Kohinoor Foods Limited

Consumer Defensive — Packaged Foods · NSE

₹28.75−₹0.39 (−1.34%)

DalalBaazaar Score

32 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, though profits are falling even as sales grow. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:48 pm

Understanding the Business

Company site ↗

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

What does this company do?

Kohinoor Foods Limited, together with its subsidiaries, manufactures and sells food products in Asia-Pacific, the Americas, Europe, Africa, and the Middle East. The company offers basmati and organic rice.

IndustryPackaged Foods

SectorConsumer Defensive

Employees111

Annual revenue₹146 Cr

How does it make money?

Turns over ₹146 Cr a year. Of every ₹100 of sales, about ₹55 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 111 employees supports ₹1.32 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.32 Cr

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA 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?Some evidence

ROCE of 807.6% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +91% while net margin moved -1120% 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+91%

Margin effect-1120%

DalalBaazaar Score

32/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

36/ 100

Weak

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

Valuation

30/ 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.

Historical Valuation

Current P/E

1.3x

1.3Y Median

0.3x

16 monthly readings · mean 0.6x · range 0.2x–1.6x

Sector Median

51.7x

median of 4 sector peers

⚠️Current valuation is approximately 308% above its 1.3y median of 0.3x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 98% below the peer median of 51.7x.

vs. its own history

Expensive

0.3x median over 16 months · +308%

vs. sector peers

Cheap

51.7x median of 4 peers · -98%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

56.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 79% over 3 years.

🔴 What Needs Attention0

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

Red Flags

5 items require attention · 3 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 13.8 points, from 16.9% to 3.1%.
🔴Receivables growing faster than salesFinancial
Receivables up 158% against revenue up 91% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹65 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.56 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 79% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 98% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 16.9% to 3.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 33.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 158% against revenue up 91%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
The price already assumes success
The stock trades 308% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.

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

1Revenue growth stays above 18% a year✓ 24.1% CAGR
Latest reported year was 81.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 3.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 33.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹65 Cr
Profit that never becomes cash eventually stops being profit.
5Valuation vs its own median of 0.3x✗ 1.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ 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

3 good · 4 neutral · 4 weak

Market Cap

₹107 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.3x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹22.87

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

807.6%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

81.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-77.1%

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

-₹65 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-0.3%

Weak

Thin margins leave little room for error

Net Margin

52.7%

Good

Strong bottom-line conversion

Current Ratio

0.56

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.38

Defensive

Steadier than the market

52W Range Position

50%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

29.9 / 30.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹76 Cr	₹94 Cr	₹84 Cr	₹146 Cr	+24.1%
EBITDA	₹13 Cr	₹15 Cr	₹5 Cr	₹4 Cr	-29.8%
EBITDA Margin	16.9%	15.5%	5.7%	3.1%	—
PAT (Net Profit)	-₹4 Cr	-₹5 Cr	₹352 Cr	₹81 Cr	—
EPS	₹-1.1	₹-1.26	₹95.04	₹21.75	—
Total Debt	₹707 Cr	₹701 Cr	₹277 Cr	₹148 Cr	-40.7%
Free Cash Flow	₹21 Cr	₹23 Cr	-₹10 Cr	-₹65 Cr	—

🟢 Revenue has grown at 24.1% a year over 3 years.

🔴 EBITDA has shrunk at 29.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 16.9% to 3.1% over 3 years (-13.8 pts).

🟢 PAT (Net Profit) has turned positive, from -₹4 Cr to ₹81 Cr.

🟢 EPS has turned positive, from ₹-1.1 to ₹21.75.

🟢 Total Debt has shrunk at 40.7% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹21 Cr to -₹65 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹92 Cr

Total Liabilities

₹186 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹65 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

56.7%

Corporate Actions

Ex-Dividend Date

14 Sept 2007

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 mixed5 general

Kohinoor Foods Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 28 Aug

Kohinoor Foods reports consolidated net profit of Rs 2.10 crore in the June 2026 quarter

Business Standard, 14 AugResults

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

Kohinoor Foods (KOHINOOR.NS) Steadies Near ₹30.76 as Traders Eye ₹32.3 Resistance - Bear Flag

siam.in, 21 Sept

Kohinoor Foods completes revised one-time settlement, gets no-dues

scanx.trade, 22 Sept

GRM Overseas to Kohinoor Foods — Basmati rice stocks fall up to 3.5% due to Iranian currency crisis

Livemint, 12 Jan

Kohinoor Foods vs Nifty 50: Share Price Performance Compared

Univest, 01 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Kohinoor Foods Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Valuation vs its own median of 0.3x · see Key things to watch ↑