Kineco Limited

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	945	Visit
★★★★☆	₹2,600	877	Visit
★★★★★☆	₹2,700	22	Visit
★★★★★☆	₹2,800	66	Visit
★★★★☆☆	₹2,900	188	Visit

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★★★★☆

LTP:₹2,100

Min Qty:707

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★★★★☆

LTP:₹2,600

Min Qty:983

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★★★★★☆

LTP:₹2,700

Min Qty:413

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★★★★★☆

LTP:₹2,800

Min Qty:162

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★★★★☆☆

LTP:₹2,900

Min Qty:497

Strengths & Weaknesses

Strengths

Improved Capital Structure: Equity infusion of ₹88 crore by financial investors helped repay old debts and improved leverage.Debt/OPBDIT improved significantly from 18.6x (FY23) to 4.5x (FY24), and interest coverage increased from 0.7x to 2.2x.

Positive Profitability Turnaround: Turned around from a net loss of ₹8.1 crore in FY23 to a net profit of ₹7.6 crore in FY24. EBITDA margin improved to 15% in FY24, up from 4.2% in FY23.

Comfortable Order Book Position: Unexecuted orders worth ~₹100 crore, mainly from railways and defence sectors, ensuring near-term revenue visibility.

Established Industry Track Record: Operating since 1994 with a strong presence in composites for aerospace, defence, railways, and industrial sectors. Strategic JVs with Kaman Aerospace (USA) and Exel Composites (Finland) enhance technical capabilities.

Weaknesses

Moderate Scale of Operations: Revenue stood at ₹175 crore in FY24, indicating relatively small scale compared to peers.

High Customer Concentration Risk: Nearly 80% of revenues from the railway sector, primarily from Integral Coach Factory, exposes the company to sector-specific risks.

Profitability Susceptible to Input Cost Volatility: Operates in a competitive, L1-based bidding environment with limited pricing flexibility. Absence of price pass-through mechanisms exposes margins to fluctuations in raw material prices.

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	6.26	6.26	6.26	6.26
Non Controlling Interest	23.30	20.95	20.30	16.78
Other Equity	22.33	17.33	28.95	26.26
Total Equity	51.89	44.54	55.52	49.30
Borrowings	37.03	49.61	51.00	50.14
Other Non-Current Liabilities	15.11	3.45	4.66	3.03
Total NC Liabilities	52.15	53.05	55.66	53.17
Borrowings	83.25	86.60	54.34	67.26
Other Current Liabilities	78.37	47.61	37.47	34.32
Total Current Liabilities	161.62	134.21	91.80	101.58
Equity + Liabilities	265.66	231.80	202.98	204.05
Fixed Assets (incl. WIP)	73.64	62.73	56.21	62.77
Other Non Current Assets	17.44	2.04	6.09	5.40
Total NC Assets	86.26	68.84	60.14	65.89
Trade Receivables	88.97	91.32	62.19	63.02
Cash & Cash Equivalents	11.62	13.13	13.47	11.89
Other Current Assets	78.80	58.52	67.17	63.26
Total Current Assets	179.40	162.97	142.84	138.17
Total Assets	265.66	231.80	202.98	204.05

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	174.52	167.22	201.65	145.06
Growth %	4.37%	-17.07%	39.01%	0
Operating Expenses	148.44	160.15	179.54	133.05
Growth %	-7.31%	-10.80%	34.94%	0
Operating Profit	26.08	7.07	22.11	12.01
Op. Profit Margin %	14.94%	4.23%	10.97%	8.28%
Other Income	5.67	2.16	7.61	2.55
Finance Cost	12.01	11.06	10.72	0.11
Depreciation	8.64	6.85	7.45	7.24
Profit Before Tax	11.11	-8.68	11.55	7.21
Tax	3.44	-0.52	4.69	5.60
Tax %	30.97%	5.97%	40.60%	77.74%
Profit After Tax	7.67	-8.16	6.86	1.60
Growth %	193.99%	-218.94%	327.71%	0
PAT %	4.39%	-4.88%	3.40%	1.11%
Diluted EPS	11.74	-13.62	9.93	3.07

Shareholding Pattern

Color	Shareholder	Holding
	Shekhar Sardessai	41
	Helios Strategic Systems Ltd	51
	Others	8

Fundamentals

Quick Insights

Improved Capital Structure: Equity infusion of ₹88 crore by financial investors helped repay old debts and improved leverage.Debt/OPBDIT improved significantly from 18.6x (FY23) to 4.5x (FY24), and interest coverage increased from 0.7x to 2.2x.
Positive Profitability Turnaround: Turned around from a net loss of ₹8.1 crore in FY23 to a net profit of ₹7.6 crore in FY24. EBITDA margin improved to 15% in FY24, up from 4.2% in FY23.
Comfortable Order Book Position: Unexecuted orders worth ~₹100 crore, mainly from railways and defence sectors, ensuring near-term revenue visibility.
Established Industry Track Record: Operating since 1994 with a strong presence in composites for aerospace, defence, railways, and industrial sectors. Strategic JVs with Kaman Aerospace (USA) and Exel Composites (Finland) enhance technical capabilities.

Market Cap₹1,879.25 Cr

PE Ratio256.41

EPS11.7

Dividend Yield0%

Book Value₹82.84

Debt/Equity2.32

Price/Book36.21

Industry PE0

Sales₹174.52 Cr

Profit After Tax₹7.67 Cr

ISININE139Y01018

Sectorcomposites Manufacturing

About Company

Kineco Limited is a leading Indian composites manufacturer founded in 1995 by Shekhar Sardessai. Based in Goa, it operates three advanced facilities and serves sectors like aerospace, defence, and railways.

