Kesoram Industries financials and balance sheet

NSE: KESORAMINDBSE: 502937Textiles & ApparelsSmall Cap

₹11.12₹0.28 (2.46%)BSE ₹11.12

Share price at the NSE close on 23 Oct 2026. Previous close ₹11.40.

52-week range of traded prices to 23 Oct 2026

₹4.55Low, 19 Nov 2025₹14.26High, 14 May 2026

Market cap: ₹345 Cr2,096th largest listed
P/E: Lossover the last 12 months
P/B: 0.9
Dividend yield: Nonein the last 12 months
ROE: −2.2%
ROE without one-offs: −13.9%
ROCE: −13.2%
Debt to equity: 0.59
Volume, NSE: 9,90,70648.1% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in the year to Mar 2026, −₹88 CrA loss in 8 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 3.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company's revenue for that year, ₹2,646 Cr, differs from its quarters added, ₹2,995 Cr. From the year to Mar 2025, the company reports the part of the business demerged on 10 Mar 2025 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue248
Materials and goods−143
Employee costs−72
Other expenses−90
Operating profit−57
Depreciation−21
Other income+56
One-off items−42
Finance costs−24
Profit before tax−88
Tax+0.1
Net profit−88

What the company owns

Plant, investments and other assets₹599 Cr
Inventory₹32 Cr
Receivables₹29 Cr
Cash and bank₹4 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹370 Cr
Borrowings₹218 Cr
Other liabilities₹49 Cr
Owed to suppliers₹29 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Kesoram Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 3 Aug	Mar 2021Filed 17 May	Mar 2022Filed 12 Apr	Mar 2023Filed 9 May	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue from operations	4,400	3,996	4,202	2,646	2,653	3,606	3,778	3,987	259	248
	4,453	4,070	4,000	2,417	2,277	3,094	3,507	3,635	310	305
Materials and goods bought	1,396	1,317	1,333	367	359	378	430	493	120	143
Employee costs	–	–	356	220	216	183	219	227	72	72
Other expenses	–	–	2,312	1,830	1,703	2,532	2,858	2,915	119	90
Operating profit before depreciation	−53	−74	202	228	376	512	271	352	−52	−57
Operating margin	−1.2%	−1.9%	4.8%	8.6%	14.2%	14.2%	7.2%	8.8%	−20.0%	−23.0%
Materials, % of revenue	–	–	31.7%	13.9%	13.5%	10.5%	11.4%	12.4%	46.2%	57.6%
Employee costs, % of revenue	–	–	8.5%	8.3%	8.1%	5.1%	5.8%	5.7%	27.7%	29.2%
Other expenses, % of revenue	–	–	55.0%	69.2%	64.2%	70.2%	75.6%	73.1%	46.1%	36.2%
Depreciation and amortisation	124	146	153	113	118	112	103	137	32	21
Operating profit after depreciation	−177	−220	49	116	258	400	168	215	−84	−78
Other income	101	159	88	40	72	37	70	49	21	56
Finance costs	273	443	512	344	276	502	450	489	28	24
Profit before one-off items and tax	−349	−504	−375	−188	54	−65	−212	−225	−91	−46
One-off items	121	−76	0	0	−221	−22	−173	−50	0	−42
Profit before tax	−228	−580	−375	−188	−167	−87	−385	−274	−91	−88
	2	−2	−12	0	−307	−10	−191	110	19	0
Current tax	–	–	−12	0	−44	0	0	0	0	0
Deferred tax	–	–	0	0	−263	−10	−191	110	20	0
Profit from discontinued businesses	–	–	–	–	–	–	–	–	5,766	–
Net profit	−230	−578	−363	−188	140	−77	−194	−384	5,655	−88
Other comprehensive income	–	–	−61	−16	10	2	4	6	−5	7
Total comprehensive income	–	–	−424	−204	150	−75	−190	−378	5,650	−81
Net margin	−5.2%	−14.5%	−8.6%	−7.1%	5.3%	−2.1%	−5.1%	−9.6%	–	−35.6%

