Scans

Tools

Home

Charts

Watchlist

Products

Kama Holdings Ltd

KAMAHOLD

NSE

₹2,249.00-0.39%19 Oct 2026

Reports

Finance Holding Company

Kama Holdings Ltd

KAMAHOLD

NSE

₹2,249.00

-0.39%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Finance Holding Company

Indices

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.

Kama Holdings is, at its core, a single bet on a chemicals powerhouse, structured as a holding company. It was created as the investment vehicle for the Kartik Bharat Ram family to consolidate control over a diverse industrial group, and its entire story is one of capital allocation - collecting dividends from its crown jewel and recycling that cash into smaller, long-gestation ventures in education and real estate. The recurring approach is to let SRF Ltd. do the heavy lifting of manufacturing and global competition, while the parent company quietly funds new schools and commercial properties with the surplus.

Business segments

Five engines at different stages - a global chemicals and materials manufacturer that generates nearly all the value, two small consumer-facing platforms in education and real estate, a tiny investment company, and a holding-company treasury function that recycles capital between them.

1. SRF Limited: the chemical-based manufacturer that carries the group

A multi-business industrial company that makes everything from refrigerant gases to tyre cord and packaging films, selling into more than a hundred countries from plants on four continents.

A market leader in most things it makes - SRF is a market leader in most of its business segments in India and commands a significant global presence, especially in the niche domain of chemicals where its R&D capabilities are widely recognised.
Four distinct manufacturing engines under one roof - the company organises itself into Technical Textiles (nylon and polyester tyre cord, belting and coated fabrics), Chemicals (refrigerant gases, specialty chemicals, fluorochemicals, and pharmaceuticals), Performance Films and Foils (polyester and polypropylene films, aluminium foil), and a small Other segment that includes coated fabrics and real estate.
A global factory network - its subsidiary SRF Limited operates manufacturing plants in India, Thailand, South Africa, and Hungary, and its commercial reach has expanded from more than 75 countries five years ago to more than a hundred today.
No single customer calls the shots - revenue is spread across customers in the USA, Europe, the Middle East, and Asia, with no single customer contributing 10% or more of group revenue, which reduces dependence on any one buyer.

2. Shri Educare: a platform of K-12 schools built on a legacy brand

It sets up and manages schools under consultancy arrangements, modelled on the well-known Shri Ram Schools, earning fees from projects and students across India and the Maldives.

Built on a trusted education brand - the schools are modelled on the pattern of The Shri Ram Schools, an initiative of SRF Foundation, the social wing of SRF Limited, giving the chain instant credibility with parents.
Expanding steadily, school by school - the portfolio has grown from adding two K-12 schools and a pre-school in FY20 to adding four K-12 schools, one PYP school, and five pre-schools in FY25 alone, reaching cities like Jaipur, Pune, Nagpur, and Kolkata.
A self-sufficient overseas outpost - its Maldivian subsidiary runs a school under a public-private partnership with the Government of Maldives that has established itself as one of the best in the country and is financially self-sufficient, earning its keep through tuition fees.

3. KAMA Realty: a small portfolio of commercial property

It owns and rents out commercial properties in Gurugram and Mumbai, generating a steady stream of rental and interest income.

A landlord, not a developer - the business is the acquisition and renting of properties, not speculative construction, so its revenue comes mainly from rental and interest income on properties it already holds.
Properties in two prime office markets - the portfolio consists of commercial properties in Gurugram and Mumbai, two of India’s largest office-space markets.
A partnership structure for part of the portfolio - KAMA Real Estate Holdings LLP, a partnership between KAMA Realty and Shri Educare, also acquires and rents properties, earning dividend and interest income and occasional profits on the sale of investments.

Group structure and partners

A family-controlled holding company with a controlling stake in a listed industrial giant and a set of wholly owned smaller ventures, where the promoters have historically held preference shares alongside their equity.

