506528

Keltech Energies financials

Market cap
₹1.2k Cr
Sector
Chemicals

What Keltech Energies does

Keltech Energies manufactures industrial explosives, detonating fuse and explosive accessories that are supplied largely to mining customers, running its Explosives Division through units sited close to major mining belts (e.g. Bailadila in Chhattisgarh, Donimalai in Karnataka, Koraput in Odisha, and the Singrauli/Anuppur coalfields in Madhya Pradesh). It also operates a separate Perlite Division that produces perlite and perlite-based products, including filter-aid grades used by industrial filtration markets. The company also trades some finished goods and exports part of its explosives output.

Segments

  • Explosives Division
  • Perlite Division
Manufacturing/explosives units
12 units across 7 states (Karnataka, Maharashtra, Chhattisgarh, Odisha, Andhra Pradesh, Telangana, Madhya Pradesh)
Business divisions
2 (Explosives, Perlite)
Explosives volume dispatched (FY25)
58,280 MT
Detonating fuse volume dispatched (FY25)
33.25 million meters
Explosives accessories volume dispatched (FY25)
1,242 MT
Perlite & perlite-based products volume dispatched (FY25)
24,584 MT
Founded 1977Headquarters Bengaluru, Karnataka, India Company website

Quarterly results

Q1 FY27: revenue up 27.8%, net profit down 1.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue103 117 140 143 117 +14%128 +9%143 +2%183 +28%
EBITDA8 10 10 13 8 +7%9 −2%11 +6%14 +10%
Net profit6 6 7 8 6 +12%6 +1%8 +23%8 −2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +185.6% 1Y

₹5k₹10k₹15kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹4,132.35 on 10 Sept 2025 → ₹11,801.3. High ₹14,740 (25 Aug 2026), low ₹3,005.05 (30 Mar 2026).

Financials, as filed

Revenue fell 1.9% a year over 3 years, FY23 to FY26. Operating margin widened to 7.7%.

Year endingFY23FY24FY25FY26
Revenue₹563 Cr₹450 Cr₹488 Cr₹532 Cr
Operating profit₹26 Cr₹33 Cr₹37 Cr₹41 Cr
Operating margin4.6%7.4%7.6%7.7%
Interest₹5 Cr₹4 Cr₹4 Cr₹4 Cr
Depreciation₹6 Cr₹7 Cr₹7 Cr₹8 Cr
Net profit₹12 Cr₹19 Cr₹25 Cr₹29 Cr
Net margin2.1%4.3%5.1%5.4%
Cash from operations₹18 Cr₹51 Cr₹-18 Cr₹48 Cr
Free cash flow₹13 Cr₹27 Cr₹-30 Cr₹-37 Cr
ROCE21.0%26.0%26.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Reserves₹63 Cr₹69 Cr₹80 Cr₹99 Cr₹138 Cr₹152 Cr
Borrowings₹24 Cr₹31 Cr₹32 Cr₹25 Cr₹45 Cr₹73 Cr
Other liabilities₹54 Cr₹77 Cr₹92 Cr₹98 Cr₹129 Cr₹129 Cr
Total liabilities₹141 Cr₹177 Cr₹205 Cr₹223 Cr₹313 Cr₹355 Cr
Fixed assets₹54 Cr₹70 Cr₹69 Cr₹71 Cr₹66 Cr₹117 Cr
Capital work in progress₹6 Cr₹1 Cr₹1 Cr₹1 Cr₹38 Cr₹38 Cr
Investments₹0 Cr₹7 Cr₹10 Cr₹20 Cr₹15 Cr₹13 Cr
Other assets₹82 Cr₹100 Cr₹125 Cr₹130 Cr₹194 Cr₹186 Cr
Total assets₹141 Cr₹177 Cr₹205 Cr₹223 Cr₹313 Cr₹355 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 6,244.

Promoters
54.3%
DIIs
0.2%
Public
45.5%

Since Jun 2025

  • DIIs +0.02 pp
  • Public −0.02 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Dec '23: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Mar '24: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Jun '24: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Sep '24: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Dec '24: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Mar '25: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Jun '25: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Sep '25: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Dec '25: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Mar '26: Promoters 54.3%, DIIs 0.1%, Public 45.5%.Jun '26: Promoters 54.3%, DIIs 0.2%, Public 45.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Keltech Energies above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Chowgule And Company Pvt Ltd 40.99%unchanged
Dolphin Investment Limited 9.36%unchanged
Vijay Vishwasrao Chowgule 3.97%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 2.51%unchanged
Mahendra Girdharilal Wadhwani 1.50%unchanged
Ashok Vishwasrao Chowgule 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Fair

To justify its price of ₹11801, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~29%. At that growth it is worth ₹10642 — downside of 10%.

Growth the price implies
31.3% a year
for 7 years, fading to 4%
It has actually compounded at
29.2% a year
net profit, FY23–FY26 · EPS 29.2%
The gap
0.0 pp
-10% downside if it only repeats history
Price today ₹11,801.3 Value at the reference growth ₹10,642.37

Change the assumptions yourself →

Learn to analyse Keltech Energies

Guides on how to read this kind of business and the numbers that matter.