries is 0.0 while 3yr average is 16.39.

View FAQ's On Business

Growth Table

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	77.43	44.42	9.60	1.77	9.45	2.88	2.73	10.32	6.31	20.10
TTM EPS CAGR	90.98	51.40	-13.71	-10.29	-15.56	-1.38	-12.67	-8.33	-8.07	-7.07
Sales CAGR	10.09	-1.28	-14.95	-0.95	-6.74	-6.67	-2.93	-3.21	-1.27	0.25
PAT Margin (Abs Growth)	2.73	-11.96	-12.37	-14.75	2.24	-17.53	-8.15	11.68	15.64	23.70
PE CAGR	-4.94	-5.53	26.95	12.59	32.81	4.17	17.37	20.22	15.14	29.55
CFO CAGR	-168	—	—	—	—	—	—	—	-3.49	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	1,339	1,473	1,824	2,067	2,407	2,693	3,061	3,190	3,392	4,725
Non Current Assets	893	1,127	1,394	1,561	1,887	2,158	2,495	2,667	2,849	4,040
Net Block	333	376	412	484	512	563	546	510	470	805
Capital Work in Progress	5.64	36.03	32.13	37.73	78.53	58.41	62.92	72.50	72.54	62.73
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	568	717	948	954	1,214	1,445	1,781	1,992	2,213	2,807
Current Assets	418	311	396	500	515	542	579	536	559	686
Inventory	85.78	82.50	119	169	143	169	245	195	202	153
Accounts Receivable	253	147	215	254	320	329	289	209	228	109
Short Term Investments	—	—	—	—	—	—	—	—	—	345
Cash & Bank Balances	20.05	15.56	15.74	22.57	15.25	10.47	18.62	98.53	93.97	14.19
Liabilities	1,339	1,473	1,824	2,067	2,407	2,693	3,061	3,190	3,392	4,725
Shareholders Funds	645	1,032	1,405	1,567	1,933	2,184	2,573	2,679	2,812	3,247
Share Capital	30.88	27.84	30.24	31.34	33.62	33.62	51.83	51.83	51.83	55.63
Reserves	596	878	1,335	1,536	1,900	2,151	2,521	2,627	2,760	3,191
Non Current Liabilities	303	202	204	173	116	105	21.82	35.50	13.41	1,235
Secured Loans	261	151	137	122	68.78	68.65	0.71	15.15	23.71	—
Unsecured Loans	7.46	6.50	19.62	26.78	27.18	26.50	26.00	26.00	—	1,114
Current Liabilities	392	238	216	327	357	403	466	475	567	243
Accounts Payable	196	184	168	198	218	256	325	394	399	213
Short Term Loans	14.60	23.52	3.17	0.57	0.57	0.55	0.55	4.07	6.16	8.69

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	1,030	1,125	1,117	1,394	1,305	957	1,497	945	949	921
Operating Expenses	917	966	936	1,163	1,119	874	1,376	983	961	937
Raw Material	726	756	713	909	792	603	1,052	649	712	557
Material Cost (%)	70.47	68.49	61.85	64.09	60.97	61.75	66.66	71.43	72.97	59.69
Employee Cost	39.16	31.41	38.22	41.71	48.84	48.80	60.18	50.98	48.22	50.19
Power & Fuel Cost	63.18	74.04	92.41	102	112	94.27	152	118	104	—
Operating Profit	113	159	181	231	186	82.60	121	-37.48	-12.15	-15.70
Other Income	12.82	2.48	1.59	2.68	5.29	2.24	1.98	3.34	8.67	104
OPM (%)	10.94	14.13	16.20	16.57	14.25	8.63	8.10	-3.97	-1.28	-1.70
Depreciation and Amortisation	26.86	29.11	34.07	37.56	44.40	46.13	50.17	48.88	48.64	46.05
Interest	73.80	9.12	3.48	5.08	4.84	4.01	4.78	6.31	22.82	127
Profit Before Tax	29.51	279	376	198	402	265	404	122	146	-84.59
Tax	3.84	13.70	18.30	33.43	26.41	12.92	15.41	15.63	12.96	7.97
Net Profit	196	266	358	164	375	252	389	107	133	-92.56
Number of shares(Crs)	2.65	2.78	3.02	3.13	3.36	3.36	5.18	5.18	5.18	—
Dividend Payout Ratio(%)	0.00	0.00	0.00	3.82	0.45	0.00	0.00	0.00	0.00	—

