Dyes & Pigments · Founded 1998 · www.kiriindustries.com · BSE 532967 · NSE KIRI DYES · ISIN INE415I01015
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Business
Kiri Industries Ltd. (KIL) is an India-based company primarily engaged in the manufacturing and trading of a wide range of dyes, dyes intermediates, and chemicals. The company operates as an integrated player, producing both specialty chemicals and intermediates used in the production of dyes, as well as finished dyes for various applications. It serves diverse industries including textiles, leather, paper, ink, and plastics. KIL generates revenue by selling its manufactured products to domestic and international customers, with a significant portion of its sales derived from exports. The company also holds a substantial stake in its subsidiary, DyStar Global Holdings (Singapore) Pte Ltd., a global leader in the dyes and pigments industry, which contributes significantly to its overall financial performance.
Revenue Mix
While specific revenue contribution percentages can fluctuate and are not always consistently broken down publicly, Kiri Industries primarily operates through two main segments:
Dyes Segment: This includes the manufacturing and sale of various types of reactive dyes, acid dyes, direct dyes, and vat dyes. This segment caters to the textile, leather, and paper industries.
Dyes Intermediates & Basic Chemicals Segment: This involves the production of key intermediates essential for dye manufacturing, as well as other basic chemicals. This segment supports both KIL's internal dye production and external sales to other dye manufacturers.
Additionally, the company's financial performance is heavily influenced by its strategic investment in DyStar Global Holdings, which operates independently but consolidates into Kiri's financials, making it a crucial contributor to profitability and global reach.
Industry
Kiri Industries operates in the global Dyes & Pigments industry, which is characterized by intense competition, price sensitivity, and increasing environmental regulations. The industry in India benefits from a strong manufacturing base and cost competitiveness. KIL is one of India's larger integrated dye manufacturers, with a significant global presence, particularly through its stake in DyStar. Its positioning benefits from backward integration, allowing better control over raw material costs and quality. While many players exist, Kiri aims to differentiate through product diversification, quality, and its global distribution network via DyStar.
MOAT
Kiri Industries possesses a few potential competitive advantages:
Backward Integration: Manufacturing intermediates in-house provides better control over the supply chain, quality, and often helps in cost optimization compared to players reliant solely on external sourcing.
Scale & Diversification: A broad product portfolio of dyes and intermediates, coupled with a significant manufacturing scale in India, allows for economies of scale and reduces reliance on a single product category.
Strategic Global Reach (via DyStar): Its substantial ownership in DyStar, a global leader with a strong brand and extensive distribution network across various continents, provides Kiri with unparalleled global market access and technological prowess in the dyes industry.
Established Relationships: Long-standing relationships with global textile and chemical companies as customers.
Growth Drivers
Global Textile Industry Growth: The demand for dyes is directly linked to the growth of the global textile industry, particularly in emerging economies.
Expansion & Modernization: KIL's own capacity expansion plans and modernization efforts can drive increased production and market share.
Product Development & Innovation: Focus on developing new, higher-value-added specialty dyes and environmentally friendly solutions can open new markets and command better margins.
Backward Integration Benefits: Further strengthening backward integration can lead to improved cost structures and supply chain resilience.
Leveraging DyStar's Global Presence: Continued synergy and market penetration through DyStar's established global sales and technical service network.
Shift from China: Potential for increased demand for Indian chemical manufacturers due to environmental regulations and geopolitical factors impacting Chinese supply.
Risks
Raw Material Price Volatility: Key raw materials (e.g., basic chemicals, crude oil derivatives) are subject to global price fluctuations, impacting production costs and margins.
Environmental Regulations: The dyes and chemical industry is heavily scrutinized for environmental impact. Stricter regulations or non-compliance could lead to operational disruptions, increased costs, or penalties.
Currency Fluctuations: A significant portion of revenue comes from exports, making the company susceptible to adverse movements in exchange rates.
Intense Competition: The global dyes market is competitive, with both domestic and international players, leading to pricing pressure.
Demand Slowdown: A slowdown in end-user industries like textiles, paper, or leather due to economic downturns can adversely affect demand for dyes.
