BSE: 531671
Karnawati Innovation Limited
An Ahmedabad-based industrial packaging company listed on BSE under scrip code 531671, formerly known as Bisil Plast Limited. FY25 revenue stood at ₹0.93 crore with a net profit of ₹0.15 crore and an EBITDA margin of 27.9%. For the period ending September 30, 2025, a single unnamed segment contributed ₹20.00 crore of revenue and ₹1.78 crore of EBIT. Board meeting filings record Q3 FY26 revenue of ₹7,146.89 lakhs and a 9M FY26 net profit of ₹362.26 lakhs against a loss of ₹7.14 lakhs in 9M FY25, with basic EPS of ₹6.70 for 9M FY26 versus ₹0.27 for full-year FY25. The board approved setting up a cold storage facility and cold room centre as a diversification into agriculture, deferred a planned land purchase, and approved a Rights Issue of up to ₹49 crore in equity shares of ₹1 face value to existing eligible shareholders. Materials are the largest cost at 48.8% of FY25 revenue, with employees at 4.3% and other operating expenses at 19.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Unnamed single segment (100%). Small industrial packaging company undertaking diversification into cold storage and agriculture.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1 | 2 | 4 | 4 | 1 |
| EBITDA (ex other income) | (0) | 0 | 0 | 0 | 0 |
| margin % | (3.1) | 1.0 | 4.4 | 5.7 | 27.9 |
| Owners' profit | (0) | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (0.01) | 0.00 | 0.03 | 0.04 | 0.03 |
| ROE % · ROCE % | (4.8) · (4.8) | 2.4 · 2.4 | 21.1 · 21.1 | 19.6 · 19.6 | 12.3 · 19.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 0 | (0) | 0 | 0 |
| Capex | 0 | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 0 | 0 | 0 | 0 | 0 | 20 | 71 |
| Profit before tax | 0 | 0 | 0 | (0) | 0 | 0 | 2 | 2 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 2 | 2 |
| EPS (₹) | 0.01 | 0.00 | 0.00 | (0.00) | 0.24 | 0.30 | 0.30 | 0.34 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.9 | 16.2 | 1 of 64 | 100% |
| P/B | 2.0 | 1.3 | 41 of 61 | 33% |
| ROCE | 59.7 | 6.9 | 1 of 68 | 100% |
| ROE | 60.0 | 6.8 | 1 of 61 | 100% |
| Debt / Equity | 0.0 | 0.4 | 7 of 61 | 90% |
| EBITDA margin | 2.6 | 12.1 | 58 of 62 | 7% |
| Profit growth | 29388.9 | 23.4 | 1 of 60 | 100% |
| Market cap | 6 | 118 | 71 of 73 | 3% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Jun 2026 · Resignation of Company Secretary and Compliance Officer | management changes | high | — | — |
| 18 Jun 2026 · Board meeting outcomes announced by Karnawati Innovation Ltd | board shareholder meetings | low | — | — |
| 5 Jun 2026 · Intimation of Cancellation of Board meeting scheduled to be held on today i.e. 05th June, 2026 | results | low | — | — |
| 30 May 2026 · Intimation for the Postponement of Board Meeting | results | low | — | — |
| 30 May 2026 · Submission of Annaul Secretarial Compliance Report for the year ended 31st March, 2026 under Regulation 24A of SEBI (LODR) Regulations, 2015. | compliance | minimal | — | — |
| 28 May 2026 · Karnawati Innovation Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/05/2026 ,inter alia, to consider and approve the Audited Financial .... | results | low | — | — |
| 23 May 2026 · Karnawati Innovation Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/05/2026 ,inter alia, to consider and approve Audited financial results .... | results | low | — | — |
| 22 Apr 2026 · <b>Format of Initial Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''><tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> <td><b>Details</b></td> .... | compliance | minimal | — | — |
| 8 Apr 2026 · Certificate under Regulation 74(5) of SEBI(Depository & Participants Regulations ,2018 for the quarter and year ended 31st March 2026. | compliance | minimal | — | — |
| 26 Mar 2026 · Intimation of Closure of Trading Window | 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.