BSE: 514240
Kush Industries Limited
Operates in the textiles and ceramics sectors, with Textiles accounting for 100% of segment revenue based on the most recent segment disclosure (period ended March 2021) and Ceramics at zero. Revenue from operations has been negligible — FY26 revenue from operations stood at Rs 0.92 lakh with a net loss of Rs 4.91 lakh, and the company reported zero revenue from operations in Q3 FY26. Materials accounted for 95.8% of revenue in FY26. The balance sheet is under stress, with negative total equity of Rs 728.93 lakh against share capital of Rs 1,484.68 lakh, current borrowings of Rs 892.50 lakh, and cash reserves of Rs 35.91 lakh (down from Rs 97.87 lakh). Operating cash flow was negative at Rs 16.80 lakh for FY26. The entity, formerly SNS Textiles, is shifting its registered office from Ankleshwar to Ahmedabad and has appointed new secretarial auditors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Textiles (100%), Ceramics (0%). Dormant or near-dormant textile entity with deeply negative net worth and recurring losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3 | 1 | 1 | 0 | 0 |
| EBITDA (ex other income) | 3 | (0) | 2 | (0) | (0) |
| margin % | 82.3 | (15.2) | 334.0 | (1538.0) | (6029.2) |
| Owners' profit | 2 | (0) | 2 | (0) | (0) |
| EPS, as reported (₹) | 1.66 | (0.08) | 1.52 | 0.02 | 0.00 |
| ROE % · ROCE % | (25.9) · (28.4) | 1.3 · 1.3 | (31.2) · (31.3) | 0.7 · 0.7 | 0.7 · 0.7 |
| Debt / equity (x) | (1.54) | (1.23) | (1.62) | (1.30) | (1.22) |
| Cash from operations | (3) | 3 | (0) | (0) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | 0 | (0) | (0) | (0) | (0) | 0 | 0 |
| Net profit | (0) | 0 | (0) | (0) | (0) | (0) | 0 | 0 |
| EPS (₹) | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.06 | 0.00 | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.5 | 16.8 | 144 of 179 | 20% |
| ROCE | 0.7 | 4.3 | 157 of 215 | 27% |
| EBITDA margin | 164.6 | 9.8 | 4 of 198 | 99% |
| Revenue growth | 100.0 | 6.9 | 18 of 192 | 91% |
| Profit growth | 133.8 | 20.0 | 45 of 203 | 78% |
| Market cap | 8 | 61 | 205 of 223 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on Oct 31 to approve Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · Registered Office shifted from Ankleshwar to Ahmedabad | general | low | — | — |
| 28 Sept 2026 · Kush Industries closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Kush Industries 34th AGM: 4 resolutions passed, registered office shift approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Kush Industries appoints Secretarial Auditors for five years | management changes | medium | — | — |
| 28 Sept 2026 · All 4 resolutions passed at Kush Industries 34th AGM with 100 percent votes in favor | board shareholder meetings | low | — | — |
| 28 Sept 2026 · All 4 resolutions passed at 34th AGM with 100 percent approval | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · We are enclosing herewith copy of the Proceedings of the 34th Annual General Meeting of the Company held on 28th September, 2026 through Video Conferencing (''''VC'''')/ Other Audio-Visual .... | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 34th AGM concluded; registered office shift to Ahmedabad approved | 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.