Engineering - Industrial Equipments · Founded 1982 · www.kolsite.com · BSE 524109 · NSE KABRA EXTR · ISIN INE900B01029
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Business
Kabra Extrusiontechnik Ltd. (KET) is a leading Indian manufacturer of plastic extrusion machinery. The company designs, manufactures, and supplies a wide range of extrusion lines primarily used for processing plastics. Its core business involves producing machinery for applications such as blown film (for packaging), pipes (for plumbing, irrigation, infrastructure), profiles (for doors, windows, automotive), and masterbatch/compounding. KET generates revenue by selling these capital goods, along with providing spare parts, upgrades, and after-sales services to its domestic and international customers in the plastics processing industry.
Revenue Mix
Kabra Extrusiontechnik primarily operates in the plastic extrusion machinery segment. While a detailed revenue breakdown by specific machine type is not always publicly disclosed, their main product categories include:
Blown Film Lines: For producing films used in packaging, agriculture, and other applications.
Pipe Extrusion Lines: For manufacturing PVC, CPVC, HDPE, PPR, and other plastic pipes for various industrial, construction, and agricultural uses.
Profile Extrusion Lines: For producing rigid profiles, often used in building and construction.
Compounding & Recycling Lines: For processing and recycling plastic materials.
The company also generates revenue from the sale of spare parts and components, and providing technical services.
Industry
Kabra Extrusiontechnik operates in the Engineering - Industrial Equipment sector, specifically within the plastics processing machinery industry in India. This industry is characterized by a mix of domestic manufacturers and international players/importers. KET holds a strong position as one of the largest and most technologically advanced manufacturers of plastic extrusion machinery in India, commanding a significant market share in various extrusion segments (e.g., blown film, pipe extrusion). Its long operational history and focus on R&D, often through international collaborations, distinguish it from smaller, unorganized players. Competition comes from other domestic manufacturers and imported machinery, particularly from China and Europe.
MOAT
Kabra Extrusiontechnik possesses several competitive advantages:
Market Leadership & Brand Reputation: A long-standing presence (over six decades) and market leadership in India have built a strong brand reputation for quality and reliability.
Technological Prowess & R&D: Consistent investment in R&D and strategic collaborations with global technology leaders (e.g., Bausano & Figli S.p.A., TMS) allow it to offer advanced and customized solutions.
Extensive Product Portfolio: A comprehensive range of extrusion lines caters to diverse customer needs across multiple applications.
After-Sales Service Network: A well-established service and spare parts network enhances customer loyalty and reduces downtime for clients.
Scale of Operations: Being a large player in India provides scale advantages in manufacturing and procurement.
Growth Drivers
Growth in End-Use Industries: Increasing demand for plastic products from packaging, infrastructure (pipes), agriculture, and construction sectors in India.
Government Initiatives: "Make in India" initiatives and production-linked incentive (PLI) schemes encouraging domestic manufacturing.
Exports: Expanding reach in international markets, particularly in emerging economies, leveraging cost-effectiveness and quality.
Technological Upgrades: Demand for advanced, energy-efficient, and automated machinery (Industry 4.0 compatible) drives replacement cycles and new investments.
Focus on Sustainability: Growing need for machinery catering to plastic recycling and processing bio-degradable polymers.
Risks
Cyclical Nature of Capital Goods: Demand for industrial machinery is susceptible to economic downturns, impacting capital expenditure decisions of customers.
Raw Material Price Volatility: Fluctuations in prices of key raw materials (steel, electrical components, specific alloys) can impact manufacturing costs and margins.
Intense Competition: Competition from domestic unorganized players and international manufacturers (especially from China with lower-cost options) can pressure pricing and market share.
Regulatory Changes: Evolving environmental regulations concerning plastic usage and waste management could impact demand for plastic processing machinery.
Technological Obsolescence: Rapid advancements in technology require continuous R&D investment to remain competitive.
Currency Fluctuations: For exports and imports of components, adverse currency movements can impact profitability.
Management & Ownership
Kabra Extrusiontechnik Ltd. is promoted by the Kabra family, with Mr. D. K. Kabra serving as the Chairman and Mr. Anand Kabra as the Vice Chairman & Managing Director. The management has long-standing experience in the plastics machinery industry, providing stability and strategic direction. The promoter group holds a significant stake in the company, demonstrating strong commitment and alignment with shareholder interests. The company operates with a professional management team overseeing day-to-day operations and strategic growth.
