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Kothari Industrial Corporation Ltd

KOTIC

BSE

₹142.05-3.89%19 Oct 2026

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Kothari Industrial Corporation Ltd

KOTIC

BSE

₹142.05

-3.89%

19 Oct 2026

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Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Kothari Industrial Corporation Ltd is a 128-year-old Indian conglomerate that has reinvented itself in the last three years - shifting from a small, single-product fertilizer maker into an asset-light house of brands and partnerships across a dozen sectors. The pivot began in earnest in FY22-FY23 under Executive Chairman Dr. J. Rafiq Ahmed, when the company sold its legacy fertilizer factory and used a Rs. 189 Crore equity raise to acquire businesses, sign licensing deals, and build a footwear manufacturing ecosystem from scratch. The recurring pattern is the same: KICL enters a new industry not by building heavy assets itself, but by buying an existing operator, securing a long-term licence from a global brand, or forming a joint venture where a foreign partner brings the technology and KICL brings the Indian market and distribution muscle.

Business segments

Six engines at different stages - a contract-manufacturing bet that anchors the group, a legacy fertilizer trader, two branded-consumer plays in footwear and food, and a cluster of early-stage services - each built through partnerships rather than plants.

1. Footwear manufacturing and brands: the group's big bet

A joint venture with the world's third-largest contract footwear maker aims to produce 60 million pairs a year for global brands, while KICL simultaneously builds its own branded-footwear distribution network across India.

Made for Crocs and Adidas - Phoenix Kothari Footwear Limited (PKFL), the joint venture with Taiwan's Evervan Shoe Town Group, is a contract manufacturer targeting 60 million pairs annually from Perambalur, Tamil Nadu, with the first Crocs line already delivered and the Adidas line scheduled to go live by April 2026.
An entire supply chain, imported - KICL has signed MOUs with 11 international materials, mould, and machinery makers to co-locate at Perambalur, producing everything from microfiber leather (30 million meters) to adhesives (12,000 tonnes) and flyknit uppers (1 million pairs), so that the cluster can source inputs locally instead of importing them.
Own brands for Tier-2 India - KICL acquired the 'ZODIZ' and 'JEETLO' trademarks and now runs a distribution network of 4 warehouses, 150 distributors across 7 states, and 2,000 retailers aimed at Tier-2 and Tier-3 cities, with sourcing managed through a partner that takes a small fee on every pair.
A 30-year licence from France - the company holds exclusive rights from Group Royer to manufacture, distribute, and retail the Kickers brand across 9 countries including India, the Gulf states, and SAARC neighbours, and has already opened stores in Chennai, Indore, Noida, Delhi, and Doha.

2. Fertilizers and agrochemicals: the legacy cash engine

A 60-year-old blending-and-trading operation that reaches 30,000 dealers and farmers across four southern states, now expanding its product shelf from commodity fertilizers into branded crop-protection chemicals.

Blended for the crop, not the commodity - the division runs blending facilities at Trichy, Vellore, and Madurai that produce customized fertilizer mixtures for different crops, with a particular focus on paddy during the Rabi season, and plans to produce 10,000 metric tonnes of mixtures for the coming season.
A new shelf of agrochemicals - in mid-2025 the company launched 34 new products - 17 insecticides, 6 fungicides, 7 herbicides, and a range of biofertilizers and organic inputs - under brands like Keybenz, Kithoxam, and Kombat, moving beyond bulk fertilizers into higher-margin crop protection.
The factory is gone, the network remains - the original Ennore SSP plant was sold in FY24 after years of raw-material shortages, but the division's 30,000-strong dealer-and-farmer network across Tamil Nadu, Andhra Pradesh, Karnataka, and Kerala continues to move product, making this a trading-and-distribution business rather than a manufacturing one.

3. Food and restaurants: a South Indian brand with an industrial kitchen

A collection of dine-in brands anchored by Pattukottai Mess, plus an industrial catering operation that serves 2 million meals.

From mess to fine dining - Pattukottai Mess operates branches across Tamil Nadu serving authentic South Indian food, while Unavilla Traditional is an ultra-premium concept with locations in Nungambakkam, Mogappair West, Eraiyur, and Mayanur.
Feeding institutions at scale - the industrial catering facility serves 2 million people, giving the division a volume-driven revenue stream alongside its restaurant brands.

4. Logistics and facility management: the bought-in backbone

Acquired in a slump sale, Parveen Roadways brings a fleet of over 100 vehicles, roughly 450 employees, and a client list that includes Integral Coach Factory, Southern Railways, and port trusts.

Bought, not built - KICL acquired the 30-year-old sole proprietorship Parveen Roadways for Rs. 24.04 Crore in April 2025, gaining immediate access to railway-linked material-handling, scrap-clearance, and housekeeping contracts.
More than trucks - the division's services span freight forwarding, warehousing, customs clearance, and facility management including cleaning, security, landscaping, and manpower outsourcing, making it an integrated provider rather than a pure transporter.

5. Drones and digital services: the pilot-scale experiment

A small division that trains drone pilots, sprays crops, and runs a Tamil-language digital news platform - testing demand in three unrelated services.

India's first drone police station - the division set up the first Drone Police Unit in Chennai with the Tamil Nadu Police and operates a Remote Pilot Training Organization in Madurai that certifies drone pilots.
Spraying for IFFCO, surveying with LiDAR - agricultural drones are deployed for fertilizer-sprinkling in partnership with IFFCO, while newly procured LiDAR drones handle land-survey work.
A Tamil digital newsroom - in mid-2025 KICL launched 'Kothari Digital', a Tamil-language website covering news, business, entertainment, and agriculture, adding a digital-media revenue stream to the division.

6. Early-stage bets: agri-trading, FMCG, media, and waste management

A cluster of recently launched or announced ventures - each small today, but each following the same partnership-led, asset-light playbook.

Agri-commodities without inventory - KICL takes purchase orders from clients, retains a margin, and passes a back-to-back order to partner PayAgri, which sources and delivers the goods, so KICL earns a spread without holding stock.
Four FMCG brands from one facility - a new processing centre near Chennai launched VENDIKO (smart vending), CHUSIP (functional fruit beverages), NABAKO (premium baked goods), and THE CRAFTED CIRCLE (ethnic snacks), all aimed at the domestic market.
A 50-year-old magazine, revived - KICL acquired the licence to 'Industrial Economist', a Chennai-based economic journal founded in 1968, and has relaunched it in both print and digital formats.
Waste-to-energy with a UAE partner - a consortium with BEEAH TANDEEF, the sustainability arm of a UAE group that serves clients like Burj Khalifa and Dubai Airports, will jointly bid for waste-management and waste-to-energy tenders in Tamil Nadu.

Group structure and partners

KICL is the listed flagship, holding minority stakes in its manufacturing joint ventures and 100% of its acquired services businesses, with a web of licensing and franchise agreements that give it brand rights without full ownership.

30% of the footwear JV, bought from the promoter - KICL acquired its 30% stake in Phoenix Kothari Footwear Limited from Dr. Rafiq Ahmed for Rs. 99.06 Crore, and subsequently invested a further Rs. 27 Crore to maintain that stake; the JV partner is Taiwan's Evervan Group.
51% of a design school with an Italian university - KICL incorporated KOTHARI IUAD Private Limited with Accademia IUAD of Italy, holding a 51% stake and the right to nominate the permanent chairman, to set up a footwear-design institution in India.
A consortium, not a subsidiary, for waste - the BEEAH TANDEEF arrangement is a consortium structure, not an equity joint venture, formed to bid on government tenders together.
A clean-up of legacy baggage - the company sold its defunct marine subsidiary and exited a dormant logistics investment, while a capital reduction in 2023 extinguished 66.27 lakh promoter-held shares to tidy the balance sheet.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹1,534Cr

Close Price

₹142.05

Industry

Trading

Price To Earnings

—

Price To Sales

7.79

Revenue

₹197Cr

Rev Gr TTM

Revenue Growth TTM

75.16%

PAT Gr TTM

PAT Growth TTM

-368.05%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	2	4	13	22	25	26	39	49	51	45	52
Growth YoY Revenue Growth YoY%	237.6	29.2	-15.9	586.2	261.2	1,056.2	654.9	191.4	127.3	101.7	68.5	33.8
Expenses ExpensesCr	7	7	16	13	21	26	41	40	54	44	51	62
Operating Profit Operating ProfitCr	-1	-4	-13	0	0	-1	-14	0	-5	6	-6	-10
OPM OPM%	-21.1	-204.2	-361.1	2.9	2.1	-3.3	-53.3	-1.2	-9.3	12.5	-13.9	-18.5
Other Income Other IncomeCr	66	1	0	0	0	0	0	0	0	-22	-17	-13
Interest Expense Interest ExpenseCr	0	0	3	0	0	2	0	0	0	0	3	5
Depreciation DepreciationCr	0	0	0	0	1	1	-1	2	2	2	6	2
PBT PBTCr	64	-4	-16	0	0	-4	-13	-2	-7	-19	-32	-29
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	64	-4	-16	0	0	-4	-13	-2	-7	-19	-32	-29
Growth YoY PAT Growth YoY%	1,824.9	7.1	-94.2	106.1	-99.9	13.5	16.1	-811.1	-7,388.9	-426.7	-145.6	-1,405.2
NPM NPM%	1,070.5	-187.6	-443.4	2.0	0.4	-14.0	-49.3	-4.9	-13.3	-36.6	-71.8	-55.1
EPS EPS₹	-0.7	-3.3	37.2	0.2	0.0	-0.8	-1.4	-0.2	-0.6	-2.0	-3.0	-2.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	2	4	13	22	25	26	39	49	51	45	52
Growth YoY Revenue Growth YoY%	237.6	29.2	-15.9	586.2	261.2	1,056.2	654.9	191.4	127.3	101.7	68.5	33.8
Expenses ExpensesCr	7	7	16	13	21	26	41	40	54	44	51	62
Operating Profit Operating ProfitCr	-1	-4	-13	0	0	-1	-14	0	-5	6	-6	-10
OPM OPM%	-21.1	-204.2	-361.1	2.9	2.1	-3.3	-53.3	-1.2	-9.3	12.5	-13.9	-18.5
Other Income Other IncomeCr	66	1	0	0	0	0	0	0	0	-22	-17	-13
Interest Expense Interest ExpenseCr	0	0	3	0	0	2	0	0	0	0	3	5
Depreciation DepreciationCr	0	0	0	0	1	1	-1	2	2	2	6	2
PBT PBTCr	64	-4	-16	0	0	-4	-13	-2	-7	-19	-32	-29
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	64	-4	-16	0	0	-4	-13	-2	-7	-19	-32	-29
Growth YoY PAT Growth YoY%	1,824.9	7.1	-94.2	106.1	-99.9	13.5	16.1	-811.1	-7,388.9	-426.7	-145.6	-1,405.2
NPM NPM%	1,070.5	-187.6	-443.4	2.0	0.4	-14.0	-49.3	-4.9	-13.3	-36.6	-71.8	-55.1
EPS EPS₹	-0.7	-3.3	37.2	0.2	0.0	-0.8	-1.4	-0.2	-0.6	-2.0	-3.0	-2.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	18	18	12	9	10	14	87	178	197
Growth Revenue Growth%		-3.9	-32.6	-20.4	1.3	42.4	535.4	105.8	75.2
Expenses ExpensesCr	21	20	13	13	16	34	102	198	211
Operating Profit Operating ProfitCr	-3	-3	-1	-4	-7	-20	-15	-19	-14
OPM OPM%	-14.5	-14.9	-9.5	-38.4	-70.5	-145.9	-17.7	-10.9	-7.2
Other Income Other IncomeCr	4	-4	1	3	-2	63	1	3	-52
Interest Expense Interest ExpenseCr	0	0	0	10	11	3	2	4	8
Depreciation DepreciationCr	0	0	0	0	0	0	1	12	12
PBT PBTCr	1	-7	-1	-11	-20	40	-17	-31	-86
Tax TaxCr	0	0	0	0	0	9	-1	0	0
PAT PATCr	1	-7	-1	-11	-20	32	-16	-31	-86
Growth PAT Growth%		-1,253.2	90.3	-1,511.5	-79.9	260.3	-151.0	-92.9	-368.1
NPM NPM%	3.3	-40.0	-5.7	-116.2	-206.5	232.4	-18.7	-17.5	-43.7
EPS EPS₹	0.3	-3.7	-0.4	-5.8	-10.4	26.3	-1.7	-6.7	-8.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	18	18	12	9	10	14	87	178	197
Growth Revenue Growth%		-3.9	-32.6	-20.4	1.3	42.4	535.4	105.8	75.2
Expenses ExpensesCr	21	20	13	13	16	34	102	198	211
Operating Profit Operating ProfitCr	-3	-3	-1	-4	-7	-20	-15	-19	-14
OPM OPM%	-14.5	-14.9	-9.5	-38.4	-70.5	-145.9	-17.7	-10.9	-7.2
Other Income Other IncomeCr	4	-4	1	3	-2	63	1	3	-52
Interest Expense Interest ExpenseCr	0	0	0	10	11	3	2	4	8
Depreciation DepreciationCr	0	0	0	0	0	0	1	12	12
PBT PBTCr	1	-7	-1	-11	-20	40	-17	-31	-86
Tax TaxCr	0	0	0	0	0	9	-1	0	0
PAT PATCr	1	-7	-1	-11	-20	32	-16	-31	-86
Growth PAT Growth%		-1,253.2	90.3	-1,511.5	-79.9	260.3	-151.0	-92.9	-368.1
NPM NPM%	3.3	-40.0	-5.7	-116.2	-206.5	232.4	-18.7	-17.5	-43.7
EPS EPS₹	0.3	-3.7	-0.4	-5.8	-10.4	26.3	-1.7	-6.7	-8.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	10	10	10	10	6	46	54
Reserves ReservesCr	4	-4	-4	-37	-57	2	134	177
Current Liabilities Current LiabilitiesCr	56	44	45	11	23	43	19	76
Non Current Liabilities Non Current LiabilitiesCr	13	13	13	63	73	0	1	4
Total Liabilities Total LiabilitiesCr	82	63	64	46	48	52	200	311
Current Assets Current AssetsCr	12	12	12	10	12	12	149	120
Non Current Assets Non Current AssetsCr	70	51	52	37	36	40	51	191
Total Assets Total AssetsCr	82	63	64	46	48	52	200	311

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	10	10	10	10	6	46	54
Reserves ReservesCr	4	-4	-4	-37	-57	2	134	177
Current Liabilities Current LiabilitiesCr	56	44	45	11	23	43	19	76
Non Current Liabilities Non Current LiabilitiesCr	13	13	13	63	73	0	1	4
Total Liabilities Total LiabilitiesCr	82	63	64	46	48	52	200	311
Current Assets Current AssetsCr	12	12	12	10	12	12	149	120
Non Current Assets Non Current AssetsCr	70	51	52	37	36	40	51	191
Total Assets Total AssetsCr	82	63	64	46	48	52	200	311

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	0	1	-22	1	-35	-154	40
Investing Cash Flow Investing Cash FlowCr	0	0	0	4	0	111	-13	-173
Financing Cash Flow Financing Cash FlowCr	-1	0	-1	18	-1	-75	187	122
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	1	20	-11
Free Cash Flow Free Cash FlowCr	0	0	1	-18	1	12	-164	10
CFO To PAT CFO To PAT%	118.3	0.0	-154.9	201.9	-6.0	-110.7	951.3	-127.4
CFO To EBITDA CFO To EBITDA%	-27.3	0.0	-93.6	610.3	-17.6	176.3	1,001.3	-204.0

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	0	1	-22	1	-35	-154	40
Investing Cash Flow Investing Cash FlowCr	0	0	0	4	0	111	-13	-173
Financing Cash Flow Financing Cash FlowCr	-1	0	-1	18	-1	-75	187	122
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	1	20	-11
Free Cash Flow Free Cash FlowCr	0	0	1	-18	1	12	-164	10
CFO To PAT CFO To PAT%	118.3	0.0	-154.9	201.9	-6.0	-110.7	951.3	-127.4
CFO To EBITDA CFO To EBITDA%	-27.3	0.0	-93.6	610.3	-17.6	176.3	1,001.3	-204.0

