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Khaitan India Overview

1. Business Overview

Khaitan (India) Ltd. is a long-standing Indian company primarily engaged in the manufacturing and marketing of consumer durables, particularly in the electronics segment. Its core business revolves around a range of household appliances, with a historical stronghold in electrical fans. The company manufactures and sells various types of fans (ceiling, table, pedestal, wall-mounted, exhaust), as well as other small home appliances like water heaters, air coolers, room heaters, and kitchen appliances. It makes money through direct sales to distributors, retailers, and possibly through e-commerce channels, targeting the mass-market and mid-segment consumer base in India.

2. Key Segments / Revenue Mix

While specific revenue contribution percentages are not publicly provided in this overview, Khaitan's primary product categories include:

Fans: This segment (ceiling fans, table fans, pedestal fans, exhaust fans) historically represents a significant portion of its revenue due to its strong brand legacy in this category.

Home Appliances: This includes a range of products like water heaters, air coolers, room heaters, induction cooktops, mixer grinders, irons, etc.

Detailed segment-wise revenue breakdown would require access to the company's financial reports.

3. Industry & Positioning

The Indian consumer durables - electronics industry is highly competitive, characterized by the presence of numerous national and international players, as well as unorganized sector participants. The market is driven by factors like increasing disposable incomes, urbanization, and improving electricity infrastructure. Khaitan (India) Ltd. is an established, legacy brand, particularly known for its fans. It typically positions itself in the mid-market to value-for-money segment, competing with larger diversified players like Havells, Bajaj Electricals, Orient Electric, and Crompton Greaves Consumer Electricals, as well as regional brands and import-based manufacturers. Its long-standing presence gives it a degree of brand recognition, especially in traditional distribution channels.

4. Competitive Advantage (Moat)

Khaitan's primary competitive advantages include:

Brand Recognition: Especially within the fans category, "Khaitan" holds considerable historical brand recall and trust among a segment of Indian consumers, built over decades.

Established Distribution Network: A long operational history has allowed the company to build a wide distribution and dealer network across various regions of India, facilitating market penetration.

Cost Efficiency (Potential): Operating in the value-for-money segment, the company likely focuses on cost-effective manufacturing and pricing strategies to cater to its target demographic.

5. Growth Drivers

Key factors that could drive Khaitan's growth over the next 3-5 years include:

Rising Disposable Incomes: Growth in per capita income in India fuels demand for consumer durables.

Urbanization & Rural Electrification: Expansion of urban centers and increased electrification in rural areas open new markets.

Replacement Demand: The existing installed base of appliances creates a consistent replacement market.

Product Diversification & Innovation: Expanding into new appliance categories or introducing updated, energy-efficient models can attract new customers.

Government Initiatives: Schemes promoting housing or infrastructure development can indirectly boost demand for home appliances.

6. Risks

Intense Competition: The consumer durables market is highly fragmented and competitive, leading to pricing pressures and challenges in gaining market share against larger, more aggressive players.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials (e.g., copper, steel, plastics) can impact manufacturing costs and profit margins.

Changing Consumer Preferences: Rapid technological advancements and shifting consumer preferences (e.g., demand for smart appliances, aesthetically superior designs) require continuous R&D and product updates.

Economic Slowdown: A general economic downturn can reduce discretionary spending on consumer durables.

Supply Chain Disruptions: Global or domestic supply chain issues can impact production and delivery.

7. Management & Ownership

Khaitan (India) Ltd. is a promoter-led company, characteristic of many legacy Indian businesses. The ownership is typically concentrated within the founding family or group, who often hold significant stakes and exert substantial influence over strategic decisions. Management quality in such structures often hinges on the vision and execution capabilities of the promoter group and the professional managers they appoint. Specific details about current promoters and the precise ownership structure would be available in their annual reports and public filings.

8. Outlook

Khaitan benefits from a recognized brand name, particularly in the fans segment, and an established distribution network across India. The underlying growth drivers for India's consumer durables market remain strong, offering potential for expansion. However, the company operates in a highly competitive sector dominated by larger, well-funded players with substantial marketing budgets and R&D capabilities. To thrive, Khaitan will likely need to focus on product innovation, improving energy efficiency, strengthening its sales channels (including e-commerce), and maintaining cost competitiveness. Its ability to adapt to evolving consumer trends and effectively compete against both legacy players and newer entrants will be crucial for its sustained growth and market positioning.

