Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹392Cr
Telecommunications - Equipment
Rev Gr TTM
Revenue Growth TTM
74.44%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

KAVDEFENCE
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -88.0 | -80.3 | -48.0 | -25.3 | -80.6 | 106.7 | 233.3 | 847.3 | 11,614.3 | 530.6 | 61.5 | -78.7 |
| 207 | 1 | 1 | 1 | 0 | 1 | 1 | 5 | 9 | 3 | 2 | 2 |
Operating Profit Operating ProfitCr |
| -57,483.3 | -73.3 | -110.3 | -32.4 | -428.6 | 3.2 | 32.3 | 31.9 | -7.3 | 26.6 | -2.9 | -41.6 |
Other Income Other IncomeCr | 240 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 1 | 0 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 34 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 1 | 0 | -1 |
| 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | 713.2 | 74.7 | 19.6 | -3.5 | -101.4 | 115.0 | 229.7 | 836.7 | 920.0 | 3,500.0 | -2.1 | -127.2 |
| 9,180.6 | -66.7 | -94.9 | -40.5 | -642.9 | 4.8 | 36.9 | 31.5 | 45.0 | 27.6 | 22.4 | -40.3 |
| 16.4 | -0.1 | -0.2 | -0.1 | -0.2 | 0.0 | 0.2 | 1.1 | 1.8 | 0.5 | 0.1 | -0.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -69.8 | -21.3 | -37.3 | -42.2 | -62.0 | -18.6 | -9.0 | 35.5 | -49.6 | -43.9 | 979.6 | -8.3 |
| 39 | 35 | 24 | 27 | 10 | 5 | 6 | 7 | 211 | 3 | 15 | 16 |
Operating Profit Operating ProfitCr |
| 24.7 | 13.3 | 4.0 | -84.0 | -81.0 | -12.2 | -41.4 | -21.6 | -7,371.5 | -71.9 | 12.1 | -1.5 |
Other Income Other IncomeCr | -2 | 4 | 6 | 1 | 1 | 1 | 1 | 1 | 241 | 0 | 5 | 5 |
Interest Expense Interest ExpenseCr | 27 | 25 | 20 | 20 | 13 | 13 | 13 | 13 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 20 | 20 | 18 | 17 | 4 | 3 | 3 | 2 | 0 | 0 | 0 | 0 |
| -37 | -35 | -31 | -47 | -21 | -16 | -17 | -15 | 32 | -1 | 6 | 5 |
| 1 | 0 | 0 | -17 | -21 | 1 | 0 | 3 | 0 | 0 | 0 | 0 |
|
| -0.2 | 6.7 | 10.6 | 5.7 | 102.6 | -2,403.6 | 7.0 | -10.1 | 274.1 | -104.2 | 580.0 | -27.6 |
| -73.4 | -87.0 | -124.0 | -202.4 | 13.7 | -388.3 | -396.9 | -322.6 | 1,114.9 | -84.2 | 37.4 | 29.6 |
| -18.8 | -17.5 | -15.7 | -14.8 | 0.4 | -8.8 | -8.2 | -9.0 | 15.6 | -0.7 | 3.2 | 2.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 34 |
| 93 | 58 | 33 | 3 | 18 | -4 | 7 | -9 | 32 | 27 | 33 | 38 |
Current Liabilities Current LiabilitiesCr | 396 | 471 | 501 | 392 | 290 | 312 | 227 | 238 | 27 | 38 | 37 | 44 |
Non Current Liabilities Non Current LiabilitiesCr | 76 | 82 | 89 | 75 | 25 | 27 | 29 | 24 | 0 | 0 | 0 | 0 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 300 | 368 | 382 | 281 | 235 | 220 | 172 | 160 | 27 | 29 | 47 | 27 |
Non Current Assets Non Current AssetsCr | 285 | 264 | 262 | 210 | 118 | 135 | 113 | 115 | 52 | 56 | 76 | 105 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -2 | -28 | 17 | 15 | -26 | 30 | -11 | 24 | -19 | -11 | 1 |
Investing Cash Flow Investing Cash FlowCr | -11 | 3 | 0 | 2 | 1 | -21 | 19 | -6 | 43 | -5 | -21 |
Financing Cash Flow Financing Cash FlowCr | 14 | 23 | -13 | -16 | 24 | -9 | -11 | -18 | -24 | 18 | 33 |
|
Free Cash Flow Free Cash FlowCr | -31 | -28 | 17 | 17 | -27 | 30 | 2 | 24 | -19 | -11 | 0 |
| 4.9 | 78.0 | -53.4 | -51.2 | -3,398.5 | -170.1 | 65.5 | -134.3 | -59.2 | 849.7 | 10.1 |
CFO To EBITDA CFO To EBITDA% | -14.4 | -508.3 | 1,654.4 | -123.3 | 575.7 | -5,396.1 | 628.7 | -2,007.4 | 9.0 | 995.2 | 31.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 28 | 31 | 26 | 21 | 12 | 4 | 4 | 21 | 10 | 23 | 94 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 15.8 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 14.7 |
Price To Sales Price To Sales | 0.6 | 0.8 | 1.0 | 1.4 | 2.2 | 0.8 | 0.9 | 3.7 | 3.5 | 14.7 | 5.5 |
Price To Book Price To Book | 0.3 | 0.4 | 0.5 | 0.9 | 0.3 | 0.2 | 0.1 | 1.9 | 0.2 | 0.5 | 1.8 |
| 15.6 | 46.2 | 235.9 | -22.7 | -52.6 | -417.6 | -122.7 | -190.2 | -0.1 | -18.2 | 47.6 |
Profitability Ratios Profitability Ratios |
| 85.0 | 72.3 | 80.8 | 86.5 | 65.3 | 68.9 | 45.1 | 46.9 | 40.4 | 38.8 | 50.0 |
| 24.7 | 13.3 | 4.0 | -84.0 | -81.0 | -12.2 | -41.4 | -21.6 | -7,371.5 | -71.9 | 12.1 |
| -73.4 | -87.0 | -124.0 | -202.4 | 13.7 | -388.3 | -396.9 | -322.6 | 1,114.9 | -84.2 | 37.4 |
| -3.3 | -3.4 | -4.3 | -9.4 | -2.8 | -1.2 | -1.4 | -0.9 | 60.3 | -2.8 | 8.9 |
| -33.5 | -45.0 | -59.4 | -127.4 | 2.0 | -111.3 | -59.9 | -162.6 | 60.3 | -2.8 | 12.0 |
| -6.5 | -5.6 | -4.9 | -6.0 | 0.2 | -5.0 | -5.8 | -6.6 | 39.9 | -1.6 | 5.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Kavveri Defence & Wireless Technologies Ltd (formerly Kavveri Telecom Products Limited) is a leading Indian manufacturer of advanced wireless hardware and RF solutions for mission-critical applications in defence, aerospace, industrial automation, telecommunications, and space. With over 25 years of operational experience and more than 500 R&D man-years, the company has established itself as India’s largest transnational manufacturer of antennas and RF components, serving global clients across four continents.
The company is deeply aligned with national initiatives such as *Make in India* and *Atmanirbhar Bharat*, emphasizing indigenous design, development, and manufacturing of high-performance wireless systems. It operates under an engineering-first, customization-led philosophy, differentiating itself from standardized product vendors through tailored, high-reliability solutions.
---
### **Strategic Expansion & Operational Transformation (Oct 2025 Update)**
- **New Manufacturing Facility in Bengaluru**: Kavveri is expanding its production footprint at its Surajakkanahalli campus in Bengaluru with a new 10,000 sq. ft. manufacturing facility, scalable up to 50,000 sq. ft. This expansion aims to significantly enhance production capacity, improve supply chain resilience, and meet rising domestic and international demand.
- **R&D Center Repurposing**: The company’s current headquarters will be transformed into a dedicated **R&D Centre**, equipped with advanced infrastructure including:
- Antenna design labs
- RF testing and simulation clusters
- Low-volume prototype production lines
This strategic shift separates innovation from manufacturing, enabling faster prototyping, improved design agility, and accelerated time-to-market.
---
### **Core Business Segments & Market Focus**
Kavveri serves a diversified range of high-growth, performance-critical sectors:
#### **Defence & Aerospace**
- Designs and manufactures advanced RF solutions including:
- **Penta-band and multiband high-gain antennas** (e.g., world-first penta-band antenna for counter-drone systems, Dec 2024)
- Naval notch filters, SATCOM-on-the-move antennas, and space-qualified systems
- Phased array, counter-UAS, and border surveillance antennas
- Key applications: Electronic warfare, satellite communications (SATCOM), lunar exploration, drone detection, and radar support.
- Recognized by a major U.S. counter-drone leader for designing the **world’s first complex penta-band high-gain antenna**, reinforcing its leadership in emerging defence technologies.
#### **Industrial & Civilian Sectors**
- Provides robust RF networks for:
- Oil & gas, mining, transport, utilities, and industrial automation
- SCADA/AMI networks, railroad transport, airport communications
- Fixed Wireless Access (FWA) and telecom modernization in rural/urban infrastructure
- Growing focus on high-potential verticals:
- **Counter-drone systems**
- **Industrial IoT**
- **Private wireless networks**
- **Critical infrastructure monitoring**
#### **Telecom & Connectivity**
- Offers turnkey solutions for GSM, CDMA, and 5G network enhancement
- Delivers intelligent indoor coverage via repeater systems for enterprises
- Recently developed the **'8 Port Dual Band Panel Antenna'** (2 GHz & 3 GHz) for the Australian market — a globally first-of-its-kind product aimed at increasing regional footprint.
---
### **Product Portfolio**
Kavveri’s comprehensive suite of wireless subsystems includes:
#### **Antennas (2 MHz – 20 GHz)**
- Omnidirectional, directional, Yagi, dipole, sectoral, flatomni, and custom multiband antennas
- Specialized designs for tactical comms, aerospace telemetry, counter-drone arrays, and SATCOM
- High gain, wide beamwidth, ruggedized designs for harsh environments
#### **RF Filters & Components (up to 18 GHz)**
- Bandpass, high-pass, low-pass, multiple-window filters
- Duplexers, combiners, tunable dual-cavity filters for military and airband use
- High isolation, selectivity in congested RF environments
#### **Passive RF Components**
- Isolators, circulators, power dividers, RF switches, couplers, splitters
- Custom integration for platform-specific and space-constrained applications
#### **Performance Attributes**
- Wide frequency coverage
- Low VSWR, consistent gain across bands
- Mechanical ruggedization for mobile and outdoor deployment
- Indigenous manufacturing compliant with global standards
---
### **Global Presence & International Strategy**
Kavveri leverages a strong international footprint to access key global markets:
- **North American Subsidiaries (100% owned):**
- **Kavveri Technologies Americas Inc.** (parent)
- Owns **Quality Communications Systems** and **New-England Communication Systems** (USA-based, as of 2023–24)
- **Til-Tek Antennae Inc.** (Canada), part of Kavveri Technologies Inc., a wholly owned Canadian holding
- Won a **major global account worth $2 million (₹17.3 crores)** in Aug 2025
- Approved as a vendor by a major U.S. multinational; products integrated into their network design framework (Jul 2025)
- **European Market Access:**
- RF products approved by a **major European OEM** (Oct 2024), unlocking growth in EU and North American export channels
- **Global Client Engagements:**
- **$2 million engagement** secured in July 2025 by replacing an incumbent international supplier — validating competitive edge in cost, innovation, and performance
- Positioned to become a **preferred global partner in defence RF supply chains**
---
### **R&D & Innovation Leadership**
- **R&D Center in Bengaluru**, recognized by the **Ministry of Science & Technology (since 1996)**
- Proprietary technologies in:
- Tunable band-pass filters
- Antenna coupler units
- UHF/VHF/microwave antennas
- Heavy and sustained investment in R&D fuels innovation in:
- Deep-space communication
- Astronaut mobility systems
- Compact high-gain antennas for rovers and satellites
- Pipeline includes next-generation **modular RF subsystems**, **SATCOM-on-the-move**, and **radar support antennas**
---
### **Corporate & Financial Developments**
- **Amalgamation**: Merged with Mega Sonic Telecoms Pvt Ltd in 2003–04, issuing 4.935 million equity shares
- **Subsidiary Transactions**: Active financial dealings with subsidiaries (e.g., Kavveri Technologies Americas Inc., Eaicaom India Pvt Ltd)
- **Commission Payout**: Settled long-pending commission of ₹1.41 lakh to key managerial personnel (due since 2011–12), paid in FY 2024–25
- **Name Change**: Formerly known as *Kavveri Telecom Products Limited* (renamed to reflect expanded defence & space focus)
---
### **Competitive Advantages**
1. **Engineering-First Culture**: Solves complex, application-specific challenges through deep technical expertise.
2. **Customization-Led Approach**: Tailored solutions for mission profiles, platform constraints, and environmental conditions.
3. **Speed & Responsiveness**: Agile, lean operations enable faster prototyping and shorter turnaround times vs. large OEMs.
4. **Superior Performance-to-Price Ratio**: High-performance products compliant with global standards, yet cost-competitive.
5. **Indigenous Design & Manufacturing**: Fully aligned with Make in India, ensuring supply chain resilience and IP ownership.