NSE: KANANIIND · BSE: 506184
KANANI INDUSTRIES LTD
Trades and processes diamonds from its registered office inside the Bharat Diamond Bourse complex at Bandra Kurla Complex, Mumbai. The business is treated as a single reportable segment and operates through a standalone Indian entity together with a 100% wholly-owned foreign subsidiary, KIL International Limited, which is the part that actually moves the numbers. On a consolidated basis in FY26, revenue from operations was Rs. 17,379.35 lakhs and net profit was Rs. 257.59 lakhs, with the subsidiary alone contributing Rs. 16,358.89 lakhs of revenue and Rs. 228.27 lakhs of net profit. The Indian parent is a thin operation: standalone revenue from operations for nine months of FY26 was Rs. 1,020.46 lakhs, and standalone net profit for FY26 was Rs. 29.32 lakhs. The company has essentially no debt (debt-to-equity of 0.0069) and reported material cost, employee cost and other opex lines only on a standalone basis, where employees accounted for 0.5% of revenue and other operating expenses for 0.7%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Diamond trading and processing. Cyclical, single-segment diamond trading and processing, with the operating business housed in a foreign subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 291 | 270 | 223 | 168 | 174 |
| EBITDA (ex other income) | 2 | 3 | 1 | 0 | 1 |
| margin % | 0.6 | 1.2 | 0.2 | 0.2 | 0.8 |
| Owners' profit | 2 | 2 | 0 | 1 | 3 |
| EPS, as reported (₹) | 0.18 | 0.22 | 0.03 | 0.04 | 0.13 |
| ROE % · ROCE % | 3.1 · 4.7 | 3.5 · 4.4 | 1.0 · 2.1 | 1.2 · 1.2 | 3.7 · 3.8 |
| Debt / equity (x) | 0.42 | 0.50 | 0.09 | 0.00 | 0.01 |
| Cash from operations | (2) | (3) | 19 | 6 | 0 |
| Capex | (0) | 0 | 0 | 0 | 0 |
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 | 47 | 21 | 34 | 84 | 49 | 28 | 13 | 64 |
| Profit before tax | 0 | 1 | (0) | 0 | 1 | 0 | 0 | (0) |
| Net profit | 0 | 1 | (0) | 0 | 1 | 0 | 1 | (0) |
| EPS (₹) | 0.00 | 0.04 | (0.01) | 0.01 | 0.07 | 0.02 | 0.03 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,036 | 67.4 | 24.65 | 45.1 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 57,162 | 39.8 | 9.06 | 21.6 | 21.4 | 22.1 | 33.0 | 6.5 |
| THANGAMAYIL JEWELLERY LTD | 14,909 | 38.1 | 10.53 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| PC JEWELLER LTD | 13,517 | 14.1 | 1.65 | 16.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| BLUESTONE JEWEL LFSTL LTD | 12,206 | 240.5 | 6.77 | 29.3 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,990 | 17.9 | 4.07 | 13.6 | 20.9 | 26.1 | — | 8.0 |
| TIMEX GROUP INDIA LTD. | 7,191 | 97.7 | 64.62 | — | 67.8 | 61.8 | — | 16.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.8 | 26.3 | 4 of 29 | 89% |
| P/B | 0.4 | 2.8 | 1 of 28 | 100% |
| ROCE | 3.8 | 16.7 | 24 of 28 | 15% |
| ROE | 3.7 | 14.6 | 24 of 28 | 15% |
| Debt / Equity | 0.0 | 0.3 | 2 of 28 | 96% |
| EBITDA margin | (0.0) | 10.7 | 29 of 30 | 3% |
| Revenue growth | (23.2) | 45.7 | 25 of 25 | 0% |
| Profit growth | (113.6) | 49.8 | 24 of 25 | 4% |
| Market cap | 26 | 2960 | 29 of 30 | 3% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate filed under SEBI Regulation 74(5) for September 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · 43rd AGM: All 5 resolutions passed with over 99 percent approval | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Kanani Industries 43rd AGM held on Sept 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Kanani Industries closes trading window ahead of Q2 FY27 results | compliance | minimal | — | — |
| 5 Sept 2026 · Kanani Industries files newspaper ad for 43rd AGM notice, e-voting and book closure | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report FY 2025-26 and 43rd AGM Notice filed | results | high | — | — |
| 14 Aug 2026 · Book Closure from Sep 21-28, 2026 for 43rd AGM on Sep 28 | compliance | minimal | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY26 unaudited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Kanani Industries Q1 FY27 results: revenue drops, swings to loss | results | medium | — | — |
| 13 Aug 2026 · Board approves Q1 FY27 results, fixes 43rd AGM on Sept 28 | results | 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.