Kanoria Chemicals & Industries financials and balance sheet

NSE: KANORICHEMBSE: 506525Industrial ManufacturingSmall Cap

₹167.84₹0.94 (0.56%)BSE ₹166.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹168.78.

52-week range of traded prices to 23 Oct 2026

₹56.00Low, 30 Mar 2026₹206.00High, 28 Sep 2026

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹733 Cr2,053rd largest listed
P/E: 4.7
P/E without one-offs: 12.1
P/B: 1.3
Dividend yield: Nonein the last 12 months
ROE: 28.3%
ROE without one-offs: 11.1%
ROCE: 7.2%
Debt to equity: 0.51
Volume, NSE: 19,741

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Kanoria Chemicals & Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹113 CrA loss in 6 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2026, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue981
Materials and goods−707
Employee costs−58
Other expenses−144
Operating profit71
Depreciation−35
Other income+22
One-off items0.0
Finance costs−32
Profit before tax27
Tax+5.7
Discontinued businesses+81
Net profit113

What the company owns

Plant, investments and other assets₹863 Cr
Receivables₹134 Cr
Inventory₹106 Cr
Cash and bank₹15 Cr

What pays for it: net worth and liabilities

Net worth₹573 Cr
Borrowings₹290 Cr
Owed to suppliers₹136 Cr
Other liabilities₹118 Cr

Kanoria Chemicals & Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit. That year's accounts report a discontinued business, which these segments may include.Kanoria Chemicals & Industries segment results by quarter

