Kiri Industries Limited (KIRIINDUS) AI Stock Analysis

• Market Cap: ₹23.12B
• Dividend Yield: N/A
• Average Volume (3M): 17.83K
• Price to Earnings (P/E): 0.2
• Beta (1Y): 1.50
• Revenue Growth: -22.04%
• EPS Growth: -58.81%
• Country: IN
• Employees: 787
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 836.69
• Shares Outstanding: 60,022,552
• 10 Day Avg. Volume: 8,456
• 30 Day Avg. Volume: 17,829
• PEG Ratio: 0.26
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 5.15
• P/FCF Ratio: -5.09
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹399.00 ▼(-35.29% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by weakening financial performance (declining revenue, negative operating margins, and persistently negative free cash flow) and bearish technical trends (below key moving averages with negative MACD). These negatives are partly offset by a strong balance sheet (low leverage) and an extremely low P/E valuation.

Positive Factors

Strong balance sheet / low leverage

A high equity ratio and low debt-to-equity provide durable financial flexibility, allowing the company to withstand cyclical demand in specialty chemicals, fund working capital needs, and pursue selective capex or restructuring without immediate refinancing stress, supporting long-term stability.

Focused business model in dyes and intermediates

A concentrated, B2B manufacturing model focused on dyes and intermediates supports predictable order-driven revenue, technical know-how and customer relationships across domestic and export markets. This specialization underpins structural demand from textile and industrial colorant users over the medium term.

Established manufacturing and product specialization

Owning manufacturing capability and product expertise in colorants creates operational barriers and quality-driven customer stickiness. These assets support long-term contract supply, enable tailored product mixes, and can preserve margins if the firm maintains cost discipline and technical service to industrial clients.

Negative Factors

Material revenue decline 2022-2025

A near-halving of revenue over three years signals structural demand loss or market share erosion. Reduced scale weakens economies of scale, raises per-unit fixed costs, constrains investment capacity, and increases execution risk for any turnaround, making recovery and margin restoration more difficult.

Consistently negative free cash flow

Persistent negative free cash flow and negative operating cash flow indicate the business cannot self-fund operations or capex, increasing reliance on external financing. Over months to years this limits strategic flexibility, raises refinancing risk and can force cutbacks to R&D, maintenance or customer support.

Deteriorating margins and negative operating profitability

Eroding gross margins and sustained negative EBIT/EBITDA show operating stress from cost pressures, lower volume or adverse mix. Negative operating profitability undermines earnings quality and suggests core operations are not covering fixed costs, challenging long-term viability without structural improvements.

Kiri Industries Limited Business Overview & Revenue Model

Company Description

Kiri Industries Limited manufactures and sells dyes, dye intermediates, and basic chemicals in India and internationally. The company provides reactive dyes, acid / metal complex dyes, and wool reactive dyes; and basic chemicals comprising sulphuric acid, chloro sulhponic acid, oleum, spent sulphuric acid, and thionyl chloride. It also offers dye intermediates, such as sulpho J.acid, sulpho tobias acid, sulpho gama acid, and para nitro toluene ortho sulfonic acid, as well as H-Acid, acetanilide, and other specialty intermediates. The company's products are used in various industrial sectors comprising textile, paper, apparel, hosiery, automotive, carpets, leather, home upholstery, industrial fabrics, etc. It was formerly known as Kiri Dyes and Chemicals Limited and changed its name to Kiri Industries Limited in March 2011. Kiri Industries Limited was incorporated in 1998 and is based in Ahmedabad, India.

How the Company Makes Money

Kiri Industries Limited generates revenue through the sale of its core products, which include reactive dyes and textile chemicals, to various industries, particularly the textile sector. The company's revenue model is largely based on B2B transactions, supplying large quantities of chemical products to manufacturers and exporters in the textile industry. Key revenue streams include direct sales, long-term contracts with industrial clients, and exports to global markets. Additionally, Kiri Industries has established significant partnerships with various textile manufacturers, enhancing its distribution network and increasing sales volume. The company also invests in research and development to innovate and expand its product offerings, which can lead to new revenue opportunities.

Kiri Industries Limited Financial Statement Overview

Summary

Financials are mixed: revenue has materially declined from 2022 to 2025, with deteriorating gross margin and negative EBIT/EBITDA margins indicating operating stress. The balance sheet is comparatively solid with low leverage and a high equity ratio, but consistently negative free cash flow and negative operating cash flow in 2025 are key risks.

Income Statement

Kiri Industries has experienced a significant decline in revenue from 2022 to 2025, with a notable decrease in total revenue from 2022's peak of 14.73 billion to 7.40 billion in 2025. The gross profit margin has decreased over the years, impacting profitability. EBIT and EBITDA margins are negative in recent years, indicating operational challenges. The net profit margin is positive in 2025, but this is primarily due to non-operational factors, as EBIT remains negative.

Balance Sheet

The company's balance sheet shows a strong equity position with a high equity ratio, indicating good financial stability. The debt-to-equity ratio remains low, suggesting prudent financial management and low leverage risks. However, the decrease in total assets from 2022 to 2025 reflects a shrinking asset base, which may affect future growth potential.

