NSE: KDDL · BSE: 532054
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Watches, accessories and other luxury items and related services (76%), Precision and watch components (23%), Others (1%). Diversified consumer durables group spanning watch components, finished watch retail, packaging and precision engineering
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 816 | 1,119 | 1,391 | 1,648 | 2,153 |
| EBITDA (ex other income) | 107 | 162 | 249 | 260 | 306 |
| margin % | 13.1 | 14.4 | 17.9 | 15.8 | 14.2 |
| Owners' profit | 32 | 54 | 137 | 95 | 88 |
| EPS, as reported (₹) | 25.26 | 42.18 | 81.90 | 76.26 | 71.63 |
| ROE % · ROCE % | 12.0 · 16.1 | 11.0 · 15.0 | 12.0 · 16.2 | 10.1 · 12.5 | 7.0 · 10.4 |
| Debt / equity (x) | 0.50 | 0.18 | 0.09 | 0.09 | 0.08 |
| Cash from operations | 43 | 46 | 98 | (4) | 144 |
| Capex | (27) | (72) | (84) | (140) | (148) |
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 | 396 | 472 | 420 | 465 | 517 | 597 | 575 | 634 |
| Profit before tax | 49 | 56 | 44 | 44 | 47 | 54 | 50 | 62 |
| Net profit | 36 | 47 | 32 | 30 | 33 | 38 | 35 | 45 |
| EPS (₹) | 19.65 | 26.10 | 16.37 | 16.61 | 15.75 | 18.69 | 20.58 | 23.87 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Precision and watch components | 503 | 23.4 |
| Watches, accessories and other luxury items and related services | 1,627 | 75.5 |
| Others | 23 | 1.1 |
| Total, before eliminations | 2,153 | 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. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 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 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.8 | 23.8 | 23 of 29 | 21% |
| P/B | 2.4 | 2.7 | 14 of 28 | 52% |
| ROCE | 8.6 | 16.7 | 20 of 28 | 30% |
| ROE | 7.0 | 14.6 | 20 of 28 | 30% |
| Debt / Equity | 0.1 | 0.3 | 6 of 28 | 82% |
| EBITDA margin | 17.1 | 10.7 | 8 of 30 | 76% |
| Revenue growth | 36.3 | 45.7 | 16 of 25 | 38% |
| Profit growth | 50.7 | 49.8 | 12 of 25 | 54% |
| Market cap | 4642 | 2932 | 12 of 30 | 62% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Certificate under SEBI Reg 74(5) filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 16 Sept 2026 · KDDL 46th AGM: All 7 resolutions passed; total dividend Rs. 23/share confirmed | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · KDDL Limited 46th AGM held on 15 Sep 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Promoter Pranav Shankar Saboo's holding falls below 50 percent after open market sale | ownership changes | high | — | — |
| 24 Aug 2026 · Record date 8 Sept 2026 set for final dividend eligibility | corporate actions | high | — | — |
| 24 Aug 2026 · Newspaper Publication of Quarterly Financial Results | compliance | minimal | — | — |
| 24 Aug 2026 · KDDL BRSR: Rs 496 Cr turnover, 71% exports, 161K trees planted in FY26 | compliance | medium | — | — |
| 24 Aug 2026 · KDDL 46th AGM notice on Sep 15, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 24 Aug 2026 · KDDL Annual Report FY26: revenue up 31.6% to Rs 504.8 Cr, RONW at 25.1% | 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.