Kama Holdings is the apex holding company, with its primary asset being a 50.21% controlling stake in SRF Ltd., a company listed on both the BSE and the NSE.
The Board has approved a plan to sell up to a further 3% of SRF Ltd. in the open market, which may take the holding below 50% by March 2027, with no promoter or group company participating as a buyer.
Below the holding company sit five wholly owned subsidiaries: KAMA Realty (Delhi) Ltd., Shri Educare Ltd., SRF Transnational Holdings Ltd. (a registered NBFC that invests in shares and securities), Shri Educare Maldives Pvt. Ltd. (owned through Shri Educare), and KAMA Real Estate Holdings LLP (a partnership between the realty and education arms).
SRF Limited itself has its own set of wholly owned international subsidiaries, including entities in the Netherlands, Thailand, South Africa, and Hungary, which house its overseas manufacturing and commercial operations.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹7,217Cr

Close Price

₹2,249.00

Industry

Finance Holding Company

Price To Earnings

6.60

Price To Sales

0.42

Revenue

₹17,144Cr

Rev Gr TTM

Revenue Growth TTM

12.91%

PAT Gr TTM

PAT Growth TTM

50.72%

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	3,206	3,076	3,796	3,501	3,452	3,526	4,350	3,857	3,672	3,743	4,658	5,071
Growth YoY Revenue Growth YoY%	-17.6	-12.2	0.7	4.1	7.7	14.6	14.6	10.2	6.4	6.2	7.1	31.5
Expenses ExpensesCr	2,562	2,499	2,888	2,878	2,899	2,885	3,375	3,002	2,880	2,948	3,609	4,021
Operating Profit Operating ProfitCr	644	577	907	623	553	641	975	855	792	795	1,049	1,050
OPM OPM%	20.1	18.8	23.9	17.8	16.0	18.2	22.4	22.2	21.6	21.2	22.5	20.7
Other Income Other IncomeCr	17	12	19	7	26	22	16	11	12	16	5	16
Interest Expense Interest ExpenseCr	79	67	90	96	94	96	89	80	71	65	62	69
Depreciation DepreciationCr	161	168	185	188	193	194	195	203	212	217	219	14
PBT PBTCr	421	354	651	346	291	373	707	584	521	454	761	983
Tax TaxCr	121	99	28	95	88	101	180	147	131	20	176	222
PAT PATCr	300	255	623	251	204	272	527	436	390	434	584	762
Growth YoY PAT Growth YoY%	-52.0	-51.5	10.1	-30.6	-32.0	6.9	-15.4	73.7	91.4	59.4	10.8	74.5
NPM NPM%	9.3	8.3	16.4	7.2	5.9	7.7	12.1	11.3	10.6	11.6	12.5	15.0
EPS EPS₹	47.0	40.3	127.8	39.1	32.3	42.8	82.6	68.9	61.4	68.1	91.7	119.6