High Debt Levels: The company has historically carried significant debt, which poses a financial risk, especially in a rising interest rate environment.
Litigation/Disputes (e.g., with DyStar co-owners): Past instances of disputes with co-owners or partners (like in DyStar) can create uncertainty and impact financial performance.
Management & Ownership
Kiri Industries is a promoter-driven company, founded by Mr. Pravin Kiri, who along with his family, holds a significant ownership stake and guides the company's strategic direction. The management team includes experienced professionals in the chemical and dyes industry. The promoter group typically holds a controlling stake, ensuring stable leadership. Ownership structure primarily consists of the promoter group, public shareholders, and a relatively smaller portion by institutional investors.
Outlook
Kiri Industries is positioned within a vital industrial segment with global reach, largely supported by its strategic investment in DyStar. The company benefits from its integrated manufacturing capabilities and diversified product portfolio. Growth is likely to be driven by an expanding global textile industry, potential market share gains through backward integration, and leveraging DyStar's robust global presence. However, the company faces inherent risks associated with raw material price volatility, stringent environmental regulations, and currency fluctuations, typical of the chemical industry. Its historical debt levels and any potential for disputes within its global ventures (like DyStar) also warrant careful consideration. The outlook remains balanced, with strong underlying industry demand providing a tailwind, while operational and financial discipline will be crucial for navigating competitive pressures and external uncertainties.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 219 | 183 | 173 | 179 | 205 | 202 | 213 | 174 | 250 | 312 |
| Other Income | 3 | 14 | 3 | 92 | 6 | 35 | 1 | 102 | 39 | 286 |
| Total Income | 222 | 198 | 176 | 271 | 211 | 237 | 214 | 276 | 289 | 598 |
| Total Expenditure | 229 | 183 | 178 | 223 | 210 | 218 | 227 | 222 | 393 | 296 |
| Operating Profit | -7 | 14 | -2 | 48 | 1 | 19 | -13 | 53 | -104 | 302 |
| Interest | 8 | 5 | 18 | 50 | 54 | 60 | 61 | 67 | 8 | 1 |
| Depreciation | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5854 | 27 | 0 |
| Profit Before Tax | -26 | -2 | -31 | -14 | -64 | -53 | -85 | 5829 | -97 | 289 |
| Provision for Tax | 3 | -1 | -1 | 0 | -0 | -1 | -6 | 817 | -595 | 19 |
| Profit After Tax | -29 | -1 | -30 | -14 | -64 | -51 | -79 | 5012 | 498 | 270 |
| Adjustments | 19 | 93 | 110 | 191 | -21 | 62 | 99 | 10 | 16 | 20 |
| Profit After Adjustments | -10 | 92 | 80 | 177 | -85 | 10 | 20 | 5022 | 515 | 290 |
