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Kesoram Industries Ltd

KESORAMIND

NSE

₹12.74+2.74%19 Oct 2026

Reports

Tyres and Tubes

Kesoram Industries Ltd

KESORAMIND

NSE

₹12.74

+2.74%

19 Oct 2026

SOICxStockScans Reports

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Tyres and Tubes

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.

Kesoram Industries is a century-old company that has just completed the most dramatic transformation in its history - it is no longer the industrial conglomerate it once was, but a holding company whose sole operating business makes specialty rayon fibre and biodegradable transparent paper inside a single subsidiary. The company got here by repeatedly shedding businesses: first tyres, then its entire cement operation, which was demerged into UltraTech Cement in March 2025, leaving behind only the rayon and chemicals unit that had been carved into a wholly owned subsidiary called Cygnet Industries. The recurring pattern is one of structural simplification - each chapter pares the company down to a narrower, more focused core, and the latest chapter adds a change in control, with a warehouse developer acquiring a 42.8% stake from the promoter group under a Share Purchase Agreement dated December 04, 2025.

Business segments

Two businesses at opposite ends of the lifecycle - a cement giant that has already left the house, and a specialty-fibre unit that is now the entire reason the company exists.

1. Cement: the business that was demerged and is no longer here

Kesoram's cement division was a 10.75-million-tonne southern-India operation sold under the "Birla Shakti" brand - it was the company's entire revenue engine until it was transferred to UltraTech Cement in March 2025.

Two integrated plants, one brand - the business ran factories at Sedam in Karnataka (commissioned 1969) and Basantnagar in Telangana (1986), plus a packing plant at Solapur in Maharashtra, all making grey cement under the "Birla Shakti" name and selling across 7 to 14 states with a focus on Telangana, Maharashtra and Karnataka.
Blended cement was the strategic bet - the company pushed Portland Pozzolana Cement (PPC) and a premium variant called "Birla Shakti ConQUerete" because blending fly ash into cement lowers the clinker requirement, which cuts both raw-material costs and carbon emissions per tonne sold.
Waste became fuel and raw material - the Sedam kiln used a "Hot Disc Reactor" to burn plastic, industrial waste and carbon black as alternative fuel, while fly ash from its own captive power plants and from nearby thermal stations was fed back into cement production, with roughly 38% of raw material coming from recycled industrial waste (fly ash).
Sold through dealers to individual home builders - nearly half of sales went through a network of over 2,600 dealers and distributors, and the primary customer was the individual home builder or small contractor rather than large infrastructure projects, which is why the brand was positioned for premium pricing in its core markets.
The UltraTech deal was an asset-speed play - UltraTech acquired ready-to-use capacity in western and southern markets where it had no physical presence, while Kesoram shareholders got one UltraTech share for every 52 Kesoram shares held, unlocking value and deleveraging the balance sheet in a single stroke.

2. Rayon, transparent paper and chemicals: the business that remains

This is a single-plant operation in West Bengal making "Kesoram Rayon" fibre and "Kesophane" transparent paper - a biodegradable cellulose film - and it now carries the entire future of the company inside a subsidiary called Cygnet Industries.

Two products from the same raw material - both rayon fibre and transparent paper start with wood pulp; the cellulose is regenerated into viscose for the rayon line and into a clear, non-toxic film for the transparent-paper line, which is used to wrap fruit and vegetables to keep them fresh longer and is also the standard packaging for firecrackers in India.
A Japanese partner upgraded the paper process - Cygnet signed a Technical Assistance Agreement with Futamura Chemical Company of Japan, a global leader in transparent paper, and a parallel Product Purchase Agreement to supply improved cellophane reels to Futamura or its assigned customers.
Competing against Chinese imports with constrained capacity - the business faces pressure from high-volume, low-cost alternatives from China and has been running at lower capacity utilisation because it lacks the funds for capital expenditure and working capital, a problem made worse by the fact that the parent company can no longer provide financial support now that the cement cash flows are gone.
The subsidiary carries impairment baggage - as of March 2022, Kesoram had invested ₹926.54 crore in Cygnet and had already recognised a cumulative impairment loss of ₹620.32 crore on that investment, and in mid-2025 the subsidiary took a further ₹48.09 crore impairment provision on its land.

