543939
Kaka Industries financials
- Market cap
- ₹295 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
Kaka Industries Q2 FY26
What went well
- Revenue of ₹124.89 crores, reflecting a 30% year-on-year increase.
- EBITDA stood at ₹16.75 crores, up 31% YoY, with EBITDA margin improving to 13.4%.
- Net profit rose by 35.9% YoY to ₹8.85 crores, maintaining a healthy net margin of 7.1%.
What to watch
- Gross margins are down from 35.8% to 32.6% YoY, attributed to low-cost product mix and aggressive sales discounts.
- Commissioning of the 7.5 MW captive solar plant was delayed due to prolonged monsoon conditions.
What Kaka Industries does
Kaka Industries makes polymer-based building products — PVC, WPC and UPVC profiles and factory-made PVC/Solid PVC doors — used for doors, window frames, wall panels, partitions, ceilings and kitchen furniture. It runs three manufacturing units in Gujarat, including a fully integrated plant at Lasundra, Kheda, and distributes through depots and a dealer network spread across most Indian states. The company has also commissioned a 7.5 MW captive solar power plant at Kheda to power its own manufacturing operations.
Segments
- PVC Profile
- WPC Solid Profile & Sheet
- UPVC Profile
- Manufacturing units
- 3 (Gujarat, incl. fully integrated plant at Lasundra, Kheda)
- Installed capacity — PVC Profile
- 32,493 MT p.a.
- Installed capacity — WPC Solid Profile & Sheet
- 14,736 MT p.a.
- Installed capacity — Roofing & other products
- 6,410 MT p.a.
- Installed capacity — uPVC door/window profile
- 3,537 MT p.a.
- Installed capacity — Laminate
- 2,400 MT p.a.
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 1 delivered 2 missed 4 open- PAT Margin delivered said Q4 FY25 Promised: 6.5% or 7% maybe Q2 FY26: Reported Net Margin of 7.1% in H1 FY26
- Order Fulfilment Time went quiet said Q4 FY25 Promised: Bring down from 10-12 days to 2-3 days Q2 FY26: No update provided on order fulfillment times
- 7.5 MW Solar Plant Commissioning delayed said Q4 FY25 Promised: Expected to go live by August '25 Q2 FY26: Delayed due to prolonged monsoon; now expected in the later part of the final quarter (Q4 FY26)
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 66.3%, net profit up 66.7% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 75 | 79 | 88 | 83 | 95 +27% | 102 +29% | 125 +42% | 138 +66% |
| EBITDA | 3 | 11 | 9 | 12 | 13 +333% | 13 +18% | 17 +89% | 19 +58% |
| Net profit | 1 | 6 | 6 | 6 | 7 +600% | 6 +0% | 9 +50% | 10 +67% |
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 +3.2% 1Y
1Y: ₹208.5 on 10 Sept 2025 → ₹215.25. High ₹240.5 (24 Aug 2026), low ₹146.9 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −2.6%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹10 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹5 Cr | ₹10 Cr | ₹10 Cr | ₹38 Cr | ₹60 Cr | ₹69 Cr |
| Borrowings | ₹20 Cr | ₹27 Cr | ₹40 Cr | ₹46 Cr | ₹70 Cr | ₹104 Cr |
| Other liabilities | ₹8 Cr | ₹6 Cr | ₹7 Cr | ₹11 Cr | ₹35 Cr | ₹22 Cr |
| Total liabilities | ₹36 Cr | ₹46 Cr | ₹66 Cr | ₹108 Cr | ₹177 Cr | ₹208 Cr |
| Fixed assets | ₹8 Cr | ₹11 Cr | ₹13 Cr | ₹52 Cr | ₹74 Cr | ₹79 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹6 Cr | ₹8 Cr | ₹26 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹4 Cr |
| Other assets | ₹28 Cr | ₹35 Cr | ₹44 Cr | ₹50 Cr | ₹94 Cr | ₹100 Cr |
| Total assets | ₹36 Cr | ₹46 Cr | ₹66 Cr | ₹108 Cr | ₹177 Cr | ₹208 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
Since Jun 2025, DIIs trimmed −0.28 pp while the public added +0.15 pp. The shareholder count shrank 10% to 1,677.
- Promoters
- 70.0%
- Public
- 30.0%
Since Jun 2025
- DIIs −0.28 pp
- Public +0.15 pp
- Promoters +0.12 pp
How it drifted, 9 quarters
Over this window the public went from 27.4% to 30.0% — +2.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 69.8%, FIIs 1.4%, DIIs 1.4%, Public 27.4%.Mar '24: Promoters 69.9%, DIIs 0.7%, Public 29.4%.Sep '24: Promoters 70.0%, Public 30.0%.Dec '24: Promoters 70.0%, Public 30.0%.Mar '25: Promoters 70.0%, DIIs 0.3%, Public 29.8%.Jun '25: Promoters 69.9%, DIIs 0.3%, Public 29.8%.Sep '25: Promoters 69.9%, DIIs 0.4%, Public 29.7%.Mar '26: Promoters 70.0%, DIIs 0.5%, Public 29.5%.Jun '26: Promoters 70.0%, Public 30.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Basava Sankararao Kolli +0.14 pp 2.34% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kaka Industries above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bhavin Rajeshbhai Gondaliya | 19.27% | unchanged |
| Rajeshkumar Dhirubhai Gondaliya (Huf) - | 13.62% | unchanged |
| Jinal Rajeshbhai Gondaliya | 10.91% | unchanged |
| Rajesh Dhirubhai Gondaliya | 9.52% | unchanged |
| Prabhaben Rajeshbhai Gondaliya | 9.37% | unchanged |
| Kaka Engineering Private Limited | 3.69% | unchanged |
| Pinaxis Hi Tech Engineering Private Limited | 3.65% | unchanged |
| Basava Sankararao Kolli | 2.34% | +0.14 pp |
| Gondaliya Bhavesh Shambhubhai | 0.01% | 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
- Growth the price implies
- -1.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Kaka Industries
Guides on how to read this kind of business and the numbers that matter.