KARNIKA
Karnika Industri financials
- Market cap
- ₹739 Cr
- Sector
- Textiles
- Calls analysed
- 2
Karnika Industri Q4 FY26
What went well
- FY26 Revenue from operations grew 44% year-on-year to INR248 crores from INR173 crores in FY25.
- FY26 Profit After Tax (PAT) grew 57% year-on-year to INR28 crores, with PAT margin improving to 11.4%.
- Q4 FY26 PAT grew 48.6% to INR9 crores, with PAT margins improving to 13% compared to 10.4% in Q4 FY25.
What to watch
- Kidcity consolidation in Q4 FY26 led to transitional changes impacting profitability.
- High cotton prices in Q4 FY26 caused stress on raw material procurement, impacting margins.
What Karnika Industri does
Karnika Industries manufactures kidswear -- shorts, joggers, capris, tees, rompers, sleep suits, pyjamas, winter wear and infant clothing -- under the KARNIKA brand and its sub-brands (KARNIKA Care, Cool, Cube, Life, Key, Club), and has also started a unit making jeans for adults. Production is order-driven job work carried out at facilities in Howrah (West Bengal) and Manesar (Haryana), which handle design, sampling, quality inspection, ironing and packing under ISO 14001:2015 certification. Finished goods are sold through commission agents, retailers and distributors across 28 Indian states, with the company also supplying fabric as an alternative option to customers and beginning exports to the Middle East and Southeast Asia.
Segments
- Kidswear manufacturing
- Adult jeans
- Fabric trading
- Manufacturing units
- 2 (Howrah, West Bengal & Manesar, Haryana)
- Manufacturing facility area
- 200,000+ sq. ft.
- Monthly production capacity
- 850,000+ units
- Annual production volume
- 45+ lakh pieces manufactured (FY25)
- Product designs
- 500+
- Distribution footprint
- 28 Indian states
Guidance record · Q4 FY26
what the last two calls moved 15 tracked 3 delivered 1 missed 11 open- Combined Revenue (Karnika + Kidcity) delivered said Q2 FY26 Promised: Rs. 24,500 lakhs Q4 FY26: Achieved. FY26 revenue from operations reported at Rs. 24,800 lakhs (INR 248 crores), exceeding the target.
- Kidcity Standalone Revenue missed said Q2 FY26 Promised: Rs. 3,000 lakhs Q4 FY26: Missed. Management reported Kidcity's FY26 revenue contribution was INR 24-25 crores (Rs. 2,400-2,500 lakhs), below the target.
- Combined Revenue (Karnika + Kidcity) revised up said Q2 FY26 Promised: Rs. 42,500 lakhs Q4 FY26: Guidance for Kidcity revenue revised up to INR 200-250cr by FY28/29, and Karnika standalone guided to grow 25-30%. This implies a new combined target well above the original Rs. 42,500 lakhs.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 121.6%, net profit up 196.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71 | 15 | 60 | 33 | 70 −2% | 74 +390% | 72 +19% | 74 +122% |
| EBITDA | 10 | 3 | 8 | 5 | 14 +43% | 10 +236% | 8 −3% | 13 +155% |
| Net profit | 7 | 1 | 6 | 3 | 9 +29% | 7 +369% | 9 +49% | 9 +197% |
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 −32.2% 1Y
1Y: ₹175.85 on 10 Sept 2025 → ₹119.25. High ₹189 (18 Sept 2025), low ₹96.9 (6 Jul 2026).
How the price took the results
close before → close after
- Q4 FY26
- +3.4%
- 18 May
- Q2 FY26
- −2.4%
- 17 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.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹248 Cr |
| Operating profit | ₹37 Cr |
| Operating margin | 15.0% |
| Interest | ₹5 Cr |
| Depreciation | ₹2 Cr |
| Net profit | ₹28 Cr |
| Net margin | 11.4% |
| Cash from operations | ₹16 Cr |
| Free cash flow | ₹16 Cr |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹12 Cr | ₹62 Cr | ₹62 Cr |
| Reserves | ₹4 Cr | ₹19 Cr | ₹9 Cr | ₹41 Cr | ₹23 Cr | ₹34 Cr |
| Borrowings | ₹16 Cr | ₹22 Cr | ₹52 Cr | ₹52 Cr | ₹66 Cr | ₹76 Cr |
| Other liabilities | ₹11 Cr | ₹18 Cr | ₹28 Cr | ₹15 Cr | ₹33 Cr | ₹43 Cr |
| Total liabilities | ₹31 Cr | ₹59 Cr | ₹98 Cr | ₹120 Cr | ₹184 Cr | ₹215 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹5 Cr | ₹7 Cr | ₹6 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹16 Cr | ₹20 Cr |
| Other assets | ₹30 Cr | ₹58 Cr | ₹96 Cr | ₹115 Cr | ₹160 Cr | ₹188 Cr |
| Total assets | ₹31 Cr | ₹59 Cr | ₹98 Cr | ₹120 Cr | ₹184 Cr | ₹215 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 Mar 2025. The shareholder count grew 88% to 968.
- Promoters
- 73.4%
- Public
- 26.6%
Since Mar 2025
- FIIs −0.01 pp
- Public +0.01 pp
- Promoters 0.00 pp
How it drifted, 7 quarters
Ownership split by quarter, oldest first. Mar '24: Promoters 73.4%, Public 26.6%.Sep '24: Promoters 73.4%, Public 26.6%.Mar '25: Promoters 73.4%, FIIs 0.0%, Public 26.6%.Sep '25: Promoters 73.4%, Public 26.6%.Dec '25: Promoters 73.4%, Public 26.6%.Mar '26: Promoters 73.4%, Public 26.6%.Jun '26: Promoters 73.4%, Public 26.6%.
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.
- Ideal Stock Advisory Private Limited newly disclosed 1.15% held
- Manish Rathi newly disclosed 0.00% held
- Shree Garments newly disclosed 0.00% held
- Mahesh Kumar Mundhra HUF newly disclosed 0.00% held
- Kanta Devi Ladha newly disclosed 0.00% held
- Neeraj Ladha newly disclosed 0.00% held
- Preeti Mohta newly disclosed 0.00% held
- Shri Karni Apparels Private Limited newly disclosed 0.00% 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 Karnika Industri above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahesh Kumar Mundhra | 24.46% | unchanged |
| Shiv Shankar Mundhra | 24.46% | unchanged |
| Niranjan Mundhra | 24.46% | unchanged |
| Ideal Stock Advisory Private Limited | 1.15% | newly disclosed |
| Manish Rathi | 0.00% | newly disclosed |
| Kirti Mundhra | 0.00% | unchanged |
| Priyanka Mundhra | 0.00% | unchanged |
| Poonam Mundhra | 0.00% | unchanged |
| Saroj Mundhra | 0.00% | unchanged |
| Jagdish Prasad Mundhra | 0.00% | unchanged |
| Shree Garments | 0.00% | newly disclosed |
| Mahesh Kumar Mundhra HUF | 0.00% | newly disclosed |
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.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Karnika Industri
Guides on how to read this kind of business and the numbers that matter.