Group structure and partners

Kesoram is now a holding company with one operating subsidiary, one defunct coal-mining joint venture, and a brand-new controlling shareholder that bought in from the promoter group.

Cygnet Industries is the only operating entity - it is a wholly owned subsidiary that houses the entire Rayon, Transparent Paper and Chemicals business, and it is where all remaining manufacturing activity takes place.
The coal joint venture is a legal shell - Kesoram holds 45.46% of Gondkhari Coal Mining Limited, an SPV formed in 2009 to develop a coal block in Maharashtra, but the block was de-allocated by the Supreme Court in 2014 and the entity is defunct, with a full provision against the investment.
The cement demerger was the structural earthquake - the Composite Scheme of Arrangement with UltraTech Cement took effect on March 1, 2025, after being approved by 99.9995% of equity shareholder votes, the Competition Commission of India, and the NCLT Kolkata Bench, and it also involved UltraTech issuing preference shares to Kesoram's preference shareholders.

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

₹395Cr

Close Price

₹12.70

Industry

Tyres and Tubes

Price To Earnings

—

Price To Sales

1.49

Revenue

₹264Cr

Rev Gr TTM

Revenue Growth TTM

4.63%

PAT Gr TTM

PAT Growth TTM

-100.16%

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	60	66	70	67	59	65	67	61	55	65	67	78
Growth YoY Revenue Growth YoY%	-92.9	-93.3	-93.4	-93.3	-2.0	-1.4	-3.8	-9.3	-6.0	-1.1	-1.0	27.2
Expenses ExpensesCr	76	75	81	76	70	72	93	72	74	81	79	88
Operating Profit Operating ProfitCr	-16	-9	-11	-8	-11	-6	-26	-11	-19	-16	-13	-10
OPM OPM%	-27.4	-13.1	-15.3	-12.5	-19.4	-9.5	-38.1	-17.2	-33.5	-24.8	-18.9	-12.7
Other Income Other IncomeCr	3	8	15	2	1	1	17	-78	4	34	54	1
Interest Expense Interest ExpenseCr	7	7	6	7	7	7	6	6	6	7	5	7
Depreciation DepreciationCr	6	6	6	6	6	6	14	5	5	5	5	5
PBT PBTCr	-27	-14	-8	-20	-24	-18	-29	-99	-26	6	31	-21
Tax TaxCr	0	0	4	26	0	0	-7	0	0	0	0	0
PAT PATCr	-59	-49	-241	-61	-70	-69	5,766	-99	-26	6	31	-20
Growth YoY PAT Growth YoY%	0.6	-2.5	-821.0	-89.2	-19.1	-40.6	2,495.7	-61.9	63.0	108.7	-99.5	79.7
NPM NPM%	-98.0	-74.1	-344.1	-91.2	-119.1	-105.6	8,569.6	-162.7	-46.9	9.3	46.6	-26.0
EPS EPS₹	-0.1	-0.1	-0.4	-0.1	-0.1	-0.1	185.6	-3.2	-0.8	0.2	1.0	-0.7

