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Kaizen Agro Infra. Overview

1. Business Overview

Kaizen Agro Infrabuild Ltd. is an Indian company primarily engaged in the engineering and construction sector. The company undertakes various infrastructure projects, which typically include civil construction work for residential, commercial, industrial, and public sector clients. Its core business model revolves around bidding for and executing construction contracts. Revenue is generated by completing projects, typically on a fixed-price or cost-plus basis, and receiving payments in milestones or upon project completion from clients, which often include government bodies, public sector undertakings, and private developers.

2. Key Segments / Revenue Mix

While specific detailed revenue mix breakdown is often not explicitly segmented for companies of this size without deep dive into annual reports, Kaizen Agro Infrabuild Ltd. generally operates within the broader civil construction segment. This segment can encompass:

Building construction (residential, commercial, institutional)

Infrastructure development (roads, bridges, water supply projects, drainage systems)

Industrial construction (factories, warehouses)

Given its sector, revenue is project-based, and the mix would depend on its current order book and the type of contracts secured.

3. Industry & Positioning

The Indian engineering and construction industry is highly fragmented, characterized by the presence of a few large national players and numerous small to mid-sized regional companies. Kaizen Agro Infrabuild Ltd. operates as a mid-to-small cap player within this competitive landscape. Its positioning is likely built on its regional presence, ability to execute specific types of projects, competitive bidding strategies, and relationships with clients, particularly within its operational geographies. It competes with a multitude of local and regional contractors, as well as being an ancilliary to larger players on bigger projects.

4. Competitive Advantage (Moat)

Kaizen Agro Infrabuild Ltd. operates in a sector where sustainable competitive advantages (moats) are generally difficult to establish for mid-sized players.

Brand: Less significant than for consumer goods; reputation for timely and quality execution is more crucial.

Scale: Lacks the scale of large national players, which benefit from better resource acquisition, financial muscle, and ability to bid for mega-projects.

Network Effects: Not applicable.

Switching Costs: Low for clients, who can easily invite bids from multiple contractors.

Proprietary Technology/IP: Limited, as construction often relies on widely available methods and machinery.

Any existing advantage might stem from local expertise, established relationships with specific government bodies or private developers, or a demonstrated track record in a particular niche area, which can provide a temporary edge in securing contracts.

5. Growth Drivers

Government Infrastructure Push: Continued significant government spending on infrastructure development (e.g., roads, railways, urban infrastructure, water projects) under initiatives like PM Gati Shakti.

Urbanization & Housing Demand: Growing urban population and government initiatives like "Housing for All" driving demand for residential and commercial construction.

Industrial & Commercial Real Estate: Expansion in manufacturing and warehousing sectors driving demand for industrial parks and commercial complexes.

Smart City Initiatives: Projects related to developing smart infrastructure in cities.

Order Book Expansion: Successful bidding and execution of new and larger projects.

6. Risks

Project Execution Risks: Delays in project completion, cost overruns, challenges in land acquisition, and environmental clearances can impact profitability.

Intense Competition: Highly fragmented industry leads to aggressive bidding, potentially impacting margins.

Payment Delays: Risk of delayed payments from clients, especially government entities, affecting cash flow and working capital.

Raw Material Price Volatility: Fluctuations in prices of key inputs like cement, steel, and fuel can erode margins if not adequately hedged or passed on to clients.

Regulatory & Environmental Risks: Changes in construction norms, environmental regulations, or labor laws can impact project viability.

Interest Rate Fluctuations: High reliance on debt for working capital and project financing makes it susceptible to changes in interest rates.

Economic Slowdown: A general economic downturn can reduce capital expenditure by both government and private sectors, leading to fewer new projects.

7. Management & Ownership

Kaizen Agro Infrabuild Ltd., like many Indian companies of its size, is typically promoter-driven. The promoters, often the founding family or individuals, usually hold a significant stake in the company and are actively involved in its management. The quality of management is critical in the construction sector, requiring strong project management skills, financial discipline, and client relationship management. Detailed information on specific management quality requires reviewing recent annual reports and corporate governance disclosures.

