Kiri Industries Limited (KIRIINDUS) AI Stock Analysis

• Market Cap: ₹33.95B
• Dividend Yield: N/A
• Average Volume (3M): 16.56K
• Price to Earnings (P/E): 16.6
• Beta (1Y): 1.14
• Revenue Growth: -12.76%
• EPS Growth: -17.59%
• Country: IN
• Employees: 787
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 1.91
• Shares Outstanding: 60,022,552
• 10 Day Avg. Volume: 26,341
• 30 Day Avg. Volume: 16,558
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹607.00
• Price Target Upside: 7.32% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 65 Neutral
• Price Target: ₹607.00 ▲(7.32% Upside)

The overall stock score reflects significant financial challenges, particularly in revenue and cash flow generation, which weigh heavily on the score. Technical indicators suggest some potential for short-term stability, while valuation metrics indicate a fair market price. The absence of earnings call insights and corporate events means these factors do not influence the score.

Kiri Industries Limited Business Overview & Revenue Model

Company Description

Kiri Industries Limited manufactures and sells dyes, dye intermediates, and basic chemicals in India and internationally. The company provides reactive dyes, acid / metal complex dyes, and wool reactive dyes; and basic chemicals comprising sulphuric acid, chloro sulhponic acid, oleum, spent sulphuric acid, and thionyl chloride. It also offers dye intermediates, such as sulpho J.acid, sulpho tobias acid, sulpho gama acid, and para nitro toluene ortho sulfonic acid, as well as H-Acid, acetanilide, and other specialty intermediates. The company's products are used in various industrial sectors comprising textile, paper, apparel, hosiery, automotive, carpets, leather, home upholstery, industrial fabrics, etc. It was formerly known as Kiri Dyes and Chemicals Limited and changed its name to Kiri Industries Limited in March 2011. Kiri Industries Limited was incorporated in 1998 and is based in Ahmedabad, India.

How the Company Makes Money

Kiri Industries Limited generates revenue through the production and sale of dyes and dye intermediates. The company's revenue model is based on manufacturing a broad spectrum of chemical products that are essential for textile processing and other industrial applications. Key revenue streams include domestic and international sales of its products, which are marketed under various brand names. Kiri Industries also benefits from strategic partnerships and joint ventures, enhancing its market reach and operational capabilities. By leveraging cost-effective production techniques and maintaining high quality standards, the company sustains its profitability and competitive edge in the chemical industry.

Kiri Industries Limited Financial Statement Overview

Summary

Kiri Industries faces significant challenges with declining revenues and profitability, as evidenced by negative operating margins and cash flows. The balance sheet remains strong with low leverage, providing some buffer. However, the company's ability to generate cash and achieve sustainable profitability remains a concern moving forward.

Income Statement

Kiri Industries has experienced a significant decline in revenue from 2022 to 2025, with a notable decrease in total revenue from 2022's peak of 14.73 billion to 7.40 billion in 2025. The gross profit margin has decreased over the years, impacting profitability. EBIT and EBITDA margins are negative in recent years, indicating operational challenges. The net profit margin is positive in 2025, but this is primarily due to non-operational factors, as EBIT remains negative.

Balance Sheet

The company's balance sheet shows a strong equity position with a high equity ratio, indicating good financial stability. The debt-to-equity ratio remains low, suggesting prudent financial management and low leverage risks. However, the decrease in total assets from 2022 to 2025 reflects a shrinking asset base, which may affect future growth potential.

Cash Flow

Free cash flow has been consistently negative, highlighting challenges in generating cash from operations. This is concerning given the negative operating cash flow in 2025, which indicates reliance on external financing to support operations. The free cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting profits into cash.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.85B	7.40B	9.49B	14.73B	9.45B	9.42B
Gross Profit	2.48B	2.29B	2.45B	4.52B	2.55B	3.34B
EBITDA	984.57M	609.45M	-34.76M	1.23B	-341.41M	848.33M
Net Income	3.26B	2.65B	1.33B	3.89B	1.07B	2.52B
Balance Sheet
Total Assets	0.00	47.25B	34.11B	30.74B	32.01B	27.00B
Cash, Cash Equivalents and Short-Term Investments	10.43B	3.83B	939.67M	173.04M	1.00B	92.24M
Total Debt	0.00	11.24B	1.22B	958.62M	451.81M	1.42B
Total Liabilities	-29.67B	14.79B	5.99B	5.02B	5.22B	5.16B
Stockholders Equity	29.67B	32.47B	28.12B	25.73B	26.79B	21.84B
Cash Flow
Free Cash Flow	0.00	-7.49B	-692.99M	547.00M	669.55M	-56.39M
Operating Cash Flow	0.00	-3.42B	-605.79M	921.96M	891.76M	722.06M
Investing Cash Flow	0.00	-8.42B	1.07M	-289.68M	-179.47M	-701.59M
Financing Cash Flow	0.00	11.94B	724.72M	-574.24M	-569.91M	-70.02M

Kiri Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 565.60
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KIRIINDUS, the sentiment is Negative. The current price of 565.6 is below the 20-day moving average (MA) of 569.32, above the 50-day MA of 558.62, and below the 200-day MA of 589.61, indicating a neutral trend. The MACD of 10.98 indicates Positive momentum. The RSI at 47.68 is Neutral, neither overbought nor oversold. The STOCH value of 14.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KIRIINDUS.

Kiri Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MANINDS	70 Outperform	31.22B	16.76	9.53%	―	2.59%	33.99%
VISHNU	68 Neutral	31.81B	24.47	13.67%	0.06%	16.30%	22.04%
KIRIINDUS	65 Neutral	₹33.95B	16.64	―	―	-12.76%	-17.59%
NOCIL	63 Neutral	29.62B	31.81	5.84%	1.13%	-4.47%	-26.12%
MOL	49 Neutral	20.56B	-23.29	-0.70%	―	―	―
TIRUMALCHM	47 Neutral	29.93B	-26.93	-3.99%	0.34%	-8.05%	-150.62%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Kiri Industries Limited Corporate Events

Kiri Industries Converts Warrants to Equity Shares, Boosting Capital

Kiri Industries Limited has announced the allotment of 4,393,592 equity shares to promoters and members of the promoter group following the conversion of warrants on a preferential basis. This move, approved by the Board of Directors, involves a total consideration of Rs. 79,52,40,152 and increases the company’s issued, subscribed, and paid-up equity share capital to Rs. 60,02,25,540. The new shares will rank pari-passu with existing shares, indicating a strategic step to strengthen the company’s equity base.

Kiri Industries Re-appoints Cost Auditors for FY 2025-26

Kiri Industries Limited, a company listed on the BSE and NSE, has announced the re-appointment of M/s. V. H. Savaliya & Associates as its cost auditors for the financial year 2025-26. This decision was made during the board meeting held on August 12, 2024. The re-appointment of the experienced cost accountants, led by Mr. Vinod H. Savaliya, is expected to continue providing valuable insights into cost audits, stock verification, and costing MIS for the company, which could positively impact its operational efficiency.

Kiri Industries Limited Announces Change in Secretarial Auditor

Kiri Industries Limited has announced a change in its secretarial auditor. The company has appointed M/s. Kashyap R. Mehta & Partners as the new secretarial auditor for a term of five years, replacing M/s. Kashyap R. Mehta & Associates, whose tenure has concluded. This change is subject to approval at the upcoming Annual General Meeting. The new firm, led by Mr. Kashyap Mehta, brings extensive experience in corporate, secretarial, regulatory, and compliance services, which could enhance Kiri Industries’ governance and compliance framework.