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Khaitan India Key Financials

Market Cap ₹64 Cr.

Stock P/E 9.1

P/B 2.1

Current Price ₹134.2

Book Value ₹ 64.3

Face Value 10

52W High ₹167

Dividend Yield 0%

52W Low ₹ 78

Khaitan India Share Price

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Volume
Price

Khaitan India Quarterly Price

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Khaitan India Peer Comparison

Khaitan India Quarterly Results

#(Fig in Cr.) Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 13 14 15 14 16 19 15 26 30 20
Other Income 4 0 0 0 1 0 0 2 0 0
Total Income 17 14 15 14 17 19 15 28 30 20
Total Expenditure 15 12 14 13 16 17 13 24 28 19
Operating Profit 2 1 1 1 1 3 1 4 2 1
Interest 0 1 1 1 0 1 1 0 0 0
Depreciation 1 0 0 0 -1 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 0 -1 -0 2 2 1 3 2 0
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 1 0 -1 -0 2 2 1 3 2 0
Adjustments -0 0 0 -0 0 0 0 0 0 0
Profit After Adjustments 1 0 -1 -0 2 2 1 3 2 0
Adjusted Earnings Per Share 2 0.8 -1.2 -0.9 4.2 4.4 1.4 7.2 3.3 0.7

Khaitan India 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 27 9 16 79 100 57 45 52 59 58 78 91
Other Income 1 1 4 4 0 0 0 2 6 1 3 2
Total Income 27 10 20 83 101 57 46 54 65 60 80 93
Total Expenditure 26 11 13 77 96 58 43 53 59 54 70 84
Operating Profit 1 -1 6 6 5 -1 2 2 6 5 10 8
Interest 5 5 2 2 3 2 3 3 3 3 3 1
Depreciation 2 2 2 2 2 2 2 2 2 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -5 -8 3 2 1 -5 -3 -3 1 1 7 6
Provision for Tax 0 0 0 0 0 0 3 0 0 0 0 0
Profit After Tax -6 -8 3 2 1 -5 -6 -3 1 1 7 6
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -6 -8 3 2 1 -5 -6 -3 1 1 7 6
Adjusted Earnings Per Share -11.8 -15.9 5.3 3.5 1.2 -10.3 -12.1 -6.9 1.4 2.8 14.7 12.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 34% 14% 6% 11%
Operating Profit CAGR 100% 71% 0% 26%
PAT CAGR 600% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 13% 44% 52% 29%
ROE Average 29% 13% -1% -41%
ROCE Average 28% 18% 11% 5%

Khaitan India 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 47 39 42 37 35 24 20 17 19 20 27
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 14 15 11 30 16 15 14 11 6 8 9
Other Non-Current Liabilities -2 -2 -2 -1 -0 0 1 1 1 1 1
Total Current Liabilities 40 40 41 45 50 41 43 47 46 41 33
Total Liabilities 100 91 91 111 101 80 78 77 71 70 71
Fixed Assets 59 58 56 54 52 50 51 49 48 47 45
Other Non-Current Assets 24 21 21 13 12 6 6 5 6 9 9
Total Current Assets 16 13 14 44 37 24 22 22 18 14 16
Total Assets 100 91 91 111 101 80 78 77 71 70 71

Khaitan India 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 0 0
Cash Flow from Operating Activities -1 1 11 2 18 3 5 6 7 1 5
Cash Flow from Investing Activities 0 3 0 -3 0 0 0 -1 0 0 -0
Cash Flow from Financing Activities 0 -4 -11 1 -18 -4 -5 -5 -8 -1 -3
Net Cash Inflow / Outflow 0 -0 -0 0 0 -0 0 0 -0 -0 1
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 0 0 1

