Kineco Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹3,400
- Market Cap
- ₹2,391.40 Cr
- ISIN
- INE139Y01018
- Face Value
- ₹10
- P/E Ratio
- 187.95
- EPS
- 18.09
- P/B Ratio
- 15.22
- Book Value
- 223.38
- Debt / Equity Ratio
- 0.51
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue from Operations | 244.86 | 174.52 | 167.22 | 201.65 | 145.06 |
| Growth % | 40.30% | 4.37% | -17.07% | 39.01% | 0 |
| Operating Expenses | 204.23 | 148.44 | 160.15 | 179.54 | 133.05 |
| Growth % | 37.58% | -7.31% | -10.80% | 34.94% | 0 |
| Operating Profit | 40.63 | 26.08 | 7.07 | 22.11 | 12.01 |
| Op. Profit Margin % | 16.59% | 14.94% | 4.23% | 10.97% | 8.28% |
| Other Income | 3.54 | 5.67 | 2.16 | 7.61 | 2.55 |
| Finance Cost | 8.25 | 12.01 | 11.06 | 10.72 | 0.11 |
| Depreciation | 13.64 | 8.64 | 6.85 | 7.45 | 7.24 |
| Profit Before Tax | 22.28 | 11.11 | -8.68 | 11.55 | 7.21 |
| Tax | 5.05 | 3.44 | -0.52 | 4.69 | 5.60 |
| Tax % | 22.69% | 30.97% | 5.97% | 40.60% | 77.74% |
| Profit After Tax | 13.08 | 7.67 | -8.16 | 6.86 | 1.60 |
| Growth % | 70.52% | 193.99% | -218.94% | 327.71% | 0 |
| PAT % | 5.34% | 4.39% | -4.88% | 3.40% | 1.11% |
| Diluted EPS | 18.09 | 11.74 | -13.62 | 9.93 | 3.07 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Capital | 7.20 | 6.26 | 6.26 | 6.26 | 6.26 |
| Non Controlling Interest | 110.35 | 23.30 | 20.95 | 20.30 | 16.78 |
| Other Equity | 39.56 | 22.33 | 17.33 | 28.95 | 26.26 |
| Total Equity | 157.12 | 51.89 | 44.54 | 55.52 | 49.30 |
| Borrowings | 11.35 | 37.03 | 49.61 | 51.00 | 50.14 |
| Other Non-Current Liabilities | 13.16 | 15.11 | 3.45 | 4.66 | 3.03 |
| Total NC Liabilities | 24.52 | 52.15 | 53.05 | 55.66 | 53.17 |
| Borrowings | 69.50 | 83.25 | 86.60 | 54.34 | 67.26 |
| Other Current Liabilities | 106.48 | 78.37 | 47.61 | 37.47 | 34.32 |
| Total Current Liabilities | 175.98 | 161.62 | 134.21 | 91.80 | 101.58 |
| Equity + Liabilities | 357.62 | 265.66 | 231.80 | 202.98 | 204.05 |
| Fixed Assets (incl. WIP) | 93.13 | 73.64 | 62.73 | 56.21 | 62.77 |
| Other Non Current Assets | 6.44 | 17.44 | 2.04 | 6.09 | 5.40 |
| Total NC Assets | 99.57 | 86.26 | 68.84 | 60.14 | 65.89 |
| Trade Receivables | 115.11 | 88.97 | 91.32 | 62.19 | 63.02 |
| Cash & Cash Equivalents | 42.96 | 11.62 | 13.13 | 13.47 | 11.89 |
| Other Current Assets | 72.15 | 78.80 | 58.52 | 67.17 | 63.26 |
| Total Current Assets | 258.05 | 179.40 | 162.97 | 142.84 | 138.17 |
| Total Assets | 357.62 | 265.66 | 231.80 | 202.98 | 204.05 |
Shareholding Pattern
- Shekhar Sardessai
- 41%
- Helios Strategic Systems Ltd
- 51%
- Others
- 8%
Strengths & Weaknesses
Strengths
- Equity infusion of ₹88 crore by financial investors helped repay old debts and improved leverage.
- Revenue: In FY25, revenue grew by 40% YoY to ₹244.9 crore, reflecting strong execution and order inflows. Operating profit improved sharply to ₹40.6 crore, with margins expanding to 16.6%, up from 14.9% in FY24 and just 4.2% in FY23, showing a clear turnaround. Profitability has been supported by cost control and higher operating leverage.
- Profitability Turnaround – Improved performance in FY2025 with PAT of ₹13.07 crore vs. loss of ₹8.1 crore in FY2023.
- Established Industry Track Record: Operating since 1994 with a strong presence in composites for aerospace, defence, railways, and industrial sectors. Strategic JVs with Kaman Aerospace (USA) and Exel Composites (Finland) enhance technical capabilities.
- Comfortable Order Book Position: Unexecuted orders worth ~₹100 crore, mainly from railways and defence sectors, ensuring near-term revenue visibility.
Weaknesses
- High Customer Concentration Risk: Nearly 80% of revenues from the railway sector, primarily from Integral Coach Factory, exposes the company to sector-specific risks.
- Profitability Susceptible to Input Cost Volatility: Operates in a competitive, L1-based bidding environment with limited pricing flexibility. Absence of price pass-through mechanisms exposes margins to fluctuations in raw material prices.
About Kineco Ltd
Kineco Limited was founded in 1994 as Mass Kinematics Pvt. Ltd., initially making fibre-reinforced plastic (FRP) equipment. Renamed Kineco Pvt. Ltd. in 2001, it expanded into custom-moulded products and advanced composites, serving aerospace & defence, railways, automotive, and process industries. In 2016, it became a public company when INL (through Helios Strategic Investments) acquired 51% for ₹39 crore. By July 2024, INL fully exited, with financial investors buying its stake and infusing ~₹88 crore. Kineco also runs two JVs: Kineco Kaman Composites India (KKCI): A Goa-based JV with Kaman Aerospace (USA), with Kineco holding 51%, focused on global aerospace & defence needs. Exel Composites JV (2021): Formed after hiving off its pultrusion division, in partnership with Finland’s Exel Composites.
Board of Directors
- Mr. Shekhar Sardessai - Chairman and Managing Director
- Mr. Pankaj Prasoon - Non-Executive Director
- Mr. Lalit Balmukund Agrawal - Non-Executive Director
- Mr. Prashant Baburao Naik - Non-Executive Director
- Mr. Vinay Balasaheb Jagtap - Non-Executive Director
- Mr. Girish Desai - Independent Director
- Mr. Rajesh Ashok Khaunte - Independent Director
Senior Management
- Mr. Shekhar Sardessai - Executive Vice Chairman and Managing Director
- Mr. Vivekanand Pauskar - Chief Financial Officer
- Manisha Naik - Company Secretary
Frequently Asked Questions
- Is there any lock in period for Kineco Ltd unlisted shares?
- The lock-in period for Kineco Ltd Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of Kineco Ltd.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on Kineco Ltd unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on Kineco Ltd unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in Kineco Ltd unlisted shares through InCred Money?
- Buying Kineco Ltd Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select Kineco Ltd from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in Kineco Ltd unlisted shares?
- To invest in Kineco Ltd Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
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