MarketFriction

Kernex Microsystems (India) Ltd

NSE KERNEX · BSE 532686 · Transport Related Services
₹1,643.50 -2.52%
NSE close2026-10-01
52 week range850.00 - 2,580.00
Market cap₹2,934 Cr.
P/E15.4
Price band 20% Delivery 43.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales18929413783564773255504
Expenses5132124312866433356149341
Operating Profit-3-4-12510917131417105163
OPM %-242%-54%-139%17%25%23%21%22%30%23%41%32%
Other Income000000100010
Interest01113123591213
Depreciation131111111222
Profit before tax-4-9-1337715109692148
Tax %10%1%-5%-4%-0%-1%-114%22%28%3%26%26%
Net Profit-5-9-134773377668110
EPS in Rs-2.85-5.07-7.532.164.094.2819.454.453.923.5940.6365.37
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales121213815187420190430878
Expenses203325212214162142149281579
Operating Profit-9-21-12-13-74-9-17-2341149299
OPM %-76%-171%-87%-158%-49%21%-142%-416%-117%22%35%34%
Other Income2251-4181-311122
Interest64226131372839
Depreciation332222122367
Profit before tax-16-2-15-2232-17-20-2732117256
Tax %-2%115%-4%-1%-1%2%2%2%-0%-54%25%
Net Profit-16-4-15-2132-17-20-275088191
EPS in Rs-12.74-3.24-11.78-17.062.741.62-13.76-12.82-15.7629.9852.58113.51
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth44%88%374%305%
Compounded Profit Growth22%116%86%253%
Stock Price CAGR46%89%57%67%
Return on Equity1%14%26%44%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital121212121212121215171717
Reserves101847564434650366790141231
Borrowings2833242621112018112840162
Other Liabilities2027211916161214112738509
Total Liabilities16215713312193859580104161236919
Fixed Assets535055544333322524242534
CWIP10100000003270
Investments000000000000
Other Assets999778685053635578135204885
Total Assets16215713312193859580104161236919
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-6-4-263-23-113-5-36-7115-100
Cash from Investing Activity1030-02625-12-7-1-5-9-8
Cash from Financing Activity-23-4-2-2-6-104564594
Net Cash Flow-8-00117-10-119-1111-14
Free Cash Flow-6-44361231-37-766-107
CFO/OP83%40%122%-26%176%153%86%49%214%311%36%-65%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1,0431,6431,23699667431623959609445268
Inventory Days1,7792931,9158442669629672,1412,098195787
Days Payable9623251,225405201011774346076938
Cash Conversion Cycle1,0432,4601,2051,6861,1145621,0991,3852,0981,731164117
Working Capital Days7488896295052722361642261,2191,161128150
ROCE %-6%-7%-18%-12%-15%-8%4%-13%-23%-21%24%48%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters31.60%29.14%29.14%29.14%29.14%29.08%29.08%28.97%28.97%28.89%28.85%28.73%
FIIs0.03%0.01%0.01%0.00%0.49%1.16%0.07%0.52%0.54%0.07%0.30%2.48%
DIIs0.00%0.01%0.01%0.00%0.04%0.73%1.10%1.11%0.39%0.07%0.02%0.05%
Government0.07%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.06%
Public68.30%70.79%70.77%70.78%70.26%68.96%69.68%69.34%70.04%70.91%70.78%68.69%
No. of Shareholders14,66015,00716,24022,24127,05834,24237,89442,14942,78540,18741,51141,803

