Kesar Enterprises financials and balance sheet

BSE: 507180Agricultural Food & other ProductsSmall Cap

₹10.78₹0.22 (2.00%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹11.00.

52-week range of traded prices to 23 Oct 2026

₹4.10Low, 2 Mar 2026₹13.47High, 24 Sep 2026

Market cap: ₹109 Cr3,308th largest listed
P/E: Lossover the last 12 months
P/B: 1.5
Dividend yield: Nonein the last 12 months
ROE: −54.1%
ROCE: −59.2%
Debt to equity: 0.10
Volume, BSE: 120

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Kesar Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹553 Cr, year to Mar 2023A loss in 6 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.6% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue304
Materials and goods−266
Employee costs−32
Other expenses−29
Operating profit−23
Depreciation−23
Other income+12
One-off items0.0
Finance costs−14
Profit before tax−48
Tax0.0
Net profit−48

What the company owns

Plant, investments and other assets₹437 Cr
Cash and bank₹7 Cr
Receivables₹5 Cr
Inventory₹4 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Other liabilities₹196 Cr
Owed to suppliers₹177 Cr
Net worth₹72 Cr
Borrowings₹8 Cr

Kesar Enterprises business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Kesar Enterprises segment results by quarter

Revenue by segment

₹373 CrTotal

Sugar₹309 Cr82.9% of total
Cogen₹64 Cr17.1% of total
Spirits₹0 Cr0.0% of total

Profit by segment

Cogen₹9.35 Cr100.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

Sugar
Revenue, ₹ crore
390
532
560
474
566
543
345
309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−43
19
35
−26
−37
16
−44
−30
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Cogen
Revenue, ₹ crore
141
102
115
104
106
95
56
64
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
57
12
71
25
16
83
−3
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Spirits
Revenue, ₹ crore
10
31
27
46
38
6
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
14
2
10
4
−7
−8
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	531	644	706	606	717	676	407	373
Company revenue, as in its results	403	518	547	469	553	531	334	304
Revenue	390	532	560	474	566	543	345	309
Revenue growth	–	36.4%	5.3%	−15.3%	19.2%	−4.0%	−36.4%	−10.5%
Profit	−43	19	35	−26	−37	16	−44	−30
Profit growth	–	–	84.0%	–	–	–	–	–
Margin	−11.0%	3.5%	6.2%	−5.5%	−6.5%	3.0%	−12.6%	−9.6%
Assets	266	259	253	270	251	271	189	176
Liabilities	364	330	321	331	347	346	307	249
Capital employed	−97	−71	−68	−61	−96	−75	−118	−73
Revenue	141	102	115	104	106	95	56	64
Revenue growth	–	−27.6%	13.0%	−9.6%	1.8%	−10.1%	−40.8%	12.8%
Profit	57	12	71	25	16	83	−3	9
Profit growth	–	−79.6%	506.7%	−64.5%	−37.9%	433.7%	–	–
Margin	40.5%	11.4%	61.2%	24.0%	14.7%	87.0%	−5.5%	14.7%
Return on capital	96.6%	43.1%	124.3%	152.6%	123.3%	74.3%	−3.4%	12.7%
Assets	259	241	210	185	177	178	162	151
Liabilities	200	214	154	168	165	66	72	77
Capital employed	59	27	57	16	13	112	90	73
Revenue	–	10	31	27	46	38	6	0
Revenue growth	–	–	194.4%	−11.0%	66.5%	−16.7%	−84.9%	−97.0%
Profit	–	1	14	2	10	4	−7	−8
Profit growth	–	–	1,975.8%	−86.6%	455.7%	−62.3%	–	–
Margin	–	6.4%	45.3%	6.8%	22.8%	10.3%	−123.9%	−4,502.6%
Return on capital	–	0.7%	14.1%	1.6%	9.2%	3.2%	−6.4%	−9.8%
Assets	–	101	102	116	114	125	111	79
Liabilities	–	10	3	3	1	1	1	1
Capital employed	–	91	99	114	113	124	110	78