Outlook
Kabra Extrusiontechnik is well-positioned to capitalize on India's growing industrialization and the increasing demand for plastic products across various sectors. Its market leadership, technological capabilities, and strong brand are key strengths. The company's focus on exports and continuous R&D, coupled with strategic collaborations, support its long-term growth trajectory. However, it faces inherent risks associated with the cyclical nature of capital goods, raw material price volatility, and intense competition, both domestic and international. The evolving regulatory landscape around plastics also presents potential challenges that need careful navigation. Overall, the company's established position and diversified product portfolio offer resilience, but its performance will be closely tied to broader economic health and industry-specific demand trends.
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 88 | 128 | 121 | 140 | 86 | 135 | 110 | 120 | 124 | 221 |
| Other Income | 5 | 2 | 2 | 8 | 4 | 1 | 1 | 17 | 0 | 4 |
| Total Income | 94 | 130 | 123 | 147 | 90 | 136 | 112 | 137 | 125 | 225 |
| Total Expenditure | 83 | 106 | 107 | 135 | 89 | 126 | 109 | 117 | 118 | 204 |
| Operating Profit | 11 | 24 | 16 | 12 | 1 | 10 | 3 | 20 | 7 | 21 |
| Interest | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 6 |
| Depreciation | 5 | 5 | 5 | 5 | 6 | 8 | 8 | 8 | 8 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 8 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit Before Tax | 3 | 17 | 8 | 12 | -8 | -1 | -8 | 9 | -5 | 7 |
| Provision for Tax | 1 | 4 | 2 | 1 | -0 | -1 | -3 | 2 | -4 | 3 |
| Profit After Tax | 2 | 13 | 6 | 11 | -8 | 0 | -5 | 7 | -2 | 4 |
| Adjustments | -0 | -0 | 1 | -0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 2 | 12 | 7 | 11 | -8 | 0 | -5 | 7 | -2 | 4 |
| Adjusted Earnings Per Share | 0.6 | 3.5 | 2 | 3.1 | -2.2 | 0.1 | -1.4 | 2 | -0.5 | 1.1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 299 | 276 | 268 | 245 | 220 | 276 | 406 | 670 | 608 | 477 | 451 | 575 |
| Other Income | 22 | 2 | 3 | 20 | 3 | 3 | 2 | 3 | 7 | 13 | 25 | 22 |
| Total Income | 321 | 278 | 271 | 265 | 223 | 279 | 408 | 673 | 615 | 490 | 476 | 599 |
| Total Expenditure | 261 | 246 | 240 | 224 | 208 | 235 | 351 | 596 | 547 | 427 | 442 | 548 |
| Operating Profit | 60 | 32 | 31 | 41 | 15 | 44 | 57 | 77 | 68 | 63 | 34 | 51 |
| Interest | 2 | 2 | 1 | 2 | 1 | 3 | 3 | 9 | 10 | 11 | 11 | 16 |
| Depreciation | 9 | 7 | 8 | 7 | 8 | 10 | 11 | 14 | 16 | 21 | 30 | 32 |
| Exceptional Income / Expenses | -19 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | -0 | 0 |
| Profit Before Tax | 31 | 23 | 21 | 31 | 6 | 32 | 44 | 54 | 44 | 40 | -8 | 3 |
| Provision for Tax | 9 | 2 | 1 | 6 | -1 | 7 | 13 | 17 | 11 | 8 | -2 | -2 |
| Profit After Tax | 22 | 21 | 20 | 24 | 7 | 25 | 30 | 37 | 34 | 32 | -5 | 4 |
| Adjustments | 0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 22 | 20 | 20 | 24 | 7 | 25 | 30 | 37 | 34 | 32 | -5 | 4 |
| Adjusted Earnings Per Share | 7 | 6.4 | 6.3 | 7.6 | 2.3 | 7.7 | 9.4 | 11.2 | 9.7 | 9.2 | -1.5 | 1.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -12% | 10% | 4% |