Fundamentals

Market Cap₹ 2,934 Cr.
Current Price₹ 1,744
Stock P/E15.4
Book Value₹ 148
ROCE47.8 %
ROE43.5 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)305%
Compounded Profit Growth (TTM)253%
Consolidated figures.
Valuation
Market capRs 2,761 Cr
Enterprise valueRs 2,897 Cr
P/E (TTM)14.48x
Price to book11.13x
Price to sales3.15x
EV / EBITDA9.61x
EV / EBIT9.84x
EV / sales3.30x
Earnings yield6.91%
P/E, 3-year average21.16x
P/B, 3-year average7.63x
P/E, 5-year average21.16x
P/B, 5-year average6.25x
Profitability
Operating margin (excl. other income)34.58%
Operating margin (incl. other income)35.10%
EBITDA margin34.33%
Pre-tax margin29.12%
Net profit margin21.73%
Net margin, latest quarter21.81%
ROE43.52%
ROCE47.72%
ROA15.29%
ROE, 3-year average17.84%
ROCE, 3-year average16.80%
ROA, 3-year average6.88%
ROE, 5-year average-1.58%
ROCE, 5-year average1.81%
ROA, 5-year average-4.11%
ROIC (approx.)57.93%
Tax rate24.61%
Other income / net worth0.91%
Growth
Sales growth (latest year)126.71%
Profit growth (latest year)75.84%
Sales CAGR, 3 years373.99%
Sales CAGR, 5 years88.00%
Profit CAGR, 5 years112.89%
Sales growth QoQ97.81%
Profit growth QoQ60.93%
Sales growth YoY (latest quarter)800.38%
Profit growth YoY (latest quarter)1372.52%
Per share
EPS (TTM)Rs 113.51
EPS (latest year)Rs 52.58
EPS (latest quarter)Rs 65.38
EPS, 3-year averageRs 22.26
EPS, 5-year averageRs 8.04
Book value per shareRs 147.66
Sales per shareRs 522.47
Cash flow per shareRs -59.36
Free cash flow per shareRs -63.68
Efficiency
Asset turnover0.47x
Fixed asset turnover12.74x
Inventory turnover0.62x
Inventory days588 days
Debtor days268 days
Debtors turnover1.36x
Creditor days938 days
Cash conversion cycle117 days
Working capital days150 days
Leverage
Total debtRs 162 Cr
Cash and bankRs 27 Cr
Net debtRs 135 Cr
Debt to equity0.65x
Net debt / EBITDA0.45x
Interest coverage7.58x
Current ratio (filing 2026-03-31)1.31x
Quick ratio (filing 2026-03-31)0.74x
Trade payables (filing 2026-03-31)Rs 443 Cr
Owners' fund to total sources26.99%
Debt to assets17.64%
Cash flow
Cash from Operating Activity (latest year)Rs -100 Cr
Cash from Investing Activity (latest year)Rs -8 Cr
Cash from Financing Activity (latest year)Rs 94 Cr
Net Cash Flow (latest year)Rs -14 Cr
Free cash flow (latest year)Rs -107 Cr
FCFE (approx.: FCF + change in debt)Rs 15 Cr
Cash from ops / profit, 5 years-2.66x
Statement figures
Net sales (TTM)Rs 878 Cr
Net sales (latest year)Rs 430 Cr
Sales (latest quarter)Rs 504 Cr
Operating profit excl. other income (latest year)Rs 149 Cr
Operating profit (latest quarter)Rs 163 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 301 Cr
PBDT (TTM)Rs 263 Cr
Profit before tax (TTM)Rs 256 Cr
Tax (latest year)Rs 29 Cr
Net profit (TTM)Rs 191 Cr
Net profit (latest year)Rs 88 Cr
Net profit (latest quarter)Rs 110 Cr
Depreciation (TTM)Rs 7 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 39 Cr
Cost of goods sold (latest year)Rs 230 Cr
Total expenditure (latest year)Rs 281 Cr
Total income (latest year)Rs 432 Cr
Share capitalRs 17 Cr
ReservesRs 231 Cr
Shareholders' fundsRs 248 Cr
Total assetsRs 919 Cr
Net blockRs 34 Cr
ReceivablesRs 316 Cr
InventoryRs 371 Cr
Other liabilitiesRs 509 Cr
Shares outstanding (crore)1.68
Ownership
Promoter holding28.73% (-0.24 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 14.5 is at the 18th percentile of its own 3.8-year range (median 38.1, low 8.2, high 294.5).
P/B 11.13 is at the 72th percentile (median 3.33).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodKERNEXNifty 50Difference
1 week-3.4%-2.8% -0.6 pts
1 month+0.6%-6.8% +7.4 pts
3 months-30.9%-7.6% -23.3 pts
6 months+91.8%+0.4% +91.4 pts
1 year+49.4%-9.9% +59.3 pts
2 years+99.9%-13.6% +113.5 pts
3 years+267.6%+14.2% +253.5 pts
5 years+2139.1%+27.9% +2111.2 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -139% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 20% of total assets in 2026
explainReceivables outrunning sales Receivables grew 1237% vs sales +127% in 2026
lookInventory outrunning sales Inventory grew 606% vs sales +127% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹504 Cr +800.0% vs Jun 2025. Net profit ₹110 Cr +1471.4%.
