NSE: KIRANVYPAR · BSE: 537750
KIRAN VYAPAR LTD.
Runs as an RBI-registered non-deposit-taking systemically important NBFC. The Financing and Investment segment is the main earner, contributing 69.6% of FY26 segment revenue at a 25.2% segment EBIT margin. A Trading segment contributes 25.9% of segment revenue at a thin 0.6% segment EBIT margin, with the remainder classified as un-allocated. The financing book is funded through borrowings rather than deposits, and borrowings rose from Rs 29,135 lakhs to Rs 49,581 lakhs during FY26, while total assets stood at Rs 2,888.96 crore at year-end. Operating costs are dominated by employee expenses of Rs 7.75 crore (7.3% of revenue) and other operating expenses of Rs 20.58 crore (19.3% of revenue), with depreciation and capex minimal at 0.2% and 0.5% of revenue respectively. The group also holds two material subsidiaries — IOTA Mtech Limited and Shree Krishna Agency Limited — and in February 2026 picked up a 0.681% stake in another NBFC, Greshma Finvest Private Limited, for Rs 2.44 crore to expand financial-services exposure. Earlier in the year, the company's 29.70% associate Placid Limited was merged into promoter-group firm Maharaja Shree Umaid Mills Limited, with the company receiving MSUM shares in exchange. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Financing and Investment (70%), Trading (26%), Un-allocated (5%). Cyclical, asset-light NBFC combining a financing/investment book with a thin-margin trading book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 158 | 67 | 93 | 113 | 107 |
| EBITDA (ex other income) | 119 | 38 | 57 | 68 | 50 |
| margin % | 75.0 | 56.7 | 61.4 | 60.4 | 47.0 |
| Owners' profit | 118 | 39 | 52 | 60 | 1 |
| EPS, as reported (₹) | 43.78 | 14.28 | 19.12 | 21.91 | 0.20 |
| ROE % · ROCE % | 7.9 · — | 2.5 · — | 2.8 · — | 2.7 · — | 0.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 65 | (45) | 58 | (69) | (77) |
| Capex | (0) | (0) | (0) | (0) | (1) |
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 | 29 | 42 | 31 | 12 | 27 | 33 | 35 | 11 |
| Profit before tax | 22 | 35 | 9 | (13) | 12 | 10 | 6 | (10) |
| Net profit | 30 | 33 | 8 | (13) | 16 | (0) | (3) | (10) |
| EPS (₹) | 11.29 | 12.34 | 2.90 | (4.81) | 6.01 | (0.01) | (0.94) | (3.88) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing and Investment | 51 | 47.3 |
| Trading | 28 | 25.9 |
| Un-allocated | 5 | 4.5 |
| Unallocated | 0 | 0.0 |
| Investment | 24 | 22.3 |
| Total, before eliminations | 107 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 173.7 | 18.1 | 185 of 200 | 8% |
| P/B | 0.3 | 1.1 | 22 of 253 | 92% |
| ROE | 0.0 | 3.1 | 196 of 257 | 24% |
| EBITDA margin | (4.9) | 48.6 | 193 of 249 | 23% |
| Revenue growth | (11.1) | 12.6 | 155 of 231 | 33% |
| Profit growth | 19.5 | 7.8 | 117 of 251 | 54% |
| Market cap | 559 | 34 | 44 of 268 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for September quarter and half-year results | results | low | — | — |
| 12 Oct 2026 · Routine dematerialisation compliance certificate for Jul-Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Kiran Vyapar acquires 0.68 percent stake in Greshma Finvest for INR 11.86 Cr | strategic transactions | medium | — | — |
| 30 Sept 2026 · Kiran Vyapar acquires 0.68% stake in Greshma Finvest for INR 11.86 Cr | strategic transactions | medium | — | — |
| 29 Sept 2026 · Kiran Vyapar AGM 2026: All 5 resolutions passed, dividend approved | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Kiran Vyapar 30th AGM: dividend, director re-appointment, RPT approval on agenda | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Newspaper ad published for 30th AGM notice, book closure and e-voting | compliance | minimal | — | — |
| 4 Sept 2026 · Kiran Vyapar files 30th AGM notice and Annual Report for FY26 with BSE | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Kiran Vyapar files FY26 Annual Report and 30th AGM Notice | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Kiran Vyapar 30th AGM notice and FY 2025-26 annual report filed | 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.