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	3,206	3,076	3,796	3,501	3,452	3,526	4,350	3,857	3,672	3,743	4,658	5,071
Growth YoY Revenue Growth YoY%	-17.6	-12.2	0.7	4.1	7.7	14.6	14.6	10.2	6.4	6.2	7.1	31.5
Expenses ExpensesCr	2,562	2,499	2,888	2,878	2,899	2,885	3,375	3,002	2,880	2,948	3,609	4,021
Operating Profit Operating ProfitCr	644	577	907	623	553	641	975	855	792	795	1,049	1,050
OPM OPM%	20.1	18.8	23.9	17.8	16.0	18.2	22.4	22.2	21.6	21.2	22.5	20.7
Other Income Other IncomeCr	17	12	19	7	26	22	16	11	12	16	5	16
Interest Expense Interest ExpenseCr	79	67	90	96	94	96	89	80	71	65	62	69
Depreciation DepreciationCr	161	168	185	188	193	194	195	203	212	217	219	14
PBT PBTCr	421	354	651	346	291	373	707	584	521	454	761	983
Tax TaxCr	121	99	28	95	88	101	180	147	131	20	176	222
PAT PATCr	300	255	623	251	204	272	527	436	390	434	584	762
Growth YoY PAT Growth YoY%	-52.0	-51.5	10.1	-30.6	-32.0	6.9	-15.4	73.7	91.4	59.4	10.8	74.5
NPM NPM%	9.3	8.3	16.4	7.2	5.9	7.7	12.1	11.3	10.6	11.6	12.5	15.0
EPS EPS₹	47.0	40.3	127.8	39.1	32.3	42.8	82.6	68.9	61.4	68.1	91.7	119.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,630	4,864	5,633	7,153	7,269	8,468	12,502	15,075	13,440	14,828	15,930	17,144
Growth Revenue Growth%	1.5	5.0	15.8	27.0	1.6	16.5	47.6	20.6	-10.8	10.3	7.4	12.9
Expenses ExpensesCr	3,655	3,860	4,714	5,829	5,792	6,302	9,365	11,381	10,602	12,037	12,439	13,458
Operating Profit Operating ProfitCr	975	1,005	919	1,324	1,477	2,166	3,138	3,694	2,838	2,792	3,491	3,686
OPM OPM%	21.1	20.7	16.3	18.5	20.3	25.6	25.1	24.5	21.1	18.8	21.9	21.5
Other Income Other IncomeCr	34	36	123	15	27	32	86	83	49	70	43	48
Interest Expense Interest ExpenseCr	131	103	126	200	200	133	115	204	301	375	277	266
Depreciation DepreciationCr	291	297	333	361	386	451	515	573	671	769	850	662
PBT PBTCr	587	641	584	778	918	1,614	2,593	3,000	1,916	1,718	2,319	2,719
Tax TaxCr	152	140	126	182	5	418	704	675	377	463	475	549
PAT PATCr	435	501	458	597	913	1,197	1,889	2,324	1,539	1,254	1,844	2,170
Growth PAT Growth%	39.4	15.3	-8.7	30.4	53.1	31.0	57.9	23.1	-33.8	-18.5	47.0	50.7
NPM NPM%	9.4	10.3	8.1	8.3	12.6	14.1	15.1	15.4	11.4	8.5	11.6	12.7
EPS EPS₹	134.4	155.0	75.5	105.5	164.3	187.8	296.7	78.1	272.3	196.9	290.0	340.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	4,630	4,864	5,633	7,153	7,269	8,468	12,502	15,075	13,440	14,828	15,930	17,144
Growth Revenue Growth%	1.5	5.0	15.8	27.0	1.6	16.5	47.6	20.6	-10.8	10.3	7.4	12.9
Expenses ExpensesCr	3,655	3,860	4,714	5,829	5,792	6,302	9,365	11,381	10,602	12,037	12,439	13,458
Operating Profit Operating ProfitCr	975	1,005	919	1,324	1,477	2,166	3,138	3,694	2,838	2,792	3,491	3,686
OPM OPM%	21.1	20.7	16.3	18.5	20.3	25.6	25.1	24.5	21.1	18.8	21.9	21.5
Other Income Other IncomeCr	34	36	123	15	27	32	86	83	49	70	43	48
Interest Expense Interest ExpenseCr	131	103	126	200	200	133	115	204	301	375	277	266
Depreciation DepreciationCr	291	297	333	361	386	451	515	573	671	769	850	662
PBT PBTCr	587	641	584	778	918	1,614	2,593	3,000	1,916	1,718	2,319	2,719
Tax TaxCr	152	140	126	182	5	418	704	675	377	463	475	549
PAT PATCr	435	501	458	597	913	1,197	1,889	2,324	1,539	1,254	1,844	2,170
Growth PAT Growth%	39.4	15.3	-8.7	30.4	53.1	31.0	57.9	23.1	-33.8	-18.5	47.0	50.7
NPM NPM%	9.4	10.3	8.1	8.3	12.6	14.1	15.1	15.4	11.4	8.5	11.6	12.7
EPS EPS₹	134.4	155.0	75.5	105.5	164.3	187.8	296.7	78.1	272.3	196.9	290.0	340.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	32	32	32
Reserves ReservesCr	1,593	1,846	1,943	2,364	2,791	3,750	4,829	5,709	6,577	7,214	7,980
Current Liabilities Current LiabilitiesCr	1,439	2,009	2,534	1,707	1,665	2,353	3,459	4,494	4,496	5,072
Non Current Liabilities Non Current LiabilitiesCr	2,388	1,969	2,540	4,079	4,279	3,793	3,838	3,943	4,539	3,958
Total Liabilities Total LiabilitiesCr	6,601	7,151	8,660	10,127	11,097	13,281	16,211	19,266	21,359	22,561	25,231
Current Assets Current AssetsCr	2,022	2,073	2,445	3,430	2,904	3,992	5,432	5,752	6,044	6,181
Non Current Assets Non Current AssetsCr	4,579	5,078	6,215	6,697	8,193	9,289	10,778	13,514	15,315	16,380
Total Assets Total AssetsCr	6,601	7,151	8,660	10,127	11,097	13,281	16,211	19,266	21,359	22,561	25,231