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. Net margin is left blank for the year to Mar 2025: 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 16 May	Mar 2020Filed 3 Aug	Mar 2021Filed 17 May	Mar 2022Filed 12 Apr	Mar 2023Filed 9 May	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	112	−97	197	511	473	95	452	370
Share capital	143	143	165	244	311	311	311	311
Reserves	−30	−240	33	266	163	−216	141	60
	2,990	2,063	1,956	1,895	1,936	2,267	198	218
Repayable after a year	2,143	1,434	1,941	1,733	1,810	2,111	152	130
Repayable within a year	847	628	15	162	125	157	46	89
	2,475	1,762	1,029	1,072	1,038	1,058	205	162
Trade payables	873	623	616	589	596	623	34	29
Other financial liabilities	296	243	132	87	67	138	116	35
Other liabilities	279	171	221	216	233	128	4	10
Provisions	134	52	45	17	16	11	5	0
Tax owed	46	45	0	0	0	0	0	–
	2,407	1,547	2,049	1,850	1,924	2,223	156	133
Other financial liabilities	227	–	80	89	84	82	0	4
Other liabilities	1	1	0	0	0	0	0	–
Provisions	35	26	28	28	29	31	4	0
Trade payables	0	86	0	0	0	0	0	–
	4,995	3,212	3,276	3,433	3,435	3,376	813	666
Held for sale or for a demerger	–	–	–	–	60	–	–	–
	3,773	2,700	2,473	2,437	2,381	2,233	674	559
Plant in use, after depreciation	2,772	2,167	2,079	2,004	1,731	1,660	599	537
Plant being built	800	31	33	49	65	99	5	3
Intangible assets	0	0	2	1	5	4	10	2
Investments	82	70	77	74	82	80	0	10
Stakes in joint ventures and associates	0	–	0	0	0	0	56	–
Loans given	0	406	0	0	0	0	0	3
Other financial assets	21	12	8	18	22	21	0	4
Deferred tax	24	8	262	272	462	352	0	–
Other assets	75	6	13	19	13	17	3	–
	1,221	511	803	996	994	1,144	139	107
Inventories	361	162	137	180	232	287	36	32
Trade receivables	587	197	305	320	372	468	32	29
Cash and cash equivalents	19	10	97	122	54	94	13	3
Other bank balances	28	7	14	57	56	90	1	1
Current investments	0	0	0	0	0	0	15	1
Loans given	11	47	129	135	63	0	0	0
Other financial assets	25	21	24	23	91	70	13	20
Tax paid in advance	0	–	0	0	0	128	6	–
Other assets	191	68	96	158	126	7	22	20
Net debt	2,944	2,046	1,844	1,715	1,826	2,083	169	213

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 17 May	Mar 2022Filed 12 Apr	Mar 2023Filed 9 May	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
	259	324	131	206	37	−107
	258	322	129	211	44	−110
	−134	−173	−152	−159	92	−60
Receivables	3	0	0	0	0	3
Inventories	25	−43	−52	−55	12	4
Payables	0	0	0	0	72	−6
Other working capital	−162	−129	−100	−104	8	−62
Tax paid	1	2	2	−5	6	5
Interest paid	0	0	0	0	0	−2
Capital spending	28	36	73	94	6	2
Free cash flow	231	288	58	112	31	−109
	−150	−63	49	−16	7	99
Plant and property sold	2	1	8	29	8	33
Interest received	6	16	26	31	4	1
Dividends received	0	0	0	0	0	0
	267	−224	−248	−148	−49	−2
Borrowings raised	2,510	85	338	2,082	66	43
Borrowings repaid	−1,745	−374	−308	−1,665	−89	−21
Interest paid	−484	−255	−272	−565	0	−23
Lease payments	−14	−14	−6	−1	0	−1
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	334	0	0	0	0
Net change in cash	375	36	−68	41	−5	−10

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.Kesoram Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 3 Aug	Mar 2021Filed 17 May	Mar 2022Filed 12 Apr	Mar 2023Filed 9 May	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Earnings per share	−₹19.64	−₹46.93	−₹25.49	−₹13.15	₹9.73	−₹3.86	−₹6.83	−₹12.36	₹179.14	−₹2.84
Diluted earnings per share	−₹19.64	−₹46.93	−₹25.49	−₹13.15	₹9.73	−₹3.86	−₹6.83	−₹12.36	₹179.14	−₹2.81
Book value per share	–	–	₹7.87	−₹6.82	₹11.98	₹20.86	₹15.23	₹3.05	₹14.53	₹11.92
Shareholder yield	–	–	–	–	0.0%	−26.1%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,675	1,351	1,038	262	1,002	1,280	1,820	5,317	130	251