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

Profit and loss

Standalone, ₹ crore, years to March.Kesar Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Jul	Mar 2022Filed 28 Jul	Mar 2023Filed 30 May	Mar 2024Filed 20 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue from operations	373	314	403	518	547	469	553	531	334	304
	309	301	381	475	518	457	552	507	374	327
Materials and goods bought	270	259	329	411	451	384	467	423	305	266
Employee costs	17	–	23	27	30	32	38	36	36	32
Other expenses	21	–	29	38	37	40	47	48	33	29
Operating profit before depreciation	64	13	22	43	29	13	1	24	−40	−23
Operating margin	17.2%	4.2%	5.4%	8.2%	5.3%	2.7%	0.1%	4.4%	−12.1%	−7.5%
Materials, % of revenue	72.5%	–	81.5%	79.4%	82.3%	81.9%	84.5%	79.7%	91.4%	87.5%
Employee costs, % of revenue	4.6%	–	5.8%	5.1%	5.6%	6.8%	6.9%	6.9%	10.8%	10.6%
Other expenses, % of revenue	5.7%	–	7.3%	7.3%	6.8%	8.6%	8.5%	9.0%	9.8%	9.4%
Depreciation and amortisation	19	18	19	18	19	18	19	18	21	23
Operating profit after depreciation	45	−5	3	24	10	−6	−18	5	−61	−46
Other income	3	1	2	3	107	3	2	92	1	12
Finance costs	40	43	45	25	27	26	27	14	13	14
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	8	−47	−40	2	90	−29	−44	84	−72	−48
	0	–	0	0	0	0	0	0	0	0
Current tax	–	–	0	0	0	0	0	0	0	0
Net profit	8	−47	−40	2	90	−29	−44	84	−73	−48
Other comprehensive income	–	–	−7	−5	1	0	−1	4	0	2
Total comprehensive income	–	–	−47	−3	91	−29	−45	88	−73	−47
Net margin	2.2%	−14.9%	−10.0%	0.4%	16.4%	−6.2%	−8.0%	15.7%	−21.7%	−15.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Jul	Mar 2022Filed 28 Jul	Mar 2023Filed 30 May	Mar 2024Filed 20 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	56	53	134	105	60	192	119	72
Share capital	10	10	10	10	10	10	10	10
Reserves	46	43	124	95	50	182	109	62
	94	64	47	28	28	10	8	8
Repayable after a year	4	38	21	0	0	0	0	0
Repayable within a year	90	26	26	28	28	10	8	8
	584	521	454	499	516	413	371	329
Trade payables	177	180	202	206	239	263	202	177
Other financial liabilities	300	293	220	235	238	122	134	140
Other liabilities	15	20	5	28	9	17	26	3
Provisions	1	1	1	2	2	2	2	2
Tax owed	0	0	0	–	–	0	0	–
	12	57	41	20	12	26	33	53
Other financial liabilities	1	9	9	10	1	1	1	26
Other liabilities	0	1	1	1	1	14	20	14
Provisions	7	8	10	10	11	11	12	13
Total assets	652	631	629	624	588	631	523	453
	475	476	466	467	450	482	461	429
Plant in use, after depreciation	451	461	432	457	439	467	446	423
Plant being built	14	5	17	1	2	0	0	0
Intangible assets	0	1	1	0	1	1	1	1
Investments	7	2	4	3	3	8	7	3
Loans given	0	0	0	0	0	0	0	0
Other financial assets	0	2	3	1	1	1	5	2
Deferred tax	0	0	0	–	–	0	0	–
Other assets	3	5	10	5	5	5	1	–
	177	155	163	157	138	149	62	24
Inventories	114	94	91	101	104	106	35	4
Trade receivables	54	48	35	19	9	13	5	5
Cash and cash equivalents	2	9	25	26	7	10	1	4
Other bank balances	2	0	0	0	1	4	0	2
Current investments	3	0	8	7	1	0	0	0
Loans given	0	0	0	0	0	0	0	0
Other financial assets	2	0	0	0	0	16	20	8
Other assets	–	3	3	4	15	–	0	–
Net debt	88	55	14	−5	18	−4	7	1

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

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 Jul	Mar 2022Filed 28 Jul	Mar 2023Filed 30 May	Mar 2024Filed 20 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	63	52	12	57	−5	−25
	63	53	12	58	−5	−24
	−73	38	11	34	35	−2
Receivables	13	15	10	−4	8	0
Inventories	3	−10	−3	−1	70	31
Payables	17	28	15	29	−50	−44
Other working capital	−106	4	−11	10	7	10
Tax paid	0	0	0	0	0	0
Capital spending	13	30	3	2	0	0
Free cash flow	50	22	9	56	−5	−25
	−22	−24	3	0	0	13
Plant and property sold	0	0	0	0	0	1
Interest received	0	1	0	0	1	1
Dividends received	0	0	0	0	0	0
	−25	−27	−34	−55	−4	15
Borrowings raised	0	0	0	10	0	25
Borrowings repaid	−24	−17	−29	−53	−2	−5
Interest paid	0	−10	−5	−11	−2	−5
Lease payments	0	0	0	0	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	16	1	−19	3	−9	3

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.

