Karnika Industries

Quick check

The five things to look at first. Open one for more.

• DebtModerate debtIt owes ₹84 Cr against ₹131 Cr of shareholders' money (Sep 2026), 0.64 times.
• ResultsMixedIn the Sep 2026 quarter, sales were ₹106 Cr and profit ₹14 Cr.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 73% of the company, about the same as in Sep 2025.
• ValuationCheap vs its pastThe share trades at 20.8 times its yearly earnings (P/E), cheaper than 100% of the time in the last 1 years. Its usual P/E is about 27.

Karnika Industries against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)20.8 against a typical 18.7: pricier than most peers (1st = cheapest).34th of 62
• Share price, 3 months+11.3% against a typical −5.7%.13th of 56
• Size₹ 836.7 Cr. market value against a typical ₹ 152.5 Cr. (1st = largest).15th of 58

Exchange filings and their impact on the company.

• 19 Oct 2026Outcome of Board MeetingLow impactPositivePrice −3.8% on 21 Oct
  Board approves move from NSE Emerge to NSE and BSE mainboard, pending shareholder and exchange approvals.

  Karnika Industries' board on October 19, 2026 approved migration of its shares from the NSE Emerge SME platform to the main boards of NSE and BSE. The move is subject to approval by shareholders via postal ballot e-voting and by NSE, BSE and other authorities. The company also approved the postal ballot notice and appointed a scrutiniser for the vote. If approved, the migration should improve trading liquidity and visibility with no immediate change to operations.

  Full analysisFiling
• 16 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactPositivePrice −0% that day
  Record Q2/H1 with 30-35% revenue/PBT CAGR guidance through FY28 at 17-20% margins.

  Karnika Industries published its Q2 and H1 FY27 earnings call transcript for the call held on 13 Oct 2026. Q2 revenue grew 52.3% to Rs 106 crore with EBITDA of Rs 20 crore and PAT of Rs 14 crore, while H1 revenue grew 74.7% to Rs 180 crore with PAT of about Rs 23 crore, both record highs. Management guided for 30-35% CAGR in revenue and profit before tax through FY28 at 17-20% EBITDA margin, driven by 20-25% B2B growth plus Kidcity B2C expansion to 55-plus airport/high-street kiosks and deeper Tier-2/3 distribution, while holding debt around 0.6x debt-to-equity.

  Full analysisFiling
• 10 Oct 2026Outcome of Board MeetingHigh impactVery positivePrice +7.8% on 12 Oct
  H1 FY27 revenue and profit already ~73-83% of FY26 full year, pointing to ~40-50% higher sales and ~60-80% higher profit over next 12 months but with more debt and working capital locked up.

  Karnika Industries reported strong H1 FY27 results with consolidated revenue of Rs 180 crore and net profit of Rs 23.3 crore, already 73% and 83% of FY26 full-year levels. Standalone Q2 revenue grew to Rs 81.8 crore with profit of Rs 10.8 crore, up 47% sequentially. The growth has stretched working capital, with receivables up 66% to Rs 145.3 crore and operating cash flow negative, funded by higher borrowings and Rs 12 crore received from share warrants.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Niranjan Mundhra

Chairman of the Board, Managing Director

Krishan Kumar Karnani

Chief Financial Officer

Muskan Mundhra

Compliance Officer, Company Secretary

Mahesh Kumar Mundhra

Whole Time Director

Shiv Shankar Mundhra

Whole Time Director