8. Outlook

The outlook for Kaizen Agro Infrabuild Ltd. is influenced by the broader Indian infrastructure growth story. The government's continued focus on boosting infrastructure spending provides a favorable environment for construction companies to secure new projects and expand their order books. Urbanization and industrial growth further contribute to potential demand. However, the company operates in a highly competitive and capital-intensive sector, where margins can be thin. Success will largely depend on its ability to efficiently execute projects, manage working capital effectively, navigate raw material price volatility, and maintain strong client relationships to consistently secure new contracts against established and emerging competitors. Timely project delivery and prudent financial management will be crucial for sustainable growth.

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Kaizen Agro Infra. Key Financials

Market Cap ₹47 Cr.

Stock P/E 120.6

P/B 0.4

Current Price ₹9.1

Book Value ₹ 23.6

Face Value 10

52W High ₹19.5

Dividend Yield 0%

52W Low ₹ 7.5

Kaizen Agro Infra. Share Price

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Volume
Price

Kaizen Agro Infra. Quarterly Price

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Kaizen Agro Infra. Peer Comparison

Kaizen Agro Infra. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 8 6 16 1 6 11 3 6 12 20
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 8 6 16 1 6 11 3 6 12 20
Total Expenditure 8 6 16 1 5 11 3 5 11 19
Operating Profit -0 0 0 -0 1 -0 0 0 1 1
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -0 0 0 -0 1 -0 0 0 1 1
Provision for Tax 0 0 0 -0 0 0 0 0 0 0
Profit After Tax -0 0 0 -0 1 -0 0 0 1 1
Adjustments -0 0 0 0 0 -0 0 0 -0 0
Profit After Adjustments -0 0 0 -0 1 -0 0 0 1 1
Adjusted Earnings Per Share -0 0.2 0 -0 0.2 -0 0 0.1 0.2 0.1

Kaizen Agro Infra. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 104 27 22 1 1 0 0 0 22 33 20 41
Other Income 0 0 0 0 0 0 0 0 0 0 1 0
Total Income 104 27 22 1 1 0 0 0 22 33 21 41
Total Expenditure 103 27 22 1 1 1 0 0 22 32 20 38
Operating Profit 1 0 0 0 0 -0 -0 -0 1 0 1 2
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 0 0 0 0 -0 -0 -0 1 0 1 2
Provision for Tax 0 -0 0 0 0 -0 -0 0 0 0 0 0
Profit After Tax 1 0 0 0 0 -0 -0 -0 0 0 0 2
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 0 0 0 0 -0 -0 -0 0 0 0 2
Adjusted Earnings Per Share 0.3 0.1 0 0 0 -0 -0 -0.1 0.2 0 0.1 0.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -39% 0% 0% -15%
Operating Profit CAGR 0% 0% 0% 0%
PAT CAGR 0% 0% 0% -100%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -36% -3% 18% -2%
ROE Average 0% 0% 0% 0%
ROCE Average 0% 0% 0% 0%

Kaizen Agro Infra. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 70 70 70 70 70 70 70 69 70 115 115
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0 -0 -0 -0 -0 0 0
Total Current Liabilities 15 16 1 1 1 5 4 5 11 1 3
Total Liabilities 85 86 71 71 71 75 74 75 81 116 118
Fixed Assets 1 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 0 0 0 0 0 0 0 0 0 57 70
Total Current Assets 84 85 70 71 71 75 74 75 81 59 49
Total Assets 85 86 71 71 71 75 74 75 81 116 118

Kaizen Agro Infra. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 0 0 0 0 0 0 1 2
Cash Flow from Operating Activities -34 37 -10 0 -0 6 -1 2 -16 8 -24
Cash Flow from Investing Activities 34 -37 10 -0 0 -6 1 -2 16 -52 24
Cash Flow from Financing Activities 0 0 0 0 0 0 0 0 0 45 0
Net Cash Inflow / Outflow -0 0 0 -0 -0 0 0 -0 1 1 -1
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 1 2 1

