Keltech Energies 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.

Keltech Energies Ltd trades at ₹9,194, in a confirmed uptrend and 12 weeks into that stage. That is +80.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹4,337 to ₹9,194. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.

Today the stock is in a confirmed uptrend — week 12 of stage 2, confirmed. At ₹9,194 it trades +80.4% versus its 200-day average and sits at 100% of its 52-week range (₹4,337–₹9,194).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +108% while the NIFTY 500 moved +2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — 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.

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.

Keltech Energies Ltd trades at 35.1× P/E, about the priciest it has ever traded. Its long-run median P/E is 13.8×, measured across 10.1 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 35.1× is about the priciest it has ever traded, against a long-run median of 13.8× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

Stage: Mixed 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).

Keltech Energies Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +27.8% (single-quarter readings) while profit growth is falling at −1.6% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

48.6/100 — rank 2 of 4 in Industrial Explosives · 64% evidence confidence

Keltech Energies Ltd scores 48.6 out of 100 against the 4 companies it is compared with in Industrial Explosives, ranking 2. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 12 + 17.5 + 6.6 + 12.5 = 48.6. 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.

Keltech Energies Ltd reported ₹183 Cr of revenue in the Jun 26 quarter, +27.8% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹532 Cr. The last four reported quarters add to ₹572 Cr.

FY26 revenue came in at ₹532 Cr (+8.8% on the year), capping 10 years at 11.5% compound. The latest quarter (Jun 26) printed ₹183 Cr, +27.8% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.3% growth against the decade's 11.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +13.6% over the last 4 quarters against +13.6%/yr over the last 8 — stabilising; TTM profit +8.1% vs +15.8%/yr — rolling over.

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.

Keltech Energies Ltd's operating margin is 7.5% in the Jun 26 quarter, −1.2 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.2% to 10.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.5%, −1.2 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.2%–10.0%.

🚨 Why the margin moved: operating margin went −1.2 pp year on year while gross margin went −4.9 pp — the loss came mostly from the gross line: input costs and pricing.

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

Keltech Energies Ltd earned ₹8.1 Cr of net profit in the Jun 26 quarter, −1.6% year on year. Full-year FY26 profit was ₹29.0 Cr. The 10-year compound rate is 19.2%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹8.2 Cr.

Jun 26 profit was ₹8.1 Cr, −1.6% year on year. On the full year, FY26 printed ₹29.0 Cr (+16.0%), and the 10-year compound rate is 19.2%.

🚨 Why profit moved: revenue contributed +27.8% and the margin −1.2 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +8.4% vs revenue +13.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 111% of Keltech Energies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹48.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹86.0 Cr of capital spending, ₹−38.0 Cr was left as free cash.

FY26: operating cash of ₹48.0 Cr against reported profit of ₹29.0 Cr, leaving free cash of ₹−38.0 Cr after ₹86.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 111% 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 111%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 4.9× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Keltech Energies Ltd's cash conversion cycle runs 14 days in FY26, down from 14 days in FY21. Capital spending ran ₹107 Cr over the last 3 years. At FY26 sales of ₹532 Cr each day of that cycle holds about ₹1.5 Cr, so roughly ₹20.0 Cr sits inside the business at any moment.

FY26: debtors at 42 days, inventory at 52 days — roughly 1.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 14 days, tighter than FY21's 14.

The full loop: cash goes out to suppliers and production on day 0; stock waits 52 days to sell; customers pay about 42 days after that; and suppliers themselves are paid at 81 days — netting out to the 14-day cycle.

In money terms: at FY26 sales of ₹532 Cr, each day of the cycle holds about ₹1.5 Cr — so the 14-day loop keeps roughly ₹20.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹107 Cr over the last 3 fiscal years against ₹22.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹38.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes 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 — equity and debt together. It is the single best test of whether growth creates value or just size.

Keltech Energies Ltd earns a ROCE of 20% in FY26. That is up from a trough of 10% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 5.5% net margin on 1.50× asset turns.

FY26 ROCE is 20%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.5% net margin × 1.50× asset turns × 2.32× balance-sheet leverage ≈ 19.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

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.

Keltech Energies Ltd carries ₹73.0 Cr of borrowings against ₹153 Cr of equity in FY26, a debt-to-equity of 0.48. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹24.0 Cr to ₹73.0 Cr. Capital spending ran ₹107 Cr across the last 3 of those years.

FY26: borrowings of ₹73.0 Cr against equity of ₹153 Cr — a debt-to-equity of 0.48. Operating profit covers the interest bill 10×. Over 5 years borrowings went from ₹24.0 Cr to ₹73.0 Cr while capital spending ran ₹107 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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.

No holder of Keltech Energies Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.0 points over the same window, to 0.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 54.3%; Domestic institutions: +0.0 points over 8 quarters to 0.2%.

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.

Keltech Energies 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