WEBSITE BSE:590068 NSE: KHAITAN INDI Inc. Year: 1936 Industry: Consumer Durables - Electronics My Bucket: Add Stock
Last updated: 15:31
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
* The pros and cons are machine generated.
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