Against our estimate for Jun 2026: sales +462.5%, profit +796.3% big beat. Our estimate for Sep 2026: sales Rs 75 Cr, profit Rs 14 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Blackbuck Ltd11,34366.112.8 %
No bulk or block deals on record.
Ex-dateActionFactor
2024-09-23Annual General Meeting
2023-09-22Annual General Meeting
2022-09-22Annual General Meeting
2021-09-21 Annual General Meeting
2020-09-22 Annual General Meeting
2019-09-20 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-21 Annual General Meeting
2016-09-19 Annual General Meeting
2015-09-16 Annual General Meeting
2014-09-24Annual General Meeting
2013-09-19Annual General Meeting
2012-09-20Annual General Meeting And Dividend Re.1/- Per Share
2011-09-19Annual General Meeting And Dividend Re.1/- Per Share
2010-09-16Annual General Meeting
2009-09-08Agm/Div-Re.1/- Per Share
2008-09-11Agm/Dividend - 10%
2007-10-16Bonus 1:100.9091
2007-08-30Agm/Dividend-10%
2006-09-08Agm/Dividend-15%
DateTypeWhat it says
2026-10-01Shareholder meetingVoting results.
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
2026-09-22AddendumAddendum
2026-09-08Shareholder meetingNotice of Annual General Meeting to be held on September 30, 2026
2026-09-08Record DateRecord date for the purpose of Meeting is 23-Sep-2026.
2026-09-05AppointmentAppointment of Mrs Renuka Rani C as Non- Executive Independent Director of the company w.e.f. September 06, 2026.
2026-09-05AppointmentAppointment of Mr P Dnakara Rao as Non- Executive Independent Director of the company w.e.f. September 30, 2026.
2026-09-05RetirementRetirement
2026-09-05AppointmentAppointment of Mr A Seshagiri Rao as Non- Executive Independent Director of the company w.e.f. September 06, 2026.
2026-09-04General UpdatesGeneral Updates
2026-08-20Order winBagging/Receiving of orders/contracts
2026-08-17UpdatesUpdate on Operations.
2026-08-13AppointmentAppointment of Mr M Sitarama Raju as Executive Director of the company w.e.f. September 02, 2026.
2026-08-13AppointmentAppointment of Mr M B Narayana Raju as Executive Director of the company w.e.f. September 02, 2026.
2026-08-13Board meeting outcomeKernex Microsystems (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-02Order winBagging/Receiving of orders/contracts
2026-07-31Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-07-14Order winBagging/Receiving of orders/contracts
2026-07-06UpdatesListing and Trading Approval for 1,200 shares issued and allotted under KMIL ESOS-2023.
2026-07-02UpdatesSuccessful Commissioning of Kernex-built Kavach System on North Central Railway.
2026-06-30General UpdatesGeneral Updates
2026-06-29Shareholder meetingNotice of Postal Ballot
2026-06-17AllotmentAllotment of 1200 securities pursuant to ESOP/ESPS at its meeting held on Jun 17, 2026
2026-06-05Disclosure under SEBI TakeovAnji Raju Manthena has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantia...
2026-05-29UpdatesIn continuation to the Outcome of the Board Meeting held on 29th May, 2026, we wish to inform you that the Board of Directors of the Company, at its m...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
High low price variation greater than 100perc in previous 6 monthsHigh low price variation greater than 150perc in previous 12 monthsHigh low price variation greater than 200perc in previous 365 Days

Quick answers

What is the market cap of Kernex Microsystems (India) Ltd?

Kernex Microsystems (India) Ltd (KERNEX) has a market capitalisation of Rs 2,934 Cr. at the 2026-10-01 close.

What is the P/E ratio of Kernex Microsystems (India) Ltd?

Kernex Microsystems (India) Ltd trades at a P/E of 15.4 on trailing twelve-month profit, at the 2026-10-01 close.

What were Kernex Microsystems (India) Ltd's latest quarterly results?

In the Jun 2026 quarter, Kernex Microsystems (India) Ltd sales was Rs 504 Cr (+800.0% vs Jun 2025) and net profit was Rs 110 Cr.

What is the 52-week high and low of Kernex Microsystems (India) Ltd?

The 52-week high is Rs 2,580.00 and the 52-week low is Rs 850.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03