Kesar Terminals & Infrastructure Limited

Industrials — Specialty Business Services · BSE

₹59.50₹0.00 (0.00%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, 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. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

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

What does this company do?

Kesar Terminals & Infrastructure Limited operates as a bulk liquid storage and logistics company in India.

IndustrySpecialty Business Services

SectorIndustrials

Employees46

Annual revenue₹33 Cr

How does it make money?

Turns over ₹33 Cr a year. Of every ₹100 of sales, about ₹-99 reaches shareholders as profit, with ₹45 left at the operating level before interest, tax and depreciation. Each of its 46 employees supports ₹72.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹72.2 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 -21.7% 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 -10% while net margin moved +162% 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-10%

Margin effect+162%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

32/ 100

Weak

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

Valuation

49/ 100

Fair

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

8.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 70% over 3 years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 92.9% to -21.7% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -3.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹33 Cr in the latest reported year.
🔴Inventory building faster than salesFinancial
Inventory up 458% against revenue up -10% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 1.5x to -3.0x.
🟡Margins are compressingFinancial
EBITDA margin is down 2.9 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 70% 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?

Margins are being competed away
EBITDA margin has fallen from 47.8% to 44.8%. 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 4.9x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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
3 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 43%✓ 44.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 4.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ -3.0x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹9 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ -21.7%
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

4 good · 2 neutral · 5 weak

Market Cap

₹65 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

1.14x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-27.15

Loss-making

Negative earnings per share — the business is losing money

ROE

-57.7%

Weak

Weak capital efficiency

ROCE

-21.7%

Weak

Low return on total capital employed

Debt/Equity

1.29x

Moderate

Moderate leverage

Revenue Growth (YoY)

17.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-1305.4%

Falling

Profits are shrinking

Dividend Yield

5.46%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹9 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

39.0%

Good

Healthy core-business profitability

Net Margin

-37.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.65

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.34

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

60.0 / 60.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

39.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹37 Cr	₹31 Cr	₹33 Cr	₹33 Cr	-3.4%
EBITDA	₹18 Cr	₹9 Cr	₹15 Cr	₹15 Cr	-5.4%
EBITDA Margin	47.8%	29.9%	47.4%	44.8%	—
PAT (Net Profit)	-₹14 Cr	-₹52 Cr	₹3 Cr	-₹33 Cr	—
EPS	₹-12.67	₹-47.3	₹2.49	₹-29.97	—
ROE	—	—	3.0%	-57.7%	—
ROCE	92.9%	—	8.4%	-21.7%	—
Total Debt	₹240 Cr	₹284 Cr	₹86 Cr	₹73 Cr	-32.8%
Free Cash Flow	₹11 Cr	₹10 Cr	₹12 Cr	₹9 Cr	-4.4%

🔴 Revenue has shrunk at 3.4% a year over 3 years.

🔴 EBITDA has shrunk at 5.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 47.8% to 44.8% over 3 years (-2.9 pts).

🔴 ROE has fallen from 3.0% to -57.7% over 3 years (-60.6 pts).

🔴 ROCE has fallen from 92.9% to -21.7% over 3 years (-114.7 pts).

🟢 Total Debt has shrunk at 32.8% a year over 3 years.

🔴 Free Cash Flow has shrunk at 4.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹138 Cr

Total Liabilities

₹81 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹13 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

4.7%

Insider Holding

67.7%

Corporate Actions

Dividend Rate

₹3.25

Ex-Dividend Date

08 Jul 2026

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

6 general

KESAR TERMINALS & INFRASTRUCTURE Share Price

Upstox, 15 Oct

Kesar Terminals & Infrastructure Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 10 Sept

Kesar Terminals & Infrastructure Limited Confirms Non-Applicability of SEBI Large Corporate Framework

scanx.trade, 09 Apr

Kesar Terminals & Infrastructure Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 16 Sept

Kesar Terminals promoter Harsh Kilachand acquires 9,700 shares

scanx.trade, 31 Aug

Kesar Terminals re-appoints Harsh R. Kilachand as Executive Chairman

scanx.trade, 22 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

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. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