KDDL

KDDL share price & financials

Price
₹2,959.7
Market cap
₹4.8k Cr
Sector
Consumer Durables
Calls analysed
6
Latest concall · Q4 FY26 · call held 20 May 2026

KDDL Ltd Q4 FY26

Standalone Revenue ₹145.3 cr +42%Standalone EBITDA ₹36.4 cr +88%Standalone EBITDA Margin 25.1% Standalone PAT ₹19.8 cr

What went well

  • Standalone Q4 FY26 revenue grew 42% YoY to ₹145.3 crores, and full year FY26 revenue grew 31.9% to ₹506 crores.
  • Standalone Q4 FY26 EBITDA grew 87.6% YoY to ₹36.4 crores, with EBITDA margin at an all-time high of 25.1%.
  • Precision Engineering (Eigen) had an extremely successful year, with revenue growing over 35% YoY to around ₹200 crores.

What to watch

  • Global economic environment remained uncertain and volatile in FY26, with weak consumer demand in key luxury markets like China and parts of Europe.
  • Margins for the Bracelets business may be moderated in the near term due to lower price points from newer customers.
Read the full call →

What KDDL Ltd does

KDDL Limited (formerly Kamla Dials and Devices Limited), established in 1981, manufactures precision watch components -- dials, hands, indexes, appliques and bracelets -- for Swiss, Indian and Japanese watch brands. Its Eigen division makes precision-stamped metal components, tools and progressive dies for the automotive, aerospace, electronics, industrial and renewable-energy sectors, while its Ornapac division makes ornamental packaging for watch and jewellery brands. Manufacturing is spread across Himachal Pradesh, Punjab, Haryana and Karnataka in India, and in Switzerland through subsidiaries Estima AG and Pylania SA. Through its listed subsidiary Ethos Limited it also operates India's largest organised luxury watch retail chain, and through Silvercity Brands AG it owns and is relaunching the Swiss watch brand Favre Leuba.

Segments

  • Dials & Hands
  • Bracelets
  • Cases & Related Parts
  • Eigen (Precision Engineering)
  • Ornapac (Packaging)
  • Swiss Manufacturing
Manufacturing plants (India)
8
Manufacturing locations
Himachal Pradesh, Punjab, Haryana & Karnataka (India); Switzerland
Ethos retail stores
73
Premium & luxury watch brands retailed (Ethos)
70
Exclusive global brand partnerships (Ethos)
42
Watch models available through Ethos
7,000+
Founded 1981Headquarters Chandigarh, India Company website

Guidance record · Q4 FY26

what the last two calls moved 18 tracked 3 delivered 6 missed 9 open
  • Consolidated Turnover & EBITDA delivered said Q2 FY22 Promised: 1000 Crores turnover and 10% EBITDA in 4-5 years (adjusted for COVID) Q4 FY26: Full year FY26 consolidated revenue was INR 2,207.8 crores with a 16.4% EBITDA margin, further cementing the achievement of this target.
  • Bracelet Capacity Utilization went quiet said Q2 FY25 Promised: close to 100% in the next fiscal (FY26) Q4 FY26: No final update on FY26 utilization was provided. The narrative has shifted to capacity expansion for FY27.
  • Favre Leuba Brand Ambition revised up said Q2 FY25 Promised: top 20 Swiss brands in the next 5 to 10 years Q4 FY26: Management reports brand performed better than expected and now guides to 'more than double the sales in FY27', continuing the positive momentum and upward revisions.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 40.0%, net profit up 66.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue92 97 99 110 123 +34%116 +20%147 +48%154 +40%
EBITDA21 22 16 21 25 +19%23 +5%39 +144%35 +67%
Net profit15 16 8 12 14 −7%30 +88%20 +150%20 +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 +63.4% 1Y

₹2.0k₹2.5k₹3.0k₹3.5k₹4.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q4 FY26 — 20 May 2026

1Y: ₹2,375 on 10 Sept 2025 → ₹3,881.9. High ₹4,093.5 (18 Aug 2026), low ₹2,026 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+20.0%
20 May
Q2 FY26
−0.5%
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

Revenue fell 18.2% a year over 3 years, FY23 to FY26. Operating margin widened to 21.8%.

