KDDL Limited (KDDL) AI Stock Analysis

• Market Cap: ₹28.41B
• Dividend Yield: 0.84%
• Average Volume (3M): 668.00
• Price to Earnings (P/E): 33.2
• Beta (1Y): 1.18
• Revenue Growth: 26.91%
• EPS Growth: 0.67%
• Country: IN
• Employees: 1,359
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 20.70
• Shares Outstanding: 12,299,280
• 10 Day Avg. Volume: 489
• 30 Day Avg. Volume: 668
• PEG Ratio: -6.07
• Price to Book (P/B): 4.32
• Price to Sales (P/S): 2.40
• P/FCF Ratio: -27.47
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 170.5
• Revenue Forecast (FY): ₹20.47B

• Rating: 67 Neutral
• Price Target: ₹2,500.00 ▲(3.95% Upside)
• Action: Reiterated Date: 10/14/25
• Date: Action: Reiterated 10/14/25

KDDL Limited's strong financial performance, particularly in revenue growth and gross profit margins, is a key strength. However, high P/E ratio and cash flow challenges present risks. Technical indicators show a neutral trend, suggesting stability in the short term.

Positive Factors

Strong revenue growth

Sustained high revenue growth (Fundamentals.RevenueGrowth 26.785%) reflects durable demand for KDDL's watch components and precision engineering services. Persistent top-line expansion supports economies of scale, reinvestment capacity and long-term product development, underpinning durable business momentum.

Improving gross margins

Significant improvement in gross margins signals structural gains in production efficiency, pricing or product mix. Better cost control sustains core profitability through cycles, giving management room to invest in higher-value processes, support customer customizations, and maintain competitive pricing over months.

Reduced financial leverage

Declining leverage and solid equity growth strengthen the balance sheet, lowering refinancing and default risk. Stronger capital structure increases strategic flexibility for capex or M&A, and improves resilience to demand shocks over a multi-month horizon while supporting steady operations.

Negative Factors

Volatile free cash flow

Negative and volatile free cash flow driven by elevated capex undermines the company's ability to self-fund growth, pay down liabilities, or return cash to shareholders. Weak operating cash conversion versus net income indicates persistent working capital or collection pressures that may constrain strategic choices.

Declining net income / EPS

A notable decline in EPS and a reported slight decrease in net income point to margin pressure below the gross line or rising operating costs. Lower net profitability reduces retained earnings for reinvestment and could limit cushion against cyclical downturns, affecting medium‑term financial health.

Customer concentration / industry exposure

High exposure to the watch industry and order-driven revenue raises concentration risk: sector-specific demand swings or shifting OEM sourcing can materially affect revenues. Limited diversification into unrelated end markets leaves the company sensitive to luxury goods cycles over the coming months.

KDDL Limited Business Overview & Revenue Model

Company Description

KDDL Limited, together with its subsidiaries, manufactures and markets watch dials and hands, progressive and press tools, precision engineering components, and sub-assemblies in India. It operates through four segments: Precision and Watch Components, Watch and Accessories, Marketing and Other Support Services, and Others. The company operates and manages retail stores for Swiss watches; trades in watches and accessories; manufactures and distributes packaging boxes; and offers IT-based business solutions. It also exports its products. The company was formerly known as Kamla Dials & Devices Ltd. KDDL Limited was incorporated in 1981 and is headquartered in Chandigarh, India.

How the Company Makes Money

KDDL primarily makes money through the manufacture and sale of watch components—most notably watch dials—supplied to watch brands and manufacturers. Revenue is generated by fulfilling customer orders for these components, where pricing reflects specifications (design, finishes, materials), production volumes, and value-added processes (e.g., surface finishing, printing/marking, assembly-level work where applicable). In addition, KDDL earns through precision engineering/manufacturing activities carried out directly and/or via subsidiaries, which typically monetize machining and fabrication capabilities by producing engineered parts or services to industrial customers. The company’s earnings are therefore driven by order volumes, product mix (higher-value customized components vs. standard runs), customer concentration in the watch industry, export versus domestic sales mix, and the utilization/efficiency of its manufacturing facilities. Specifics on major partnerships, named key customers, or segment-wise revenue breakdown are null.

KDDL Limited Financial Statement Overview

Summary

KDDL Limited shows strong revenue growth and improved gross profit margins, indicating effective cost management. However, a slight decrease in net income and challenges in cash flow conversion highlight areas for improvement. The balance sheet is stable with reduced financial leverage, but further liability reduction would be beneficial.

Income Statement

KDDL Limited has demonstrated strong revenue growth with a consistent upward trajectory in total revenue over the past years. The gross profit margin has improved significantly, indicating better cost management. However, a slight decrease in net income is noted, impacting the net profit margin. Overall, the income statement shows robust growth and profitability with minor room for improvement in net profits.

Balance Sheet

The company's balance sheet reflects solid equity growth, which enhances its financial stability. The debt-to-equity ratio has decreased over time, indicating reduced financial leverage and risk. Return on equity has been positive, though not consistently high. The equity ratio indicates a healthy balance between assets and equity, but attention to further reducing liabilities would strengthen this position.

