NSE: EKC · BSE: 532684
EVEREST KANTO CYLINDERLTD
Manufactures high-pressure seamless gas cylinders, billed in filings as India's largest such producer, with plants in India, the US (CP Industries), Hungary and Dubai, plus a new Egypt facility targeted to commission by May 2026. The product mix is shifting from conventional gas storage into cylinders for commercial-vehicle CNG, defence and semiconductor applications, and the company is investing in Type 4 (composite) cylinders at its US unit. In FY26 it earned Rs. 1,470.57 cr of consolidated revenue, of which India contributed 64.2% (Rs. 966.69 cr), the US and Hungary 23.6% (Rs. 356.23 cr) and Dubai 10.1% (Rs. 151.95 cr), with the US carrying the highest segment margin (EBIT Rs. 47.35 cr) while Dubai was a near break-even (Rs. 1.75 cr). Raw materials account for 50.6% of revenue, employee cost 12.0% and other opex 23.6%, leaving consolidated EBITDA margin at 15.25%; management has guided to a sustainable 15-17% margin band with 15-20% revenue growth. Capacity is being expanded via the Mundra greenfield (one line operational, two more lined up, lifting India capacity about 15%), a $5.5M Type 4 capex at CP Industries, and the Egypt plant. A Rs. 11.29 cr penalty from the Kandla SEZ authority for non-fulfilment of Net Foreign Exchange obligations was booked as an exceptional item in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (64%), U.S.A and Hungary (24%), U.A.E (Dubai) (10%), Others (2%). Asset-heavy industrial manufacturer of high-pressure gas cylinders with a global plant footprint and a product-mix shift toward higher-value CNG, defence and semiconductor applications.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,699 | 1,274 | 1,223 | 1,499 | 1,471 |
| EBITDA (ex other income) | 403 | 140 | 158 | 169 | 203 |
| margin % | 23.7 | 11.0 | 12.9 | 11.3 | 13.8 |
| Owners' profit | 265 | 76 | 99 | 98 | 147 |
| EPS, as reported (₹) | 23.64 | 6.79 | 8.84 | 8.73 | 13.09 |
| ROE % · ROCE % | 29.4 · 40.3 | 7.6 · 10.1 | 8.9 · 10.9 | 8.1 · 10.8 | 10.5 · 10.8 |
| Debt / equity (x) | 0.13 | 0.10 | 0.04 | 0.12 | 0.14 |
| Cash from operations | 165 | 106 | 226 | 58 | 142 |
| Capex | (82) | (83) | (66) | (121) | (173) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 367 | 367 | 422 | 387 | 360 | 365 | 358 | 346 |
| Profit before tax | 45 | 27 | 19 | 65 | 21 | 51 | 23 | 39 |
| Net profit | 39 | 18 | 13 | 52 | 14 | 36 | 46 | 30 |
| EPS (₹) | 3.43 | 1.61 | 1.19 | 4.60 | 1.22 | 3.18 | 4.09 | 2.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 967 | 64.2 |
| U.A.E (Dubai) | 31 | 2.1 |
| U.S.A and Hungary | 76 | 5.0 |
| Others | 32 | 2.1 |
| U.A.E. (Dubai) | 121 | 8.0 |
| U.S.A. and Hungary | 280 | 18.6 |
| Total, before eliminations | 1,507 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 26.5 | 21 of 130 | 85% |
| P/B | 0.8 | 3.1 | 10 of 112 | 92% |
| ROCE | 9.9 | 11.3 | 80 of 142 | 44% |
| ROE | 10.5 | 9.8 | 53 of 113 | 54% |
| Debt / Equity | 0.1 | 0.2 | 52 of 113 | 55% |
| EBITDA margin | 16.6 | 12.4 | 38 of 110 | 66% |
| Revenue growth | (10.5) | 20.6 | 93 of 114 | 19% |
| Profit growth | (41.5) | 17.1 | 85 of 109 | 21% |
| Market cap | 1113 | 279 | 42 of 141 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · EKC Egypt begins commercial dispatches of CNG cylinders | business updates | medium | — | — |
| 14 Oct 2026 · RTA files quarterly dematerialization certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Everest Kanto Cylinder 47th AGM: All 6 Resolutions Passed | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 47th AGM: dividend of 0.70 per share declared, financial statements adopted | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Everest Kanto's Egypt unit starts commercial production | business updates | high | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · CARE Ratings reaffirms Everest Kanto ratings at A- Stable and A2+ | credit debt | medium | — | — |
| 23 Sept 2026 · HR Head Amitkumar Choksi relieved on performance grounds | management changes | medium | — | — |
| 10 Sept 2026 · 47th AGM on Sep 29, 2026; final dividend of Re 0.70 per share recommended | compliance | minimal | — | — |
| 8 Sept 2026 · Everest Kanto files BRSR for FY26 with BSE and NSE | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.