KIRIINDUSCommodities

Kiri Industries Limited

Dyes And Pigments · ISIN INE415I01015 · BSE 532967 · NSE EQ · FV ₹10
Last price
₹535
+4.29%today
What this company does

Kiri Industries Limited operates in Dyes And Pigments, part of the Commodities sector. It booked ₹312 cr of revenue in its latest quarter (Q1 FY27) and kept 92.9% of sales as profit. It is the 2nd largest of 9 Dyes And Pigments companies we track, by market value.

In the report:
78out of 100
Equitytale Health Score
Solid

Healthier than 78% of companies in Commodities, on all six measures of filed financials. Each measure is ranked against the 25–173 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
57

At close. Not part of the score.

Profitability & returns75

How much profit it earns on the money it employs

Balance sheet93

How much it owes, and whether earnings cover the interest

Cash quality42

Whether reported profit actually arrives as cash

Growth & consistency75

Whether sales and profit have grown, and how steadily

Valuation94

What today's price implies, against our models or its peers

Governance & risk92

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 93% net margin
Sales up 55% vs last year
Profit up 2,764% vs last year
Promoters hold 42%
Strong 18% return on equity
Virtually debt-free
Turns profit into real cash
Watch-outs
! 0.2% of promoter stake pledged

What if I invest in KIRIINDUS?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own revenue trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹535 +4.29%
latest close · 2026-09-17
1-year return
+11.8%
52-wk low ₹39852-wk high ₹604
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio3.0Low
LowAverageHigh
P/B ratio0.54Below book
Below bookModerateHigh
EV / EBITDA2.5Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity18.0%Strong
WeakFairStrong ▸15%
Return on capital17.8%Strong
WeakFairStrong
Net margin92.9%Strong
ThinDecentStrong
EBITDA margin96.6%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.01Comfortable
LowModerateHigh ▸1
Interest cover211.8×Strong
RiskyOkayStrong ▸5×
Current ratio8.72Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹3,489 cr
Book value
₹988
EPS
₹44.89
latest quarter
Net debt
₹-511 cr
more cash than debt
Enterprise value
₹2,979 cr
EBITDA
₹1,207 cr
annualised
EBIT
₹1,160 cr
annualised
Operating margin
92.8%
Return on assets
16.5%
Earnings yield
33.53%
P/S
2.79
Sales / share
₹191.7
Tax rate
6.4%
Face value
₹10
Shares
6.5 cr
Working capital
₹4,159 cr
Current assets
₹4,698 cr
Current liabilities
₹539 cr
Delivery %
37.4%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹610₹928, midpoint ₹769