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	60	66	70	67	59	65	67	61	55	65	67	78
Growth YoY Revenue Growth YoY%	-92.9	-93.3	-93.4	-93.3	-2.0	-1.4	-3.8	-9.3	-6.0	-1.1	-1.0	27.2
Expenses ExpensesCr	76	75	81	76	70	72	93	72	74	81	79	88
Operating Profit Operating ProfitCr	-16	-9	-11	-8	-11	-6	-26	-11	-19	-16	-13	-10
OPM OPM%	-27.4	-13.1	-15.3	-12.5	-19.4	-9.5	-38.1	-17.2	-33.5	-24.8	-18.9	-12.7
Other Income Other IncomeCr	3	8	15	2	1	1	17	-78	4	34	54	1
Interest Expense Interest ExpenseCr	7	7	6	7	7	7	6	6	6	7	5	7
Depreciation DepreciationCr	6	6	6	6	6	6	14	5	5	5	5	5
PBT PBTCr	-27	-14	-8	-20	-24	-18	-29	-99	-26	6	31	-21
Tax TaxCr	0	0	4	26	0	0	-7	0	0	0	0	0
PAT PATCr	-59	-49	-241	-61	-70	-69	5,766	-99	-26	6	31	-20
Growth YoY PAT Growth YoY%	0.6	-2.5	-821.0	-89.2	-19.1	-40.6	2,495.7	-61.9	63.0	108.7	-99.5	79.7
NPM NPM%	-98.0	-74.1	-344.1	-91.2	-119.1	-105.6	8,569.6	-162.7	-46.9	9.3	46.6	-26.0
EPS EPS₹	-0.1	-0.1	-0.4	-0.1	-0.1	-0.1	185.6	-3.2	-0.8	0.2	1.0	-0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2009	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,948	3,842	3,873	2,904	2,646	2,653	3,606	3,778	246	259	248	264
Growth Revenue Growth%			0.8	-25.0	-8.9	0.3	35.9	4.8	-93.5	5.0	-4.3	4.6
Expenses ExpensesCr	3,317	3,846	3,947	2,613	2,417	2,277	3,094	3,507	298	310	305	321
Operating Profit Operating ProfitCr	631	-5	-74	291	228	376	512	271	-52	-52	-57	-57
OPM OPM%	16.0	-0.1	-1.9	10.0	8.6	14.2	14.2	7.2	-21.1	-20.0	-23.0	-21.6
Other Income Other IncomeCr	11	174	84	61	40	-149	14	-103	28	21	14	93
Interest Expense Interest ExpenseCr	121	283	443	357	344	276	502	450	27	28	24	25
Depreciation DepreciationCr	0	136	146	108	113	118	112	103	25	32	21	20
PBT PBTCr	409	-250	-580	-112	-188	-167	-87	-385	-76	-91	-88	-9
Tax TaxCr	30	-8	-2	-12	0	-307	-10	-191	4	19	0	0
PAT PATCr	379	-242	-578	-100	-188	140	-77	-194	-80	-110	-88	-9
Growth PAT Growth%			-138.6	82.6	-86.7	174.7	-155.2	-151.2	58.9	-38.2	20.2	-100.2
NPM NPM%	9.6	-6.3	-14.9	-3.5	-7.1	5.3	-2.1	-5.1	-32.5	-42.7	-35.6	-3.4
EPS EPS₹	2.6	-0.8	-1.9	-1.0	-0.6	0.4	-0.2	-0.3	-0.6	179.1	-2.8	-0.3

Financial Year	Mar 2009	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,948	3,842	3,873	2,904	2,646	2,653	3,606	3,778	246	259	248	264
Growth Revenue Growth%			0.8	-25.0	-8.9	0.3	35.9	4.8	-93.5	5.0	-4.3	4.6
Expenses ExpensesCr	3,317	3,846	3,947	2,613	2,417	2,277	3,094	3,507	298	310	305	321
Operating Profit Operating ProfitCr	631	-5	-74	291	228	376	512	271	-52	-52	-57	-57
OPM OPM%	16.0	-0.1	-1.9	10.0	8.6	14.2	14.2	7.2	-21.1	-20.0	-23.0	-21.6
Other Income Other IncomeCr	11	174	84	61	40	-149	14	-103	28	21	14	93
Interest Expense Interest ExpenseCr	121	283	443	357	344	276	502	450	27	28	24	25
Depreciation DepreciationCr	0	136	146	108	113	118	112	103	25	32	21	20
PBT PBTCr	409	-250	-580	-112	-188	-167	-87	-385	-76	-91	-88	-9
Tax TaxCr	30	-8	-2	-12	0	-307	-10	-191	4	19	0	0
PAT PATCr	379	-242	-578	-100	-188	140	-77	-194	-80	-110	-88	-9
Growth PAT Growth%			-138.6	82.6	-86.7	174.7	-155.2	-151.2	58.9	-38.2	20.2	-100.2
NPM NPM%	9.6	-6.3	-14.9	-3.5	-7.1	5.3	-2.1	-5.1	-32.5	-42.7	-35.6	-3.4
EPS EPS₹	2.6	-0.8	-1.9	-1.0	-0.6	0.4	-0.2	-0.3	-0.6	179.1	-2.8	-0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	117	137	143	143	165	244	311	311	311	311
Reserves ReservesCr	680	307	-30	-240	33	265	105	-274	141	59
Current Liabilities Current LiabilitiesCr	2,138	2,565	2,451	1,782	985	1,072	1,038	1,058	205	163
Non Current Liabilities Non Current LiabilitiesCr	2,397	3,025	2,407	1,527	2,049	1,850	1,924	2,223	156	133
Total Liabilities Total LiabilitiesCr	5,333	6,117	4,970	3,212	3,232	3,433	3,435	3,376	813	666
Current Assets Current AssetsCr	1,526	1,544	1,197	511	759	996	994	1,144	139	107
Non Current Assets Non Current AssetsCr	3,807	4,573	3,773	2,700	2,473	2,437	2,441	2,233	674	559
Total Assets Total AssetsCr	5,333	6,117	4,970	3,212	3,232	3,433	3,435	3,376	813	666

