Kisan Mouldings Limited

Industrials — Building Products & Equipment · BSE

₹20.99−₹0.38 (−1.78%)

DalalBaazaar Score

30 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Kisan Mouldings Limited engages in the manufacturing and trading of PVC pipes and fittings in India.

IndustryBuilding Products & Equipment

SectorIndustrials

Employees347

Annual revenue₹249 Cr

How does it make money?

Turns over ₹249 Cr a year. Of every ₹100 of sales, about ₹-3 reaches shareholders as profit, with ₹-1 left at the operating level before interest, tax and depreciation. Each of its 347 employees supports ₹71.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹71.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. 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 -2.1% 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 ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -9% while net margin moved -85% 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-9%

Margin effect-85%

DalalBaazaar Score

30/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

36/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -7.0% to -0.7% over 3 years.
Debt is being paid down
Total debt is down 87% over 3 years.
Very low debt
Debt/Equity of 0.16x 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

5 items require attention · 2 high · 3 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -1.2x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹7 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 2.9x to -1.2x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹14 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 253% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -7.0% to -0.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 87% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above -3%✓ -0.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹14 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -1.2x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -2.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

2 good · 3 neutral · 6 weak

Market Cap

₹251 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.29x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-1.19

Loss-making

Negative earnings per share — the business is losing money

ROE

-3.8%

Weak

Weak capital efficiency

ROCE

-2.1%

Weak

Low return on total capital employed

Debt/Equity

0.16x

Low

Conservative leverage

Revenue Growth (YoY)

6.1%

Modest

Modest growth

Profit Growth (YoY)

-318.7%

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

-₹14 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-9.2%

Weak

Thin margins leave little room for error

Net Margin

-5.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.12

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

1.00

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

21.6 / 23.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹273 Cr	₹268 Cr	₹273 Cr	₹249 Cr	-3.0%
EBITDA	-₹19 Cr	-₹18 Cr	₹11 Cr	-₹2 Cr	—
EBITDA Margin	-7.0%	-6.8%	4.0%	-0.7%	—
PAT (Net Profit)	-₹55 Cr	₹58 Cr	₹3 Cr	-₹7 Cr	—
EPS	₹-16.1	₹16.49	₹0.28	₹-0.62	—
ROE	—	28.7%	1.6%	-3.8%	—
ROCE	—	28.8%	2.5%	-2.1%	—
Total Debt	₹245 Cr	₹7 Cr	₹32 Cr	₹32 Cr	-49.5%
Free Cash Flow	₹11 Cr	₹3 Cr	-₹53 Cr	-₹14 Cr	—

🔴 Revenue has shrunk at 3.0% a year over 3 years.

🟢 EBITDA Margin has risen from -7.0% to -0.7% over 3 years (+6.3 pts).

🔴 ROE has fallen from 28.7% to -3.8% over 3 years (-32.5 pts).

🔴 ROCE has fallen from 28.8% to -2.1% over 3 years (-30.9 pts).

🟢 Total Debt has shrunk at 49.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹11 Cr to -₹14 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹309 Cr

Total Liabilities

₹115 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹3 Cr

Capex

-₹11 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

77.4%

Corporate Actions

Ex-Dividend Date

23 Sept 2014

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

Kisan Mouldings Ltd. Lower Circuit Streak: Day 4 Price and Data

Univest, 01 Oct

Apollo Pipes approves amalgamation with Kisan Mouldings

scanx.trade, 26 Jun

Kisan Mouldings Ltd Falls to 52-Week Low of Rs 20 as Sell-Off Deepens

MarketsMojo, 08 Oct

Kisan Mouldings Ltd. Lower Circuit Today: Price, Data and Peers

Univest, 30 Sept

Kisan Mouldings reports consolidated net loss of Rs 3.31 crore in the March 2026 quarter

Business Standard, 05 MayResults

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

Apollo Pipes gains 7.5% on acquiring additional 3.34% stake in Kisan Mouldings

Alice Blue, 26 Feb

Watch Items

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

MiddlingFinancial Health · Valuation

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