Krishna Defence & Allied Industries Ltd (KRISHNA) — share price & stock analysis

Market cap

₹1,683 Cr

P/E

50.6×

ROE

18.4%

vs own history (since 2023)

25th pctile

Book value / share

₹112

EPS (TTM)

₹18.5

10-yr median P/E

58.8×

Revenue (FY25)

₹194 Cr

Profit after tax (FY25)

₹22 Cr

Weinstein stage

Stage 2 (9 weeks)

Data as of

6 March 2026

2 of the 3 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 24% — a high-quality engine; effectively no debt; margins near the top of their 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.

The price has run ahead of the profits

Since May 2023, the stock is up 537% while earnings per share grew 300%. 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 50.6× sits near the bottom of its own range — it has been cheaper than this only 25% of the time against its own history since 2023.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 39–149× — 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 (58.8×).

The price is in a confirmed uptrend — 9 weeks and counting

Stock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 9 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹853 today) and its strength against the index is still improving — 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 9 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 6 years, sales went from ₹58.0 Cr to ₹194 Cr (about 22% a year), and profit from ₹2.0 Cr to ₹22.0 Cr.revenuenet_profit

Margins widened 5.7 points along the way — growth with improving economics.operating_profit

Margins are widening — 11% → 22% in a year

Of every ₹100 of sales, the company keeps ₹22.3 as operating profit (a year ago it kept ₹11.5).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 14.0% in FY22 and has been rebuilt to 16.0% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (41% → 47%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹41.0 Cr of profit and collected ₹−15.0 Cr of operating cash — about -37% conversion.operating_cash_flownet_profit

The wrinkle is the latest year: FY25 collected ₹−11.0 Cr against ₹22.0 Cr of reported profit — about -50%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is stretching — more money stuck in the pipeline

One rupee now takes about 276 days to go out the door as materials and come back as collected cash — up from 214 days the year before.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (210 → 270 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹10.0 Cr (FY19) to ₹22.0 Cr, with another ₹2.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹31.0 Cr) exceeded operating cash (₹−21.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹7 — total borrowings have shrunk from ₹27.0 Cr to ₹9.0 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹24 — and the number is rising

Return on capital employed is 24.0% (a year ago: 17.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Promoters have trimmed their stake — 13.4 points over 8 quarters

Promoters hold 60.0% (down 13.4 points over 8 quarters). Foreign funds own 0.2%, domestic funds 1.2%.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

A good business — the question is the price

The numbers are genuinely mixed, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹4.0 Cr → ₹10.0 Cr).net_profit

Biggest worry: cash generation falling (₹−3.0 Cr → ₹−11.0 Cr).operating_cash_flow

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