BSE: 506528
KELTECH ENERGIES LTD.
Manufactures industrial explosives and perlite products, with explosives being the dominant line. In Q1 FY27, the explosives segment generated Rs 164.23 crore of the Rs 183.28 crore quarterly revenue from operations. The explosives business supplies the mining, quarrying and infrastructure sectors, and uses inputs such as ammonium nitrate — the subject of a recent CESTAT ruling that overturned a Rs 13.75 crore customs penalty. Perlite products (a volcanic glass used in construction, filtration and insulation) make up a smaller share of revenue. The biggest cost is raw materials at 66.6% of revenue in FY26, followed by other operating expenses at 15.6% and employee cost at 7.1%. Capital expenditure jumped sharply to Rs 8,563.29 lakhs in FY26 from Rs 1,193.72 lakhs in FY25, partly funded by a rise in non-current borrowings to Rs 4,212.61 lakhs from Rs 1,089.75 lakhs. Operating cash flow swung to Rs 4,850.02 lakhs positive from Rs 1,757.03 lakhs negative in the prior year. A final dividend of Rs 1.50 per share was recommended for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Explosives, Perlite, Other Operating Revenue (Un-allocable). Asset-heavy chemicals manufacturer exposed to mining and infrastructure cycles; high raw-material share of costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 355 | 563 | 449 | 488 | 532 |
| EBITDA (ex other income) | 16 | 26 | 32 | 36 | 44 |
| margin % | 4.4 | 4.6 | 7.2 | 7.5 | 8.3 |
| Owners' profit | 7 | 12 | 19 | 25 | 29 |
| EPS, as reported (₹) | 66.30 | 119.21 | 194.13 | 249.41 | 286.65 |
| ROE % · ROCE % | 9.4 · 12.3 | 14.7 · 22.1 | 19.5 · 27.0 | 20.0 · 25.9 | 18.7 · 21.1 |
| Debt / equity (x) | 0.34 | 0.38 | 0.24 | 0.31 | 0.47 |
| Cash from operations | 14 | 18 | 51 | (18) | 49 |
| Capex | (16) | (5) | (9) | (12) | (86) |
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 | 128 | 102 | 117 | 140 | 143 | 117 | 128 | 143 |
| Profit before tax | 9 | 7 | 8 | 9 | 11 | 8 | 8 | 11 |
| Net profit | 7 | 6 | 6 | 7 | 8 | 6 | 6 | 8 |
| EPS (₹) | 67.52 | 55.56 | 57.52 | 68.82 | 164.18 | 61.98 | 58.14 | 84.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Explosives | 458 | 86.1 |
| Perlite | 56 | 10.5 |
| Other Operating Revenue (Un-allocable) | 18 | 3.4 |
| Total, before eliminations | 532 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SOLAR INDUSTRIES (I) LTD | 1,74,665 | 87.7 | 26.67 | 63.9 | 26.5 | 27.9 | 31.4 | 27.9 |
| PREMIER EXPLOSIVES LTD | 3,032 | 90.4 | 10.44 | 39.9 | 15.8 | 18.5 | 20.6 | 7.5 |
| GOCL CORPORATION LIMITED | 1,588 | 4.7 | 0.51 | 4.0 | 48.4 | 10.7 | (52.8) | 1332.8 |
| KELTECH ENERGIES LTD. ◆ | 1,350 | 36.6 | 8.83 | — | 18.7 | 19.1 | — | 10.4 |
| Beezaasan Explotech Limited | 1,053 | 45.7 | — | — | — | 10.1 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.6 | 21.2 | 146 of 197 | 26% |
| P/B | 8.8 | 2.1 | 186 of 202 | 8% |
| ROCE | 19.1 | 8.1 | 34 of 220 | 85% |
| ROE | 18.7 | 7.3 | 27 of 202 | 87% |
| Debt / Equity | 0.5 | 0.2 | 154 of 202 | 24% |
| EBITDA margin | 10.4 | 14.0 | 128 of 201 | 37% |
| Revenue growth | 2.3 | 17.2 | 146 of 194 | 25% |
| Profit growth | 22.7 | 41.9 | 117 of 202 | 42% |
| Market cap | 1350 | 381 | 70 of 225 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Promoter group proposes internal transfer of 409,940 shares | ownership changes | medium | — | — |
| 13 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 28 Sept 2026 · Inadvertently mentioned postal ballot instead of Annual General Meeting and mentioned 48th AGM instead of 49th AGM Kindly take the same on record | board shareholder meetings | low | — | — |
| 7 Aug 2026 · 49th AGM Results: All 8 Resolutions Passed with about 99.81% Approval | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · AGM approves re-appointment of two directors and cost auditor | management changes | medium | — | — |
| 7 Aug 2026 · Keltech Energies 49th AGM: Dividend, Director Pay, Borrowing Powers Approved | board shareholder meetings | low | — | — |
| 1 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 31 Jul 2026 · Q1 FY26-27 results: Revenue up 28% YoY to Rs 183 Cr, PAT at Rs 10 Cr | results | high | — | — |
| 31 Jul 2026 · Q1 FY27 results: Revenue up 28% YoY, PAT nearly flat | 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.