Kalind Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kalind Ltd trades at ₹82.2, in a confirmed uptrend and 85 weeks into that stage. That is +8.9% against its own 200-day average. It sits at 73% of a 52-week range of ₹27 to ₹102. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a confirmed uptrend — week 85 of stage 2, confirmed. At ₹82.2 it trades +8.9% versus its 200-day average and sits at 73% of its 52-week range (₹27–₹102).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +58,636% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 38th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kalind Ltd trades at 37.9× P/E, mid-range by its own standards (38th percentile). Its long-run median P/E is 40.8×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 37.9× is mid-range by its own standards (38th percentile), against a long-run median of 40.8× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 3y, of the +348.7%/yr price move, ~+146.6%/yr came from earnings growth and ~+202.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kalind Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

63.3/100 — rank 2 of 20 in Diversified · 59% evidence confidence

Kalind Ltd scores 63.3 out of 100 against the 20 companies it is compared with in Diversified, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 22.8 + 18.9 + 10 + 11.6 = 63.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kalind Ltd reported ₹33.0 Cr of revenue in the Mar 26 quarter. Over 10 years it has compounded at 54.2% a year. The last full year, FY26, came in at ₹80.0 Cr. The last four reported quarters add to ₹80.0 Cr.

Kalind Ltd reported ₹33.0 Cr of revenue in the Mar 26 quarter. Over 10 years it has compounded at 54.2% a year. The last full year, FY26, came in at ₹80.0 Cr. The last four reported quarters add to ₹80.0 Cr.

FY26 revenue came in at ₹80.0 Cr (null on the year), capping 10 years at 54.2% compound. The latest quarter (Mar 26) printed ₹33.0 Cr, null year on year.

→ Revenue slipped — did margins hold as it scaled? Next: 54.0% this quarter (null pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kalind Ltd's operating margin is 54.0% in the Mar 26 quarter. Across 13 fiscal years the operating margin has ranged −96.3% to 74.0%. The current quarter sits inside that band.

Kalind Ltd's operating margin is 54.0% in the Mar 26 quarter. Across 13 fiscal years the operating margin has ranged −96.3% to 74.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 54.0%, null pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −96.3%–74.0%.

Why the margin moved: operating margin went +24.8 pp year on year while gross margin went −29.6 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kalind Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹27.0 Cr. The 10-year compound rate is 70.5%. That is 45.5% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr.

Kalind Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹27.0 Cr. The 10-year compound rate is 70.5%. That is 45.5% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr.

Mar 26 profit was ₹15.0 Cr, null year on year. On the full year, FY26 printed ₹27.0 Cr (null), and the 10-year compound rate is 70.5%.

→ Profit rose — but did the cash follow? Next: −234% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −234% of Kalind Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−66.0 Cr of operating cash against ₹27.0 Cr of profit. After ₹60.0 Cr of capital spending, ₹−126 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹−66.0 Cr against reported profit of ₹27.0 Cr, leaving free cash of ₹−126 Cr after ₹60.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −234% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −234%: the cash cycle stretched 221 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 221 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 221-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kalind Ltd's cash conversion cycle runs 221 days in FY26, up from 0 days in FY21. Capital spending ran ₹58.0 Cr over the last 3 years. At FY26 sales of ₹80.0 Cr each day of that cycle holds about ₹0.2 Cr, so roughly ₹48.0 Cr sits inside the business at any moment.

FY26: debtors at 223 days, inventory at 76 days — roughly 2.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 221 days, looser than FY21's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 76 days to sell; customers pay about 223 days after that; and suppliers themselves are paid at 78 days — netting out to the 221-day cycle.

In money terms: at FY26 sales of ₹80.0 Cr, each day of the cycle holds about ₹0.2 Cr — so the 221-day loop keeps roughly ₹48.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹58.0 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 32%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kalind Ltd earns a ROCE of 32% in FY26. That is up from a trough of −5% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 33.8% net margin on 0.33× asset turns.

FY26 ROCE is 32%, recovered from a FY25 trough of −5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 33.8% net margin × 0.33× asset turns × 1.13× balance-sheet leverage ≈ 12.6% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.05.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Kalind Ltd carries ₹10.0 Cr of borrowings against ₹212 Cr of equity in FY26, a debt-to-equity of 0.05. Over 5 years borrowings went from ₹0.0 Cr to ₹10.0 Cr. Capital spending ran ₹58.0 Cr across the last 3 of those years.

FY26: borrowings of ₹10.0 Cr against equity of ₹212 Cr — a debt-to-equity of 0.05. Over 5 years borrowings went from ₹0.0 Cr to ₹10.0 Cr while capital spending ran ₹58.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 56.4 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 56.4 points of Kalind Ltd over 8 quarters, the biggest move on the register. That takes promoters to 13.8% of the company. Domestic institutions moved +1.5 points over the same window, to 1.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −56.4 points over 8 quarters to 13.8%; Domestic institutions: +1.5 points over 8 quarters to 1.5%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: promoters drove it (−56.4 points), absorbed on the other side by domestic institutions (+1.5 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kalind Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions