KAMA Holdings Limited is a public limited company domiciled in India, operating as an unregistered **Core Investment Company (CIC)**. The company serves as the primary investment vehicle for the Kartik Bharat Ram group, managing a diverse portfolio that spans chemicals, technical textiles, packaging films, education, and real estate. Its business model is centered on consolidating and managing its controlling stake in its flagship subsidiary, **SRF Limited**, while scaling its education consultancy and real estate verticals. --- ### **Strategic Asset Portfolio & Subsidiary Ecosystem** KAMA Holdings operates through a multi-tiered subsidiary structure, providing exposure to high-growth industrial and service sectors. | Subsidiary / Entity | Ownership / Nature | Core Focus | |:---|:---|:---| | **SRF Limited** | **50.21%** (Material Subsidiary) | A global leader in **Specialty Chemicals**, Fluorochemicals, Packaging Films, and Technical Textiles. | | **Shri Educare Limited (SEL)** | Wholly Owned Subsidiary | K-12 school consultancy, management, and licensing in India and the Maldives. | | **SRF Transnational Holdings Ltd** | Registered **NBFC** | Investment in shares, securities, and financial instruments. | | **KAMA Realty (Delhi) Ltd** | Wholly Owned Subsidiary | Acquisition, development, and rental of immovable properties. | | **KAMA Real Estate Holdings LLP** | Joint Venture (90% KAMA Realty) | Strategic property investment and real estate management. | --- ### **Flagship Industrial Operations: SRF Limited** The Group’s industrial strength is concentrated in **SRF Limited**, which maintains manufacturing plants in **four countries** (India, Thailand, South Africa, and Hungary) and commercial interests in over **100 countries**. * **Chemicals Business:** Focuses on refrigerant gases, industrial chemicals, and high-margin **specialty chemicals**. This segment is supported by dedicated R&D facilities. * **Technical Textiles:** Produces nylon tyre cord fabric, **belting fabric**, polyester tyre cord fabric, and industrial yarns. * **Performance Films & Foil:** Includes polyester films, polypropylene films, and a growing presence in **aluminium foil**. * **Others:** Includes coated and laminated fabrics. --- ### **Strategic Capital Realignment (2024–2027)** The Board has initiated a significant shift in capital allocation strategy to unlock liquidity and optimize the group’s holding structure. * **SRF Stake Reduction:** In **February 2026**, the Board approved a proposal to reduce its shareholding in **SRF Limited** from **50.21%** to **50% or below**. * **Divestment Target:** The company plans to dispose of up to **3%** of SRF’s paid-up share capital by the end of **FY 2026-27**. * **Utilization of Proceeds:** Funds will be deployed for broader **capital allocation**, general corporate purposes, and sustaining **dividend payments** to KAMA shareholders. * **Control Maintenance:** Despite the stake reduction, the Promoters will continue to exercise control over both entities; no promoter group members will acquire the divested shares. --- ### **Growth Vertical: Education Services (Shri Educare Ltd.)** KAMA is aggressively expanding its non-industrial footprint through **Shri Educare Limited (SEL)**, capitalizing on the demand for premium K-12 education. **Financial & Operational Scaling of SEL:** | Metric | FY 2022-23 | FY 2023-24 | FY 2024-25 | | :--- | :--- | :--- | :--- | | **Revenue** | ₹21.21 crore | ₹26.94 crore | **₹33.14 crore** | | **Profit After Tax** | ₹3.66 crore | ₹6.74 crore | **₹8.20 crore** | | **New K-12 Schools Added** | 2 | 3 | **4 (Target FY26)** | * **Expansion Strategy:** SEL operates on an asset-light consultancy model, earning project management and licensing fees. Recent expansions include schools in **Gandhidham, Badlapur, and Ghaziabad**. * **International Presence:** Operates a school in the **Maldives** via a public-private partnership. * **Future Targets:** For **FY 2025-26**, SEL aims to add at least **4 K-12 schools** and **2 Pre-schools**. --- ### **Financial Performance & Capital Structure** KAMA Holdings operates as a **cash-surplus** entity at the standalone level with **zero independent borrowings**. **Standalone Financial Highlights:** * **FY24 Revenue:** **₹319.02 crore** (primarily from dividends and investment sales). * **FY24 Net Profit:** **₹309.42 crore**. * **Investment Liquidation:** In **FY24**, the company sold **8,00,000 shares** of SRF Ltd for **₹204.16 crore**, booking a profit of **₹202.31 crore**. **Shareholder Returns & Equity Actions:** * **Bonus Issue (Oct 2023):** Executed a **4:1 bonus issue**, allotting **2,56,72,460 shares**. * **Capital Expansion:** Increased authorized capital from **₹23 crore** to **₹48 crore** (comprising **3.50 crore Equity Shares** and **1.30 crore Preference Shares**). * **Dividends:** * **FY25:** Declared two interim dividends totaling **₹33.75 per share** (**₹108.31 crore**). * **FY24:** Total dividends of **₹113.6 crore**. * **Buyback:** Completed a **₹50.03 crore** buyback in **Feb 2023** at **₹14,500 per share**. --- ### **Consolidated Debt & Liquidity Profile** While the parent is debt-free, the group manages a sophisticated debt profile to fund subsidiary operations. **Consolidated Liability Maturity (as of March 31, 2025):** | Liability Type | < 1 Year (₹ Lakhs) | 1–5 Years (₹ Lakhs) | > 5 Years (₹ Lakhs) | | :--- | :--- | :--- | :--- | | **Borrowings** | **2,77,608.14** | **2,05,042.85** | **10,346.61** | | **Lease Liabilities** | **3,416.91** | **5,479.97** | **3,716.81** | * **Credit Ratings:** Commercial paper programs are rated **CRISIL A1+** and **IND A1+**. * **Interest Rate Mix:** The group holds **₹438.88 crore** in fixed-rate loans and **₹2,899.03 crore** in floating-rate loans. * **Benchmark Transition:** Successfully transitioned from **LIBOR** to **SOFR**. Remaining **BIBOR** loans in Thailand must migrate to **THOR** by **December 2027**. --- ### **Risk Management & Contingent Liabilities** As a CIC, KAMA’s primary risk is **Concentration Risk**, with **75%** of total assets tied to group company shares. **Operational & Legal Risks:** * **Environmental Disruption:** The Chennai Technical Textile plant faced flooding in **Dec 2023**; losses were mitigated via **'Reinstatement Value'** insurance. * **Tax & Regulatory Disputes:** * **GST Refund Dispute:** **₹235.07 crore** (IGST on exports) currently under appeal. * **Income Tax (AY 22-23):** **₹197.13 crore** proposed demand pending resolution. * **Carbon Credits (CERs):** Significant tax write-backs (**₹99.12 crore** in 2026) following favorable ITAT orders regarding CER certificates. * **Exceptional Items:** Recognized a one-time provision of **₹74.98 crore** in **Q3 FY26** due to the implementation of **New Labour Codes**. * **Export Obligations:** Outstanding obligations under **EPCG** schemes total **₹1,409.16 crore** as of March 2025. **Governance & Talent:** The group utilizes a **Long Term Retention Pay Plan** and an **Employee Share Purchase Scheme** (via the SRF Employees Welfare Trust) with **three-year vesting blocks** to align management interests with long-term value creation.