Kesar India Ltd (543542) — share price & stock analysis

Market cap

₹3,770 Cr

P/E

126×

ROE

20.0%

vs own history (since 2023)

59th pctile

Book value / share

₹87.2

EPS (TTM)

₹10.5

10-yr median P/E

119×

Revenue (FY26)

₹176 Cr

Profit after tax (FY26)

₹30 Cr

Weinstein stage

Stage 2 (43 weeks)

Data as of

1 July 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 23% — a high-quality engine; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

Most of this rally is re-rating, not earnings

Since Oct 2023, the stock is up 1,617% while earnings per share grew 205%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 126× is the middle of its own range against its own history since 2023 (59th percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

A caveat on every valuation comparison here: the stock has only traded since 2023, and in that time its P/E has ranged 63–785× — it has never been cheap. “Middle of its range” means the middle of an expensive range.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (118.6×).

Stage 2: the trend is up, and has been for 43 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 43 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹1,081 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 43 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Profits are at an all-time high

Over 7 years, sales went from ₹0.0 Cr to ₹176 Cr, and profit from ₹0.0 Cr to ₹30.0 Cr.revenuenet_profit

Margins widened 3.3 points along the way — growth with improving economics.operating_profit

Sales exploded 107% last quarter

Mar 26 sales were ₹85.0 Cr, up 107% on the same quarter last year.revenue

Margins are widening — 8% → 24% in a year

Of every ₹100 of sales, the company keeps ₹23.6 as operating profit (a year ago it kept ₹7.8).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 0.0% in FY21 and has been rebuilt to 24.4% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (19% → 38%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 650% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹15.0 Cr, up 650% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹65.0 Cr of profit and collected ₹−135 Cr of operating cash — about -208% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹−128 Cr against ₹30.0 Cr of reported profit — about -427%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The gap sits in receivables: customers now take 124 days to pay, up from 58. Profit booked, cash pending.debtor_days

The cash cycle looks tighter — but it is supplier credit doing the work

One rupee now takes about 185 days to go out the door as materials and come back as collected cash — down from 215 days the year before.cash_conversion_cycle

Look inside the improvement, though: suppliers are being paid 256 days later (95 → 351 days), while inventory actually got heavier (252 → 412 days). Supplier credit is funding the cycle — useful, but not the same thing as customers paying faster.payable_daysinventory_days

Steady, unhurried investment

The productive asset base has gone from ₹0.0 Cr (FY19) to ₹9.0 Cr.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹52.0 Cr) exceeded operating cash (₹−127 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is small — but no longer zero, and growing

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹18 — total borrowings have grown from ₹2.0 Cr to ₹44.0 Cr over the window.borrowings

The equity base grew even faster, so the ratio stays comfortable — but a 22× rise in absolute borrowings deserves a name (acquisitions, capex), not a shrug. Watch whether it keeps compounding.borrowings

Every ₹100 kept in the business earns ₹23 — a high-quality engine

Return on capital employed is 23.0% (a year ago: 40.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Promoters have trimmed their stake — 4.4 points over 8 quarters

Promoters hold 70.6% (down 4.4 points over 8 quarters). Foreign funds own 15.7%, domestic funds null%.promoters_pctfiis_pctdiis_pct

A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters.promoters_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹2.0 Cr → ₹15.0 Cr).net_profit

Biggest worry: free cash flow falling (₹−7.0 Cr → ₹−180 Cr).operating_cash_flow

One dissent worth hearing: our catalysts lens reads negative — “2 earnings trigger(s): asset_quality_improvement, geographical_expansion. 2 risk factor(s): One-time transaction volatility, Lumpy revenue recognition in realty”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data