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	32	32	32
Reserves ReservesCr	1,593	1,846	1,943	2,364	2,791	3,750	4,829	5,709	6,577	7,214	7,980
Current Liabilities Current LiabilitiesCr	1,439	2,009	2,534	1,707	1,665	2,353	3,459	4,494	4,496	5,072
Non Current Liabilities Non Current LiabilitiesCr	2,388	1,969	2,540	4,079	4,279	3,793	3,838	3,943	4,539	3,958
Total Liabilities Total LiabilitiesCr	6,601	7,151	8,660	10,127	11,097	13,281	16,211	19,266	21,359	22,561	25,231
Current Assets Current AssetsCr	2,022	2,073	2,445	3,430	2,904	3,992	5,432	5,752	6,044	6,181
Non Current Assets Non Current AssetsCr	4,579	5,078	6,215	6,697	8,193	9,289	10,778	13,514	15,315	16,380
Total Assets Total AssetsCr	6,601	7,151	8,660	10,127	11,097	13,281	16,211	19,266	21,359	22,561	25,231

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,091	635	706	904	1,292	1,807	2,133	2,873	2,126	2,534	2,561
Investing Cash Flow Investing Cash FlowCr	-644	-645	-1,289	-1,043	-1,191	-1,530	-1,617	-2,927	-2,094	-1,705	-1,616
Financing Cash Flow Financing Cash FlowCr	-165	-243	575	266	-177	-182	-205	144	-71	-1,064	-697
Net Cash Flow Net Cash FlowCr	282	-253	-8	102	-74	97	312	87	-42	-234	247
Free Cash Flow Free Cash FlowCr	1,092	457	814	-279	-217	602	314	43	-78	1,308
CFO To PAT CFO To PAT%	251.1	126.8	154.4	151.5	141.4	151.0	112.9	123.6	138.2	202.0	138.8
CFO To EBITDA CFO To EBITDA%	111.9	63.2	76.9	68.3	87.5	83.4	68.0	77.8	74.9	90.8	73.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1,091	635	706	904	1,292	1,807	2,133	2,873	2,126	2,534	2,561
Investing Cash Flow Investing Cash FlowCr	-644	-645	-1,289	-1,043	-1,191	-1,530	-1,617	-2,927	-2,094	-1,705	-1,616
Financing Cash Flow Financing Cash FlowCr	-165	-243	575	266	-177	-182	-205	144	-71	-1,064	-697
Net Cash Flow Net Cash FlowCr	282	-253	-8	102	-74	97	312	87	-42	-234	247
Free Cash Flow Free Cash FlowCr	1,092	457	814	-279	-217	602	314	43	-78	1,308
CFO To PAT CFO To PAT%	251.1	126.8	154.4	151.5	141.4	151.0	112.9	123.6	138.2	202.0	138.8
CFO To EBITDA CFO To EBITDA%	111.9	63.2	76.9	68.3	87.5	83.4	68.0	77.8	74.9	90.8	73.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	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	880	1,970	2,740	3,882	2,550	3,910	7,791	8,058	8,395	8,169	7,736	7,217
Price To Earnings Price To Earnings	2.1	6.4	11.3	11.4	4.8	6.5	8.1	6.4	9.6	12.9	8.3	6.6
Price To Sales Price To Sales	0.2	0.4	0.5	0.5	0.3	0.5	0.6	0.5	0.6	0.6	0.5	0.4
Price To Book Price To Book	0.6	1.1	1.4	1.6	0.9	1.0	1.6	1.4	1.3	1.1	1.0	0.9
EV To EBITDA EV To EBITDA	2.7	3.8	5.9	5.6	4.4	3.2	3.5	3.2	4.5	4.4	3.5	3.1
