Trading · Founded 2011 · www.khemanigroup.net · BSE 539788 · · ISIN INE030U01025
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Business
Khemani Distributors & Marketing Ltd. (KDML) operates in the trading sector in India. The company's core business model revolves around acting as an intermediary between manufacturers (principals) and end-market retailers/consumers. It procures various goods and products, manages their storage and logistics, and distributes them across a network, often providing associated marketing services. The company generates revenue primarily through sales margins (difference between procurement and selling price) or commissions for distribution and marketing activities.
Revenue Mix
Specific key segments or detailed revenue mix for KDML are not publicly available. Based on its name and industry, its revenue is likely derived from the distribution and marketing of a portfolio of various consumer or industrial products. The company likely deals with multiple product categories, though specific details are undisclosed.
Industry
The trading and distribution industry in India is characterized by its vastness, fragmentation, and criticality to connecting producers with a diverse consumer base. It spans various product categories, from Fast-Moving Consumer Goods (FMCG) to industrial components. KDML likely positions itself as a regional or national distributor, leveraging its network and logistical capabilities to serve specific markets or product niches. Competition comes from other established distributors, unorganized players, direct distribution channels by manufacturers, and the growing influence of e-commerce platforms. Without specific market share data, its precise standing against direct peers is difficult to ascertain.
MOAT
For a trading and distribution company like KDML, potential competitive advantages (moats) could stem from:
Extensive Distribution Network: A wide and efficient network, especially in hard-to-reach geographies, can create high barriers to entry.
Strong Principal Relationships: Long-standing, exclusive, or highly effective partnerships with reputable manufacturers can secure a steady supply of desired products.
Logistical Efficiency: Superior supply chain management, warehousing, and transportation capabilities that lead to lower costs and faster delivery.
Customer Stickiness: A strong relationship with a large base of retailers and wholesalers, built on reliability and service.
However, without specific details on KDML's operations, it is difficult to definitively confirm the presence of a strong, durable moat. The industry is often susceptible to margin pressure and competition.
Growth Drivers
Growing Indian Consumption: Increasing disposable incomes, urbanization, and a large young population in India are expected to drive demand across various product categories, benefiting distributors.
Expansion of Product Portfolio: Securing distribution rights for new brands, especially popular national or international products, or expanding into new product categories.
Geographic Expansion: Extending its distribution reach into new regions or underserved markets within India.
E-commerce Integration: Adapting to and leveraging online distribution channels and last-mile delivery to cater to evolving consumer purchasing habits.
Improved Logistics and Technology Adoption: Investment in efficient warehousing, inventory management systems, and transportation can enhance operational efficiency and profitability.
Risks
Thin Operating Margins: Trading is often a low-margin business, highly susceptible to price competition and cost fluctuations.
Reliance on Principals: Significant dependence on a few key manufacturers or brands for distribution rights, where the loss of a major contract could severely impact revenue.
Inventory Management: Risks associated with holding large inventories, including obsolescence, damage, storage costs, and working capital blockages.
Competition: Intense competition from other distributors, manufacturers establishing direct channels, and the disruption caused by modern retail and e-commerce.
Economic Downturn: A slowdown in the broader economy can reduce consumer spending, negatively impacting demand for distributed goods.
Logistical and Operational Risks: Disruptions in the supply chain due to infrastructure issues, natural calamities, or labor disputes.
Management & Ownership
KDML is identified as a company with "Promoters," which typically indicates a significant ownership stake and active involvement by the founding family or individuals. In India, promoter-driven companies often have a long-term vision but can also exhibit concentrated decision-making. Specific details about the management quality, experience, or governance practices beyond this are not provided. The ownership structure is likely promoter-led, with institutional and public shareholding varying.
Outlook
Khemani Distributors & Marketing Ltd. operates in a sector with inherent opportunities driven by India's robust consumption story and the continuous need for efficient supply chain solutions. The company's ability to forge strong relationships with principals, expand its product portfolio, and efficiently manage its distribution network will be key to capitalizing on this growth. However, the trading industry is highly competitive, characterized by potentially thin margins, and susceptible to disruptions from evolving retail landscapes and economic fluctuations. KDML's future success will depend on its agility in adapting to these challenges, maintaining operational efficiency, and strategically navigating principal and customer relationships in a dynamic market.
