NSE: KAMAHOLD · BSE: 532468
KAMA HOLDINGS LTD.
A holding company whose consolidated operations run through SRF Limited, a material subsidiary that contributed 99.51% of FY25 turnover and 87.50% of net worth. Operations are organised into four segments. The Chemicals Business is the largest, with FY26 revenue of Rs. 7,778.96 crore (48.8% of segment revenue) and EBIT of Rs. 2,262.87 crore. The Performance Films & Foil Business contributed Rs. 5,764.23 crore (36.2%) and EBIT of Rs. 507.55 crore. Technical Textiles generated Rs. 1,877.00 crore (11.8%) and EBIT of Rs. 190.08 crore, while Others added Rs. 509.64 crore (3.2%) and Rs. 64.17 crore of EBIT. Consolidated FY26 revenue was Rs. 15,929.77 crore, with net profit of Rs. 1,844.42 crore and an EBITDA margin of 21.64%. Materials are the largest cost at 49.5% of revenue, followed by other operating expenses at 21.7%, employees at 7.4% and depreciation at 5.3%. Capex ran at 11.4% of revenue. The Board has approved selling up to 3% of SRF Limited's share capital in one or more tranches to bring the holding to 50% or below, with proceeds available for capital allocation or dividends. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals Business (CB) (49%), Performance Films & Foil Business (PFB) (36%), Technical Textiles Business (TTB) (12%), Others (3%). Asset-heavy diversified holding with cyclical chemicals, films and textiles exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,502 | 15,075 | 13,440 | 14,828 | 15,930 |
| EBITDA (ex other income) | 3,211 | 3,694 | 2,838 | 2,792 | 3,404 |
| margin % | 25.7 | 24.5 | 21.1 | 18.8 | 21.4 |
| Owners' profit | 957 | 1,254 | 0 | 632 | 931 |
| EPS, as reported (₹) | 1483.68 | 1943.98 | 272.27 | 196.86 | 290.64 |
| ROE % · ROCE % | 21.2 · — | 21.5 · — | 12.5 · — | 9.3 · — | 12.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 2,133 | 3,021 | 2,255 | 2,534 | 2,561 |
| Capex | (1,834) | (2,844) | (2,219) | (1,236) | (1,824) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,501 | 3,452 | 3,526 | 4,350 | 3,857 | 3,672 | 3,743 | 4,658 |
| Profit before tax | 346 | 291 | 373 | 707 | 584 | 521 | 454 | 761 |
| Net profit | 251 | 204 | 272 | 527 | 436 | 390 | 434 | 584 |
| EPS (₹) | 39.15 | 32.30 | 42.78 | 82.63 | 68.89 | 61.40 | 68.06 | 91.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Technical Textiles Business (TTB) | 1,877 | 11.8 |
| Chemicals Business (CB) | 7,779 | 48.8 |
| Performance Films & Foil Business (PFB) | 5,764 | 36.2 |
| Others | 510 | 3.2 |
| Total, before eliminations | 15,930 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 3M INDIA LIMITED | 32,491 | 53.1 | 15.13 | 37.5 | 27.2 | 35.7 | 6.8 | 21.7 |
| GODREJ INDUSTRIES LTD | 31,855 | 27.1 | 1.37 | 13.5 | 10.4 | 6.4 | 19.0 | 27.3 |
| DCM SHRIRAM LIMITED | 14,235 | 9.8 | 1.84 | 10.0 | 11.1 | 9.5 | 11.4 | 11.7 |
| KAMA HOLDINGS LTD. ◆ | 6,790 | 7.3 | 0.45 | — | 12.3 | — | 13.5 | 22.4 |
| BALMER LAWRIE & CO LTD | 2,647 | 9.5 | 1.27 | 6.8 | 13.0 | 11.2 | 12.2 | 14.8 |
| TTK HEALTHCARE LIMITED | 1,448 | 19.6 | 1.30 | — | 5.9 | 7.4 | — | 12.2 |
| EMPIRE INDUSTRIES LTD. | 563 | 10.9 | 1.60 | — | 14.7 | 10.5 | — | 19.5 |
| GILLANDERS ARBUTHNOT LTD | 203 | 11.6 | 0.79 | 10.0 | 3.7 | 3.5 | 0.0 | 9.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 11.5 | 3 of 15 | 86% |
| P/B | 0.5 | 1.1 | 2 of 14 | 92% |
| ROE | 12.3 | 10.7 | 6 of 14 | 62% |
| EBITDA margin | 22.4 | 20.6 | 6 of 14 | 62% |
| Revenue growth | 7.1 | 11.9 | 10 of 14 | 31% |
| Profit growth | 10.8 | 100.4 | 11 of 13 | 17% |
| Market cap | 6790 | 203 | 4 of 15 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Reg 74(5) Depositories Certificate for Q2 FY26 filed | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 until 48 hours after Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Capital infusion of Rs 690.30 Cr into wholly owned subsidiary KAMA Realty | fund raising | medium | — | — |
| 9 Sept 2026 · Kama Holdings to transfer up to 1.08 percent stake in SRF to subsidiary | strategic transactions | medium | — | — |
| 1 Sept 2026 · Kama Holdings AGM approves accounts and director reappointment | board shareholder meetings | low | — | — |
| 1 Sept 2026 · KAMA Holdings 26th AGM - All resolutions passed with over 99.98% approval | board shareholder meetings | low | — | — |
| 18 Aug 2026 · TDS Submission Facility for Interim Dividend | corporate actions | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 14 Aug 2026 · KAMA Holdings declares Rs 22.25 per share interim dividend | corporate actions | high | — | — |
| 14 Aug 2026 · KAMA Holdings declares Rs 22.25 per share interim dividend | corporate actions | high | — | — |
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.