Revenue by segment

₹981 CrTotal

CHEMICALS₹875 Cr89.2% of total
TEXTILE₹106 Cr10.8% of total

Profit by segment

CHEMICALS₹58.8 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

CHEMICALS
Revenue, ₹ crore
678
875
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
34
59
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
TEXTILE
Revenue, ₹ crore
102
129
138
128
178
108
76
106
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
11
26
11
16
3
−16
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,074	1,005	1,095	1,369	1,578	1,477	1,537	981
Company revenue, as in its results	1,074	1,005	1,095	1,369	1,578	1,477	1,537	981
Revenue	–	–	–	–	–	–	678	875
Revenue growth	–	–	–	–	–	–	–	29.1%
Profit	–	–	–	–	–	–	34	59
Profit growth	–	–	–	–	–	–	–	74.8%
Margin	–	–	–	–	–	–	5.0%	6.7%
Return on capital	–	–	–	–	–	–	7.4%	11.1%
Assets	–	–	–	–	–	–	644	762
Liabilities	–	–	–	–	–	–	188	230
Capital employed	–	–	–	–	–	–	456	532
Revenue	102	129	138	128	178	108	76	106
Revenue growth	–	26.1%	6.6%	−6.8%	39.0%	−39.3%	−29.7%	39.6%
Profit	4	11	26	11	16	3	−16	0
Profit growth	–	182.5%	139.3%	−57.8%	46.7%	−84.4%	–	–
Margin	3.8%	8.5%	19.1%	8.6%	9.1%	2.3%	−21.3%	−0.1%
Return on capital	–	3.4%	8.3%	3.5%	4.8%	0.8%	−5.2%	0.0%
Assets	–	349	340	341	379	357	328	355
Liabilities	–	30	24	24	39	24	18	24
Capital employed	–	319	315	317	339	333	310	332
Revenue	524	516	569	592	725	790	782	–
Revenue growth	–	−1.5%	10.3%	3.9%	22.5%	9.0%	−1.0%	–
Profit	3	−23	10	−20	−11	−4	−39	–
Margin	0.6%	−4.4%	1.8%	−3.5%	−1.5%	−0.5%	−5.0%	–
Return on capital	–	−8.2%	3.6%	−7.5%	−3.6%	−1.1%	−11.7%	–
Assets	–	369	398	413	490	507	527	–
Liabilities	–	90	121	139	185	180	188	–
Capital employed	–	279	277	274	305	327	339	–
Revenue	443	356	386	647	673	577	–	–
Revenue growth	–	−19.6%	8.2%	67.7%	4.0%	−14.2%	–	–
Profit	20	2	18	53	15	3	–	–
Profit growth	–	−88.2%	656.5%	192.0%	−71.5%	−77.8%	–	–
Margin	4.6%	0.7%	4.7%	8.2%	2.2%	0.6%	–	–
Return on capital	–	0.5%	4.2%	12.1%	3.4%	0.8%	–	–
Assets	–	518	511	540	521	547	–	–
Liabilities	–	80	79	105	81	102	–	–
Capital employed	–	438	432	436	440	445	–	–
Revenue	4	3	2	2	3	2	–	–
Profit	−1	−2	−2	−3	−2	−3	–	–
Margin	−20.2%	−55.2%	−108.3%	−123.3%	−90.3%	−164.7%	–	–
Return on capital	–	−8.5%	−12.9%	−15.0%	−13.2%	−48.2%	–	–
Assets	–	23	20	19	18	6	–	–
Liabilities	–	1	1	1	0	0	–	–
Capital employed	–	22	19	18	18	6	–	–
	0	–	–	–	–	–	–	–
Profit	1	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Kanoria Chemicals & Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 18 Jun	Mar 2021Filed 29 May	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 19 Jul	Mar 2025Filed 2 Mar	Mar 2026Filed 25 May
Revenue from operations	734	845	1,074	1,005	1,095	1,369	1,578	1,477	1,537	981
	707	810	1,010	977	1,001	1,301	1,506	1,424	1,505	910
Materials and goods bought	432	561	725	681	725	952	1,116	996	1,066	707
Employee costs	–	–	151	159	161	197	213	234	235	58
Other expenses	–	–	134	137	115	152	176	194	205	144
Operating profit before depreciation	27	35	64	28	94	68	72	53	31	71
Operating margin	3.6%	4.1%	5.9%	2.8%	8.6%	5.0%	4.6%	3.6%	2.0%	7.3%
Materials, % of revenue	–	–	67.6%	67.8%	66.3%	69.5%	70.7%	67.4%	69.3%	72.1%
Employee costs, % of revenue	–	–	14.0%	15.8%	14.7%	14.4%	13.5%	15.9%	15.3%	6.0%
Other expenses, % of revenue	–	–	12.5%	13.6%	10.5%	11.1%	11.2%	13.1%	13.3%	14.7%
Depreciation and amortisation	45	47	49	56	58	57	59	63	63	35
Operating profit after depreciation	−19	−12	14	−28	36	11	13	−10	−31	36
Other income	26	45	12	22	12	29	10	19	9	22
Finance costs	20	24	36	37	32	27	36	43	46	32
Profit before one-off items and tax	−13	10	−10	−43	15	13	−12	−34	−68	27
One-off items	−18	0	−5	0	−4	0	0	−2	−29	0
Profit before tax	−32	10	−15	−43	11	13	−12	−36	−97	27
	−8	−2	5	−11	−5	11	1	19	12	−6
Current tax	–	–	3	0	0	8	2	2	5	8
Deferred tax	–	–	1	−12	−5	3	−1	17	7	−14
Profit from discontinued businesses	–	–	–	–	–	–	–	–	1	81
	−24	12	−20	−32	16	2	−13	−55	−108	113
Belonging to the company's shareholders	−24	–	−15	−26	15	7	−9	−40	−83	120
Belonging to outside owners of subsidiaries	–	–	–	−6	1	−5	−4	−16	−25	−7
Other comprehensive income	–	–	0	−1	1	0	18	6	8	31
Total comprehensive income	–	–	−20	−33	17	2	5	−49	−100	144
Net margin	−3.2%	1.4%	−1.8%	−3.1%	1.5%	0.2%	−0.8%	−3.7%	−7.0%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the year to Mar 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 3 Jun	Mar 2020Filed 18 Jun	Mar 2021Filed 29 May	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 19 Jul	Mar 2025Filed 2 Mar	Mar 2026Filed 25 May
	615	581	595	602	607	618	510	573
	599	569	587	598	605	601	521	573
Share capital	22	22	22	22	22	22	22	22
Reserves	577	547	565	576	584	579	499	551
Belonging to outside owners of subsidiaries	16	12	8	4	2	16	−10	0
	455	493	463	472	508	507	594	290
Repayable after a year	312	338	345	343	320	297	344	183
Repayable within a year	143	156	118	129	188	210	251	107
	412	404	375	409	509	509	571	309
Trade payables	147	159	155	210	231	224	228	136
Other financial liabilities	88	71	69	39	53	36	44	29
Other liabilities	28	13	28	25	28	33	42	28
Provisions	6	5	5	6	9	7	7	8
	374	389	391	392	366	364	416	235
Other financial liabilities	6	6	6	6	6	6	4	1
Provisions	7	8	8	9	6	9	10	7
Deferred tax	49	37	32	35	33	52	59	44
Total assets	1,401	1,374	1,362	1,403	1,481	1,490	1,498	1,117
	945	940	903	897	909	928	932	831
Plant in use, after depreciation	806	855	826	825	843	811	855	727
Plant being built	42	15	13	10	10	46	44	32
Intangible assets	10	5	4	3	4	3	4	0
Goodwill	34	34	34	35	35	35	6	0
Intangible assets being developed	0	0	0	0	0	1	2	0
Investments	43	23	19	15	10	13	12	59
Loans given	0	0	0	0	0	0	0	0
Other financial assets	2	3	3	3	3	4	4	3
Other assets	8	4	3	5	3	14	6	10
	456	434	459	506	572	563	567	286
Inventories	190	181	167	254	278	285	246	106
Trade receivables	146	144	203	173	196	186	238	134
Cash and cash equivalents	19	36	32	19	19	11	8	10
Other bank balances	26	10	3	6	2	2	1	4
Current investments	5	2	1	7	7	3	2	0
Loans given	0	0	0	0	0	0	0	1
Other financial assets	3	4	2	2	3	5	3	3
Tax paid in advance	19	18	18	11	12	14	10	6
Other assets	47	38	34	34	56	58	58	21
Net debt	404	445	428	441	480	491	583	276

