Kiri Industries Limited (KIRIINDUS) AI Stock Analysis

• Market Cap: ₹34.86B
• Dividend Yield: N/A
• Average Volume (3M): 17.78K
• Price to Earnings (P/E): 16.9
• Beta (1Y): 1.10
• Revenue Growth: -12.76%
• EPS Growth: -17.59%
• Country: IN
• Employees: 787
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 1.91
• Shares Outstanding: 60,022,552
• 10 Day Avg. Volume: 12,924
• 30 Day Avg. Volume: 17,778
• 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: ₹646.00
• Price Target Upside: 12.28% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 65 Neutral
• Price Target: ₹646.00 ▲(12.28% Upside)

Kiri Industries' overall stock score is primarily influenced by its financial performance challenges, including declining revenues and negative cash flows. The technical analysis suggests a neutral to slightly positive trend, while the valuation indicates a reasonable price level. The absence of earnings call data and corporate events means these factors do not influence the score.

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 production and sale of dyes and dye intermediates. The company's revenue model is based on manufacturing a broad spectrum of chemical products that are essential for textile processing and other industrial applications. Key revenue streams include domestic and international sales of its products, which are marketed under various brand names. Kiri Industries also benefits from strategic partnerships and joint ventures, enhancing its market reach and operational capabilities. By leveraging cost-effective production techniques and maintaining high quality standards, the company sustains its profitability and competitive edge in the chemical industry.

Kiri Industries Limited Financial Statement Overview

Summary

Kiri Industries faces significant challenges with declining revenues and profitability, as evidenced by negative operating margins and cash flows. The balance sheet remains strong with low leverage, providing some buffer. However, the company's ability to generate cash and achieve sustainable profitability remains a concern moving forward.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.58B	7.40B	7.09B	9.45B	14.73B	9.42B
Gross Profit	2.55B	2.29B	-555.78M	2.55B	4.52B	3.34B
EBITDA	891.13M	609.45M	-34.76M	-341.41M	1.23B	848.33M
Net Income	1.83B	2.65B	1.33B	1.07B	3.89B	2.52B
Balance Sheet
Total Assets	0.00	47.25B	34.11B	32.01B	30.74B	27.00B
Cash, Cash Equivalents and Short-Term Investments	3.59B	3.83B	45.66M	982.41M	173.04M	92.24M
Total Debt	0.00	11.24B	1.26B	451.81M	958.62M	1.49B
Total Liabilities	-32.47B	14.79B	5.99B	5.22B	5.02B	5.16B
Stockholders Equity	32.47B	32.47B	28.12B	26.79B	25.73B	21.84B
Cash Flow
Free Cash Flow	0.00	-7.49B	-692.99M	669.55M	547.00M	-56.39M
Operating Cash Flow	0.00	-3.42B	-605.79M	891.76M	921.96M	722.06M
Investing Cash Flow	0.00	-8.42B	287.87M	-179.47M	-289.68M	-701.59M
Financing Cash Flow	0.00	11.94B	497.80M	-569.91M	-574.24M	-70.02M

Kiri Industries Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 575.35
• 50DMA: Positive
• 100DMA: Positive
• 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:KIRIINDUS, the sentiment is Positive. The current price of 575.35 is below the 20-day moving average (MA) of 580.37, above the 50-day MA of 562.13, and below the 200-day MA of 585.63, indicating a neutral trend. The MACD of 1.80 indicates Positive momentum. The RSI at 50.23 is Neutral, neither overbought nor oversold. The STOCH value of 42.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	67 Neutral	₹29.84B	16.02	―	0.85%	2.59%	33.99%
VISHNU	67 Neutral	₹32.05B	24.66	―	0.06%	16.30%	22.04%
NOCIL	66 Neutral	₹30.79B	33.07	―	1.11%	-4.47%	-26.12%
KIRIINDUS	65 Neutral	₹34.86B	16.93	―	―	-12.76%	-17.59%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TIRUMALCHM	47 Neutral	₹28.42B	―	―	0.36%	-8.05%	-150.62%
MOL	45 Neutral	₹20.17B	―	―	―	―	―

Kiri Industries Limited Corporate Events

Kiri Industries Converts Warrants to Equity Shares, Boosting Capital

Kiri Industries Limited has announced the allotment of 4,393,592 equity shares to promoters and members of the promoter group following the conversion of warrants on a preferential basis. This move, approved by the Board of Directors, involves a total consideration of Rs. 79,52,40,152 and increases the company’s issued, subscribed, and paid-up equity share capital to Rs. 60,02,25,540. The new shares will rank pari-passu with existing shares, indicating a strategic step to strengthen the company’s equity base.

Kiri Industries Re-appoints Cost Auditors for FY 2025-26

Kiri Industries Limited, a company listed on the BSE and NSE, has announced the re-appointment of M/s. V. H. Savaliya & Associates as its cost auditors for the financial year 2025-26. This decision was made during the board meeting held on August 12, 2024. The re-appointment of the experienced cost accountants, led by Mr. Vinod H. Savaliya, is expected to continue providing valuable insights into cost audits, stock verification, and costing MIS for the company, which could positively impact its operational efficiency.

Kiri Industries Limited Announces Change in Secretarial Auditor

Kiri Industries Limited has announced a change in its secretarial auditor. The company has appointed M/s. Kashyap R. Mehta & Partners as the new secretarial auditor for a term of five years, replacing M/s. Kashyap R. Mehta & Associates, whose tenure has concluded. This change is subject to approval at the upcoming Annual General Meeting. The new firm, led by Mr. Kashyap Mehta, brings extensive experience in corporate, secretarial, regulatory, and compliance services, which could enhance Kiri Industries’ governance and compliance framework.