| Adjusted Earnings Per Share | -1.9 | 17.8 | 15.5 | 31.8 | -15.2 | 1.8 | 3.3 | 836.7 | 85.8 | 44.5 |
| #(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 | 1030 | 1125 | 1117 | 1394 | 1305 | 957 | 1497 | 945 | 709 | 740 | 840 | 949 |
| Other Income | 13 | 2 | 2 | 3 | 5 | 2 | 2 | 3 | 37 | 115 | 176 | 428 |
| Total Income | 1043 | 1128 | 1119 | 1397 | 1311 | 959 | 1499 | 948 | 745 | 855 | 1016 | 1377 |
| Total Expenditure | 917 | 966 | 936 | 1163 | 1119 | 874 | 1376 | 983 | 768 | 794 | 1061 | 1138 |
| Operating Profit | 125 | 161 | 183 | 234 | 191 | 85 | 123 | -34 | -23 | 61 | -45 | 238 |
| Interest | 74 | 9 | 3 | 5 | 5 | 4 | 5 | 6 | 23 | 127 | 195 | 137 |
| Depreciation | 27 | 29 | 34 | 38 | 44 | 46 | 50 | 49 | 46 | 45 | 47 | 48 |
| Exceptional Income / Expenses | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5881 | 5881 |
| Profit Before Tax | 30 | 279 | 376 | 198 | 402 | 265 | 404 | 122 | 166 | 262 | 5782 | 5936 |
| Provision for Tax | 4 | 14 | 18 | 33 | 26 | 13 | 15 | 16 | 0 | -2 | 215 | 235 |
| Profit After Tax | 26 | 266 | 358 | 164 | 376 | 252 | 389 | 107 | 166 | 265 | 5567 | 5701 |
| Adjustments | 170 | -0 | 0 | -0 | -1 | 0 | 0 | 0 | 0 | 0 | -0 | 145 |
| Profit After Adjustments | 196 | 266 | 358 | 164 | 375 | 252 | 389 | 107 | 166 | 265 | 5567 | 5847 |
| Adjusted Earnings Per Share | 73.7 | 95.4 | 118.4 | 52.3 | 111.5 | 75.1 | 75 | 20.6 | 32.1 | 47.6 | 927.4 | 970.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | -4% | -3% | -2% |
| Operating Profit CAGR | -174% | 0% | NAN% | NAN% |
| PAT CAGR | 2001% | 273% | 86% | 71% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -18% | 20% | -1% | 4% |
| ROE Average | 119% | 45% | 31% | 25% |
| ROCE Average | 110% | 43% | 30% | 23% |
| #(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 | 645 | 1032 | 1405 | 1567 | 1933 | 2184 | 2573 | 2679 | 2784 | 3247 | 6436 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 9 |
| Borrowings | 269 | 158 | 156 | 149 | 96 | 95 | 27 | 41 | 24 | 1114 | 4 |
| Other Non-Current Liabilities | 34 | 45 | 48 | 24 | 20 | 10 | -5 | -6 | -13 | 99 | 51 |
| Total Current Liabilities | 392 | 238 | 216 | 327 | 357 | 403 | 466 | 475 | 550 | 243 | 601 |
| Total Liabilities | 1339 | 1473 | 1824 | 2067 | 2407 | 2693 | 3061 | 3190 | 3345 | 4703 | 7102 |
| Fixed Assets | 333 | 376 | 412 | 484 | 512 | 563 | 546 | 510 | 437 | 806 | 1067 |
| Other Non-Current Assets | 588 | 785 | 1017 | 1083 | 1380 | 1587 | 1936 | 2142 | 2668 | 3207 | 1262 |
| Total Current Assets | 418 | 311 | 396 | 500 | 515 | 542 | 579 | 536 | 237 | 686 | 4761 |
| Total Assets | 1339 | 1473 | 1824 | 2067 | 2407 | 2693 | 3061 | 3190 | 3345 | 4703 | 7102 |
| #(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 | 4 | 19 | 12 | 12 | 19 | 12 | 7 | 13 | 1 | 3 | 13 |
