Kross 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.

Kross Ltd trades at ₹210, building a base and 11 weeks into that stage. That is +9.6% against its own 200-day average. It sits at 76% of a 52-week range of ₹160 to ₹226. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is building a base — week 11 of stage 1. At ₹210 it trades +9.6% versus its 200-day average and sits at 76% of its 52-week range (₹160–₹226).

Against the market, two honest reads. Cumulative: over the last 1.9 years the stock moved −5% while the NIFTY 500 moved −3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 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.

Kross Ltd trades at 23.4× P/E, mid-range by its own standards (46th percentile). Its long-run median P/E is 23.6×, measured across 1.9 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 23.4× is mid-range by its own standards (46th percentile), against a long-run median of 23.6× measured over 1.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +14.9% against a +30.8% price move — the price outran earnings, pushing the multiple UP its own range.

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

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Kross Ltd was priced for profit growth of about 12.5% a year. Profit itself has compounded 73.7% a year over the past 6 years. The market pays that at 23.4× P/E, the 46th percentile of its own 2-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

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).

Kross Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 16.0% — the per-curve reads carry the story. The read is built from 9 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

44.7/100 — rank 2 of 2 in Auto Ancillaries - Transmission · 77% evidence confidence

Kross Ltd scores 44.7 out of 100 against the 2 companies it is compared with in Auto Ancillaries - Transmission, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 14.8 + 14.9 + 10 + 5 = 44.7. 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.

Kross Ltd reported ₹184 Cr of revenue in the Jun 26 quarter, +32.4% year on year. That is the 3rd straight quarter of year-on-year growth. Over 6 years it has compounded at 27.1% a year. The last full year, FY26, came in at ₹673 Cr. The last four reported quarters add to ₹717 Cr.

FY26 revenue came in at ₹673 Cr (+8.5% on the year), capping 6 years at 27.1% compound. The latest quarter (Jun 26) printed ₹184 Cr, +32.4% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +16.5% growth against the decade's 27.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +17.0% over the last 4 quarters against +7.3%/yr over the last 8 — accelerating; TTM profit +9.6% vs +12.5%/yr — stabilising.

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.

Kross Ltd's operating margin is 12.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 10.0% to 13.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +0.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 10.0%–13.0%, and FY26's 13.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.6 pp year on year while gross margin went −1.2 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

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

Kross Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, +18.2% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 6-year compound rate is 73.7%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹11.0 Cr.

Jun 26 profit was ₹13.0 Cr, +18.2% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹55.0 Cr (+14.6%), and the 6-year compound rate is 73.7%.

Why profit moved: revenue contributed +32.4% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +6.9% vs revenue +16.5%. 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 3% of Kross Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹28.0 Cr of operating cash against ₹55.0 Cr of profit. After ₹99.0 Cr of capital spending, ₹−71.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹28.0 Cr against reported profit of ₹55.0 Cr, leaving free cash of ₹−71.0 Cr after ₹99.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 3% 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 3%: the cash cycle tightened 39 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 7.1× 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).

Kross Ltd's cash conversion cycle runs 153 days in FY26, down from 192 days in FY21. Capital spending ran ₹156 Cr over the last 3 years. At FY26 sales of ₹673 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹282 Cr sits inside the business at any moment.

FY26: debtors at 107 days, inventory at 105 days — roughly 3.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 153 days, tighter than FY21's 192.

The full loop: cash goes out to suppliers and production on day 0; stock waits 105 days to sell; customers pay about 107 days after that; and suppliers themselves are paid at 60 days — netting out to the 153-day cycle.

In money terms: at FY26 sales of ₹673 Cr, each day of the cycle holds about ₹1.8 Cr — so the 153-day loop keeps roughly ₹282 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹156 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 ₹16.0 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.⚠ unverified

Kross Ltd earns a ROCE of 16% in FY26. That is up from a trough of 11% in FY21. Return on invested capital clears the cost of that capital by −0.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.2% net margin on 1.05× asset turns.

FY26 ROCE is 16%, recovered from a FY21 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 8.2% net margin × 1.05× asset turns × 1.30× balance-sheet leverage ≈ 11.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 11.9% − 12.0% = a −0.1 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. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Kross Ltd carries total debt of ₹54.0 Cr against shareholder equity of ₹490 Cr as of Jun 26, a debt-to-equity of 0.11 — effectively unlevered. On the annual view that ratio went from 0.80 in FY24 to 0.11 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹54.0 Cr against shareholder equity of ₹490 Cr — a debt-to-equity of 0.11. On the annual view, debt-to-equity went from 0.80 (FY24) to 0.11 (FY26). The returns on this page are earned, not borrowed.

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.

Domestic institutions cut 3.5 points of Kross Ltd over 7 quarters, the biggest move on the register. That takes domestic institutions to 6.0% of the company. Foreign institutions moved −3.4 points over the same window, to 2.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −3.5 points over 7 quarters to 6.0%; Foreign institutions: −3.4 points over 7 quarters to 2.5%; Promoters: +0.9 points over 7 quarters to 68.6%.

🚨 Why the register moved: domestic institutions drove it (−3.5 points), alongside foreign institutions (−3.4 points) — distribution into the market’s bid.

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.

Kross 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