TTM Values as of Mar 2025

Cash Flow

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	226	217	64.26	141	124	72.21	92.20	88.66	-60.58	-342
Profit Before Tax	29.51	123	145	191	142	34.70	68.32	-89.33	-74.94	-111
Adjustments	93.54	35.74	36.08	39.76	43.45	47.80	52.96	51.90	63.09	22.22
OCF Before Working Capital	-3.38	165	181	231	186	82.50	121	-37.43	-11.85	-88.47
Working Capital Changes	234	59.25	-104	-53.37	-14.79	24.93	-7.38	147	-34.79	-253
Taxes Paid	-3.84	-6.78	-12.90	-36.01	-46.52	-35.21	-21.71	-20.76	-13.94	-0.21
Cash from Investing Activity	-211	-105	-65.65	-119	-104	-70.16	-28.97	-17.95	0.11	-842
Net Fixed Assets Purchased	-45.66	-72.80	-65.62	-115	-113	-77.55	-37.23	-22.17	-8.55	-407
Fixed Assets Purchased	-45.66	-72.82	-65.72	-115	-113	-77.84	-37.50	-22.22	-8.72	-407
Fixed Assets Sold	—	0.02	0.10	0.03	0.06	0.29	0.27	0.05	0.17	0.10
Investment Purchased	-173	—	—	—	—	-0.04	—	—	—	-336
Investment Sold	—	0.02	0.18	—	—	—	0.05	0.01	—	—
Interest Recieved	6.75	2.37	0.74	2.58	5.28	2.23	1.84	3.34	6.70	115
Dividends Recieved	0.04	0.01	0.71	0.01	0.01	—	0.01	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	0.67	-119	1.70	-15.82	-26.65	-7.00	-57.42	-56.47	49.68	1,194
Proceeds From Shares	37.00	-0.05	14.18	—	2.74	—	21.91	—	—	—
Net Long Term Borrowings	-99.49	-249	-1.65	-8.13	-14.26	-1.29	-52.64	-50.68	70.50	1,002
Proceeds From Borrowings	—	—	0.65	7.16	0.50	1.02	26.80	19.00	74.00	1,106
Repayment From Borrowings	-99.49	-249	-2.30	-15.29	-14.76	-2.31	-79.44	-69.68	-3.50	-104
Interest Paid	-73.48	-9.12	-3.48	-5.08	-4.84	-4.01	-4.78	-6.31	-22.79	-127
Dividend Paid	—	—	—	—	-7.56	-1.68	—	—	—	—
Net Cash Flow	15.63	-7.01	0.32	6.50	-6.61	-4.95	5.80	14.24	-10.79	9.49
Opening Cash & Cash Equivalents	4.42	19.20	12.18	12.50	19.00	12.39	7.43	13.24	27.48	3.05
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	20.05	12.18	12.50	19.00	12.39	7.43	13.24	27.48	16.68	12.55
Net Capex (est)	45.66	72.80	65.62	115	113	77.55	37.23	22.17	8.55	407
Free Cash Flow (est)	181	144	-1.36	26.11	11.20	-5.34	54.97	66.49	-69.13	-749

