BSE: 526935
Kalind Limited
Classified under diversified commercial services, with infrastructure-related activity that includes a subsidiary called Prasad Earth Movers. In July 2026, the company signed a non-exclusive framework teaming and conditional subcontracting agreement with Dharan International (UK) covering a three-year initial term: Dharan originates and coordinates government and private infrastructure opportunities across Africa, while the company provides technical expertise and may execute subcontract work on awarded projects. Each project will be governed by a separate agreement. Q1 FY27 standalone revenue rose to Rs 34.91 crore from Rs 13.60 crore a year earlier, with PAT at Rs 15.02 crore (subsidiary Prasad Earth Movers reported a Rs 37.45 lakh loss in the same quarter). Materials are the largest cost at 37.8% of FY26 revenue, followed by other operating expenses (7.9%), depreciation (6.5%) and employee costs (5.8%). The board has approved a postal ballot to raise up to USD 65 million through QIP, FCCB, ECB, preferential issue or other permitted modes, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Diversified commercial services. Small-cap diversified commercial services with infrastructure and earthmoving exposure via subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 3 | 1 | 0 | 80 |
| EBITDA (ex other income) | (0) | 1 | 1 | (1) | 39 |
| margin % | (26.8) | 16.4 | 49.8 | (794500.0) | 48.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.57 | 0.57 | 1.31 | 0.51 | 2.85 |
| ROE % · ROCE % | 2.9 · 3.9 | 2.8 · 9.2 | 6.1 · 12.3 | (2.4) · (6.5) | 12.8 · 16.4 |
| Debt / equity (x) | 0.29 | 0.57 | 0.14 | 0.13 | 0.05 |
| Cash from operations | 3 | 2 | 5 | (1) | (61) |
| Capex | (0) | (1) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | (0) | 14 | 18 | 15 | 33 | 35 | 88 |
| Profit before tax | (0) | 0 | 6 | 11 | 4 | 20 | 19 | 30 |
| Net profit | (0) | 0 | 5 | 9 | 2 | 15 | 15 | 23 |
| EPS (₹) | (0.65) | 0.72 | 17.75 | 3.08 | 0.48 | 1.57 | 1.20 | 0.25 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,600 | 26.4 | 10.05 | 18.0 | 20.1 | 24.0 | — | 61.4 |
| WEWORK INDIA MANAGEMENT L | 9,382 | 92.8 | 27.43 | 6.1 | 4.8 | 0.3 | — | 63.8 |
| NESCO LTD. | 7,327 | 18.2 | 2.32 | 14.9 | 6.5 | 7.6 | 26.2 | 56.0 |
| SMARTWORKS COWORKING SP L | 5,902 | 104.2 | 10.34 | 5.2 | 6.8 | 0.9 | — | 63.8 |
| NIRLON LTD | 5,722 | 16.5 | 12.21 | — | 73.8 | 18.1 | — | 77.4 |
| INOX GREEN ENERGY SER LTD | 4,846 | 38.8 | 2.83 | 209.8 | 6.0 | 9.0 | — | (2.2) |
| QUESS CORP LIMITED | 4,810 | 17.4 | 4.06 | 14.8 | 13.2 | 7.9 | 7.1 | 1.9 |
| INDIQUBE SPACES LIMITED | 3,985 | — | 8.18 | — | (6.1) | (0.6) | — | 62.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.2 | 14.6 | 9 of 76 | 89% |
| P/B | 1.6 | 1.5 | 49 of 94 | 48% |
| ROCE | 19.4 | 1.3 | 5 of 99 | 96% |
| ROE | 15.2 | 1.4 | 7 of 112 | 95% |
| Debt / Equity | 0.0 | 0.1 | 28 of 90 | 70% |
| EBITDA margin | 39.3 | 12.7 | 30 of 99 | 70% |
| Revenue growth | 390.9 | 14.0 | 6 of 89 | 94% |
| Profit growth | 151.3 | (1.2) | 22 of 111 | 81% |
| Market cap | 396 | 48 | 28 of 108 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · 30 Sep 2026 quarter: consolidated revenue up 391%, profit after tax up 151% | results | high | — | — |
| 5 Nov 2026 · Quarter ended 30 Sep 2026: consolidated revenue up 391%, profit after tax up 151% | results | high | — | — |
| 2 Nov 2026 · Kalind to consider Q2 and half-year consolidated results on November 5 | results | low | — | — |
| 31 Oct 2026 · Kalind withdraws preferential issue, plans Rs 500 crore raise and acquisition | fund raising | high | — | — |
| 31 Oct 2026 · Kalind to acquire gems and diamonds unit for Rs 1 crore | strategic transactions | medium | — | — |
| 31 Oct 2026 · Preferential issue withdrawn; up to ₹500 crore fundraising plan approved | fund raising | high | — | — |
| 31 Oct 2026 · Board withdraws share issue, approves gems acquisition and Rs 500 crore fundraising | strategic transactions | medium | — | — |
| 28 Oct 2026 · Board to decide on preferential issue of 8.61 crore shares | fund raising | medium | — | — |
| 13 Oct 2026 · Reg 74(5) Certificate Filed for Quarter Ended September 30, 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Kalind AGM 2026: All 6 resolutions passed, including preferential share issue | board shareholder meetings | medium | — | — |
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.