Kings Infra Ventures Limited

Consumer Defensive — Farm Products · BSE

₹64.95+₹3.12 (+5.05%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Kings Infra Ventures Limited operates as an aquaculture company in India and internationally. It operates through Infrastructure and Aquaculture segments.

IndustryFarm Products

SectorConsumer Defensive

Employees21

Annual revenue₹158 Cr

How does it make money?

Turns over ₹158 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 21 employees supports ₹7.54 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹7.54 Cr

Who are its competitors?

The closest listed comparisons in its industry are HINDUSTAN UNILEVER LTD., ITC LTD, NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES 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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 24.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 18.6% against a peer median of 51.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE51.0%

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 +163% while net margin moved +7% 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+163%

Margin effect+7%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.03 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

70/ 100

Good

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

Valuation

86/ 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

10.9x

3Y Median

42.0x

40 monthly readings · mean 42.6x · range 9.7x–81.5x

Sector Median

43.3x

median of 4 sector peers

🟢Current valuation is approximately 74% below its 3y median of 42.0x. 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 75% below the peer median of 43.3x.

vs. its own history

Cheap

42.0x median over 40 months · -74%

vs. sector peers

Cheap

43.3x median of 4 peers · -75%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.4x

PEG

0.27

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 17.5% to 19.1% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 21.6% to 24.1%.
High return on capital employed
ROCE of 24.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 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

🔴Debt has risen sharplyFinancial
Total debt is up 167% over 3 years, from ₹29 Cr to ₹78 Cr.
🟡Receivables growing faster than salesFinancial
Receivables up 211% against revenue up 163% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 24.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 17.5% to 19.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 74% 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 75% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 211% against revenue up 163%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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 29% a year✓ 38.0% CAGR
Latest reported year was -10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 19.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 21%✓ 24.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 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 · 4 neutral · 2 weak

Market Cap

₹159 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

10.9x

Cheap

Cheap against the generic band

P/B Ratio

1.83x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.95

Profitable

Profitable on a per-share basis

ROE

18.6%

Strong

Strong capital efficiency

ROCE

24.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.91x

Moderate

Moderate leverage

Revenue Growth (YoY)

-10.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-39.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

15.8%

Good

Healthy core-business profitability

Net Margin

9.4%

Average

Average bottom-line conversion

Current Ratio

1.90

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.03

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

68.5 / 81.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

27.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹60 Cr	₹90 Cr	₹122 Cr	₹158 Cr	+38.0%
EBITDA	₹11 Cr	₹16 Cr	₹25 Cr	₹30 Cr	+42.2%
EBITDA Margin	17.5%	17.6%	20.8%	19.1%	—
PAT (Net Profit)	₹6 Cr	₹8 Cr	₹13 Cr	₹16 Cr	+41.1%
EPS	₹2.45	₹3.22	₹5.31	₹6.59	+39.1%
ROE	16.0%	13.2%	18.4%	18.6%	—
ROCE	21.6%	19.3%	27.3%	24.1%	—
Total Debt	₹29 Cr	₹37 Cr	₹60 Cr	₹78 Cr	+38.7%
Free Cash Flow	-₹2 Cr	-₹5 Cr	-₹16 Cr	₹8 Cr	—

🟢 Revenue has grown at 38.0% a year over 3 years.

🟢 EBITDA has grown at 42.2% a year over 3 years.

🟢 EBITDA Margin has risen from 17.5% to 19.1% over 3 years (+1.6 pts).

🟢 PAT (Net Profit) has grown at 41.1% a year over 3 years.

🟢 EPS has grown at 39.1% a year over 3 years.

🟢 ROE has risen from 16.0% to 18.6% over 3 years (+2.6 pts).

🟢 ROCE has risen from 21.6% to 24.1% over 3 years (+2.5 pts).

🔴 Total Debt has grown at 38.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹180 Cr

Total Liabilities

₹93 Cr

Cash & Equivalents

₹13 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.9%

Peer Comparison

Company	P/E	ROE
HINDUSTAN UNILEVER LTD.	42.5x	21.5%
ITC LTD	16.6x	27.4%
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%

Recent News

1 negative5 general

Kings Infra Ventures Share Price Near 52-Week Low, RSI Weak

Univest, 14 Oct

Kings Infra Ventures Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Kings Infra Ventures Ltd Falls to 52-Week Low of Rs 60.2 as Sell-Off Deepens

MarketsMojo, 09 Oct

Kings Infra Ventures 38th AGM passes all six resolutions

scanx.trade, 29 Sept

Kings Infra Ventures consolidated net profit declines 38.03% in the June 2026 quarter

Business Standard, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Kings Infra Ventures Allocates 9,750 Secured NCDs Worth ₹97.5 Lakhs via Private Placement

Sahi, 07 Jul

Watch Items

Revenue growth is negative (-10.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

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.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