KDDL LIMITED

Manufactures watch components — dials, hands and bracelets — for Swiss, Indian and Japanese watch brands, while also selling finished watches, accessories and luxury items through its own retail network and brand portfolio. The largest segment, watches, accessories and other luxury items and related services, contributed 1,626.67 crore of revenue (75.5% of segment revenue) in FY26 with EBIT of 110.74 crore, and houses the Ethos luxury watch retail chain (over 100 boutiques) and the Favre-Leuba Swiss watch brand (present in 20+ countries with 80+ points of sale). The precision and watch components segment earned 503.39 crore (23.4%) with EBIT of 105.57 crore and covers watch parts supplied to external brands plus the 'Eigen' precision engineering business which grew 35%+ to about 200 crore in FY26, serving EV, energy storage and electronics customers. A third small segment (Ornapac packaging) brought in 23.21 crore (1.1%) and is expected to turn profitable in H2 FY27. The biggest operating costs are employee costs at 12.6% of revenue and other operating expenses at 13.8%, with raw materials at only 6.7%.