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	117	137	143	143	165	244	311	311	311	311
Reserves ReservesCr	680	307	-30	-240	33	265	105	-274	141	59
Current Liabilities Current LiabilitiesCr	2,138	2,565	2,451	1,782	985	1,072	1,038	1,058	205	163
Non Current Liabilities Non Current LiabilitiesCr	2,397	3,025	2,407	1,527	2,049	1,850	1,924	2,223	156	133
Total Liabilities Total LiabilitiesCr	5,333	6,117	4,970	3,212	3,232	3,433	3,435	3,376	813	666
Current Assets Current AssetsCr	1,526	1,544	1,197	511	759	996	994	1,144	139	107
Non Current Assets Non Current AssetsCr	3,807	4,573	3,773	2,700	2,473	2,437	2,441	2,233	674	559
Total Assets Total AssetsCr	5,333	6,117	4,970	3,212	3,232	3,433	3,435	3,376	813	666

Consolidated

Standalone

Financial Year	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	79	177	775	787	259	324	131	-77	37	-107
Investing Cash Flow Investing Cash FlowCr	1,792	-992	575	-445	-150	-63	49	75	7	99
Financing Cash Flow Financing Cash FlowCr	-2,117	662	-1,823	-218	201	-224	-248	-4	-49	-2
Net Cash Flow Net Cash FlowCr	-246	-153	-473	123	309	36	-68	-6	-5	-10
Free Cash Flow Free Cash FlowCr	-277	-483	744	754	233	289	66	-79	40	-76
CFO To PAT CFO To PAT%	-32.7	-30.6	-772.0	-419.5	184.8	-418.8	-67.3	96.2	-33.8	121.4
CFO To EBITDA CFO To EBITDA%	-1,718.9	-239.1	266.3	344.5	68.9	63.3	48.4	148.1	-72.3	188.0

Financial Year	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	79	177	775	787	259	324	131	-77	37	-107
Investing Cash Flow Investing Cash FlowCr	1,792	-992	575	-445	-150	-63	49	75	7	99
Financing Cash Flow Financing Cash FlowCr	-2,117	662	-1,823	-218	201	-224	-248	-4	-49	-2
Net Cash Flow Net Cash FlowCr	-246	-153	-473	123	309	36	-68	-6	-5	-10
Free Cash Flow Free Cash FlowCr	-277	-483	744	754	233	289	66	-79	40	-76
CFO To PAT CFO To PAT%	-32.7	-30.6	-772.0	-419.5	184.8	-418.8	-67.3	96.2	-33.8	121.4
CFO To EBITDA CFO To EBITDA%	-1,718.9	-239.1	266.3	344.5	68.9	63.3	48.4	148.1	-72.3	188.0

