KELTECH Energies Ltd (KELENRG)

Loading page…

KELTECH Energies Ltd (KELENRG) · mywealthgrid

About

KELTECH Energies Ltd manufactures explosives for mining, construction and energy sectors within the Chemicals & Petrochemicals industry. At a market cap of ₹1,244.24 Cr, the company has scaled revenues from ₹73.99 Cr (Mar 2021) to ₹143.13 Cr (Mar 2026) while recovering from 2021 losses; quarterly revenues now stabilise at ₹128–143 Cr.

Face value: ₹10

Market cap

₹1,387 Cr

P/E

48.4×

P/B

9.1×

Dividend yield

ROE

20.7%

ROCE

22.9%

Debt / equity

0.47

OPM

7.7%

EPS (TTM)

₹286.7

Book value

₹1,529.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE ratio of 43.41 on ₹8.44 Cr net profit (5.9% net margin) appears elevated — verify whether the 198.73% one-year stock return reflects durable improvement or sector speculation.
Thin margins: OPM of 7.61% and net margin of 5–6% leave little cushion against input cost inflation or pricing pressure in explosives.
Institutional absence: FII 0% and DII 0.16% may reflect sector or company concerns — verify why institutional investors are absent.
Regulatory exposure: Explosives manufacturing is licensed and regulated; verify compliance track record, as incidents could disrupt operations and licenses.

Generated analysis · source review pending

Growth drivers

Revenue increased from ₹73.99 Cr (Mar 2021) to ₹143.13 Cr (Mar 2026), demonstrating production scale-up — verify what sector drivers (mining capex, infrastructure, energy demand) are underpinning this.
Operating margin improved from 4.61% (Mar 2021) to 7.44% (Mar 2026), showing operational efficiency gains — verify if this is structural cost control or tied to commodity input cycles.
EPS recovered from ₹-16.69 (Mar 2021) to ₹84.44 (Mar 2026), indicating sustained return to profitability — verify mining and construction cycle strength and forward guidance.
Quarterly revenues stabilised at ₹128–143 Cr with consistent profits, suggesting a steady demand base — verify plant utilisation levels and whether capacity expansion would be required for growth.

Generated analysis · source review pending

2,178 historical price candles were omitted because the exchange source has not been verified.

₹13,873.2+5.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 21.5% (3-yr avg)
+High return on capital employed of 26.9%
+Profit CAGR of 72.4% over the last 5 years
+Revenue CAGR of 19.3% over the last 5 years

Cons

−Thin operating margin of 7.7%
−Trading at 9.1× book value
−Low dividend payout of 1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 54
Growth: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	179	221	208	226	216	220	355	563	449	488	532
COGS	—	131	129	-152	-139	147	275	458	323	338	370
Gross profit	—	91	79	—	—	74	81	104	126	150	162
	167	74	60	364	341	60	65	79	94	113	121
	12	16	19	15	14	13	16	26	32	36	41
OPM %	6.9%	7.3%	9.2%	6.7%	6.4%	6.1%	4.4%	4.6%	7.2%	7.5%	7.7%
Depreciation	4	4	5	5	6	5	6	6	7	7	8
Interest	3	3	3	3	2	2	3	5	4	4	4
	0	0	0	1	0	-3	1	2	5	8	10
Profit before tax	6	—	—	8	6	3	9	17	26	33	39
Tax	2	3	4	2	1	1	2	5	7	8	10
Tax %	36.2%	—	—	27.6%	23.8%	39%	22%	28.5%	25.5%	24.4%	26.2%
	4	6	8	6	5	2	7	12	19	25	29
PAT margin %	2.2%	2.6%	3.6%	2.7%	2.2%	0.9%	1.9%	2.1%	4.3%	5.1%	5.4%
EPS (₹)	38.8	58.4	75.5	60.3	47.4	18.8	66.3	119.2	194.1	249.4	286.7
EPS adjusted (₹)	—	—	—	—	—	18.8	66.3	119.2	194.1	249.4	286.6
	0%	4.3%	3.3%	4.1%	3.2%	8%	2.3%	1.3%	0.8%	0.6%	0.5%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	1	1	1	1	1
Reserves	63	69	80	99	124	152
	19	24	31	24	38	72
	59	83	93	99	124	131
Total equity & liabilities	141	177	205	223	287	355
	54	69	69	70	68	117
CWIP	6	1	1	1	9	38
Investments	0	10	10	23	22	13
	82	98	125	128	188	187
Total assets	141	177	205	223	287	355