Standalone, ₹ per share, years to March.Kesar Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Jul	Mar 2022Filed 28 Jul	Mar 2023Filed 30 May	Mar 2024Filed 20 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
	₹0.82	−₹4.64	−₹3.99	₹0.23	₹8.91	−₹2.87	−₹4.37	₹8.29	−₹7.21	−₹4.80
As stated that year	₹8.15	−₹46.35	−₹39.91	₹2.28	₹89.12	−₹28.66	−₹43.71	₹82.93	−₹72.05	−₹4.80
	₹0.82	−₹4.64	−₹3.99	₹0.23	₹8.91	−₹2.87	−₹4.37	₹8.29	−₹7.21	−₹4.80
As stated that year	₹8.15	−₹46.35	−₹39.91	₹2.28	₹89.12	−₹28.66	−₹43.71	₹82.93	−₹72.05	−₹4.80
	–	–	₹5.57	₹5.29	₹13.28	₹10.40	₹5.93	₹19.02	₹11.78	₹7.14
On that year's share count	–	–	₹55.67	₹52.88	₹132.83	₹103.97	₹59.25	₹190.22	₹117.76	₹7.14
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	52	43	30	24	40	99	67	106	64	53

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Standalone, years to March.Kesar Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 10 Aug	Mar 2021Filed 6 Jul	Mar 2022Filed 28 Jul	Mar 2023Filed 30 May	Mar 2024Filed 20 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 29 May
Revenue growth	–	−15.9%	28.5%	28.5%	5.7%	−14.3%	17.8%	−3.9%	−37.1%	−8.8%
Operating profit growth	–	−79.5%	65.6%	95.9%	−31.6%	−56.6%	−95.3%	3,831.8%	–	–
Net profit growth	–	–	–	–	3,816.9%	–	–	–	–	–
Earnings per share growth	–	–	–	–	3,808.8%	–	–	–	–	–
	–	–	−71.7%	4.2%	96.0%	−24.2%	−53.6%	66.5%	−46.8%	−50.8%
	–	–	–	75.9 pts	91.8 pts	−120.2 pts	−29.3 pts	120.0 pts	−113.3 pts	−4.0 pts
From the net margin	–	–	–	74.9 pts	151.1 pts	−132.0 pts	−7.1 pts	159.3 pts	−158.3 pts	12.6 pts
From asset turnover	–	–	–	1.0 pts	11.9 pts	5.0 pts	−6.8 pts	−4.8 pts	30.8 pts	−2.7 pts
From borrowing	–	–	–	0.0 pts	−71.2 pts	6.8 pts	−15.4 pts	−34.5 pts	14.2 pts	−13.9 pts
Return on capital employed	–	–	1.8%	20.7%	5.4%	−4.3%	−21.0%	2.7%	−48.4%	−58.0%
Cash conversion	–	–	–	–	70.0%	–	–	68.5%	–	–
Interest cover	1.1	–	0.1	1.0	0.4	–	–	0.4	–	–
Debt to equity	–	–	1.67	1.21	0.35	0.27	0.47	0.05	0.07	0.10
Receivable days	–	–	49	34	23	15	6	9	6	6
Inventory days	–	–	127	83	74	96	81	91	42	6
Payable days	–	–	197	159	163	195	187	227	242	243
Cash conversion cycle, days	–	–	−21	−42	−66	−85	−99	−127	−194	−231
Working capital days	–	–	−293	−246	−199	−270	−238	−185	−331	−364
Asset turnover	–	–	0.62	0.81	0.87	0.75	0.91	0.87	0.58	0.62
Assets per rupee of net worth	–	–	11.62	11.72	6.73	5.25	7.36	4.85	3.72	5.12
Sales per rupee of plant	–	–	0.89	1.12	1.27	1.03	1.26	1.14	0.75	0.72
Capital spending to depreciation	–	–	–	–	0.68	1.61	0.17	0.09	0.01	0.01
Plant being built, % of plant in use	–	–	3.2%	1.0%	3.9%	0.2%	0.4%	0.1%	0.1%	0.0%

Interest cover is left blank for the years to Mar 2018, Mar 2022, Mar 2023, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. 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

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: −9.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−11.1%	−18.0%
Return on equity, average	–	−21.8%	−10.4%
Return on capital employed, average	–	−25.8%	−34.5%
Operating margin, average	2.8%	−2.5%	−5.0%
Net margin, average	−4.2%	−7.2%	−7.3%
Asset turnover, average	–	0.75	0.69
Cash conversion cycle, days, average	–	−147	−184
Debt to equity, average	–	0.19	0.07

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	91	27	−25
Cash from investing	−7	14	13
Cash from financing	−105	−44	15
Capital spending	35	2	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	35	35	25
Borrowings repaid	106	61	5

Accounting checks

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

Check	Mar 2017	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	–	–	–	–	7	5	4	7	2	5
Altman Z-scorePublished threshold 1.81	–	–	0.02	0.39	1.25	0.41	0.27	1.40	−0.06	−0.11
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.85	−3.92	−3.14	−1.97	−3.06	−3.10
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.79	−9.05	−9.75	4.29	−11.68	−7.59
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	7.50	11.37	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−40.70	−32.77	−30.96	−70.31	46.66	−23.06	10.81
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−42.91	−12.64	25.52	−18.32	10.67	−38.69	−75.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.27	−0.03	0.13	2.01	0.21	1.32	−3.96
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.17	–	0.02	1.99	0.01	1.69	0.42
Effective tax ratePublished threshold 17.16 per cent	1.10	–	–	0.00	0.00	–	–	0.00	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	−0.55	–	–

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