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.69	0.86	0.97	1.30	1.01	1.04	0.93	0.72	0.73	0.63
Liquid Assets (Crs)	584	336	231	279	331	373	373	334	345	359
Current Liabilities (Crs)	345	392	238	216	327	357	403	466	475	567
Current Ratio	1.98	1.07	1.31	1.84	1.53	1.44	1.34	1.24	1.13	0.98
Current Assets (Crs)	681	418	311	396	500	515	542	579	536	559
Current Liabilities (Crs)	345	392	238	216	327	357	403	466	475	567
Interest Coverage Ratio	0.85	1.40	31.64	109	39.85	84.11	67.21	85.52	20.38	7.40
EBIT (Crs)	73.12	98.61	132	148	196	147	38.70	73.11	-83.02	-52.12
Interest Expenses (Crs)	86.31	73.80	9.12	3.48	5.08	4.84	4.01	4.78	6.31	22.82
Fixed Asset Turnover	1.72	1.99	2.78	2.35	2.38	1.99	1.27	1.90	1.18	1.17
Net Sales (Crs)	931	1,030	1,125	1,117	1,394	1,305	957	1,497	945	949
Fixed Assets (Crs)	540	518	405	475	585	657	754	787	799	808
Cash Conversion Cycle	116	62.76	-3.19	-2.26	24.37	28.41	36.79	19.55	-13.30	-48.47
Inventory Days	44.37	31.04	25.63	32.41	37.66	43.51	59.45	50.49	84.95	76.37
Days Receivable	147	120	61.06	58.34	61.40	80.24	124	75.35	96.19	84.14
Days Payable	75.20	87.86	89.88	93.00	74.69	95.35	147	106	194	209
Debt to Equity Ratio	1.76	0.66	0.18	0.12	0.10	0.08	0.07	0.04	0.02	0.04
Total Debt (Crs)	787	425	184	175	164	150	149	95.86	48.70	121
Shareholders Equity (Crs)	447	645	1,032	1,405	1,567	1,933	2,184	2,573	2,679	2,812
Free Cash Flow/Sales (%)	-14.28	17.55	12.84	-0.12	1.87	0.86	-0.56	3.67	7.04	-7.28
Free Cash Flow(est) (Crs)	-133	181	144	-1.36	26.11	11.20	-5.34	54.97	66.49	-69.13
Net Sales (Crs)	931	1,030	1,125	1,117	1,394	1,305	957	1,497	945	949
Profitability Ratios
Gross Margin (%)	30.72	29.53	31.51	38.15	35.91	39.03	38.25	33.34	28.57	27.03
Op Profit Margin (%)	10.69	10.94	14.13	16.20	16.57	14.25	8.63	8.10	-3.97	-1.28
Operating Profit (Crs)	101	125	161	183	234	191	84.83	123	-34.14	-3.48
Net Sales (Crs)	931	1,030	1,125	1,117	1,394	1,305	957	1,497	945	949
Net Profit Margin (%)	19.50	19.00	23.60	32.06	11.76	28.73	26.38	25.97	11.29	14.01
Net Profit (Crs)	182	196	266	358	164	375	252	389	107	133
Net Sales (Crs)	931	1,030	1,125	1,117	1,394	1,305	957	1,497	945	949
ROCE (%)	6.03	10.41	10.71	9.23	11.27	7.17	1.69	2.82	-3.06	-1.84
EBIT (Crs)	73.12	98.61	132	148	196	147	38.70	73.11	-83.02	-52.12
Capital Employed (Crs)	1,213	947	1,235	1,609	1,740	2,050	2,290	2,594	2,715	2,825
Return on Assets (%)	11.66	14.61	18.03	19.63	7.93	15.58	9.38	12.70	3.34	3.92
Net Profit (Crs)	182	196	266	358	164	375	252	389	107	133
Total Assets (Crs)	1,557	1,339	1,473	1,824	2,067	2,407	2,693	3,061	3,190	3,392
ROIC (%)	11.00	21.66	26.26	22.96	23.93	18.06	4.62	9.73	-13.82	-12.59
Op Profit after Taxes (Crs)	86.92	74.63	123	140	161	132	34.69	68.41	-75.32	-55.39
Invested Capital (Crs)	790	345	470	608	672	733	750	703	545	440
ROE (%)	40.57	30.37	25.72	25.49	10.46	19.39	11.56	15.11	3.98	4.73
Net Profit Margin (%)	19.50	19.00	23.60	32.06	11.76	28.73	26.38	25.97	11.29	14.01
Asset Turnover ratio	0.60	0.77	0.76	0.61	0.67	0.54	0.36	0.49	0.30	0.28
Equity Multiplier	3.48	2.08	1.43	1.30	1.32	1.24	1.23	1.19	1.19	1.21
Adjusted EPS	79.88	73.71	95.39	118	52.29	112	75.10	75.00	20.58	25.66
Valuation Ratios
P/E	1.73	1.50	2.96	3.51	9.49	2.42	5.56	6.53	13.78	11.82
Price to Book	0.80	0.47	0.87	0.92	0.99	0.47	0.64	0.99	0.55	0.56
EV/EBITDA	10.84	5.60	5.91	7.76	7.26	5.44	18.19	21.22	-41.60	-460
Dividend Yield (%)	0.00	0.00	0.00	0.00	0.40	0.19	0.00	0.00	0.00	0.00

