KDDL Limited (KDDL) AI Stock Analysis

• Market Cap: ₹28.54B
• Dividend Yield: 0.84%
• Average Volume (3M): 668.00
• Price to Earnings (P/E): 33.2
• Beta (1Y): 1.22
• 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: ₹2,512.00 ▲(4.44% 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

Revenue & Gross Margin Momentum

Consistent top-line growth together with improving gross margins points to durable demand and enhanced production efficiency. Over multiple quarters this supports pricing power, better unit economics and the ability to scale operations while preserving margin improvements.

Strengthening Balance Sheet

Solid equity growth and a lower debt-to-equity ratio reduce financial risk and interest burden. This improves the company's ability to fund capex, absorb industry cyclicality in luxury goods, and pursue strategic investments without excessive reliance on external financing.

Specialized Manufacturing Capability

KDDL's specialized capabilities in watch dials, surface finishing and precision engineering create technical know-how and differentiated offerings. These value-added services foster customer stickiness, support higher-margin bespoke work and enable diversification into engineering contracts over the medium term.

Negative Factors

Volatile Cash Generation

Recent negative and volatile free cash flow driven by elevated capital expenditures weakens internal funding capacity. Persistent capex with weak operating cash conversion constrains reinvestment, liability reduction and dividend flexibility without tapping external funding sources.

Net Income Pressure

A decline in net income despite rising revenue and better gross margins implies higher operating or non-operating costs are eroding profits. Continued pressure on net margins limits retained earnings and can slow improvements in return on equity and long-term shareholder value creation.

Industry & Customer Concentration

High reliance on the watch industry and concentrated customers exposes KDDL to cyclical luxury demand and order volatility. This concentration makes revenue sensitive to consumer spending, export fluctuations and a small number of clients, reducing revenue stability over business cycles.

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: Positive

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 2354.98, above the 50-day MA of 2333.54, and below the 200-day MA of 2498.59, indicating a bearish trend. The MACD of -39.20 indicates Positive momentum. The RSI at 36.34 is Neutral, neither overbought nor oversold. The STOCH value of 11.24 is Positive, 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	₹22.18B	10.60	―	1.01%	11.55%	13.57%
ROLEXRINGS	76 Outperform	₹32.99B	1.84	―	―	-7.82%	5.33%
SIYSIL	69 Neutral	₹22.26B	17.16	―	1.89%	16.27%	8.54%
KDDL	67 Neutral	₹28.54B	33.24	―	0.84%	26.91%	0.67%
KKCL	66 Neutral	₹27.30B	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	₹20.58B	-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.