| Operating Profit CAGR | -46% | -24% | -5% | -6% |
| PAT CAGR | -116% | NAN% | NAN% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 214% | 20% | 26% | 19% |
| ROE Average | -1% | 5% | 7% | 8% |
| ROCE Average | 1% | 7% | 10% | 11% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 156 | 226 | 233 | 246 | 232 | 278 | 329 | 383 | 452 | 462 | 441 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 15 | 13 | 16 | 11 | 6 | 0 | 0 |
| Other Non-Current Liabilities | 4 | 1 | -1 | 1 | 2 | 3 | 8 | 12 | 19 | 24 | 20 |
| Total Current Liabilities | 88 | 74 | 101 | 94 | 120 | 105 | 215 | 228 | 239 | 300 | 306 |
| Total Liabilities | 248 | 302 | 333 | 341 | 369 | 399 | 569 | 635 | 716 | 787 | 767 |
| Fixed Assets | 107 | 113 | 108 | 120 | 134 | 140 | 157 | 169 | 185 | 204 | 246 |
| Other Non-Current Assets | 10 | 52 | 48 | 45 | 39 | 57 | 45 | 41 | 66 | 83 | 47 |
| Total Current Assets | 130 | 136 | 177 | 176 | 196 | 203 | 366 | 425 | 465 | 500 | 474 |
| Total Assets | 248 | 302 | 333 | 341 | 369 | 399 | 569 | 635 | 716 | 787 | 767 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 0 | 1 | 1 | 2 | 1 | 2 | 0 | 2 | 6 | 2 |
| Cash Flow from Operating Activities | 33 | 18 | 12 | 6 | 28 | 38 | -62 | -4 | 33 | 43 | 9 |
| Cash Flow from Investing Activities | -17 | -7 | 1 | 1 | -39 | -32 | 7 | -29 | -52 | -68 | -6 |
| Cash Flow from Financing Activities | -14 | -11 | -13 | -5 | 9 | -5 | 53 | 34 | 23 | 20 | -3 |
| Net Cash Inflow / Outflow | 2 | 1 | -0 | 1 | -1 | 1 | -2 | 2 | 5 | -4 | -0 |
| Closing Cash & Cash Equivalent | 4 | 1 | 1 | 2 | 1 | 2 | 0 | 2 | 6 | 2 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 7.03 | 6.4 | 6.27 | 7.64 | 2.32 | 7.7 | 9.44 | 11.16 | 9.67 | 9.21 | -1.53 |
| CEPS(Rs) | 9.76 | 8.7 | 8.79 | 9.94 | 4.76 | 10.73 | 12.94 | 15.22 | 14.14 | 15.13 | 7.12 |
| DPS(Rs) | 2.25 | 2 | 2 | 0 | 1.5 | 2.5 | 3 | 3.5 | 3.5 | 2.5 | 0 |
| Book NAV/Share(Rs) | 49.02 | 70.95 | 73.12 | 77.15 | 72.77 | 87.18 | 102.52 | 114.16 | 129.21 | 132.21 | 126.24 |
| Core EBITDA Margin(%) | 11.72 | 10 | 10.37 | 8.43 | 5.69 | 14.75 | 13.49 | 11.06 | 9.98 | 10.41 | 2.07 |
| EBIT Margin(%) | 10.23 | 8.41 | 8.4 | 13.61 | 3.52 | 12.43 | 11.38 | 9.45 | 8.91 | 10.69 | 0.8 |
| Pre Tax Margin(%) | 9.68 | 7.76 | 7.85 | 12.59 | 2.86 | 11.45 | 10.72 | 8.1 | 7.3 | 8.35 | -1.73 |
| PAT Margin (%) | 6.89 | 6.95 | 7.4 | 9.98 | 3.39 | 8.89 | 7.46 | 5.6 | 5.56 | 6.75 | -1.19 |
| Cash Profit Margin (%) | 9.57 | 9.29 | 10.32 | 12.93 | 6.9 | 12.39 | 10.23 | 7.63 | 8.14 | 11.09 | 5.52 |
| ROA(%) | 9.03 | 7.55 | 6.34 | 7.27 | 2.1 | 6.4 | 6.26 | 6.23 | 5.01 | 4.28 | -0.69 |
| ROE(%) | 14.34 | 10.85 | 8.75 | 10.21 | 3.12 | 9.63 | 9.97 | 10.53 | 8.1 | 7.04 | -1.19 |
| ROCE(%) | 19.17 | 12.29 | 9.67 | 13.54 | 3.01 | 12.24 | 13.4 | 14.99 | 10.88 | 9.06 | 0.62 |
| Receivable days | 44.71 | 45.92 | 53.32 | 59.22 | 42.86 | 25.32 | 35.05 | 45.08 | 62.68 | 72.74 | 69.15 |
| Inventory Days | 68.67 | 77.46 | 112.71 | 155.2 | 191.77 | 156.51 | 141.97 | 112.64 | 134.56 | 202.68 | 233.49 |
| Payable days | 57.51 | 65.61 | 97.3 | 115 | 112.46 | 90.26 | 97.01 | 69.02 | 69.76 | 97.67 | 90.91 |
| PER(x) | 11.85 | 17.34 | 18.95 | 11.17 | 18.55 | 23.33 | 55.92 | 43.35 | 30.64 | 31.71 | 0 |
