Keerthi Industries Ltd

₹ 58.8 -2.00%

12 Mar 3:25 p.m.

About

Incorporated in 1982, Keerthi Industries Ltd manufactures cement, printed circuit boards and does generation of wind power^[1]

Key Points

Business Divisions:^[1]
a) Cement Division:^[2]
Company manufactures 43 & 53 grade OPC and PPC Cement under the brand of Suvarna and sells in south India
b) Power Division:^[3]
Company had invested in wind power of the capacity of 1,500 KVA project in Hassan district in Karnataka. This was operated and maintained by Suzlon energy. Due to operational difficulties the Power Division was sold in February, 2023
c) Electronics division:^[4]
One of group companies viz. Hyderabad Flextech Ltd is a 100% Export Oriented Unit which manufactures Flexible PCB & Regid PCB. It was merged with Keerthi Industries
d) Sugar division:^[5]
An integrated sugar project of 3,500 TCD sugar plant, with 26 MW cozen power plant, 50KLPD Distillery, is being set-up in Yadagir Dt. Karnataka, for which Promoters have purchased 150 acres of land for the purpose
e) Oilfield and Natural Gas:^[6]
There is no progress in the division

Website BSE

Market Cap ₹ 47.2 Cr.
Current Price ₹ 58.8
High / Low ₹ 88.0 / 52.2
Stock P/E
Book Value ₹ 41.0
Dividend Yield 0.00 %
ROCE -24.5 %
ROE -44.0 %
Face Value ₹ 10.0

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Pros

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -6.97% over past five years.
Company has a low return on equity of -22.3% over last 3 years.
Contingent liabilities of Rs.23.3 Cr.
Promoters have pledged 44.6% of their holding.
Promoter holding has decreased over last 3 years: -7.74%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	66.88	66.32	58.23	47.47	56.19	50.23	37.47	22.13	24.84	22.90	30.58	22.48	15.89
	69.20	68.08	57.53	49.89	53.38	55.32	40.96	30.66	31.01	25.17	30.39	25.98	20.22
Operating Profit	-2.32	-1.76	0.70	-2.42	2.81	-5.09	-3.49	-8.53	-6.17	-2.27	0.19	-3.50	-4.33
OPM %	-3.47%	-2.65%	1.20%	-5.10%	5.00%	-10.13%	-9.31%	-38.54%	-24.84%	-9.91%	0.62%	-15.57%	-27.25%
	0.45	0.36	0.37	0.26	0.31	0.40	0.33	1.45	0.69	1.58	0.63	0.09	0.58
Interest	0.80	1.00	1.41	1.52	1.58	1.55	1.53	1.57	1.60	1.65	1.58	1.48	1.30
Depreciation	2.38	2.44	2.93	3.03	3.05	3.02	3.00	2.89	2.85	3.00	2.80	2.83	2.34
Profit before tax	-5.05	-4.84	-3.27	-6.71	-1.51	-9.26	-7.69	-11.54	-9.93	-5.34	-3.56	-7.72	-7.39
Tax %	-3.96%	-61.78%	31.50%	-12.67%	-30.46%	-51.51%	-28.61%	-60.83%	-11.48%	-25.47%	-32.87%	-29.53%	-22.87%
	-4.86	-1.84	-4.30	-5.86	-1.04	-4.49	-5.48	-4.52	-8.79	-3.98	-2.39	-5.43	-5.70
EPS in Rs	-6.06	-2.30	-5.36	-7.31	-1.30	-5.60	-6.84	-5.64	-10.96	-4.96	-2.98	-6.77	-7.11
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Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	125	153	183	198	193	184	172	232	250	241	212	120	92
	122	127	141	166	166	177	164	184	219	241	216	137	102
Operating Profit	3	26	41	32	26	8	8	49	31	-0	-4	-18	-10
OPM %	2%	17%	23%	16%	14%	4%	5%	21%	12%	-0%	-2%	-15%	-11%
	-1	3	3	2	2	4	10	-3	4	2	1	2	3
Interest	9	9	6	7	7	7	6	5	3	3	6	7	6
Depreciation	14	8	8	9	11	11	11	10	9	9	12	12	11
Profit before tax	-21	10	30	18	11	-5	1	30	22	-11	-21	-34	-24
Tax %	-13%	-81%	33%	37%	27%	-101%	135%	35%	30%	-35%	-24%	-32%
	-18	19	20	11	8	0	-0	19	16	-7	-16	-23	-18
EPS in Rs	-22.50	23.54	24.84	14.21	9.92	0.09	-0.40	24.02	19.51	-9.03	-19.57	-28.40	-21.82
Dividend Payout %	0%	0%	0%	0%	9%	1,031%	-226%	6%	8%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-7%
3 Years:	-22%
TTM:	-32%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	31%