| Cash Flow from Operating Activities | 226 | 217 | 64 | 141 | 124 | 72 | 92 | 89 | -77 | -342 | 4555 |
| Cash Flow from Investing Activities | -211 | -105 | -66 | -119 | -104 | -70 | -29 | -18 | 29 | -842 | -3050 |
| Cash Flow from Financing Activities | 1 | -119 | 2 | -16 | -27 | -7 | -57 | -56 | 50 | 1194 | -966 |
| Net Cash Inflow / Outflow | 16 | -7 | 0 | 7 | -7 | -5 | 6 | 14 | 2 | 9 | 539 |
| Closing Cash & Cash Equivalent | 20 | 12 | 12 | 19 | 12 | 7 | 13 | 27 | 3 | 13 | 551 |
| # | 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) | 73.71 | 95.39 | 118.4 | 52.29 | 111.53 | 75.1 | 75 | 20.58 | 32.07 | 47.59 | 927.4 |
| CEPS(Rs) | 19.79 | 105.85 | 129.64 | 64.34 | 124.89 | 88.82 | 84.68 | 30 | 40.87 | 55.59 | 935.3 |
| DPS(Rs) | 0 | 0 | 0 | 2 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 234.49 | 325.18 | 451.25 | 500.04 | 575.07 | 649.73 | 496.32 | 516.64 | 536.47 | 550.49 | 1054.13 |
| Core EBITDA Margin(%) | 10.23 | 13.26 | 15.94 | 16.57 | 14.25 | 8.63 | 8.1 | -3.97 | -8.39 | -7.29 | -26.31 |
| EBIT Margin(%) | 9.38 | 24.07 | 33.46 | 14.54 | 31.16 | 28.15 | 27.32 | 13.61 | 26.68 | 52.64 | 711.86 |
| Pre Tax Margin(%) | 2.68 | 23.31 | 33.15 | 14.17 | 30.79 | 27.73 | 27 | 12.94 | 23.47 | 35.47 | 688.61 |
| PAT Margin (%) | 2.33 | 22.17 | 31.54 | 11.77 | 28.77 | 26.38 | 25.97 | 11.28 | 23.46 | 35.77 | 663.01 |
| Cash Profit Margin (%) | 4.77 | 24.6 | 34.54 | 14.47 | 32.17 | 31.2 | 29.32 | 16.46 | 29.89 | 41.79 | 668.6 |
| ROA(%) | 1.77 | 18.89 | 21.72 | 8.43 | 16.79 | 9.9 | 13.51 | 3.41 | 5.09 | 6.58 | 94.31 |
| ROE(%) | 5.06 | 34.77 | 31.54 | 11.19 | 21.45 | 12.26 | 16.35 | 4.06 | 6.09 | 9.06 | 118.58 |
| ROCE(%) | 8.97 | 25.24 | 27.17 | 12.24 | 21.33 | 12.2 | 16.35 | 4.77 | 6.72 | 10.72 | 110.39 |
| Receivable days | 119.58 | 61.06 | 58.34 | 61.4 | 80.24 | 123.89 | 75.35 | 96.19 | 76.26 | 48.19 | 46.22 |
| Inventory Days | 31.04 | 25.63 | 32.41 | 37.66 | 43.51 | 59.45 | 50.49 | 84.95 | 82.07 | 68.4 | 70.15 |
| Payable days | 87.86 | 89.88 | 93 | 74.69 | 95.35 | 146.54 | 106.29 | 194.43 | 257.97 | 216.35 | 162.47 |
| PER(x) | 1.5 | 2.96 | 3.51 | 9.49 | 2.42 | 5.56 | 6.53 | 13.78 | 9.46 | 13.13 | 0.36 |
| Price/Book(x) | 0.47 | 0.87 | 0.92 | 0.99 | 0.47 | 0.64 | 0.99 | 0.55 | 0.57 | 1.13 | 0.32 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.4 | 0.19 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.68 | 0.85 | 1.27 | 1.22 | 0.8 | 1.61 | 1.75 | 1.5 | 2.38 | 6.19 | 1.2 |
| EV/Core EBITDA(x) | 5.6 | 5.91 | 7.76 | 7.26 | 5.44 | 18.19 | 21.22 | -41.6 | -73.88 | 75.21 | -22.48 |
| Net Sales Growth(%) | 10.65 | 9.26 | -0.74 | 24.79 | -6.35 | -26.69 | 56.41 | -36.87 | -25.02 | 4.43 | 13.46 |
| EBIT Growth(%) | 41.3 | 179.19 | 31.68 | -46.65 | 100.73 | -33.77 | 51.8 | -68.56 | 47.04 | 106.05 | 1434.25 |