Consolidated

Standalone

Financial Year	Mar 2009	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	619	1,680	1,495	1,037	262	1,155	1,276	1,820	5,320	140	252	395
Price To Earnings Price To Earnings	1.6				-1.4	8.3				0.0
Price To Sales Price To Sales	0.2	0.4	0.4	0.4	0.1	0.4	0.3	0.4	20.0	0.5	0.9	1.5
Price To Book Price To Book	0.5	2.1	3.4	9.2	-2.7	5.8	2.5	4.4	143.9	0.3	0.7	1.1
EV To EBITDA EV To EBITDA		-1,024.3	-72.6	13.7	10.1	8.2	5.9	13.5	-142.6	-6.3	-8.0	-10.4
Profitability Ratios Profitability Ratios
GPM GPM%		43.2	43.2	56.7	55.2	27.8	25.0	18.4	19.8	24.5	15.4	15.4
OPM OPM%	16.0	-0.1	-1.9	10.0	8.6	14.2	14.2	7.2	-21.1	-20.0	-23.0	-21.6
NPM NPM%	9.6	-6.3	-14.9	-3.5	-7.1	5.3	-2.1	-5.1	-32.5	-42.7	-35.6	-3.4
ROCE ROCE%		0.8	-3.1	7.9	7.9	4.9	17.2	2.8	-2.1	-9.7	-10.9	-10.9
ROE ROE%		-30.4	-129.9	-89.5	192.8	71.0	-15.2	-46.8	-216.5	-24.5	-23.8	-23.8
ROA ROA%		-4.5	-9.4	-2.0	-5.8	4.3	-2.3	-5.7	-2.4	-13.6	-13.2	-13.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2009	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	619	1,680	1,495	1,037	262	1,155	1,276	1,820	5,320	140	252	395
Price To Earnings Price To Earnings	1.6				-1.4	8.3				0.0
Price To Sales Price To Sales	0.2	0.4	0.4	0.4	0.1	0.4	0.3	0.4	20.0	0.5	0.9	1.5
Price To Book Price To Book	0.5	2.1	3.4	9.2	-2.7	5.8	2.5	4.4	143.9	0.3	0.7	1.1
EV To EBITDA EV To EBITDA		-1,024.3	-72.6	13.7	10.1	8.2	5.9	13.5	-142.6	-6.3	-8.0	-10.4
Profitability Ratios Profitability Ratios
GPM GPM%		43.2	43.2	56.7	55.2	27.8	25.0	18.4	19.8	24.5	15.4	15.4
OPM OPM%	16.0	-0.1	-1.9	10.0	8.6	14.2	14.2	7.2	-21.1	-20.0	-23.0	-21.6
NPM NPM%	9.6	-6.3	-14.9	-3.5	-7.1	5.3	-2.1	-5.1	-32.5	-42.7	-35.6	-3.4
ROCE ROCE%		0.8	-3.1	7.9	7.9	4.9	17.2	2.8	-2.1	-9.7	-10.9	-10.9
ROE ROE%		-30.4	-129.9	-89.5	192.8	71.0	-15.2	-46.8	-216.5	-24.5	-23.8	-23.8
ROA ROA%		-4.5	-9.4	-2.0	-5.8	4.3	-2.3	-5.7	-2.4	-13.6	-13.2	-13.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	APOLLOTYRE	CEATLTD	JKTYRE	TVSSRICHAK	GOODYEAR	KESORAMIND	TOLINS
Market CapitalizationMkt CapCr	26,461	13,308	9,567	3,319	1,601	395	341
Close PriceClose₹	416.65	3,290.10	331.85	4,334.00	694.00	12.70	86.30
IndustryIndustry	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes
Price To EarningsPE	15.44	25.72	14.32	35.93	29.70		10.51
Price To SalesPS	0.90	0.76	0.58	0.85	0.62	1.49	1.08
RevenueRevenueCr	29,308	17,456	16,404	3,892	2,594	264	317
Revenue Growth TTMRev Gr TTM%	11.2%	24.5%	9.9%	18.6%	0.8%	4.6%	3.5%
PAT Growth TTMPAT Gr TTM%	105.3%	6.1%	44.3%	245.4%	21.9%	-100.2%	-16.6%

	APOLLOTYRE	CEATLTD	JKTYRE	TVSSRICHAK	GOODYEAR	KESORAMIND	TOLINS
Market CapitalizationMkt CapCr	26,461	13,308	9,567	3,319	1,601	395	341
Close PriceClose₹	416.65	3,290.10	331.85	4,334.00	694.00	12.70	86.30
IndustryIndustry	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes	Tyres and Tubes
Price To EarningsPE	15.44	25.72	14.32	35.93	29.70		10.51
Price To SalesPS	0.90	0.76	0.58	0.85	0.62	1.49	1.08
RevenueRevenueCr	29,308	17,456	16,404	3,892	2,594	264	317
Revenue Growth TTMRev Gr TTM%	11.2%	24.5%	9.9%	18.6%	0.8%	4.6%	3.5%
PAT Growth TTMPAT Gr TTM%	105.3%	6.1%	44.3%	245.4%	21.9%	-100.2%	-16.6%

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