Kiran Vyapar 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.

Kiran Vyapar Ltd trades at ₹198, in a downtrend and 47 weeks into that stage. That is +1.8% against its own 200-day average. It sits at 86% of a 52-week range of ₹163 to ₹204. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 47 of stage 4. At ₹198 it trades +1.8% versus its 200-day average and sits at 86% of its 52-week range (₹163–₹204).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +2% while the NIFTY 500 moved +2% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — 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.

Kiran Vyapar Ltd trades at 79.4× P/E, about the priciest it has ever traded. Its long-run median P/E is 7.2×, measured across 9.6 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 79.4× is about the priciest it has ever traded, against a long-run median of 7.2× measured over 9.6 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: Turning around 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).

Kiran Vyapar Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −100.0% at the trough to +0.0% off a 2-quarter-old trough (single-quarter readings), ROE slipping at 0.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

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.

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

Kiran Vyapar Ltd reported ₹33.0 Cr of revenue in the Jun 26 quarter, +22.2% year on year. Over 10 years it has compounded at 3.5% a year. The last full year, FY26, came in at ₹107 Cr. The last four reported quarters add to ₹112 Cr.

FY26 revenue came in at ₹107 Cr (−5.3% on the year), capping 10 years at 3.5% compound. The latest quarter (Jun 26) printed ₹33.0 Cr, +22.2% year on year.

Pace check: the last four quarters averaged +1.8% growth against the decade's 3.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +0.9% over the last 4 quarters against +9.7%/yr over the last 8 — rolling over; TTM profit −86.7% vs −68.6%/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.

A clean operating margin is not in our numbers for Kiran Vyapar Ltd — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Kiran Vyapar Ltd.

Why the margin moved: operating margin went +5.4 pp year on year while gross margin went +12.5 pp — the gain 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.

Kiran Vyapar Ltd earned ₹19.0 Cr of net profit in the Jun 26 quarter, +0.0% year on year. Full-year FY26 profit was ₹1.0 Cr. The 10-year compound rate is −30.7%. That is 57.6% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr. 3 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹19.0 Cr, +0.0% year on year. On the full year, FY26 printed ₹1.0 Cr (−98.3%), and the 10-year compound rate is −30.7%.

Pace comparison, last four quarters: profit −79.2% vs revenue +1.8%. 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 −78% of Kiran Vyapar Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−77.0 Cr of operating cash against ₹1.0 Cr of profit. After ₹−1.0 Cr of capital spending, ₹−76.0 Cr was left as free cash.

FY26: operating cash of ₹−77.0 Cr against reported profit of ₹1.0 Cr, leaving free cash of ₹−76.0 Cr after ₹−1.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −78% of profit.

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

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending 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).

Kiran Vyapar Ltd does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran ₹−28.0 Cr over the last 3 years. Averaged over those years that is −8.7% of FY26 revenue a year.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of ₹−28.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 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 equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Kiran Vyapar Ltd earns a ROE of 0% in FY26. That is up from a trough of −1% in FY20. Return on invested capital clears the cost of that capital by −11.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.9% net margin on 0.04× asset turns.

FY26 ROE is 0%, recovered from a FY20 trough of −1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 0.9% net margin × 0.04× asset turns × 1.30× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 0.1% − 12.0% = a −11.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

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.

Kiran Vyapar Ltd carries ₹496 Cr of borrowings against ₹2,229 Cr of equity in FY26, a debt-to-equity of 0.22. Over 5 years borrowings went from ₹31.0 Cr to ₹496 Cr. Capital spending ran ₹−28.0 Cr across the last 3 of those years.

FY26: borrowings of ₹496 Cr against equity of ₹2,229 Cr — a debt-to-equity of 0.22. Over 5 years borrowings went from ₹31.0 Cr to ₹496 Cr while capital spending ran ₹−28.0 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 Kiran Vyapar Ltd moved a full percentage point over the last two years — the register is quiet. 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 75.0%.

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.

Kiran Vyapar 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