Stock Price CAGR
10 Years:	-8%
5 Years:	-11%
3 Years:	-24%
1 Year:	-19%

Return on Equity
10 Years:	4%
5 Years:	-2%
3 Years:	-22%
Last Year:	-44%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	8	8	8	8	8	8	8	8	8	8	8	8	8
Reserves	5	23	43	41	49	48	47	66	80	71	56	33	25
	89	82	86	66	63	61	56	30	30	65	61	58	55
	51	37	38	60	51	39	32	47	44	43	50	70	76
Total Liabilities	153	150	175	176	171	157	143	150	163	188	174	169	164
	116	107	102	121	114	107	100	92	86	80	114	101	86
CWIP	0	0	21	0	0	0	0	0	9	41	2	0	0
Investments	0	0	0	0	1	1	2	2	3	3	3	3	0
	37	43	53	55	55	48	41	56	64	63	55	64	78
Total Assets	153	150	175	176	171	157	143	150	163	188	174	169	164

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-11	18	25	34	26	8	12	38	9	6	16	5
	3	0	-23	-9	-3	-4	-4	-1	-14	-35	-6	3
	9	-17	-2	-18	-24	-9	-5	-29	-4	30	-10	-8
Net Cash Flow	0	1	-0	7	-2	-6	3	7	-9	1	-1	-0

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	10	4	5	5	6	7	7	8	9	10	10	14
Inventory Days	211	433	465	351	398	222	237	329	287	461	281	382
Days Payable	246	420	338	293	331	205	184	156	117	232	286	791
Cash Conversion Cycle	-25	17	131	63	73	23	61	181	180	239	5	-395
Working Capital Days	-113	-70	-44	-98	-82	-84	-108	-14	7	-6	-42	-154
ROCE %	-8%	17%	27%	20%	16%	1%	-0%	38%	23%	-6%	-11%	-25%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Production Volume - Cement
MT

xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
						x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
			x,xxx.xx						x,xxx.xx	x,xxx.xx	x,xxx.xx

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Installed Capacity - Cement
MTPA

Capacity Utilization - Cement
%

Production Volume - PCBs
Sq. Mts

Installed Capacity - Clinker
MTPA

Sales Realization - Cement
Rs/MT

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	67.18%	67.18%	67.18%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	25.04%	25.04%	25.03%	25.05%	25.05%	25.05%	25.05%	25.04%	25.03%	32.78%	32.78%	32.77%
No. of Shareholders	13,031	12,967	12,881	12,833	12,756	12,749	12,769	12,772	12,747	12,733	12,695	12,681

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	74.92%	67.18%
	1.66%	0.12%	0.12%	0.12%	0.12%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	23.43%	24.96%	24.95%	24.95%	24.95%	25.04%	25.04%	25.04%	25.05%	25.03%	32.77%
No. of Shareholders	14,689	14,518	14,357	14,118	13,829	13,605	13,322	13,031	12,756	12,747	12,681

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Keerthi Industries Ltd

Keerthi Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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