Quarterly Results

Kiri Industries Ltd.
Fineotex Chemical
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Heubach Colorants(I)
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	204	222	227	231	160	219	265	272	179	205
Operating Expenses	221	227	226	240	180	229	248	255	223	210
Increase/Decrease in Stock	11.45	-22.97	1.55	1.18	-6.79	-3.81	5.76	2.42	-2.82	-12.21
Raw Material	123	172	150	150	113	125	166	153	106	131
Employee Cost	12.65	12.13	11.51	12.12	10.18	10.65	12.23	13.49	13.16	11.31
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	-17.10	-4.75	1.73	-9.92	-20.77	-10.11	16.74	17.05	-44.41	-5.08
Other Income	0.25	2.77	1.42	1.97	8.35	2.91	1.34	4.89	91.93	6.17
Interest	1.77	1.96	3.91	5.38	5.85	7.62	5.50	17.84	49.90	53.93
PBDT	-18.61	-3.95	-0.76	-13.33	-18.27	-14.82	12.57	4.10	-2.38	-52.83
Depreciation and Amortization	12.33	12.07	12.19	12.25	11.44	11.26	11.72	11.84	11.25	11.24
Profit Before Tax	-30.95	-16.02	-12.95	-25.58	-29.71	-26.08	0.85	-7.74	-13.63	-64.07
Tax	3.06	2.33	2.33	1.22	-0.86	2.88	3.20	4.96	0.09	-0.28
Profit After Tax	-34.01	-18.35	-15.27	-26.80	-28.85	-28.96	-2.35	-12.70	-13.72	-63.80
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	53.99	-61.50	-2.54	18.80	135	-9.60	78.19	80.30	177	-84.64
Quarterly Ratios
EPS	10.42	-11.86	-0.49	3.63	25.96	-1.85	15.08	15.49	31.80	-15.21
Operating Profit Margin	-8.39	-2.14	0.76	-4.30	-13.02	-4.61	6.31	6.26	-24.86	-2.48
Net Profit Margin	-16.69	-8.25	-6.72	-11.62	-18.09	-13.21	-0.89	-4.66	-7.68	-31.12

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

177.10%

Implied Growth Rate over a 5 year period*

62.70%

Implied Growth Rate over a 10 year period*

27.90%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Kiri Industries Ltd. Financials

How strong is Kiri Industries balance sheet?

Balance sheet of Kiri Industries is strong.
But short term working capital might become an issue for this company.

Is the debt of Kiri Industries increasing or decreasing?

Yes, The net debt of Kiri Industries is increasing.
Latest net debt of Kiri Industries is ₹1,109 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹66.45 Crs.

Is the profitablity of Kiri Industries improving?

The profit is oscillating.
The profit of Kiri Industries is -₹92.56 Crs for TTM, ₹133 Crs for Mar 2024 and ₹107 Crs for Mar 2023.

Does Kiri Industries pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Kiri Industries latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

How has Kiri Industries allocated its funds?

Companies resources are majorly tied in miscellaneous assets

View FAQ's On Shareholding

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Kiri Industries Ltd.

Kiri Industries Ltd.

Has the share price of Kiri Industries grown faster than its competition?

Is Kiri Industries stock expensive?

How strong is Kiri Industries balance sheet?

Is the debt of Kiri Industries increasing or decreasing?

Is the profitablity of Kiri Industries improving?

Does Kiri Industries pay decent dividends?

How has Kiri Industries allocated its funds?

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