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							1,797	1,710	1,534
Price To Earnings Price To Earnings
Price To Sales Price To Sales							20.7	9.6	7.8
Price To Book Price To Book							11.3	8.2	7.3
EV To EBITDA EV To EBITDA							-115.9	-89.3	-115.2
Profitability Ratios Profitability Ratios
GPM GPM%	25.7	21.5	16.8	6.2	36.8	22.1	17.1	27.6	27.6
OPM OPM%	-14.5	-14.9	-9.5	-38.4	-70.5	-145.9	-17.7	-10.9	-7.2
NPM NPM%	3.3	-40.0	-5.7	-116.2	-206.5	232.4	-18.7	-17.5	-43.7
ROCE ROCE%	3.7	-37.3	-3.6	-3.4	-33.5	104.7	-8.4	-9.4	-9.4
ROE ROE%	17.3	-119.4	-12.8	39.8	41.6	406.7	-9.0	-13.5	-13.5
ROA ROA%	0.7	-11.2	-1.1	-23.7	-41.2	61.5	-8.1	-10.0	-10.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							1,797	1,710	1,534
Price To Earnings Price To Earnings
Price To Sales Price To Sales							20.7	9.6	7.8
Price To Book Price To Book							11.3	8.2	7.3
EV To EBITDA EV To EBITDA							-115.9	-89.3	-115.2
Profitability Ratios Profitability Ratios
GPM GPM%	25.7	21.5	16.8	6.2	36.8	22.1	17.1	27.6	27.6
OPM OPM%	-14.5	-14.9	-9.5	-38.4	-70.5	-145.9	-17.7	-10.9	-7.2
NPM NPM%	3.3	-40.0	-5.7	-116.2	-206.5	232.4	-18.7	-17.5	-43.7
ROCE ROCE%	3.7	-37.3	-3.6	-3.4	-33.5	104.7	-8.4	-9.4	-9.4
ROE ROE%	17.3	-119.4	-12.8	39.8	41.6	406.7	-9.0	-13.5	-13.5
ROA ROA%	0.7	-11.2	-1.1	-23.7	-41.2	61.5	-8.1	-10.0	-10.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AAYUSHBULL	BNAGROCHEM	KETOMOTORS	KOTIC	QLINE	ONIXSOLAR	NRL
Market CapitalizationMkt CapCr	1,994	1,556	1,553	1,534	1,401	1,321	1,153
Close PriceClose₹	1,302.50	159.12	220.55	142.05	600.55	358.35	166.90
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	252.91	91.45			27.20	41.96	67.30
Price To SalesPS	9.22	1.68	182.54	7.79	4.10	7.99	4.72
RevenueRevenueCr	216	927	9	197	342	165	244
Revenue Growth TTMRev Gr TTM%	193.3%	84.5%		75.2%	9.1%		40.6%
PAT Growth TTMPAT Gr TTM%	338.4%	-61.0%	750.0%	-368.1%	255.4%		29.9%

	AAYUSHBULL	BNAGROCHEM	KETOMOTORS	KOTIC	QLINE	ONIXSOLAR	NRL
Market CapitalizationMkt CapCr	1,994	1,556	1,553	1,534	1,401	1,321	1,153
Close PriceClose₹	1,302.50	159.12	220.55	142.05	600.55	358.35	166.90
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	252.91	91.45			27.20	41.96	67.30
Price To SalesPS	9.22	1.68	182.54	7.79	4.10	7.99	4.72
RevenueRevenueCr	216	927	9	197	342	165	244
Revenue Growth TTMRev Gr TTM%	193.3%	84.5%		75.2%	9.1%		40.6%
PAT Growth TTMPAT Gr TTM%	338.4%	-61.0%	750.0%	-368.1%	255.4%		29.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2026

Jun 26