Cash Flow

Free cash flow has been consistently negative, highlighting challenges in generating cash from operations. This is concerning given the negative operating cash flow in 2025, which indicates reliance on external financing to support operations. The free cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting profits into cash.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.99B	7.40B	7.09B	9.45B	14.73B	9.42B
Gross Profit	1.98B	2.29B	-555.78M	2.55B	4.52B	3.34B
EBITDA	541.29M	609.45M	-34.76M	-341.41M	1.23B	848.33M
Net Income	1.22B	2.65B	1.33B	1.07B	3.89B	2.52B
Balance Sheet
Total Assets	51.46B	47.25B	34.11B	32.01B	30.74B	27.00B
Cash, Cash Equivalents and Short-Term Investments	2.35B	3.83B	45.66M	982.41M	173.04M	92.24M
Total Debt	12.23B	11.24B	1.26B	451.81M	958.62M	1.49B
Total Liabilities	18.67B	14.79B	5.99B	5.22B	5.02B	5.16B
Stockholders Equity	32.79B	32.47B	28.12B	26.79B	25.73B	21.84B
Cash Flow
Free Cash Flow	-473.97M	-7.49B	-692.99M	669.55M	547.00M	-56.39M
Operating Cash Flow	578.91M	-3.42B	-605.79M	891.76M	921.96M	722.06M
Investing Cash Flow	882.07M	-8.42B	287.87M	-179.47M	-289.68M	-701.59M
Financing Cash Flow	190.34M	11.94B	497.80M	-569.91M	-574.24M	-70.02M

Kiri Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 616.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KIRIINDUS, the sentiment is Negative. The current price of 616.6 is above the 20-day moving average (MA) of 433.35, above the 50-day MA of 482.77, and above the 200-day MA of 548.67, indicating a bearish trend. The MACD of -25.26 indicates Positive momentum. The RSI at 29.81 is Positive, neither overbought nor oversold. The STOCH value of 16.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KIRIINDUS.

Kiri Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	78 Outperform	₹29.55B	13.17	―	―	10.26%	46.49%
VISHNU	73 Outperform	₹33.80B	26.92	―	0.05%	17.51%	33.29%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NOCIL	59 Neutral	₹22.57B	70.01	―	1.27%	-8.20%	-55.26%
KIRIINDUS	57 Neutral	₹23.12B	0.22	―	―	-22.04%	-58.81%
MOL	45 Neutral	₹11.06B	-115.81	―	―	―	―
TIRUMALCHM	45 Neutral	₹20.30B	-15.05	―	0.43%	-11.11%	-340.74%

Kiri Industries Limited Corporate Events

Kiri Industries Announces Resignation of President – Operations

Kiri Industries Limited has announced that President – Operations, Mr. Raja Mohaniya, a senior management personnel under SEBI regulations, has resigned from his position due to personal reasons. The management accepted his resignation with effect from the close of business hours on February 09, 2026, signaling a leadership change in the company’s operational management that stakeholders may watch for any potential impact on execution and continuity.

The company notified the stock exchanges in compliance with SEBI Listing Regulations, providing required disclosures about the change and confirming that no additional governance or relationship issues were cited. While no successor has been detailed in this announcement, the departure of a key operational leader places emphasis on how Kiri Industries will manage the transition to maintain operational stability and regulatory compliance.

Kiri Industries Files SEBI Dematerialisation Compliance Certificate for Q3 FY2025

Kiri Industries Limited has submitted to Indian stock exchanges a compliance certificate from its registrar and transfer agent, Cameo Corporate Services Limited, for the quarter ended 31 December 2025 under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate confirms that all securities received for dematerialisation during the quarter were duly processed, either accepted or rejected, appropriately listed on the relevant stock exchanges, and that physical certificates were mutilated and cancelled with depository names substituted in the register of members within the prescribed timelines, underscoring the company’s adherence to regulatory norms in handling its share capital and demat processes.

Kiri Industries Receives US$689 Million for Complete Exit from DyStar Stake

Kiri Industries Limited has completed the en bloc sale of its entire 37.57% equity stake in DyStar Global Holdings (Singapore) Pte. Ltd. to Zhejiang Longsheng Group Co., Ltd., following a Singapore International Commercial Court order directing the sale of shareholdings held by Kiri and Senda International Capital. The company confirmed receipt of the full consideration of about US$689 million, resulting in the discharge by performance of the Share Purchase Agreement and associated Share Buy-Back Agreement, formally closing its long-running financial and legal exposure related to DyStar and potentially reshaping its balance sheet, capital allocation flexibility and strategic focus for shareholders and other stakeholders.

Kiri Industries Closes Insider Trading Window Ahead of Q3 Results

Kiri Industries Limited has announced that it will close its trading window for insiders from 1 January 2026 until 48 hours after the declaration of its financial results for the quarter ended 31 December 2025. The move is in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s own code of conduct, reinforcing its adherence to corporate governance norms and preventing any potential misuse of unpublished price-sensitive information ahead of the quarterly earnings announcement, which is relevant for investors and market regulators monitoring compliance.