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 19 Jul	Mar 2025Filed 2 Mar	Mar 2026Filed 25 May
	82	83	26	38	20	66
	82	84	29	40	21	70
	−17	4	−31	−18	−14	4
Receivables	−59	30	−22	10	−54	−40
Inventories	15	−87	−24	−7	39	9
Payables	−5	57	21	−7	4	39
Other working capital	32	4	−5	−14	−3	−4
Tax paid	0	−1	−3	−2	0	−4
Capital spending	28	43	57	81	100	88
Free cash flow	55	40	−32	−43	−80	−22
	−12	−43	−25	−50	−65	−39
Plant and property sold	4	1	20	7	22	0
Interest received	2	1	0	0	0	8
Dividends received	0	0	0	0	0	0
	−75	−53	−1	5	41	−25
Borrowings raised	0	0	32	−1	133	65
Borrowings repaid	−49	−30	0	0	−46	−53
Interest paid	−25	−23	−29	0	−46	−38
Dividends paid	0	0	4	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	53	0	0
Net change in cash	−4	−13	0	−8	−3	2

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Kanoria Chemicals & Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 18 Jun	Mar 2021Filed 29 May	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 19 Jul	Mar 2025Filed 2 Mar	Mar 2026Filed 25 May
Earnings per share	−₹5.42	₹3.22	−₹3.42	−₹5.90	₹3.32	₹1.56	−₹2.01	−₹8.79	−₹19.13	₹27.64
Diluted earnings per share	−₹5.42	₹3.22	−₹3.42	−₹5.90	₹3.32	₹1.56	−₹2.01	−₹8.79	−₹19.13	₹27.64
Dividend per share	₹1.50	₹1.50	₹0.75	–	–	₹1.00	–	–	–	–
Book value per share	–	–	₹136.96	₹130.10	₹134.38	₹136.92	₹138.54	₹137.59	₹119.18	₹131.10
Dividend payout	–	–	–	–	–	64.1%	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.9%	−11.1%	0.0%	0.0%
Market cap at the year end (₹ crore)	305	290	273	103	398	597	466	477	327	245