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹312 cr
Other Income₹286 cr
Total Income₹598 cr
Cost of Materials₹217 cr
Purchases of Stock-in-Trade₹13 cr
Inventory Change (±)₹-14 cr
Employee Benefit Expense₹13 cr
Finance Costs₹1 cr
Depreciation & Amortisation₹12 cr
Other Expenses₹68 cr
Total Expenses₹310 cr
Profit before Tax₹289 cr
Tax Expense₹19 cr
Share of JV / Associates₹21 cr
Net Profit₹291 cr
Net margin on total income48.6%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹216 cr34.9%
Employee benefit expense₹13 cr2.1%
Finance costs₹1 cr0.2%
Depreciation & amortisation₹12 cr1.9%
Other expenses₹68 cr10.9%
Tax expense₹19 cr3.0%
Profit for the period₹291 cr47.0%
Total income ₹598 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue174 cr250 cr312 cr
Total income276 cr289 cr598 cr
Expenses301 cr413 cr310 cr
Profit before tax5,829 cr-97 cr289 cr
Tax817 cr-595 cr19 cr
Net profit (owners' share)5,022 cr515 cr290 cr
Net margin (owners' share, on revenue)205.5%92.9%
EPS (₹)834.3984.1344.89
YoY (latest quarter): total income +152.6% · net profit +2,763.6%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹7,039 cr
Shareholder equity
₹6,436 cr
parent shareholders
Total debt
₹41 cr
Cash
₹551 cr
Cash flow · H1 FY26
Operating
₹58 cr
Investing
₹88 cr
Financing
₹19 cr
Peer comparison
Dyes And Pigments · by market value
CompanyPriceMarket capP/E
Sudarshan Chemical Industries Limited₹1,205₹9,583 cr24.5
Kiri Industries Limitedthis company₹535₹3,489 cr3.0
Bodal Chemicals Limited₹182₹2,294 cr18.9
Shree Pushkar Chemicals & Fertilisers Limited₹513₹1,657 cr18.1
Bhageria Industries Limited₹319₹1,392 cr10.2
Sudarshan Colorants India Limited₹378₹872 cr10.7
Asahi Songwon Colors Limited₹365₹430 cr5.6
AksharChem India Limited₹374₹300 cr4.9
Poddar Pigments Limited₹276₹293 cr15.8
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹0.5
ex 17 Sep 2020
ActionDetailEx-date
Dividend₹0.5 / share17 Sep 2020
Dividend₹2 / share18 Sep 2019
Who owns it · 2026-06-30
0.2% pledged
Promoter
41.7%
FII / Foreign
16.8%
DII / Domestic
1.3%
Retail / others
40.3%
Promoter stake up 15.0% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtHemil Manishkumar Kiri · Promoter Group12.37 L · ₹22.4 cr11 Apr 26
BoughtArunaben Pravinbhai Kiri · Promoter Group10.41 L · ₹18.8 cr11 Apr 26
BoughtAnupama Manishkumar Kiri · Promoter Group14.66 L · ₹26.5 cr11 Apr 26
Bulk / block deals
short · NSE131 Aug 26
short · NSE45026 Aug 26
short · NSE220 Aug 26
Stake changes
BoughtManishkumar P Kiri, Anupama Manishkumar Kiri, Arunaben Pravinbhai Kiri, Hemil Manishkumar Kiri · promoter→ 41.62% · 51.45 L11 Apr 26
BoughtManishkumar P Kiri · promoter→ 13.64% · 43.94 L11 Aug 25
BoughtMANISHKUMAR PRAVINCHANDRA kIRI · promoter→ 26.72%15 Oct 24
Promoter pledges
InvokedACG Associated Capsules Private Limited65,392 · 0.23% held29 Mar 22
ReleasedCustom Capsules Pvt Ltd1,790 · 0.01% held21 Jun 18
ReleasedCustom Capsules Pvt Ltd2,100 · 0.01% held21 Jun 18
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 24 Mar 2026
See the official result
1
To re-appoint Mr. Manish Kiri (DIN: 00198284) as Chairman and Managing Director.
Backed by 97% of shareholders other than promotersneeded 75%
1.28 cr votes for, 4.22 L against · 0% of mutual funds and other big investors said no
2
To re-appoint Mr. Girish Tandel (DIN : 08421333) as Whole Time Director.
Backed by 97% of shareholders other than promotersneeded 50%
1.29 cr votes for, 3.53 L against · 0% of mutual funds and other big investors said no
3
To re-appoint Mr. Yagnesh Mankad (DIN: 03204060) as Whole Time Director.
Backed by 97% of shareholders other than promotersneeded 75%
1.28 cr votes for, 3.53 L against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 19 named members
owning 41.7% between them · as of 2026-06-30
ANUPAMA MANISHKUMAR KIRI14.58%
MANISHKUMAR P KIRI8.26%
EQUINAIRE CHEMTECH LLP5.37%
HEMIL MANISHKUMAR KIRI4.91%
ARUNABEN PRAVINBHAI KIRI4.85%
LATE PRAVINCHANDRA AMRATLAL KIRI3.74%
KIRI PRAVINBHAI AMRATLAL HUF0.01%
AMISHA PRAVINKUMAR KIRIno shares
Business done with them
FY2025 · 3 of the group
The company paid ₹86 cr to companies in the promoter group last year — about 11.6% of its ₹740 cr revenue and received ₹162 cr back from them.
MANISHKUMAR P KIRI
Other income from them · AS BELOW
also owns 8.26% of the company
₹125 cr
company received
SAPTAK BUILDCON PRIVATE LIMITED
Other payments to them · AS BELOW
₹84 cr
company paid
KIRI INFRASTRUCTURE PRIVATE LIMITED
Other income from them · AS BELOW
₹37 cr
company received
MANISHKUMAR P KIRI
Other payments to them · AS BELOW
also owns 8.26% of the company
₹2 cr
company paid

The company also transacted with 10 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

Money raised in Oct 2024 by selling shares to selected investors

As of Jun 2026, the company says it has spent 94% of what it set aside. CRISIL Ratings Limited watches the spending on the exchange’s behalf.

Debt Repayment
98%
of what was set aside
Working Capital requirements
99%
of what was set aside
Legal/Professional fees
100%
of what was set aside
Financial assistance
90%
of what was set aside
General Corporate Purposes
75%
of what was set aside

The amount this filing states as raised is many times the whole company’s market value, so it is almost certainly entered in the wrong unit. We show the purposes and how far along each one is, and leave the rupee figures out rather than repeat a number that cannot be right.

₹399 cr raised in Aug 2025 by selling shares to selected investors

As of Sep 2025, the company says it has spent 81% of what it set aside. CRISIL Ratings Limited watches the spending on the exchange’s behalf.

Debt Repayment
98%
of what was set aside
Working Capital requirements
99%
of what was set aside
Legal/Professional fees
70%
of what was set aside
Financial assistance
60%
of what was set aside
General Corporate Purposes
42%
of what was set aside

The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.