BSE: 544398
Kenrik Industries Limited
Trades in gold and silver ornaments and bullion from Ahmedabad, Gujarat, selling primarily to wholesale buyers with a retail push through a newly started unit. Revenue of ₹80.20 crore in FY26 was up 7.3% year-on-year, but materials cost (the gold and silver it buys to resell) absorbed 99.4% of revenue, leaving an EBITDA margin of 0.08% and a net result of -₹0.38 lakh for the year. The company listed on the BSE SME platform in May 2025 after raising ₹874.50 lakh through an IPO earmarked for working capital and general corporate purposes. In July 2025 it commenced a new unit called 'Shivani Jewels' at Manekchowk, Ahmedabad — a known jewellery trading hub — focused on wholesale and retail jewellery trading. Working capital is under strain: trade receivables nearly quadrupled to ₹1,325.41 lakh by year-end and operating cash flow was deeply negative. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading in gold and silver ornaments and bullion, Wholesale and retail jewellery trading (Shivani Jewels). Thin-margin commodity trading business in gold and silver, with working capital intensity and a recently listed SME profile.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 75 | 80 |
| EBITDA (ex other income) | 1 | 0 |
| margin % | 1.9 | 0.1 |
| Owners' profit | 1 | (0) |
| EPS, as reported (₹) | 1.10 | 0.00 |
| ROE % · ROCE % | 7.3 · 10.9 | (0.0) · 0.2 |
| Debt / equity (x) | 0.08 | 0.01 |
| Cash from operations | (2) | (10) |
| Capex | 0 | 0 |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 53 | 22 | 58 |
| Profit before tax | 1 | 1 | (1) |
| Net profit | 1 | 1 | (1) |
| EPS (₹) | 0.70 | 0.50 | (0.47) |
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. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,807 | 12.7 | 5.65 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 727 | 27.5 | 3.51 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 545 | 11.5 | 3.84 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 289 | 18.4 | 4.01 | 32.1 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 242 | 17.7 | 3.02 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 209 | 50.0 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 202 | 9.8 | 1.21 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 12.9 | 26 of 47 | 46% |
| P/B | 0.6 | 1.0 | 12 of 37 | 67% |
| ROCE | 0.2 | 4.7 | 40 of 50 | 20% |
| ROE | (0.0) | 2.3 | 31 of 37 | 17% |
| Debt / Equity | 0.0 | 0.1 | 12 of 37 | 69% |
| EBITDA margin | (1.3) | 6.8 | 29 of 35 | 18% |
| Market cap | 13 | 25 | 43 of 54 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Kenrik Industries 10th AGM: Both Resolutions Passed Unanimously | compliance | low | — | — |
| 29 Sept 2026 · 10th AGM held on Sep 29, 2026; results awaited within 2 working days | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Open Offer by Darsh Advisory for 26% stake in Kenrik Industries | strategic transactions | high | — | — |
| 3 Sept 2026 · Open Offer triggered at Kenrik Industries for 26 percent stake to public shareholders | strategic transactions | high | — | — |
| 2 Sept 2026 · Book Closure from 23 to 29 Sep 2026 for 10th AGM | compliance | minimal | — | — |
| 2 Sept 2026 · Kenrik Industries files FY25-26 Annual Report, AGM on Sep 29 2026 | compliance | medium | — | — |
| 2 Sept 2026 · Notice of 10th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Board approves Directors Report and fixes 10th AGM on 29 Sept 2026 | board shareholder meetings | low | — | — |
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.