Kaka IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹296 cr
- Stock P/E
- 15.8peers 9.4
- Book value
- ₹60.8
- Price to book
- 3.57
- EV / operating profit
- -
- Market cap to sales
- 1.13
- ROCE · FY26
- 19.3%
- ROE · FY26
- 25.4%
- ROE, 3-year average
- 27.8%
- Operating margin · FY26
- 13.4%peers 6.0%
- Sales growth, 3 years
- 18.5%
- Profit growth, 3 years
- 38.9%
- Debt to equity
- 1.25peers 0.73
- Borrowings
- ₹104 cr
- Interest cover
- 4.9×
- Cash from business / op. profit
- 45%
- Debtor days
- 48
- Pledged
- 0.00%
- Promoter holding
- 70.04%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,506
- 52-week high / low
- ₹269 / ₹139
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Kaka Industries share price chart
Close on 6 Nov 2026 · -1.27% on the day · Vol 17,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -0.2%
- 3 months
- +5.6%
- 6 months
- +27.6%
- 1 year
- -3.7%
- Traded a day, 20 days
- ₹0.19 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +33% | +46% |
| 3 years, a year | +19% | +39% |
| Latest half, H2 FY26 | +35% | +56% |
About Kaka Industries: business, products and customers
Kaka Industries makes plastic profiles and boards that carpenters and builders use instead of wood, for furniture, kitchen cabinets, doors, windows and wall panels. It makes them in Gujarat, sells through dealers across India, and its shares trade on BSE SME.
Kaka Industries makes hollow PVC profiles, solid WPC (wood plastic composite) profiles and sheets, uPVC window and door profiles, laminates and roofing sheets, along with add-ons such as charcoal panels, louvers, adhesives and large ceiling fans. Carpenters and fabricators turn them into furniture, kitchen cabinets, doors and frames, partitions and wall panels; the company says doors and windows are about 15% of sales. It sells under several brands, from low priced to premium.
Everything is made at an integrated plant at Lasundra in Kheda district, Gujarat, which mixes its own compound from resin, extrudes and finishes under one roof. Products reach about 450 dealers and distributors in 20 states through three depots, but most sales are still in Gujarat. The business began in 2000 when Rajesh Gondaliya started trading PVC profile sheets in Ahmedabad, became a company in 2019 and listed on BSE SME in FY24.
Read more about the business
The company buys PVC resin, all from Indian suppliers, and sells finished profiles by weight, so sales and margins move with resin prices; it says it passes changes of more than about 5% on to customers. Selling more tonnes from a plant that still has spare room spreads its fixed costs, which is why profit grew faster than sales in FY26, while discounts given to win dealers in new states pulled the gross margin down in the first half. Dealers get up to 50 days of credit, and the company keeps about three months of stock.
The annual report describes the industry as fragmented outside a handful of larger organised makers, with many unorganised local suppliers; the documents read do not name rival companies. The company spent FY26 on a 7.5 MW solar power plant to cut its electricity bill, paid for mostly with bank loans.
From the FY26 and FY25 annual reports, the May 2026 investor presentation, the November 2025 earnings call and the Crisil rating rationale of January 2026.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 70.04%.
To watch
- Results for the half year to September 2026, the first with the solar plant running, against the CFO's talk of 25% to 30% yearly growth (Trading window notice, 28 September 2026; H1 FY26 call, November 2025, p.12).
- Borrowings and the land leases from the Managing Director under the solar project and a factory building (Annual report FY26, p.53; Investor presentation, May 2026, p.27).
- The application to move to the main board with listing on NSE and BSE, which the company said in November 2025 it was working towards (H1 FY26 call, November 2025, p.4).
- The secretarial auditor's remarks on late filings to the exchange and late entries in the insider trading database (Annual report FY26, p.31).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Kaka Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Kaka Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 75 | 79 | 87.57 | 82.64 | 95.45 | 102.33 | 124.89 | 138.34 |
| Expenses | 72 | 69 | 78.15 | 70.83 | 82.71 | 89 | 108.14 | 119.69 |
| Operating profit | 3 | 11 | 9.42 | 11.82 | 12.74 | 13.34 | 16.75 | 18.65 |
| OPM | 3.9% | 13.0% | 10.8% | 14.3% | 13.3% | 13.0% | 13.4% | 13.5% |
| Interest | 1 | 1 | 1.02 | 1.28 | 2.35 | 2.87 | 2.90 | 3.48 |
| Depreciation | 1 | 1 | 0.93 | 0.84 | 1.65 | 1.99 | 2.26 | 2.47 |
| Profit before tax | 1 | 9 | 7.75 | 9.60 | 8.88 | 8.63 | 11.77 | 13.13 |
| Net profit | 1 | 6 | 6.50 | 6.50 | 6.52 | 6.35 | 8.85 | 9.92 |
Kaka Industries profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 41 | 79 | 117 | 158 | 170.22 | 197.78 | 263.23 |
| Expenses | 39 | 72 | 107 | 145 | 148.98 | 171.71 | 227.83 |