Year endingFY23FY24FY25FY26
Revenue₹905 Cr₹351 Cr₹369 Cr₹496 Cr
Operating profit₹139 Cr₹74 Cr₹74 Cr₹108 Cr
Operating margin15.4%21.1%20.1%21.8%
Interest₹21 Cr₹8 Cr₹10 Cr₹15 Cr
Depreciation₹39 Cr₹13 Cr₹19 Cr₹24 Cr
Net profit₹69 Cr₹220 Cr₹49 Cr₹76 Cr
Net margin7.6%62.7%13.3%15.3%
Cash from operations₹40 Cr₹80 Cr₹15 Cr₹46 Cr
Free cash flow₹37 Cr₹44 Cr₹-9 Cr₹20 Cr
ROCE16.0%35.0%15.0%22.0%
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₹12 Cr₹13 Cr₹13 Cr₹13 Cr₹12 Cr₹12 Cr
Reserves₹161 Cr₹204 Cr₹241 Cr₹384 Cr₹1.0k Cr₹372 Cr
Borrowings₹84 Cr₹73 Cr₹83 Cr₹72 Cr₹467 Cr₹141 Cr
Other liabilities₹43 Cr₹62 Cr₹77 Cr₹97 Cr₹1.1k Cr₹101 Cr
Total liabilities₹300 Cr₹352 Cr₹413 Cr₹566 Cr₹2.7k Cr₹625 Cr
Fixed assets₹102 Cr₹103 Cr₹111 Cr₹112 Cr₹687 Cr₹182 Cr
Capital work in progress₹1 Cr₹2 Cr₹9 Cr₹34 Cr₹26 Cr₹4 Cr
Investments₹107 Cr₹138 Cr₹146 Cr₹138 Cr₹6 Cr₹187 Cr
Other assets₹89 Cr₹109 Cr₹147 Cr₹282 Cr₹1.9k Cr₹252 Cr
Total assets₹300 Cr₹352 Cr₹413 Cr₹566 Cr₹2.7k Cr₹625 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, the public added +0.57 pp while FIIs trimmed −0.42 pp. The shareholder count shrank 26% to 34,728.

Promoters
50.1%
FIIs
8.0%
DIIs
2.2%
Government
0.1%
Public
39.6%

Since Jun 2025

  • Public +0.57 pp
  • FIIs −0.42 pp
  • Promoters −0.29 pp

How it drifted, 12 quarters

Over this window FIIs fell from 12.3% to 8.0% — −4.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 50.2%, FIIs 12.3%, DIIs 2.0%, Government 0.1%, Public 35.3%.Dec '23: Promoters 50.2%, FIIs 11.8%, DIIs 1.7%, Government 0.1%, Public 36.1%.Mar '24: Promoters 50.2%, FIIs 11.5%, DIIs 1.6%, Government 0.1%, Public 36.6%.Jun '24: Promoters 50.2%, FIIs 11.7%, DIIs 1.6%, Government 0.1%, Public 36.3%.Sep '24: Promoters 50.4%, FIIs 9.7%, DIIs 1.5%, Government 0.1%, Public 38.3%.Dec '24: Promoters 50.4%, FIIs 9.3%, DIIs 1.7%, Government 0.1%, Public 38.4%.Mar '25: Promoters 50.4%, FIIs 8.8%, DIIs 2.1%, Government 0.1%, Public 38.6%.Jun '25: Promoters 50.4%, FIIs 8.4%, DIIs 2.0%, Government 0.1%, Public 39.0%.Sep '25: Promoters 50.4%, FIIs 8.3%, DIIs 1.7%, Government 0.1%, Public 39.4%.Dec '25: Promoters 50.4%, FIIs 8.4%, DIIs 1.8%, Government 0.1%, Public 39.2%.Mar '26: Promoters 50.4%, FIIs 8.2%, DIIs 1.9%, Government 0.1%, Public 39.4%.Jun '26: Promoters 50.1%, FIIs 8.0%, DIIs 2.2%, Government 0.1%, Public 39.6%.

Who was buying across the market this quarter →

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.

The same filing shows 3 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 KDDL Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Yashovardhan Saboo 14.65%unchanged
Rajendra Kumar Saboo (Rks Js Family Trust) 11.32%unchanged
Anuradha Saboo 7.00%unchanged
Pranav Shankar Saboo 6.22%−0.28 pp
Rajendra Kumar Saboo (Asp Saboo Family Trust) 4.11%unchanged
Asha Mukul Agrawal 3.44%unchanged
Jupiter India Fund Global fund house2.87%−0.31 pp
Swades Capital Llc 2.64%unchanged
Bharat C Jain 1.98%unchanged
Neptune Alpha Fund FPI fund1.56%unchanged
Siddharth Iyer 1.42%+0.06 pp
Usha Devi Saboo (Uds Js Family Trust) 1.36%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 trap

To justify its price of ₹3882, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹772 — downside of 80%.

Growth the price implies
38.1% a year
for 7 years, fading to 4%
It has actually compounded at
-5.6% a year
net profit, FY23–FY26 · EPS 6.3%
The gap
0.3 pp
-80% downside if it only repeats history
Price today ₹3,881.9 Value at the reference growth ₹772.33

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse KDDL Ltd

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