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 75 | 71 | 71 | 61 | 43 | 61 | 68 | 78 | 98 | 88 | 68 | |
| Other Income | 1 | 6 | 1 | 2 | 4 | 1 | 1 | 4 | 14 | 5 | 12 | |
| Total Income | 75 | 77 | 72 | 63 | 47 | 62 | 69 | 81 | 112 | 92 | 79 | |
| Total Expenditure | 73 | 69 | 68 | 60 | 59 | 47 | 61 | 74 | 73 | 73 | 96 | |
| Operating Profit | 2 | 7 | 4 | 3 | -12 | 15 | 8 | 7 | 39 | 19 | -17 | |
| Interest | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |
| Depreciation | 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 | |
| Profit Before Tax | -0 | 6 | 3 | 3 | -12 | 14 | 8 | 6 | 38 | 18 | -17 | |
| Provision for Tax | -0 | 1 | 0 | 1 | -4 | 3 | 2 | 1 | 7 | 4 | -4 | |
| Profit After Tax | 0 | 5 | 3 | 3 | -9 | 11 | 6 | 5 | 31 | 14 | -13 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 5 | 3 | 3 | -9 | 11 | 6 | 5 | 31 | 14 | -13 | |
| Adjusted Earnings Per Share | 0 | 2.1 | 1.3 | 1.1 | -3.8 | 4.8 | 2.5 | 2.3 | 13.5 | 6 | -5.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -23% | -4% | 2% | -1% |
| Operating Profit CAGR | -189% | NAN% | NAN% | NAN% |
| PAT CAGR | -193% | NAN% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | 35% | 32% | 16% |
| ROE Average | -15% | 16% | 15% | 10% |
| ROCE Average | -16% | 19% | 18% | 13% |
| #(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 | 27 | 32 | 35 | 37 | 29 | 39 | 43 | 49 | 80 | 92 | 79 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 9 | 2 | 8 | 1 | 3 | 3 | 1 | 7 | 4 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -4 | -0 | -0 | -0 | -0 | -0 | -4 |
| Total Current Liabilities | 5 | 4 | 3 | 1 | 4 | 0 | 5 | 7 | 2 | 9 | 40 |
| Total Liabilities | 40 | 38 | 46 | 40 | 32 | 42 | 50 | 63 | 87 | 101 | 116 |
| Fixed Assets | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 12 | 18 | 29 | 17 | 18 | 12 | 11 | 24 | 59 | 83 | 97 |
| Total Current Assets | 28 | 20 | 17 | 22 | 13 | 29 | 38 | 38 | 26 | 17 | 17 |
| Total Assets | 40 | 38 | 46 | 40 | 32 | 42 | 50 | 63 | 87 | 101 | 116 |
| #(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 | 3 | 3 | 3 | 2 | 1 | 0 | 1 | 5 | 6 | 2 | 1 |
| Cash Flow from Operating Activities | -11 | 13 | 4 | -5 | -3 | -4 | 6 | -4 | 32 | 22 | 7 |
| Cash Flow from Investing Activities | -0 | -0 | -1 | -0 | -0 | 5 | 1 | -1 | -33 | -17 | -7 |
| Cash Flow from Financing Activities | 12 | -13 | -4 | 5 | 2 | -0 | -2 | 5 | -3 | -5 | -0 |
| Net Cash Inflow / Outflow | 1 | -1 | -1 | -1 | -1 | 1 | 4 | 0 | -4 | -1 | 0 |
| Closing Cash & Cash Equivalent | 3 | 3 | 2 | 1 | 0 | 1 | 5 | 6 | 2 | 1 | 1 |
| # | 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) | 0.03 | 2.05 | 1.29 | 1.11 | -3.85 | 4.78 | 2.54 | 2.27 | 13.55 | 5.96 | -5.64 |
| CEPS(Rs) | 0.07 | 2.08 | 1.32 | 1.14 | -3.79 | 4.86 | 2.61 | 2.34 | 13.61 | 6.02 | -5.55 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 11.81 | 13.86 | 15.14 | 16.28 | 12.44 | 16.94 | 18.92 | 21.17 | 34.71 | 40.18 | 34.56 |
| Core EBITDA Margin(%) | 2.15 | 2.2 | 3.39 | 1.59 | -36.35 | 23.22 | 11.02 | 4.37 | 25.2 | 16.18 | -41.81 |
| EBIT Margin(%) | 2.89 | 10.31 | 5.32 | 5.45 | -27.92 | 23.77 | 11.74 | 8.68 | 39.38 | 21.24 | -24.9 |
| Pre Tax Margin(%) | -0.06 | 8.1 | 4.27 | 5.17 | -28.94 | 23.35 | 11.3 | 8.08 | 39.17 | 20.65 | -25.63 |
| PAT Margin (%) | 0.09 | 6.64 | 4.19 | 4.17 | -20.56 | 17.87 | 8.55 | 6.69 | 31.78 | 15.64 | -19.15 |