| PAT Growth(%) | 259.29 | 934.57 | 34.79 | -54.16 | 128.8 | -32.76 | 53.98 | -72.57 | 55.87 | 59.26 | 2002.83 |
| EPS Growth(%) | -7.72 | 29.4 | 24.13 | -55.83 | 113.29 | -32.67 | -0.12 | -72.57 | 55.85 | 48.4 | 1848.75 |
| Debt/Equity(x) | 0.68 | 0.2 | 0.13 | 0.1 | 0.08 | 0.07 | 0.04 | 0.02 | 0.04 | 0.37 | 0.01 |
| Current Ratio(x) | 1.07 | 1.31 | 1.84 | 1.53 | 1.44 | 1.34 | 1.24 | 1.13 | 0.43 | 2.82 | 7.91 |
| Quick Ratio(x) | 0.86 | 0.97 | 1.3 | 1.01 | 1.04 | 0.93 | 0.72 | 0.73 | 0.21 | 2.19 | 7.63 |
| Interest Cover(x) | 1.4 | 31.64 | 109.01 | 39.85 | 84.11 | 67.21 | 85.52 | 20.38 | 8.32 | 3.07 | 30.61 |
| Total Debt/Mcap(x) | 1.44 | 0.23 | 0.14 | 0.11 | 0.17 | 0.11 | 0.04 | 0.03 | 0.08 | 0.32 | 0.02 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 26.72 | 26.72 | 31.72 | 31.72 | 31.72 | 36.72 | 36.72 | 36.72 | 41.71 | 41.71 |
| FII | 39.73 | 33.37 | 25.98 | 25.94 | 23.79 | 22.24 | 19.66 | 18.32 | 16.75 | 16.59 |
| DII | 0.34 | 1.11 | 1.22 | 1.2 | 1.24 | 0.85 | 0.37 | 1.28 | 1.29 | 1.47 |
| Public | 33.21 | 38.8 | 41.09 | 41.14 | 43.24 | 40.19 | 43.26 | 43.69 | 40.25 | 40.22 |
| 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 | 1.39 | 1.39 | 1.76 | 1.76 | 1.76 | 2.2 | 2.2 | 2.2 | 2.72 | 2.72 |
| FII | 2.06 | 1.73 | 1.45 | 1.44 | 1.32 | 1.34 | 1.18 | 1.1 | 1.09 | 1.08 |
| DII | 0.02 | 0.06 | 0.07 | 0.07 | 0.07 | 0.05 | 0.02 | 0.08 | 0.08 | 0.1 |
| Public | 1.72 | 2.01 | 2.29 | 2.29 | 2.41 | 2.41 | 2.6 | 2.62 | 2.62 | 2.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.18 | 5.18 | 5.56 | 5.56 | 5.56 | 6 | 6 | 6 | 6.52 | 6.52 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +14% | -4% | -3% | -2% |
| Operating Profit CAGR | -174% | — | 0% | 0% |
| PAT CAGR | +2001% | +273% | +86% | +71% |
| Share Price CAGR | -18% | +20% | -1% | +4% |
| ROE Average | +119% | +45% | +31% | +25% |
| ROCE Average | +110% | +43% | +30% | +23% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 26.72 | 26.72 | 31.72 | 31.72 | 31.72 | 36.72 | 36.72 | 36.72 | 41.71 | 41.71 |
| FII | 39.73 | 33.37 | 25.98 | 25.94 | 23.79 | 22.24 | 19.66 | 18.32 | 16.75 | 16.59 |
| DII | 0.34 | 1.11 | 1.22 | 1.2 | 1.24 | 0.85 | 0.37 | 1.28 | 1.29 | 1.47 |
| Public | 33.21 | 38.8 | 41.09 | 41.14 | 43.24 | 40.19 | 43.26 | 43.69 | 40.25 | 40.22 |
| 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 | 1.39 | 1.39 | 1.76 | 1.76 | 1.76 | 2.2 | 2.2 | 2.2 | 2.72 | 2.72 |
| FII | 2.06 | 1.73 | 1.45 | 1.44 | 1.32 | 1.34 | 1.18 | 1.1 | 1.09 | 1.08 |
| DII | 0.02 | 0.06 | 0.07 | 0.07 | 0.07 | 0.05 | 0.02 | 0.08 | 0.08 | 0.1 |
| Public | 1.72 | 2.01 | 2.29 | 2.29 | 2.41 | 2.41 | 2.6 | 2.62 | 2.62 | 2.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.18 | 5.18 | 5.56 | 5.56 | 5.56 | 6 | 6 | 6 | 6.52 | 6.52 |
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