Ratios

Consolidated, years to March.Kanoria Chemicals & Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 18 Jun	Mar 2021Filed 29 May	Mar 2022Filed 7 Jun	Mar 2023Filed 26 May	Mar 2024Filed 19 Jul	Mar 2025Filed 2 Mar	Mar 2026Filed 25 May
Revenue growth	25.6%	–	–	−6.4%	9.0%	25.0%	15.3%	−6.4%	4.1%	–
Operating profit growth	−45.8%	30.3%	83.9%	−55.8%	232.9%	−27.2%	6.2%	−27.2%	−40.5%	–
Net profit growth	–	–	–	–	–	−86.1%	–	–	–	–
Earnings per share growth	–	–	–	–	–	−53.0%	–	–	–	–
	–	–	−2.5%	−4.4%	2.5%	1.2%	−1.5%	−6.6%	−14.8%	21.9%
	–	–	–	−1.9 pts	6.9 pts	−1.4 pts	−2.6 pts	−5.1 pts	−8.2 pts	36.7 pts
From the net margin	–	–	–	−2.1 pts	6.7 pts	−1.6 pts	−2.4 pts	−5.6 pts	−6.6 pts	–
From asset turnover	–	–	–	0.3 pts	0.2 pts	0.2 pts	−0.1 pts	0.6 pts	−0.5 pts	–
From borrowing	–	–	–	−0.1 pts	0.0 pts	0.0 pts	0.0 pts	−0.2 pts	−1.1 pts	–
Return on capital employed	–	–	1.3%	−2.6%	3.4%	1.0%	1.2%	−0.9%	−2.8%	4.2%
Cash conversion	–	–	–	–	515.7%	3,725.6%	–	–	–	58.5%
Interest cover	–	–	0.4	–	1.1	0.4	0.4	–	–	1.1
Debt to equity	–	–	0.74	0.85	0.78	0.78	0.84	0.82	1.16	0.51
Receivable days	–	–	50	52	68	46	45	46	56	50
Inventory days	–	–	96	97	84	97	91	104	84	55
Payable days	–	–	74	85	78	80	75	82	78	70
Cash conversion cycle, days	–	–	71	64	74	63	61	68	63	34
Working capital days	–	–	46	50	56	52	52	61	56	26
Asset turnover	–	–	0.77	0.72	0.80	0.99	1.09	0.99	1.03	0.75
Assets per rupee of net worth	–	–	2.34	2.38	2.37	2.33	2.40	2.46	2.66	2.39
Sales per rupee of plant	–	–	1.33	1.17	1.33	1.66	1.87	1.82	1.80	1.35
Capital spending to depreciation	–	–	–	–	0.48	0.75	0.98	1.29	1.60	2.51
Plant being built, % of plant in use	–	–	5.2%	1.8%	1.6%	1.2%	1.2%	5.6%	5.1%	4.5%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2020, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2026: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.2%
Cash from operations against operating profit: 92.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.3%	−2.2%	−14.6%
Profit growth, yearly rate	–	52.5%	–
Return on equity, average	–	0.1%	0.2%
Return on capital employed, average	–	0.5%	0.2%
Operating margin, average	4.7%	4.5%	4.3%
Net margin, average	−1.9%	−2.9%	−5.4%
Asset turnover, average	–	0.97	0.92
Cash conversion cycle, days, average	–	58	55
Debt to equity, average	–	0.82	0.83

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	233	124	66
Cash from investing	−223	−154	−39
Cash from financing	−32	22	−25
Capital spending	370	269	88
Dividends paid	4	0	0
Shares bought back	0	0	0
Shares issued for cash	53	53	0
Borrowings raised	–	–	65
Borrowings repaid	128	98	53

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	8	7	5	5	4	5
Altman Z-scorePublished threshold 1.81	–	1.64	1.38	1.88	2.18	2.04	1.92	1.57	1.99
Beneish M-scorePublished threshold −1.78	–	–	–	−2.36	−2.79	−2.51	−2.57	−2.79	−2.82
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−4.00	−2.73	−0.95	−2.86	−4.25	6.59
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	35.82	–	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	5.18	32.20	−39.79	−2.32	1.26	24.07	−7.70
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	1.41	−14.61	21.01	−7.84	13.43	−20.64	−23.26
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−0.91	−0.54	−0.50	1.50	0.36	−0.30	−4.12
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.14	0.47	0.18	0.13	1.46	0.41	–
Effective tax ratePublished threshold 17.16 per cent	−20.02	–	–	−39.90	83.02	–	–	–	−21.55
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	73.19	–	–	–	−35.44

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Oct 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Bank Loan Ratings	IVR BBB- & IVR A3New, New	Stable	117.07
8 Oct 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Bank Loan Ratings	IVR A3New, New		45
19 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE BB+Review, Re-affirm	Positive	31
19 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE BB+Review, Re-affirm	Positive	74.87
19 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A4+Review, Re-affirm		65

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.