Kavveri Defence & Wireless Technologies Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Kavveri Defence & Wireless Technologies Ltd is in stage 4. The phase helps read everything below.

Kavveri Defence & Wireless Technologies Ltd's share price was ₹93.9 at the close on 16 October 2026. It has been falling for 36 weeks. That is 37.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹57 and ₹94, and today it sits 100% of the way up from that low.

There is not enough history yet to compare it with the NIFTY 500.

Over the last 2 months the share price moved +65% while the NIFTY 500 moved −5%, so it is ahead of the index over that whole period. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Kavveri Defence & Wireless Technologies Ltd's P/E is 275.9×, near the high end of its own history: higher than 93% of past readings. Its usual P/E (the middle reading) is 35.0×, over 3.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Kavveri Defence & Wireless Technologies Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 9 quarters of 2 measures, with some gaps.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Revenue Revenue is everything the company billed its customers in the period.

Kavveri Defence & Wireless Technologies Ltd reported ₹1.4 Cr of revenue in the Jun 26 quarter, −63.2% on the same quarter a year earlier. Over 10 years it has grown −14.5% a year on average. The last full year, FY26, came in at ₹8.4 Cr. The last four reported quarters add to ₹5.9 Cr.

FY26 revenue was ₹8.4 Cr, −50.8% on the year before.

Recent pace: the last four quarters grew −42.3% on average, against −14.5% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −70.9%, against +80.8% a year over the last 8 quarters (rolling over).

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

Kavveri Defence & Wireless Technologies Ltd's operating margin was −102.8% in the Jun 26 quarter, 129.4 percentage points lower than the same quarter a year ago. Across 12 years it has been between −7,316.7% and 24.7%. The latest quarter is within that range.

🚨 Why the margin moved: operating margin changed −129.4 percentage points on the year while gross margin changed −21.4 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Kavveri Defence & Wireless Technologies Ltd posted a net loss of ₹1.2 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹1.2 Cr. That loss is 84.0% of the quarter's revenue. The same quarter a year earlier earned ₹1.1 Cr. 5 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−1.2 Cr, −212.0% on a year earlier. For the full year, FY26 profit was ₹1.2 Cr (−80.7% on the year before).

🚨 Why profit moved: revenue changed −63.2% on a year earlier and the margin moved −129.4 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −108.4% and revenue −42.3%. Profit is growing slower than sales: rising costs are taking part of the growth.

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Over the last 3 years Kavveri Defence & Wireless Technologies Ltd's operations used more cash than they brought in, so cash conversion was −104%, a gap worth watching. In FY26 its operations used ₹22.9 Cr of cash, against ₹1.2 Cr of profit.

After ₹1.0 Cr of spending on assets, free cash was ₹−24.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

🚨 Why −104% of profit came in as cash: the cash cycle got 10,272 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Kavveri Defence & Wireless Technologies Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 353 days in FY26, down from 10,625 days in FY21. It spent ₹2.0 Cr on assets over the last 3 years. Customers take 317 days to pay, and stock sits for 392 days on average.

At FY26 sales of ₹8.4 Cr, each day of that cycle ties up about ₹0.0 Cr, so roughly ₹8.0 Cr is tied up in the business at any time.

FY26: customers took 317 days to pay and stock sat for 392 days, about 12.9 months of sales sitting as stock, for a full cycle of 353 days, shorter than FY21's 10,625.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 392 days. Customers pay about 317 days after that. Suppliers are paid at 357 days. Together that makes the 353-day cycle.

Spending on assets: ₹2.0 Cr over the last 3 years, against ₹1.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Kavveri Defence & Wireless Technologies Ltd earned a ROCE of 1% in FY26. That is up from a low of −9% in FY18. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 14.7% net margin and 0.07× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 14.7% net margin × 0.07× asset turnover × 1.13× leverage (assets divided by equity) ≈ 1.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Kavveri Defence & Wireless Technologies Ltd had ₹4.4 Cr of borrowings against ₹112 Cr of equity in FY26, so its debt is 0.04× its equity. Its operating profit is −46 times its interest bill. Over 5 years borrowings went from ₹207 Cr to ₹4.4 Cr. Over the last 3 of those years it spent ₹2.0 Cr on assets.

The spending on assets is being paid for from cash, not new debt.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Foreign institutions cut their stake in Kavveri Defence & Wireless Technologies Ltd by 11.0 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 2.0% of the company. Promoters moved +9.4 points over the same period, to 24.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Over the last two years: Foreign institutions: −11.0 points over 8 quarters, to 2.0%; Promoters: +9.4 points over 8 quarters, to 24.6%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%.

🚨 Why the owners changed: foreign institutions drove it (−11.0 points), with the other side taken by promoters (+9.4 points). They reduced their stake.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For Kavveri Defence & Wireless Technologies Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

Frequently asked questions