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	33.4%	22.7%	18.6%	28.1%	30.7%	30.4%
EBITDA margin %	6.7%	6.4%	6.1%	4.4%	4.6%	7.2%	7.5%	7.7%
EBIT margin %	4.5%	3.8%	3.7%	2.9%	3.5%	5.7%	6%	6.2%
PAT margin %	2.7%	2.2%	0.9%	1.9%	2.1%	4.3%	5.1%	5.4%
Working capital
Receivable days	—	—	66	47	40	39	43	42
Inventory days	—	—	50	48	32	39	45	49
Payable days	—	—	97	73	46	73	98	75
NWC days	—	—	18	22	26	5	-10	16
Leverage
Current ratio	—	—	1.2	1.15	1.24	1.32	1.23	1.12
Debt to EBITDA	—	—	1.4	1.51	1.2	0.74	1.05	1.75
Debt to equity	—	—	0.29	0.34	0.38	0.24	0.31	0.47
Interest coverage	4.1	3.5	3.7	4.3	4.1	6.8	8.6	9.5
Asset turnover	—	—	1.56	2	2.74	2.02	1.7	1.5
Return ratios
Return on assets %	—	—	1.3%	3.7%	5.8%	8.7%	8.7%	8.1%
Return on capital employed %	—	—	10.6%	13%	23.2%	28.7%	29%	22.9%
Return on equity %	—	—	2.9%	9.4%	14.7%	19.5%	20%	18.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%	54.33%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.16%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.53%	45.51%
No. of shareholders	—	—	—	—	—	—	—	—	6,676	6,681	6,724	6,244

Promoter holding up 0 percentage points since Sep 2023.

2 deals · 23 May 2023 – 23 May 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 May 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Buy	5,180	₹1,643.54	₹0.85 Cr
23 May 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	4,320	₹1,732.50	₹0.75 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Vijay V ChowguleNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Santosh L ChowguleExecutive Director
Prabhudev ParamashivaiahChief Financial Officer
Mr. Deepak JadhavNon-Executive - Independent Director
Mr. Mahesh WataneyExecutive Director-MD
Mrs. Janhavi Rajeev Apte KothariNon-Executive - Independent Director
Mr. VIJAY NAYAK PANGALNon-Executive - Independent Director
Mr. Satish Vasant GhatgeNon-Executive - Independent Director
Mr. Vasudev Narayan TumbeNon-Executive - Independent Director

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in KELTECH Energies Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

2 announcementsExport CSV

28 Sept 2026, 2:58 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	33.4%	22.7%	18.6%	28.1%	30.7%	30.4%
EBITDA margin %	6.7%	6.4%	6.1%	4.4%	4.6%	7.2%	7.5%	7.7%
EBIT margin %	4.5%	3.8%	3.7%	2.9%	3.5%	5.7%	6%	6.2%
PAT margin %	2.7%	2.2%	0.9%	1.9%	2.1%	4.3%	5.1%	5.4%
Working capital
Receivable days	—	—	66	47	40	39	43	42
Inventory days	—	—	50	48	32	39	45	49
Payable days	—	—	97	73	46	73	98	75
NWC days	—	—	18	22	26	5	-10	16
Leverage
Current ratio	—	—	1.2	1.15	1.24	1.32	1.23	1.12
Debt to EBITDA	—	—	1.4	1.51	1.2	0.74	1.05	1.75
Debt to equity	—	—	0.29	0.34	0.38	0.24	0.31	0.47
Interest coverage	4.1	3.5	3.7	4.3	4.1	6.8	8.6	9.5
Asset turnover	—	—	1.56	2	2.74	2.02	1.7	1.5
Return ratios
Return on assets %	—	—	1.3%	3.7%	5.8%	8.7%	8.7%	8.1%
Return on capital employed %	—	—	10.6%	13%	23.2%	28.7%	29%	22.9%
Return on equity %	—	—	2.9%	9.4%	14.7%	19.5%	20%	18.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Solar Industries India LimitedSOLARINDSSOLARINDS	₹1,75,570 Cr	₹1,77,038 Cr	₹11,351 Cr	₹3,102 Cr	26.7%	₹1,991 Cr	17.7%	34.2%	31.5%	152
Premier Explosives LimitedPREMEXPLNPREMEXPLN	₹3,669 Cr	₹3,702 Cr	₹349 Cr	₹24 Cr	10%	₹34 Cr	11.8%	22.8%	17.1%	150
Gocl Corporation LimitedGOCLCORPGOCLCORP	₹1,744 Cr	₹1,745 Cr	₹11 Cr	₹-31 Cr	-321.6%	₹340 Cr	—	12.5%	64.5%	-7,990
KELTECH Energies LtdKELENRGKELENRG	₹1,387 Cr	₹1,459 Cr	₹532 Cr	₹40 Cr	7.7%	₹29 Cr	5.4%	22.9%	20.7%	16
Beezaasan Explotech LtdBEEZAASANBEEZAASAN	₹1,102 Cr	—	₹212 Cr	₹18 Cr	8.6%	₹12 Cr	5.6%	—	—	—

Date	Category	Subject	Filing
28 Sept 2026, 2:58 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 2:51 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	11	3	5	8	14	18	51	-18	49
	-12	-4	-5	-3	-7	-16	-8	-17	-10	-84
	-1	-8	3	-2	-3	2	-4	-11	10	39
Net cash flow	0	-1	1	-0	-2	-1	6	23	-18	3
Free cash flow	—	—	—	—	0	-3	13	42	-30	-37
CFO / Operating profit %	80.8%	56.8%	21.1%	39.6%	56.9%	86.4%	71.4%	158.3%	-48.3%	118.6%

KELTECH Energies Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

16

1

Compounded sales growth

Compounded profit growth

Return on equity

KELTECH Energies Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Dividends16

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

16

1