BSE: 543939
Kaka Industries Limited
Manufactures polymer-based building profiles from three plants in Gujarat — PVC profiles (54% of FY26 revenue), WPC profiles (28%), and uPVC products (5%) — used in doorframes, interior fittings and modular solutions for the construction and real estate sectors. The customer base is built around a distributor network of 450+ across 20 states, supported by depots in Hyderabad, Noida and Ahmedabad, with newer lines such as SPC flooring for export markets and PEB structures and HVLS fans in development (the latter two grew about 132% YoY in H1 FY26). The Lasundra fully integrated facility became operational from April 2024 and capacity utilisation at the Kheda plant ramped to roughly 80% in August–September FY26, against a 44–45% installed-capacity average earlier in the same half. Energy is now partly met by a 7.5 MW ground-mounted captive solar plant at Kheda, commissioned in mid-June 2026, expected to save about ₹45 lakh per month in power costs. The biggest input cost is raw materials at 60.1% of FY26 revenue, followed by other operating expenses at 14.9% and employee costs at 4.8%. FY26 revenue was ₹263.2 crore, up 33% year-on-year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC profiles (54%), WPC profiles (28%), uPVC products (5%), Other products (PEB, HVLS fans, SPC flooring). Asset-heavy plastics manufacturer of building profiles and engineered-material interior products.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 170 | 198 | 263 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 10.34 | 9.42 | 13.74 |
| ROE % · ROCE % | — · 25.8 | — · 24.0 | — · 23.4 |
| Debt / equity (x) | — | — | — |
| Cash from operations | 12 | 4 | 16 |
| Capex | — | (26) | (33) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 88 | 83 | 95 | 102 | 125 | 138 |
| Profit before tax | 8 | 10 | 9 | 9 | 12 | 13 |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 5.17 | 5.17 | 4.77 | 4.65 | 6.48 | 7.26 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,906 | 40.4 | 6.79 | 25.8 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,014 | 64.2 | 9.12 | 33.4 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,546 | 42.7 | 6.23 | 32.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,213 | 40.8 | 6.58 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,719 | 14.2 | 1.40 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,051 | 15.8 | 1.93 | 9.1 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,776 | 27.2 | 1.69 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,132 | — | 2.39 | 28.3 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.8 | 14.2 | 13 of 46 | 73% |
| ROCE | 18.6 | 7.0 | 5 of 56 | 93% |
| Revenue growth | 67.4 | 10.6 | 6 of 49 | 90% |
| Market cap | 280 | 122 | 17 of 55 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Newspaper ad published for Postal Ballot Notice dispatch | compliance | minimal | — | — |
| 16 Oct 2026 · Postal ballot for BSE mainboard migration, NSE listing, new director | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Reg 74(5) certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · Kaka Industries appoints Independent Director, moves to BSE Main Board | management changes | medium | — | — |
| 12 Oct 2026 · Kaka Industries migrates from BSE SME to Main Board, to list on NSE | capital market events | high | — | — |
| 1 Oct 2026 · Kaka Industries 7th AGM: All 3 Resolutions Passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Kaka Industries 7th AGM proceedings - all resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for H2 FY26 Results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of 7th AGM notice submitted to BSE | compliance | minimal | — | — |
| 7 Sept 2026 · Kaka Industries FY26 annual report shows strong growth and higher margins | compliance | minimal | — | — |
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.