Kernex Microsystems (India) Ltd

₹ 1,751 5.49%

06 Oct 2:11 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]
The company is an ISO 9001-certified, 100% Export Oriented Unit with expertise in developing electronic systems for demanding operating environments. It provides end-to-end solutions covering design, engineering, software and hardware development, manufacturing, testing, installation, commissioning, and maintenance. Its capabilities are focused on railway safety and signalling systems, including Kavach/TCAS solutions, along with EPC works for related railway infrastructure.

Website BSE NSE

Market Cap ₹ 2,943 Cr.
Current Price ₹ 1,751
High / Low ₹ 2,586 / 850
Stock P/E 15.4
Book Value ₹ 148
Dividend Yield 0.00 %
ROCE 47.8 %
ROE 43.5 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 116% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26.1%
Company's median sales growth is 15.8% of last 10 years

Cons

Stock is trading at 11.3 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 268 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	8	9	29	41	37	83	56	47	73	255	504
	1	5	13	21	24	31	28	66	43	33	56	149	341
Operating Profit	-0	-3	-4	-12	5	10	9	17	13	14	17	105	163
OPM %	-52%	-242%	-54%	-139%	17%	25%	23%	21%	22%	30%	23%	41%	32%
	0	0	0	0	0	0	0	1	0	0	0	1	0
Interest	0	0	1	1	1	3	1	2	3	5	9	12	13
Depreciation	1	1	3	1	1	1	1	1	1	1	2	2	2
Profit before tax	-1	-4	-9	-13	3	7	7	15	10	9	6	92	148
Tax %	9%	10%	1%	-5%	-4%	-0%	-1%	-114%	22%	28%	3%	26%	26%
	-1	-5	-9	-13	4	7	7	33	7	7	6	68	110
EPS in Rs	-0.57	-2.85	-5.07	-7.53	2.16	4.09	4.28	19.45	4.45	3.92	3.59	40.63	65.37
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	18	12	12	13	8	15	18	7	4	20	190	430	878
	25	20	33	25	21	22	14	16	21	42	149	281	579
Operating Profit	-7	-9	-21	-12	-13	-7	4	-9	-17	-23	41	149	299
OPM %	-37%	-76%	-171%	-87%	-158%	-49%	21%	-142%	-416%	-117%	22%	35%	34%
	2	2	25	1	-4	18	1	-3	1	1	1	2	2
Interest	3	6	4	2	2	6	1	3	1	3	7	28	39
Depreciation	4	3	3	2	2	2	2	1	2	2	3	6	7
Profit before tax	-13	-16	-2	-15	-22	3	2	-17	-20	-27	32	117	256
Tax %	-2%	-2%	115%	-4%	-1%	-1%	2%	2%	2%	-0%	-54%	25%
	-13	-16	-4	-15	-21	3	2	-17	-20	-27	50	88	191
EPS in Rs	-10.11	-12.74	-3.24	-11.78	-17.06	2.74	1.62	-13.76	-12.82	-15.76	29.98	52.58	113.51
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	44%
5 Years:	88%
3 Years:	374%
TTM:	305%

Compounded Profit Growth
10 Years:	22%
5 Years:	116%
3 Years:	86%
TTM:	253%

Stock Price CAGR
10 Years:	45%
5 Years:	84%
3 Years:	51%
1 Year:	49%

Return on Equity
10 Years:	1%
5 Years:	14%
3 Years:	26%
Last Year:	44%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	101	84	75	64	43	46	50	36	67	90	141	231
	28	33	24	26	21	11	20	18	11	28	40	162
	20	27	21	19	16	16	12	14	11	27	38	509
Total Liabilities	162	157	133	121	93	85	95	80	104	161	236	919
	53	50	55	54	43	33	32	25	24	24	25	34
CWIP	10	10	0	0	0	0	0	0	3	2	7	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	99	97	78	68	50	53	63	55	78	135	204	885
Total Assets	162	157	133	121	93	85	95	80	104	161	236	919

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-6	-4	-26	3	-23	-11	3	-5	-36	-71	15	-100
	1	0	30	-0	26	25	-12	-7	-1	-5	-9	-8
	-2	3	-4	-2	-2	-6	-1	0	45	64	5	94
Net Cash Flow	-8	-0	0	1	1	7	-10	-11	9	-11	11	-14
Free Cash Flow	-6	-4	4	3	6	12	3	1	-37	-76	6	-107
CFO/OP	83%	40%	122%	-26%	176%	153%	86%	49%	214%	311%	36%	-65%

Ratios

Consolidated / View Standalone

	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	1,043	1,643	1,236	996	674	316	239	596	0	94	45	268
Inventory Days		1,779	293	1,915	844	266	962	967	2,141	2,098	195	787
Days Payable		962	325	1,225	405	20	101	177	43	460	76	938
Cash Conversion Cycle	1,043	2,460	1,205	1,686	1,114	562	1,099	1,385	2,098	1,731	164	117
Working Capital Days	748	889	629	505	272	236	164	226	1,219	1,161	128	150
ROCE %	-6%	-7%	-18%	-12%	-15%	-8%	4%	-13%	-23%	-21%	24%	48%

Insights

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Mar 2015

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Mar 2019

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Mar 2022

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Mar 2025

Permanent Employees
Number ・Standalone data

xxx	xxx	xx	xx	xx	xx	xx	xx	xxx	xxx
		xx	xxx	xxx	xxx	xxx	xxx
						xxx.xx		xxx.xx	x,xxx.xx
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Level Crossing Gates Installed (Egypt Project)
Number (cumulative) ・Standalone data

Order Book Value
₹ Crore ・Standalone data

Kavach Production Capacity
units per month ・Standalone data

Route Kilometers of Kavach Deployed
km (cumulative) ・Standalone data

Extracted by Screener AI

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

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Shareholding Pattern

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