Ratios

Consolidated, years to March.Kesoram Industries PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 3 Aug	Mar 2021Filed 17 May	Mar 2022Filed 12 Apr	Mar 2023Filed 9 May	Mar 2024Filed 23 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 27 May
Revenue growth	−9.2%	5.2%	–	0.3%	35.9%	4.8%	5.5%	–	−4.3%
Operating profit growth	–	–	–	64.4%	36.3%	−47.2%	30.0%	–	–
	–	−323.6%	−2,498.7%	279.6%	−21.8%	−39.5%	−135.2%	2,070.1%	−21.5%
	–	–	−2,175.1 pts	2,778.3 pts	−301.4 pts	−17.6 pts	−95.7 pts	2,205.4 pts	−2,091.6 pts
From the net margin	–	–	58.3 pts	4,360.6 pts	−393.1 pts	−30.5 pts	−34.5 pts	–	–
From asset turnover	–	–	62.0 pts	499.7 pts	−35.7 pts	−1.2 pts	−4.7 pts	–	–
From borrowing	–	–	−2,295.4 pts	−2,082.0 pts	127.4 pts	14.1 pts	−56.5 pts	–	–
Return on capital employed	–	1.6%	5.9%	12.0%	16.6%	7.0%	9.1%	−12.9%	−13.3%
Cash conversion	–	–	–	184.7%	–	–	–	0.7%	–
Interest cover	–	0.1	0.3	0.9	0.8	0.4	0.4	–	–
Debt to equity	–	26.64	–	9.91	3.71	4.09	23.91	0.44	0.59
Receivable days	–	51	27	42	32	36	43	46	43
Inventory days	–	99	161	140	174	197	212	111	82
Payable days	–	239	619	627	568	505	461	105	73
Cash conversion cycle, days	–	−89	−431	−445	−362	−272	−206	52	52
Working capital days	–	−39	−88	−44	−9	−3	5	−70	40
Asset turnover	–	0.84	0.64	0.82	1.08	1.10	1.17	0.12	0.34
Assets per rupee of net worth	–	44.49	546.73	64.73	9.47	6.98	11.99	7.67	1.80
Sales per rupee of plant	–	1.52	1.22	1.28	1.80	2.18	2.40	0.43	0.46
Capital spending to depreciation	–	–	–	0.24	0.32	0.71	0.69	0.19	0.08
Plant being built, % of plant in use	–	28.9%	1.4%	1.6%	2.4%	3.8%	6.0%	0.9%	0.6%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2020: net worth is below zero, so there is no shareholders' money to set the borrowings against. Revenue growth and operating profit growth are left blank for the year to Mar 2020: between the two periods the company restated its earlier figures, 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 years to Mar 2025 and 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 is left blank for the year to Mar 2025: 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: −11.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−37.8%	−59.7%
Return on equity, average	–	370.4%	637.8%
Return on capital employed, average	–	1.3%	−5.7%
Operating margin, average	1.2%	−2.6%	−11.4%
Net margin, average	−9.2%	−13.1%	−22.6%
Asset turnover, average	–	0.76	0.54
Cash conversion cycle, days, average	–	−147	−34
Debt to equity, average	–	6.55	8.31

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	591	136	−107
Cash from investing	74	89	99
Cash from financing	−671	−199	−2
Capital spending	210	102	2
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	334	0	0
Borrowings raised	2,613	2,191	43
Borrowings repaid	2,456	1,774	21

Accounting checks

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

Check	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	6	3	5	5	1
Altman Z-scorePublished threshold 1.81	0.75	0.46	1.08	1.79	1.58	2.30	0.42	0.59
Beneish M-scorePublished threshold −1.78	–	–	−2.20	−2.89	−2.49	−3.22	−3.69	−2.61
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	0.98	−10.07	−10.89	−16.83	267.91	−10.79
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.07	0.03
Receivables growth less revenue growthOur threshold 0 percentage points	–	−29.41	54.63	−30.90	11.42	20.26	0.42	−6.00
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	17.35	−13.14	26.14	14.87	8.89	−11.54	−30.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−4.78	1.13	1.70	0.95	−0.30	−63.44	−0.32
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	1.08	1.34	–	1.50	–	–

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