Khaitan India 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) -11.76 -15.91 5.28 3.49 1.25 -10.33 -12.14 -6.92 1.43 2.82 14.69
CEPS(Rs) -8.03 -12.21 9.78 7.85 5.06 -6.52 -8.36 -3.13 5.58 3.86 15.42
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 12.03 -3.88 88.03 78.14 73.89 50.2 42.4 36.81 39.23 42.62 57.65
Core EBITDA Margin(%) 1.31 -19.8 14.94 2.68 4.64 -2.4 4.12 -0.9 0.07 6.94 9.4
EBIT Margin(%) -2.33 -31.53 26.85 4.89 3.26 -4.82 0.99 -0.49 6.23 8.15 12.5
Pre Tax Margin(%) -20.08 -80.81 15.71 2.09 0.59 -8.66 -5.53 -6.29 1.14 2.3 9.21
PAT Margin (%) -20.44 -80.81 15.71 2.09 0.59 -8.66 -12.74 -6.29 1.14 2.3 8.99
Cash Profit Margin (%) -13.95 -61.99 29.11 4.71 2.4 -5.47 -8.77 -2.85 4.46 3.14 9.44
ROA(%) -5.5 -7.91 2.74 1.64 0.56 -5.42 -7.27 -4.24 0.92 1.9 9.93
ROE(%) -62.3 -390.67 12.55 4.2 1.64 -16.64 -26.23 -17.46 3.76 6.89 29.31
ROCE(%) -1.18 -6.1 7.2 5.2 5.02 -5.46 1.1 -0.73 11.99 15.63 27.75
Receivable days 8.93 25.04 28.23 56.19 82.19 111.18 89.38 79.11 65.12 48.8 31.21
Inventory Days 194.12 474.44 149.88 26.5 28.62 39.32 43.58 32.01 29.23 34.98 25.42
Payable days 111.68 307.31 320.97 103.6 130.77 218.87 237.88 185.14 165.09 185.76 135.6
PER(x) 0 0 3.69 12.31 26.37 0 0 0 30.23 20.76 5.65
Price/Book(x) 0.54 -2.33 0.22 0.55 0.45 0.4 0.41 0.99 1.1 1.37 1.44
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.85 5.48 2.69 0.72 0.37 0.52 0.57 0.62 0.51 0.68 0.63
EV/Core EBITDA(x) 43.38 -42.07 6.58 9.59 7.23 -31.73 11.54 20.98 5.37 7.52 4.85
Net Sales Growth(%) -10.32 -65.77 72.56 402.38 26.77 -43.49 -20.09 15.45 13.77 -1.83 32.96
EBIT Growth(%) -126.16 -362.19 245.34 -9.83 -15.39 -183.49 116.48 -157.47 1532.43 28.4 103.98
PAT Growth(%) -203.61 -35.28 133.17 -33.97 -64.2 -927.72 -17.6 43.05 120.66 97.43 420.84
EPS Growth(%) -203.61 -35.28 133.17 -33.97 -64.2 -927.69 -17.6 43.05 120.66 97.42 420.85
Debt/Equity(x) 8.17 -24.98 0.79 0.99 0.61 0.83 0.88 0.88 0.55 0.58 0.39
Current Ratio(x) 0.39 0.32 0.34 0.98 0.74 0.59 0.5 0.47 0.4 0.34 0.49
Quick Ratio(x) 0.05 0.05 0.28 0.78 0.6 0.46 0.38 0.39 0.28 0.21 0.33
Interest Cover(x) -0.13 -0.64 2.41 1.75 1.22 -1.25 0.15 -0.09 1.22 1.39 3.81
Total Debt/Mcap(x) 15.12 10.72 3.57 1.8 1.36 2.07 2.15 0.89 0.5 0.42 0.27

Khaitan India Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 60.24 60.24 60.24 60.24 60.24 60.24 60.24 60.24 60.24 60.24
FII 0 0 0 0 0 0 0 0 0 0
DII 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Public 39.73 39.73 39.73 39.73 39.73 39.73 39.73 39.73 39.73 39.73
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Khaitan India News

Khaitan India Pros & Cons

Pros

  • Debtor days have improved from 185.76 to 135.6days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 13% over the last 3 years.
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