Kisaan Parivar Industries Limited

Consumer Defensive — Farm Products · BSE

₹9.67+₹0.11 (+1.15%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Kisaan Parivar Industries Limited operates as a corporate farming company in India. It engages in the trade of agricultural products and related activities. Kisaan Parivar Industries Limited was formerly known as Richirich Inventures Limited.

IndustryFarm Products

SectorConsumer Defensive

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹20 reaches shareholders as profit, with ₹27 left at the operating level before interest, tax and depreciation.

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?Little sign of one

Returns on capital of 14.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE51.0%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.94 — moves roughly with the market
✗ 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

69/ 100

Good

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

Valuation

80/ 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

10.7x

2Y Median

12.2x

28 monthly readings · mean 28.7x · range 4.6x–99.5x

Sector Median

43.3x

median of 4 sector peers

🟢Current valuation is approximately 12% below its 2y median of 12.2x. 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

Fair

12.2x median over 28 months · -12%

vs. sector peers

Cheap

43.3x median of 4 peers · -75%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from -0.3% to 10.5%.
Return on capital is rising
ROCE has improved from -0.3% to 14.4%.
Very low debt
Debt/Equity of 0.27x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 2 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 83% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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.

🔴 Bear CaseWhat could go wrong?

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

1EBITDA margin holds above 25%✓ 26.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 11%✓ 14.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 12.2x✓ 10.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

4 good · 4 neutral · 3 weak

Market Cap

₹9 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

10.7x

Cheap

Cheap against the generic band

P/B Ratio

1.13x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.9

Profitable

Profitable on a per-share basis

ROE

11.1%

Moderate

Moderate capital efficiency

ROCE

14.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

-63.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-55.9%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

8.5%

Good

Assets are working hard

Operating Margin

-61.6%

Weak

Thin margins leave little room for error

Net Margin

19.6%

Good

Strong bottom-line conversion

Current Ratio

8.58

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.94

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

10.1 / 11.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹3 Cr	₹6 Cr	₹4 Cr	—
EBITDA	₹0 Cr	₹1 Cr	₹2 Cr	₹1 Cr	+304.2%
EBITDA Margin	—	29.9%	37.2%	26.8%	—
PAT (Net Profit)	-₹0 Cr	₹1 Cr	₹2 Cr	₹1 Cr	—
EPS	₹-0.01	₹0.86	₹2.05	—	—
ROE	-0.3%	15.4%	26.7%	10.5%	—
ROCE	-0.3%	18.1%	35.8%	14.4%	—
Free Cash Flow	-₹0 Cr	-₹3 Cr	₹0 Cr	-₹1 Cr	—

🟢 EBITDA has grown at 304.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 29.9% to 26.8% over 3 years (-3.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹1 Cr.

🟢 ROE has risen from -0.3% to 10.5% over 3 years (+10.8 pts).

🟢 ROCE has risen from -0.3% to 14.4% over 3 years (+14.6 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹9 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.0%

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

2 negative4 general

Kisaan Parivar Industries accepts resignation of Company Secretary

scanx.trade, 18 Jun

Kisaan Parivar auditor resigns citing pre-occupation

scanx.trade, 15 JunManagement

🔴Potentially negativeA senior departure, and an auditor's resignation especially, is worth understanding before anything else in this report.

Kisaan Parivar Industries (BSE:519230) - Stock Analysis

Simply Wall Street, 27 Feb

Kisaan Parivar FY26 profit falls 56% to ₹79.51 lakh

scanx.trade, 26 MayResults

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

KISAAN Stock Price and Chart — BSE:KISAAN

TradingView, 20 Jun

Richirich Inventures Ltd Share Price

Business Today, 31 Jan

Watch Items

Revenue growth is negative (-63.9%) 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.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingGrowth

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 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