Profitability Ratios Profitability Ratios
GPM GPM%	50.8	50.9	46.5	44.2	49.3	52.4	50.6	52.7	50.2	48.9
OPM OPM%	21.1	20.7	16.3	18.5	20.3	25.6	25.1	24.5	21.1	18.8	21.9	21.5
NPM NPM%	9.4	10.3	8.1	8.3	12.6	14.1	15.1	15.4	11.4	8.5	11.6	12.7
ROCE ROCE%	19.3	19.4	15.1	16.0	16.3	24.4	32.3	31.8	19.2	17.6	19.9	19.9
ROE ROE%	27.2	27.1	23.5	25.2	32.6	31.9	39.1	40.7	23.3	17.3	23.0	23.0
ROA ROA%	6.6	7.0	5.3	5.9	8.2	9.0	11.7	12.1	7.2	5.6	7.3	7.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	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	880	1,970	2,740	3,882	2,550	3,910	7,791	8,058	8,395	8,169	7,736	7,217
Price To Earnings Price To Earnings	2.1	6.4	11.3	11.4	4.8	6.5	8.1	6.4	9.6	12.9	8.3	6.6
Price To Sales Price To Sales	0.2	0.4	0.5	0.5	0.3	0.5	0.6	0.5	0.6	0.6	0.5	0.4
Price To Book Price To Book	0.6	1.1	1.4	1.6	0.9	1.0	1.6	1.4	1.3	1.1	1.0	0.9
EV To EBITDA EV To EBITDA	2.7	3.8	5.9	5.6	4.4	3.2	3.5	3.2	4.5	4.4	3.5	3.1
Profitability Ratios Profitability Ratios
GPM GPM%	50.8	50.9	46.5	44.2	49.3	52.4	50.6	52.7	50.2	48.9
OPM OPM%	21.1	20.7	16.3	18.5	20.3	25.6	25.1	24.5	21.1	18.8	21.9	21.5
NPM NPM%	9.4	10.3	8.1	8.3	12.6	14.1	15.1	15.4	11.4	8.5	11.6	12.7
ROCE ROCE%	19.3	19.4	15.1	16.0	16.3	24.4	32.3	31.8	19.2	17.6	19.9	19.9
ROE ROE%	27.2	27.1	23.5	25.2	32.6	31.9	39.1	40.7	23.3	17.3	23.0	23.0
ROA ROA%	6.6	7.0	5.3	5.9	8.2	9.0	11.7	12.1	7.2	5.6	7.3	7.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MAHSCOOTER	JSWHL	TSFINV	KAMAHOLD	PILANIINVS	KIRLOSIND	ALEMBICLTD
Market CapitalizationMkt CapCr	14,041	12,513	8,832	7,217	4,375	3,500	2,444
Close PriceClose₹	12,286.00	11,273.00	397.65	2,249.00	3,951.50	3,328.80	95.16
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	50.41	91.07	18.15	6.60		40.83	7.63
Price To SalesPS	48.60	68.02	7.94	0.42	17.67	0.50	10.22
RevenueRevenueCr	289	184	1,112	17,144	248	6,995	239
Revenue Growth TTMRev Gr TTM%	41.0%	-26.7%	282.6%	12.9%	-14.6%	3.7%	8.2%
PAT Growth TTMPAT Gr TTM%	15.3%	-38.4%	19.3%	50.7%	-79.0%	-25.9%	-14.6%

	MAHSCOOTER	JSWHL	TSFINV	KAMAHOLD	PILANIINVS	KIRLOSIND	ALEMBICLTD
Market CapitalizationMkt CapCr	14,041	12,513	8,832	7,217	4,375	3,500	2,444
Close PriceClose₹	12,286.00	11,273.00	397.65	2,249.00	3,951.50	3,328.80	95.16
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	50.41	91.07	18.15	6.60		40.83	7.63
Price To SalesPS	48.60	68.02	7.94	0.42	17.67	0.50	10.22
RevenueRevenueCr	289	184	1,112	17,144	248	6,995	239
Revenue Growth TTMRev Gr TTM%	41.0%	-26.7%	282.6%	12.9%	-14.6%	3.7%	8.2%
PAT Growth TTMPAT Gr TTM%	15.3%	-38.4%	19.3%	50.7%	-79.0%	-25.9%	-14.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26