| Price/Book(x) | 1.7 | 1.56 | 1.62 | 1.11 | 0.59 | 2.06 | 5.15 | 4.24 | 2.29 | 2.21 | 1.45 |
| Dividend Yield(%) | 2.7 | 1.8 | 1.68 | 0 | 3.48 | 1.39 | 0.57 | 0.72 | 1.18 | 0.86 | 0 |
| EV/Net Sales(x) | 0.93 | 1.31 | 1.42 | 1.14 | 0.72 | 2.13 | 4.24 | 2.46 | 1.77 | 2.39 | 1.72 |
| EV/Core EBITDA(x) | 4.62 | 11.23 | 12.42 | 6.87 | 10.21 | 13.49 | 30.06 | 21.31 | 15.95 | 18.18 | 22.77 |
| Net Sales Growth(%) | 0 | -7.69 | -2.79 | -8.66 | -10.18 | 25.45 | 46.94 | 65.07 | -9.29 | -21.54 | -5.41 |
| EBIT Growth(%) | 0 | -24.57 | -9.04 | 46.17 | -76.78 | 343.16 | 34.52 | 37.13 | -14.51 | -5.82 | -92.92 |
| PAT Growth(%) | 0 | -7.44 | -3.07 | 21.64 | -69.47 | 228.76 | 23.26 | 23.86 | -9.82 | -4.78 | -116.66 |
| EPS Growth(%) | 0 | -8.91 | -2.1 | 21.89 | -69.58 | 231.29 | 22.56 | 18.3 | -13.38 | -4.77 | -116.66 |
| Debt/Equity(x) | 0.11 | 0.04 | 0.02 | 0.04 | 0.12 | 0.09 | 0.18 | 0.19 | 0.19 | 0.27 | 0.32 |
| Current Ratio(x) | 1.48 | 1.84 | 1.76 | 1.88 | 1.63 | 1.93 | 1.7 | 1.87 | 1.95 | 1.67 | 1.55 |
| Quick Ratio(x) | 0.79 | 0.95 | 0.74 | 0.75 | 0.58 | 0.87 | 0.75 | 0.95 | 0.95 | 0.7 | 0.61 |
| Interest Cover(x) | 18.83 | 12.99 | 15.44 | 13.36 | 5.32 | 12.71 | 17.26 | 6.99 | 5.53 | 4.56 | 0.32 |
| Total Debt/Mcap(x) | 0.06 | 0.02 | 0.01 | 0.03 | 0.19 | 0.04 | 0.03 | 0.05 | 0.08 | 0.12 | 0.22 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.24 | 60.24 | 60.24 | 60.24 | 60.21 | 60.5 | 60.5 | 60.49 | 60.44 | 60.44 |
| FII | 3.41 | 3.32 | 2.96 | 1.46 | 0.81 | 0.37 | 0.39 | 0.35 | 0.36 | 1.61 |
| DII | 0.01 | 0.01 | 0.33 | 0.66 | 0.66 | 0.61 | 0.01 | 0.01 | 0.01 | 0.68 |
| Public | 36.34 | 36.43 | 36.47 | 37.65 | 38.32 | 38.52 | 39.11 | 39.15 | 39.19 | 37.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.11 | 2.11 | 2.11 | 2.11 | 2.11 | 2.12 | 2.12 | 2.12 | 2.11 | 2.11 |
| FII | 0.12 | 0.12 | 0.1 | 0.05 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 |
| DII | 0 | 0 | 0.01 | 0.02 | 0.02 | 0.02 | 0 | 0 | 0 | 0.02 |
| Public | 1.27 | 1.27 | 1.28 | 1.32 | 1.34 | 1.35 | 1.37 | 1.37 | 1.37 | 1.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -12% | +10% | +4% |
| Operating Profit CAGR | -46% | -24% | -5% | -6% |
| PAT CAGR | -116% | 0% | 0% | 0% |
| Share Price CAGR | +214% | +20% | +26% | +19% |
| ROE Average | -1% | +5% | +7% | +8% |
| ROCE Average | +1% | +7% | +10% | +11% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.24 | 60.24 | 60.24 | 60.24 | 60.21 | 60.5 | 60.5 | 60.49 | 60.44 | 60.44 |
| FII | 3.41 | 3.32 | 2.96 | 1.46 | 0.81 | 0.37 | 0.39 | 0.35 | 0.36 | 1.61 |
| DII | 0.01 | 0.01 | 0.33 | 0.66 | 0.66 | 0.61 | 0.01 | 0.01 | 0.01 | 0.68 |
| Public | 36.34 | 36.43 | 36.47 | 37.65 | 38.32 | 38.52 | 39.11 | 39.15 | 39.19 | 37.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.11 | 2.11 | 2.11 | 2.11 | 2.11 | 2.12 | 2.12 | 2.12 | 2.11 | 2.11 |
| FII | 0.12 | 0.12 | 0.1 | 0.05 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 |
| DII | 0 | 0 | 0.01 | 0.02 | 0.02 | 0.02 | 0 | 0 | 0 | 0.02 |
| Public | 1.27 | 1.27 | 1.28 | 1.32 | 1.34 | 1.35 | 1.37 | 1.37 | 1.37 | 1.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
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