Kaizen Agro Infra. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.29 0.07 0.01 0.01 0 -0.05 -0.01 -0.08 0.18 0.02 0.08
CEPS(Rs) 0.32 0.08 0.02 0.02 0.01 -0.04 -0.01 -0.08 0.19 0.02 0.08
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 32.47 32.54 32.55 32.56 32.57 32.52 32.51 32.43 32.61 22.36 22.43
Core EBITDA Margin(%) 0.97 0.63 0.35 7.17 3.51 -22.07 -4.68 -91.33 2.22 0.05 -2.12
EBIT Margin(%) 0.89 0.54 0.24 3.72 2.71 -23.09 -5.81 -65.57 2.55 0.55 2.74
Pre Tax Margin(%) 0.85 0.54 0.2 3.41 2.26 -23.18 -5.91 -65.92 2.55 0.43 2.67
PAT Margin (%) 0.59 0.56 0.13 2.61 1.66 -23.1 -5.75 -66.03 1.77 0.31 1.98
Cash Profit Margin (%) 0.66 0.65 0.24 6.07 2.46 -22.08 -4.62 -65.11 1.79 0.36 2.08
ROA(%) 0.72 0.18 0.04 0.03 0.01 -0.13 -0.03 -0.23 0.5 0.1 0.33
ROE(%) 0.88 0.22 0.04 0.03 0.01 -0.14 -0.03 -0.25 0.56 0.11 0.34
ROCE(%) 1.34 0.21 0.08 0.04 0.02 -0.14 -0.03 -0.24 0.81 0.19 0.47
Receivable days 91.68 345.45 74.42 919.54 1178.57 825.22 340.9 412.44 91.17 67.7 262.79
Inventory Days 0 0 0 0 0 0 0 0 0.73 7.46 22.86
Payable days 51.18 208.04 131.78 310.49 262.03 2484.86 6019.96 9275.79 136.6 71.83 31.83
PER(x) 47.46 0 0 0 2660.2 0 0 0 61.93 755.05 190.62
Price/Book(x) 0.42 0 0 0 0.34 0.26 0.12 0.09 0.35 0.67 0.64
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.28 0.79 0.96 31.36 44.24 44.12 21.03 26.28 1.07 2.32 3.72
EV/Core EBITDA(x) 28.72 125.24 274.35 437.07 1260.79 -199.89 -449.69 -40.66 41.57 388.35 130.93
Net Sales Growth(%) -26.57 -74.17 -18.42 -96.89 -22.01 -21.66 -8.74 -32.08 8481.62 46.55 -39.47
EBIT Growth(%) 2.63 -84.32 -63.35 -52.44 -43.21 -767.43 77.05 -666.97 433.27 -68.47 202.64
PAT Growth(%) -2.24 -75.2 -80.51 -39.6 -50.38 -1188 77.27 -679.45 330.29 -74.08 281.94
EPS Growth(%) 0 -75.2 -80.51 -39.61 -50.38 -1188.27 77.33 -681.37 330.36 -89.22 282.32
Debt/Equity(x) 0 0 0 0 0 0 0 0.01 0 0 0
Current Ratio(x) 5.49 5.29 70.33 63.47 69.34 14.47 17.27 13.71 7.18 45.37 17.29
Quick Ratio(x) 5.49 5.29 70.33 63.47 69.34 14.47 17.27 13.71 7.17 44.38 16.87
Interest Cover(x) 20.67 159.51 5.01 11.9 6 -248.19 -55.25 -188.33 5649 4.77 41.15
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0.12 0 0 0

Kaizen Agro Infra. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 45.73 37.52 37.52 37.52 37.52 37.44 37.44 37.44 37.44 37.44
FII 0 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72
DII 0 0 0 0 0 0 0 0 0 0
Public 54.27 52.75 52.75 52.75 52.75 52.84 52.84 52.84 52.84 52.84
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Kaizen Agro Infra. News

Kaizen Agro Infra. Pros & Cons

Pros

  • Stock is trading at 0.4 times its book value
  • Debtor days have improved from 71.83 to 31.83days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 37.44%.
  • Company has a low return on equity of 0% over the last 3 years.
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