Cash Flow

KDDL Limited's cash flow statements reveal a volatile free cash flow position, with recent periods showing negative free cash flow due to high capital expenditure. The operating cash flow to net income ratio suggests challenges in converting income into cash flow, necessitating improvements in cash generation. Despite these challenges, past periods of positive free cash flow indicate potential for recovery.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	18.73B	16.48B	13.91B	11.08B	8.07B	5.41B
Gross Profit	6.69B	6.72B	2.83B	2.01B	3.05B	1.97B
EBITDA	3.32B	3.07B	2.83B	1.87B	1.22B	864.59M
Net Income	926.00M	946.20M	1.03B	535.89M	319.53M	56.66M
Balance Sheet
Total Assets	26.54B	20.90B	16.42B	11.61B	7.39B	6.18B
Cash, Cash Equivalents and Short-Term Investments	8.80B	5.40B	5.30B	2.54B	525.35M	310.39M
Total Debt	4.67B	4.53B	2.50B	2.46B	2.65B	2.50B
Total Liabilities	7.97B	6.80B	4.97B	4.58B	4.29B	3.90B
Stockholders Equity	10.47B	9.15B	7.34B	4.56B	2.53B	1.87B
Cash Flow
Free Cash Flow	305.30M	-1.44B	142.94M	-258.99M	157.39M	723.90M
Operating Cash Flow	991.90M	-42.60M	978.70M	458.76M	424.02M	901.52M
Investing Cash Flow	-3.03B	1.09B	655.20M	-2.67B	-357.60M	-221.45M
Financing Cash Flow	3.20B	-1.49B	172.10M	2.27B	141.56M	-598.98M

KDDL Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2405.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KDDL, the sentiment is Negative. The current price of 2405.1 is above the 20-day moving average (MA) of 2383.50, above the 50-day MA of 2351.24, and below the 200-day MA of 2507.89, indicating a bearish trend. The MACD of -0.77 indicates Positive momentum. The RSI at 46.03 is Neutral, neither overbought nor oversold. The STOCH value of 22.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KDDL.

KDDL Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAYURUNIQ	80 Outperform	₹22.62B	10.60	―	1.01%	11.55%	13.57%
ROLEXRINGS	76 Outperform	₹33.35B	1.84	―	―	-7.82%	5.33%
SIYSIL	69 Neutral	₹22.70B	17.16	―	1.89%	16.27%	8.54%
KDDL	67 Neutral	₹28.41B	33.24	―	0.84%	26.91%	0.67%
KKCL	66 Neutral	₹29.39B	22.08	―	0.41%	28.67%	-20.77%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RPSGVENT	57 Neutral	₹20.26B	-5.57	―	―	23.60%	72.41%

KDDL Limited Corporate Events

KDDL Confirms Timely Demat Processing and SEBI Compliance for December Quarter

KDDL Limited has informed the stock exchanges that it has received a confirmation certificate from its registrar and share transfer agent, Mas Services Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The registrar confirmed that all securities received for dematerialisation during the quarter were processed—accepted or rejected—and communicated to the depositories within the mandated 15-day period, with physical certificates duly mutilated and cancelled, and depository names substituted in the register of members within the same timeframe. The filing underscores the company’s ongoing compliance with securities dematerialisation norms and maintenance of robust share-transfer processes, offering assurance to regulators and investors regarding the integrity and timeliness of its shareholding records.

KDDL Subsidiary Renamed Kamla Business Services Limited After MCA Nod

KDDL Limited has announced that its subsidiary previously known as Kamla Tesio Dials Limited has officially changed its name to Kamla Business Services Limited, effective 14 January 2026 following approval from the Ministry of Corporate Affairs. The name change, disclosed under Regulation 30 of the SEBI Listing Regulations, signals a potential broadening of the subsidiary’s business scope beyond dial manufacturing into wider business services, and reflects ongoing corporate restructuring that stakeholders will watch for further strategic direction.

KDDL Seeks Shareholder Nod via E-Voting for Board Appointment

KDDL Limited has launched a postal ballot process to seek shareholder approval via remote e-voting on resolutions detailed in a newly issued notice, in compliance with the Companies Act and SEBI’s listing regulations. The ballot, administered through National Securities Depository Limited’s e-voting platform, will run from 1 January to 30 January 2026 for shareholders on record as of 26 December 2025, and includes an ordinary resolution to appoint Mr. Hanspeter Pieth as a Non-Executive, Non-Independent Director effective 1 February 2026, underscoring the company’s continued adherence to formal governance procedures and board-strengthening initiatives.

KDDL Raises Stake to 80% in Watch Subsidiary Artisan Watch Products

KDDL Limited has increased its stake in its subsidiary, Artisan Watch Products Private Limited, by subscribing in cash to 2.4 million equity shares at par value via a rights issue, investing Rs 2.4 crore. Following this transaction, KDDL now holds 4 million shares, representing 80% of Artisan’s equity, thereby strengthening its control over the recently incorporated watch products unit and supporting its business operations and strategic positioning within the watch manufacturing value chain.

KDDL Closes Trading Window Ahead of December Quarter Results

KDDL Limited has announced the closure of its trading window for designated persons starting 1 January 2026, in compliance with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct. The window will remain closed until 48 hours after the declaration of its standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025, with the board meeting date for approving these results to be communicated later, underscoring the company’s adherence to governance norms and insider trading safeguards for market participants.