KEL
Kotia Enterprises financials
- Market cap
- ₹88 Cr
- Sector
- Consumer Durables
- Calls analysed
- 2
KEL Q4 FY26
What went well
- Company is diversifying into high-margin application-based lighting segments like furniture, facade, automobile, and mining lighting.
- Indigenous development of GaN technology for more compact and powerful power supplies, positioning KEL as a leader in this niche.
- Strategic entry into the Battery Energy Storage Systems (BESS) industry, with an estimated potential of ₹30-50 crores per annum.
What to watch
- Current capacity utilization is around 75%, with 20-25% spare capacity, partly due to cyclical demand patterns.
- Raw material cost volatility (e.g., crude, dollar prices) can impact material costs, though management aims to pass these on.
What Kotia Enterprises Limited does
Kundan Edifice Limited (KEL) designs, manufactures and assembles flexible LED strip and linear lighting products at its facility in Vasai, Maharashtra, operating as an original design manufacturer (ODM)/EMS partner that builds products to client specifications for onward sale under the clients' own brands. Its catalogue spans high-voltage (HV) and low-voltage (LV) flex LED strips, neon flex, smart lighting controllers, aluminium profiles and power sources, used in applications such as furniture and kitchen-cabinet lighting, facade and architectural lighting, festive decor, street lamps and outdoor/rope lighting, with end markets including real estate, railways and automobiles. The company has in-house SMT (surface-mount), extrusion, assembly and quality-testing capability, and is extending into application-specific niches (furniture, facade, automobile, mining lighting), indigenous GaN-based power electronics, and an early-stage entry into Battery Energy Storage Systems (BESS) assembly.
Segments
- Low-voltage (LV) flex lighting
- High-voltage (HV) flex lighting
- Emerging application segments
- Manufacturing facility
- 1,40,000 sq ft (New Vasai Plant, Maharashtra; consolidated Nov 2024)
- Capacity utilization
- ~75% (20-25% spare capacity)
- Client base
- 50+ clients served for 10+ years
- Manufacturing units
- 1 integrated facility (previously 2 separate units - Bhiwandi 22,500 sq ft and earlier Vasai 40,000 sq ft - merged into one in Nov 2024)
- Product portfolio
- 13 distinct flex-LED product variants across HV and LV lines, plus neon flex, smart controllers, wall washer, submersible strip and power sources
- Product warranty coverage
- 1-5 years
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Revenue Growth on track said Q3 FY26 Promised: 30-35% growth from... compared to this year. Q4 FY26: Reiterated: 'at least we would do around a 30-35% growth... compared to this year. is what we are looking to do for the next financial year.'
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: net profit up 200.0% 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 | 0 | 0 | 0 | 0 | 0 −100% | 0 | 1 | 0 |
| EBITDA | -0 | -0 | -0 | -0 | -0 −45% | -0 −50% | 1 +860% | -0 +0% |
| Net profit | 0 | 0 | -0 | -0 | -0 −375% | -0 −1200% | -2 −4340% | 0 +200% |
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 −75.2% 1Y
1Y: ₹97.35 on 8 Sept 2025 → ₹24.17. High ₹129.2 (27 Nov 2025), low ₹23.13 (23 Jan 2026).
How the price took the results
close before → close after
- Q3 FY26
- −3.9%
- 26 Mar
- Q4 FY26
- +5.7%
- 25 Mar
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 grew 74.5% a year over 2 years, FY24 to FY26. Operating margin widened to 53.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Operating profit | ₹-0 Cr | ₹-0 Cr | ₹1 Cr |
| Operating margin | -100.0% | -116.3% | 53.4% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-0 Cr | ₹-0 Cr | ₹-2 Cr |
| Net margin | -4.7% | -11.6% | -190.1% |
| ROCE | -0.2% | -0.2% | 4.2% |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹10 Cr |
| Reserves | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹35 Cr |
| Borrowings | ₹1 Cr | ₹2 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr | ₹32 Cr |
| Other liabilities | ₹4 Cr | ₹10 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹22 Cr |
| Total liabilities | ₹14 Cr | ₹21 Cr | ₹18 Cr | ₹12 Cr | ₹12 Cr | ₹100 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹22 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr |
| Investments | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹11 Cr | ₹21 Cr | ₹18 Cr | ₹12 Cr | ₹12 Cr | ₹74 Cr |
| Total assets | ₹14 Cr | ₹21 Cr | ₹18 Cr | ₹12 Cr | ₹12 Cr | ₹100 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 grew 19% to 1,012.
- Public
- 100.0%
Since Jun 2025
- Public −0.01 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Public 100.0%.Dec '23: Public 100.0%.Mar '24: Public 100.0%.Jun '24: Public 100.0%.Sep '24: Public 100.0%.Dec '24: Public 100.0%.Mar '25: Public 100.0%.Jun '25: Public 100.0%.Sep '25: Public 100.0%.Dec '25: Public 100.0%.Mar '26: Public 100.0%.Jun '26: Public 100.0%.
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.
- Manoj Kumar Bansal newly disclosed 1.22% 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 Kotia Enterprises Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Panchsheel Portfolio Consultants Private Limited | 10.12% | unchanged |
| Lydia Buildcon Private Limited | 9.32% | unchanged |
| Pavaki Propbuild Private Limited | 8.74% | unchanged |
| Sarvashree Hotel Management Private Limited | 8.49% | unchanged |
| Himarsh Infra Reality Private Limited | 7.04% | unchanged |
| Fronex Alloy Private Limited | 5.68% | unchanged |
| Ankit Agarwal | 4.79% | unchanged |
| Exprezer Infotech Private Limited | 4.42% | unchanged |
| Cea Consultants Pvt Ltd. | 4.26% | unchanged |
| Eaves Trade Services Private Limited | 3.80% | unchanged |
| Nivesh Consultancy Private Limited | 2.61% | unchanged |
| Gyanendra Gharti Chhetri | 2.47% | 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.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Kotia Enterprises Limited
Guides on how to read this kind of business and the numbers that matter.