Kalind Limited

Financial Services — Capital Markets · BSE

₹3.99−₹0.01 (−0.25%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of Kalind Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Kalind Limited engages in the real estate business in India. It offers real estate consultancy services. It also provides earth-moving and related machinery and equipment on a contract, lease, hire and rental basis.

IndustryCapital Markets

SectorFinancial Services

Employees140

Annual revenue₹82 Cr

How does it make money?

Turns over ₹82 Cr a year. Of every ₹100 of sales, about ₹33 reaches shareholders as profit, with ₹51 left at the operating level before interest, tax and depreciation. Each of its 140 employees supports ₹58.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹58.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +5768% while net margin moved +169% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+5768%

Margin effect+169%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.16 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

81/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

84/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.6x

3Y Median

89.4x

40 monthly readings · mean 507.3x · range 10.5x–1967.9x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 93% below its 3y median of 89.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 89% below the peer median of 58.4x.

vs. its own history

Cheap

89.4x median over 40 months · -93%

vs. sector peers

Cheap

58.4x median of 3 peers · -89%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

8.8x

PEG

0.02

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from 2.8% to 12.9%.
Return on capital is rising
ROCE has improved from 9.1% to 16.5%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.7 points, from 57.4% to 50.7%.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 50% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 93% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 89% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 57.4% to 50.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 216% a year✓ 288.6% CAGR
Latest reported year was 149.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 49%✓ 50.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 11%✓ 12.9%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 89.4x✓ 6.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹365 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.6x

Cheap

Cheap against the generic band

P/B Ratio

0.18x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.6

Profitable

Profitable on a per-share basis

ROE

12.9%

Moderate

Moderate capital efficiency

ROCE

16.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

4.63x

High

High leverage

Revenue Growth (YoY)

149.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-49.3%

Falling

Profits are shrinking

Dividend Yield

0.25%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹133 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

52.7%

Good

Healthy core-business profitability

Net Margin

35.1%

Good

Strong bottom-line conversion

Current Ratio

9.00

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.16

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.2 / 5.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹0 Cr	₹82 Cr	+288.6%
EBITDA	₹1 Cr	₹1 Cr	-₹0 Cr	₹42 Cr	+272.9%
EBITDA Margin	57.4%	73.6%	-61.7%	50.7%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	-₹0 Cr	₹27 Cr	+440.7%
EPS	₹0	₹0.01	₹-0	₹0.38	+413.0%
ROE	2.8%	6.1%	-2.4%	12.9%	—
ROCE	9.1%	12.3%	-6.5%	16.5%	—
Total Debt	₹3 Cr	₹1 Cr	₹1 Cr	₹10 Cr	+41.7%
Free Cash Flow	₹1 Cr	₹5 Cr	-₹1 Cr	-₹133 Cr	—

🟢 Revenue has grown at 288.6% a year over 3 years.

🟢 EBITDA has grown at 272.9% a year over 3 years.

🔴 EBITDA Margin has fallen from 57.4% to 50.7% over 3 years (-6.7 pts).

🟢 PAT (Net Profit) has grown at 440.7% a year over 3 years.

🟢 EPS has grown at 413.0% a year over 3 years.

🟢 ROE has risen from 2.8% to 12.9% over 3 years (+10.0 pts).

🟢 ROCE has risen from 9.1% to 16.5% over 3 years (+7.4 pts).

🔴 Total Debt has grown at 41.7% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹133 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹239 Cr

Total Liabilities

₹27 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

-₹87 Cr

Capex

-₹47 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

26.8%

Corporate Actions

Dividend Rate

₹0.01

Ex-Dividend Date

14 Aug 2025

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

1 positive2 mixed3 general

Kalind Q1 FY27 Results Preview

Univest, 08 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Compare M.B.PARIKH with HARYANA CAPFIN

Equitymaster, 16 Oct

Kalind Limited Share Price

Upstox, 05 May

Kalind shares jump 5% on ex-bonus, ex-split day; investors see 86% price adjustment

Livemint, 24 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Kalind Ltd allots 30.47 crore bonus shares in 1:2 ratio

scanx.trade, 26 Jul

Small-Cap Stock Below Rs 15 Signs UK Partnership to Pursue Infrastructure Projects Across Africa; Company Completes 1:5 Stock Split and 1:2 Bonus Issue

Dalal Street Investment Journal, 27 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 4 tripwires holding · see Key things to watch ↑