Limited has expertise in high-tech processes and a joint venture with Kaman Aerospace (USA), Kineco is known for innovation, global quality standards, and rapid growth in the composites industry.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	190	Visit
★★★★☆	₹2,600	336	Visit
★★★★★☆	₹2,700	764	Visit
★★★★★☆	₹2,800	378	Visit
★★★★☆☆	₹2,900	784	Visit

Quick Insights

Improved Capital Structure: Equity infusion of ₹88 crore by financial investors helped repay old debts and improved leverage.Debt/OPBDIT improved significantly from 18.6x (FY23) to 4.5x (FY24), and interest coverage increased from 0.7x to 2.2x.
Positive Profitability Turnaround: Turned around from a net loss of ₹8.1 crore in FY23 to a net profit of ₹7.6 crore in FY24. EBITDA margin improved to 15% in FY24, up from 4.2% in FY23.
Comfortable Order Book Position: Unexecuted orders worth ~₹100 crore, mainly from railways and defence sectors, ensuring near-term revenue visibility.
Established Industry Track Record: Operating since 1994 with a strong presence in composites for aerospace, defence, railways, and industrial sectors. Strategic JVs with Kaman Aerospace (USA) and Exel Composites (Finland) enhance technical capabilities.

Market Cap₹1,879.25 Cr

PE Ratio256.41

EPS11.7

Dividend Yield0%

Book Value₹82.84

Debt/Equity2.32

Price/Book36.21

Industry PE0

Sales₹174.52 Cr

Profit After Tax₹7.67 Cr

ISININE139Y01018

Sectorcomposites Manufacturing

About Company

Strengths

Positive Profitability Turnaround: Turned around from a net loss of ₹8.1 crore in FY23 to a net profit of ₹7.6 crore in FY24. EBITDA margin improved to 15% in FY24, up from 4.2% in FY23.

Comfortable Order Book Position: Unexecuted orders worth ~₹100 crore, mainly from railways and defence sectors, ensuring near-term revenue visibility.

Weaknesses

Moderate Scale of Operations: Revenue stood at ₹175 crore in FY24, indicating relatively small scale compared to peers.

High Customer Concentration Risk: Nearly 80% of revenues from the railway sector, primarily from Integral Coach Factory, exposes the company to sector-specific risks.

Annual Reports

FY 23-24 FY 22-23 FY 21-22

Balance Sheet	FY2024	FY2023	FY2022	FY2021
Equity Capital	6.26	6.26	6.26	6.26
Non Controlling Interest	23.30	20.95	20.30	16.78
Other Equity	22.33	17.33	28.95	26.26
Total Equity	51.89	44.54	55.52	49.30
Borrowings	37.03	49.61	51.00	50.14
Other Non-Current Liabilities	15.11	3.45	4.66	3.03
Total NC Liabilities	52.15	53.05	55.66	53.17
Borrowings	83.25	86.60	54.34	67.26
Other Current Liabilities	78.37	47.61	37.47	34.32
Total Current Liabilities	161.62	134.21	91.80	101.58
Equity + Liabilities	265.66	231.80	202.98	204.05
Fixed Assets (incl. WIP)	73.64	62.73	56.21	62.77
Other Non Current Assets	17.44	2.04	6.09	5.40
Total NC Assets	86.26	68.84	60.14	65.89
Trade Receivables	88.97	91.32	62.19	63.02
Cash & Cash Equivalents	11.62	13.13	13.47	11.89
Other Current Assets	78.80	58.52	67.17	63.26
Total Current Assets	179.40	162.97	142.84	138.17
Total Assets	265.66	231.80	202.98	204.05

Profit & Loss	FY2024	FY2023	FY2022	FY2021
Revenue from Operations	174.52	167.22	201.65	145.06
Growth %	4.37%	-17.07%	39.01%	0
Operating Expenses	148.44	160.15	179.54	133.05
Growth %	-7.31%	-10.80%	34.94%	0
Operating Profit	26.08	7.07	22.11	12.01
Op. Profit Margin %	14.94%	4.23%	10.97%	8.28%
Other Income	5.67	2.16	7.61	2.55
Finance Cost	12.01	11.06	10.72	0.11
Depreciation	8.64	6.85	7.45	7.24
Profit Before Tax	11.11	-8.68	11.55	7.21
Tax	3.44	-0.52	4.69	5.60
Tax %	30.97%	5.97%	40.60%	77.74%
Profit After Tax	7.67	-8.16	6.86	1.60
Growth %	193.99%	-218.94%	327.71%	0
PAT %	4.39%	-4.88%	3.40%	1.11%
Diluted EPS	11.74	-13.62	9.93	3.07

Shareholding Pattern

Color	Shareholder	Holding
	Shekhar Sardessai	41
	Helios Strategic Systems Ltd	51
	Others	8

Board of Directors

Mr. Vinay JagtapPresident & Executive Director

Rajiv Hubli Sr.VP (Strategy & Growth)

Mr. Gourish DabolkarHead Of Operations

Mr. RajamohanHead (R & D)

Mr. P.K BagchiTechnology and R&D Advisor

Mr. Amey SardessaiLeader - Strategic Initiatives

Mr. Nagaraj JantliFinance Director

Mr. Avanish DwivediCS & V.P Customer Compliance

Mr. Swapnil ManeAVP Operations

Senior Management

Mr. Shekhar SardessaiExecutive Vice Chairman and Managing Director

Mr. Vivekanand PauskarChief Financial Officer

Manisha NaikCompany Secretary