| Cash Profit Margin (%) | 0.22 | 6.75 | 4.29 | 4.29 | -20.25 | 18.16 | 8.8 | 6.92 | 31.92 | 15.79 | -18.83 |
| ROA(%) | 0.22 | 11.99 | 7.06 | 5.97 | -24.83 | 29.67 | 12.69 | 9.25 | 41.62 | 14.6 | -11.95 |
| ROE(%) | 0.38 | 15.99 | 8.89 | 7.06 | -26.8 | 32.52 | 14.15 | 11.3 | 48.49 | 15.92 | -15.1 |
| ROCE(%) | 7.34 | 19.5 | 9.31 | 8.02 | -34.15 | 39.47 | 17.69 | 12.55 | 53.79 | 20.45 | -16.03 |
| Receivable days | 11.01 | 14.3 | 10.45 | 10.3 | 17.29 | 11.01 | 12.32 | 14.68 | 10.55 | 11.81 | 19.05 |
| Inventory Days | 57.42 | 56.98 | 47.13 | 54.6 | 67.54 | 65.08 | 86.46 | 93.01 | 65.4 | 37.32 | 17.98 |
| Payable days | 7.6 | 8.42 | 7.99 | 6.84 | 16.2 | 13.72 | 5.4 | 10.55 | 13.17 | 14.33 | 21.65 |
| PER(x) | 823.77 | 24.86 | 63.97 | 76.67 | 0 | 7.75 | 10.34 | 15.53 | 5.96 | 22.99 | 0 |
| Price/Book(x) | 2.13 | 3.68 | 5.45 | 5.22 | 6.03 | 2.18 | 1.39 | 1.66 | 2.33 | 3.41 | 3.83 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.88 | 1.68 | 2.79 | 3.2 | 4.07 | 1.42 | 0.88 | 1.1 | 1.92 | 3.64 | 4.96 |
| EV/Core EBITDA(x) | 29.23 | 16.14 | 51.43 | 57.42 | -14.75 | 5.89 | 7.3 | 12.38 | 4.86 | 17.04 | -20.19 |
| Net Sales Growth(%) | 12.19 | -5.16 | -0.34 | -13.68 | -29.51 | 42.78 | 11.02 | 14.16 | 25.81 | -10.59 | -22.69 |
| EBIT Growth(%) | -76.78 | 238.56 | -48.56 | -11.66 | -461.25 | 221.58 | -45.17 | -15.63 | 470.98 | -51.79 | -190.66 |
| PAT Growth(%) | -99.05 | 6626.11 | -37.14 | -14.03 | -447.22 | 224.11 | -46.88 | -10.7 | 497.94 | -56 | -194.64 |
| EPS Growth(%) | -99.54 | 6626.23 | -37.14 | -14.04 | -447.22 | 224.11 | -46.88 | -10.7 | 497.93 | -56 | -194.64 |
| Debt/Equity(x) | 0.42 | 0.15 | 0.28 | 0.03 | 0.11 | 0.08 | 0.11 | 0.22 | 0.05 | 0.06 | 0.42 |
| Current Ratio(x) | 5.82 | 4.72 | 5.34 | 19.48 | 3.58 | 61.13 | 7.41 | 5.19 | 10.59 | 1.94 | 0.43 |
| Quick Ratio(x) | 2.8 | 2.88 | 1.96 | 12.76 | 1.25 | 32.56 | 3.74 | 2.29 | 4.92 | 1.51 | 0.36 |
| Interest Cover(x) | 0.98 | 4.67 | 5.06 | 19.79 | -27.32 | 56.63 | 26.81 | 14.45 | 187.69 | 35.97 | -34.4 |
| Total Debt/Mcap(x) | 0.2 | 0.04 | 0.05 | 0.01 | 0.02 | 0.04 | 0.08 | 0.13 | 0.02 | 0.02 | 0.11 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 27.35 | 27.45 | 32.12 | 46.74 | 49.08 | 75.84 | 75.84 | 75 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 72.65 | 72.55 | 67.88 | 53.26 | 50.92 | 24.16 | 24.16 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.63 | 0.63 | 0.74 | 1.07 | 1.13 | 1.74 | 1.74 | 1.72 | 1.72 | 1.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.67 | 1.67 | 1.56 | 1.22 | 1.17 | 0.55 | 0.55 | 0.57 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -23% | -4% | +2% | -1% |
| Operating Profit CAGR | -189% | 0% | 0% | 0% |
| PAT CAGR | -193% | 0% | 0% | — |
| Share Price CAGR | -10% | +35% | +32% | +16% |
| ROE Average | -15% | +16% | +15% | +10% |
| ROCE Average | -16% | +19% | +18% | +13% |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 27.35 | 27.45 | 32.12 | 46.74 | 49.08 | 75.84 | 75.84 | 75 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 72.65 | 72.55 | 67.88 | 53.26 | 50.92 | 24.16 | 24.16 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.63 | 0.63 | 0.74 | 1.07 | 1.13 | 1.74 | 1.74 | 1.72 | 1.72 | 1.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.67 | 1.67 | 1.56 | 1.22 | 1.17 | 0.55 | 0.55 | 0.57 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 |
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