Kernex Microsystems (India) Ltd

₹ 1,703 -1.37%

24 Sep 3:02 p.m.

About

Incorporated in 1991, Kernex Microsystems Ltd manufactures and sells Safety Systems and Software services for Railways^[1]

Key Points

Business Overview:^[1]^[2]
KML, an ISO 9001:2015 certified, 100% Export Oriented Unit, provides turnkey electronic systems and technical support. It specializes in anti-collision devices, railway safety and signal systems, train collision avoidance systems, and automatic level crossing gates.

Website BSE NSE

Market Cap ₹ 2,862 Cr.
Current Price ₹ 1,703
High / Low ₹ 2,586 / 850
Stock P/E 15.6
Book Value ₹ 153
Dividend Yield 0.00 %
ROCE 43.5 %
ROE 37.5 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 223% CAGR over last 5 years

Cons

Stock is trading at 11.4 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 28.7%
Company has high debtors of 271 days.

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1	1	9	9	29	41	37	83	53	45	72	255	502
	2	4	11	21	24	31	28	66	41	35	56	153	339
Operating Profit	-1	-3	-2	-12	5	10	8	17	12	10	17	101	163
OPM %	-64%	-407%	-27%	-131%	18%	25%	23%	20%	23%	22%	23%	40%	32%
	1	0	1	0	0	0	0	1	1	1	0	1	0
Interest	0	0	1	0	1	3	1	2	3	5	9	12	13
Depreciation	1	1	1	1	1	1	1	1	1	1	2	2	2
Profit before tax	-1	-4	-3	-12	4	7	7	15	10	5	6	88	148
Tax %	10%	11%	1%	-5%	-3%	-0%	-1%	-114%	23%	51%	3%	27%	26%
	-1	-4	-4	-12	4	7	7	33	7	2	6	65	110
EPS in Rs	-0.56	-2.76	-2.09	-7.02	2.40	4.33	4.26	19.40	4.40	1.49	3.68	38.42	65.21
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	20	12	12	13	7	15	16	5	2	19	190	426	874
	24	20	33	25	20	22	15	15	18	37	149	285	584
Operating Profit	-4	-8	-21	-11	-12	-7	1	-10	-16	-17	41	141	291
OPM %	-18%	-74%	-170%	-85%	-164%	-49%	7%	-182%	-801%	-90%	22%	33%	33%
	2	2	25	1	-4	18	2	-3	1	2	2	3	3
Interest	3	4	3	2	2	1	1	2	2	3	7	28	39
Depreciation	4	3	3	2	2	2	2	1	2	2	3	6	7
Profit before tax	-10	-14	-1	-15	-21	8	0	-16	-19	-20	33	109	248
Tax %	-3%	-2%	162%	-4%	-1%	-0%	12%	2%	2%	-0%	-53%	26%
	-9	-13	-4	-14	-21	8	0	-17	-20	-20	51	81	183
EPS in Rs	-7.51	-10.63	-2.81	-11.54	-16.54	6.45	0.30	-13.26	-12.85	-12.18	30.38	47.99	108.80
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	43%
5 Years:	94%
3 Years:	497%
TTM:	308%

Compounded Profit Growth
10 Years:	23%
5 Years:	223%
3 Years:	82%
TTM:	237%

Stock Price CAGR
10 Years:	45%
5 Years:	88%
3 Years:	58%
1 Year:	56%

Return on Equity
10 Years:	2%
5 Years:	13%
3 Years:	24%
Last Year:	38%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	12	12	15	17	17	17
Reserves	106	92	84	69	49	57	58	46	77	105	157	240
	22	27	18	19	13	5	14	12	9	24	40	162
	20	24	18	20	17	12	15	14	13	29	35	507
Total Liabilities	161	156	132	120	92	87	99	85	114	175	249	925
	53	50	55	54	43	33	32	25	24	24	25	34
CWIP	10	10	0	0	0	0	0	0	0	2	7	0
Investments	1	1	1	1	1	11	8	8	13	13	13	9
	97	95	75	66	48	43	60	51	77	136	204	882
Total Assets	161	156	132	120	92	87	99	85	114	175	249	925

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	-6	-26	2	-25	-8	1	-5	-34	-69	11	-101
	1	0	30	-0	29	15	-9	-6	-5	-5	-9	-8
	-2	5	-3	-2	-2	-1	-1	1	48	63	9	94
Net Cash Flow	-1	-0	0	0	1	5	-9	-10	9	-11	11	-14
Free Cash Flow	1	-6	3	2	3	16	1	0	-35	-74	2	-116
CFO/OP	-17%	69%	124%	-22%	205%	112%	86%	55%	215%	399%	26%	-69%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	945	1,643	1,223	1,002	745	321	300	775	0	101	37	271
Inventory Days	6,386	1,779	293	1,670	894	137	978	1,026	4,282	2,151	204	609
Days Payable	3,258	962	236	1,103	20	20	307	337	823	574	58	726
Cash Conversion Cycle	4,073	2,460	1,279	1,568	1,619	438	971	1,463	3,458	1,678	183	154
Working Capital Days	752	1,100	842	630	533	191	199	467	2,137	1,182	153	152
ROCE %	-4%	-7%	-18%	-12%	-15%	-8%	1%	-13%	-20%	-14%	22%	44%

Insights

In beta

Mar 2015

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Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Feb 2024

Mar 2025

Permanent Employees
Number

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

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Level Crossing Gates Installed (Egypt Project)
Number (cumulative)

Order Book Value
₹ Crore

Kavach Production Capacity
units per month

Route Kilometers of Kavach Deployed
km (cumulative)

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Shareholding Pattern

Numbers in percentages

12 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.60%	29.14%	29.14%	29.14%	29.14%	29.08%	29.08%	28.97%	28.97%	28.89%	28.85%	28.73%
	0.03%	0.01%	0.01%	0.00%	0.49%	1.16%	0.07%	0.52%	0.54%	0.07%	0.30%	2.48%
	0.00%	0.01%	0.01%	0.00%	0.04%	0.73%	1.10%	1.11%	0.39%	0.07%	0.02%	0.05%
	0.07%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
	68.30%	70.79%	70.77%	70.78%	70.26%	68.96%	69.68%	69.34%	70.04%	70.91%	70.78%	68.69%
No. of Shareholders	14,660	15,007	16,240	22,241	27,058	34,242	37,894	42,149	42,785	40,187	41,511	41,803

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	39.70%	33.35%	31.78%	27.41%	22.34%	22.34%	34.52%	31.60%	29.14%	29.08%	28.85%	28.73%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.07%	0.30%	2.48%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	1.10%	0.02%	0.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.06%	0.06%	0.06%	0.06%
	60.30%	66.65%	68.22%	72.59%	77.66%	77.66%	65.48%	68.34%	70.77%	69.68%	70.78%	68.69%
No. of Shareholders	21,121	19,567	17,251	16,427	16,091	14,480	12,514	13,094	16,240	37,894	41,511	41,803

* 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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Kernex Microsystems (India) Ltd

Kernex Microsystems (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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