| Operating profit | 2 | 6 | 10 | 14 | 21.24 | 26.08 | 35.40 |
| OPM | 6.0% | 8.0% | 8.0% | 9.0% | 12.5% | 13.2% | 13.4% |
| Other income | 0 | 0 | 0 | 0 | 0.19 | 0.28 | 0.59 |
| Interest | 0 | 2 | 2 | 3 | 2.31 | 5.21 | 6.37 |
| Depreciation | 0 | 1 | 1 | 1 | 1.76 | 3.64 | 4.72 |
| Exceptional and other items | · | 1 | · | · | · | · | · |
| Profit before tax | 2 | 4 | 7 | 10 | 17.35 | 17.50 | 24.90 |
| Tax rate | 50.0% | 25.0% | 28.6% | 30.0% | 25.1% | 26.5% | 24.6% |
| Net profit | 1 | 3 | 5 | 7 | 13 | 12.86 | 18.77 |
| EPS ₹ | 1,410 | 3.03 | 5.04 | 7.19 | 10.34 | 9.42 | 13.74 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY21 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Kaka Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 8.0% | 8.0% | 9.0% | 12.5% | 13.2% | 13.4% |
| Tax rate | 50.0% | 25.0% | 28.6% | 30.0% | 25.1% | 26.5% | 24.6% |
| ROCE | · | 33.3% | 27.3% | 26.3% | 24.9% | 19.3% | 19.3% |
| ROE | · | 74.9% | 52.6% | 43.8% | 36.1% | 22.0% | 25.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Kaka Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Kaka Industries balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 2 | 2 | 10 | 14 | 14 | 14 |
| Reserves | 1 | 5 | 10 | 10 | 38 | 51 | 69 |
| Net worth | 1.01 | 7 | 12 | 20 | 52 | 65 | 83 |
| Borrowings | 8 | 20 | 27 | 40 | 46 | 72 | 104 |
| Other liabilities | 12.99 | 9 | 7 | 8 | 10 | 20 | 21 |
| Total liabilities | 22 | 36 | 46 | 68 | 108 | 157 | 208 |
| Fixed assets | 1 | 8 | 11 | 13 | 52 | 70 | 81 |
| Capital work in progress | 0 | 0 | 0 | 8 | 6 | 7 | 26 |
| Investments | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Other assets | 21 | 28 | 35 | 46 | 49 | 79 | 100 |
Kaka Industries cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | -6 | -5 | 0 | 8 | 12 | 4 | 16 |
| Cash from investing | -1 | -7 | -5 | -12 | -39 | -25 | -35 |
| Cash from financing | 8 | 12 | 5 | 10 | 22 | 21 | 25 |
| Net cash flow | 1 | 0 | 0 | 6 | -5 | 0 | 6 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 94 | 67 | 44 | 43 | 38 | 51 | 48 |
| Inventory days | 119 | 75 | 78 | 48 | 75 | 114 | 98 |
| Days payable | 132 | 42 | 19 | 14 | 20 | 41 | 29 |
| Cash conversion cycle | 82 | 100 | 103 | 77 | 93 | 124 | 118 |
| Working capital days | 36 | 26 | 42 | 31 | 23 | 14 | 14 |
Kaka Industries peers and competitors
Listed SME companies in the same industryBy sales, Kaka Industries is number 31 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sharp Chucks and Machines | 115 | 12.5 | 274 | 9.2 | 12.1% | 1.13 |
| Sati Poly Plast | 17 | 4.8 | 273 | 3.5 | 2.7% | 0.62 |
| Susan Electricals India | 577 | 32.0 | 269 | 18 | 12.0% | 1.72 |
| P S Raj Steels | 74 | 8.3 | 266 | 9 | 4.9% | 0.01 |
| Kaka Industries | 296 | 15.8 | 263 | 18.8 | 13.4% | 1.25 |
| M P K Steels (I) | 85 | 14.2 | 259 | 6 | 4.1% | 0.33 |
| GSM Foils | 94 | 4.7 | 258 | 19.8 | 11.5% | 0.60 |
| Super Iron Foundry | 85 | 5.0 | 256 | 17 | 13.0% | 0.64 |
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Visaman Global Sales | 43 | 7.0 | 249 | 6.1 | 5.8% | 1.00 |
| Median of the 10 others | 80 | 9.4 | 259 | 7.5 | 6.0% | 0.73 |
Kaka Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Kaka Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Mar 26 | Jun 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 70.02% | 70.02% | 69.95% | 69.91% | 69.89% | 70.03% | 70.04% | 70.04% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.28% | 0.28% | 0.41% | 0.45% | - | - |
| Number of shareholders | 1,473 | 1,769 | 1,809 | 1,873 | 1,894 | 1,745 | 1,677 | 1,506 |
Kaka Industries study: the business from its own documents
Read from 6 of the company's own documentsKaka Industries key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹263.2 cr
- Up 33.1% from ₹197.8 cr as output from the integrated Lasundra plant rose.Annual report FY26, p.21; Investor presentation, May 2026, p.23
- Profit after tax
- ₹18.8 cr
- Up 46%; in FY25 profit had dipped slightly on higher interest and depreciation from the expansion.Annual report FY26, p.21; Annual report FY25, p.12
- Installed capacity
- 59,576 MT a year
- PVC profile 32,493 MT, WPC 14,736 MT, roofing 6,410 MT, uPVC 3,537 MT and laminate 2,400 MT (our arithmetic), plus 14,515 MT of compounding.Annual report FY26, p.12
- Core lines in use
- About 80%
- Share of available capacity used on the main PVC and WPC lines in late 2025, per the CFO; other lines have more room.H1 FY26 earnings call, November 2025, p.6 and p.11
- Dealers
- 450+
- Across 20 states and union territories, up from 300+, though most sales still come from Gujarat.H1 FY26 earnings call, November 2025, p.3 and p.8; Crisil rating rationale, January 2026, p.1
Show 5 more facts
- WPC share of sales
- 28%
- Of FY26 revenue, up from 26%; WPC grew faster than PVC profiles.Investor presentation, May 2026, p.11; Annual report FY26, p.34
- Solar power plant
- 7.5 MW
- About ₹25 cr, started in mid June 2026; the company expects it to save ₹35 to 40 lakh a month on power.Annual report FY26, p.9 and p.21
- Borrowings
- ₹103.7 cr
- Up from ₹72.0 cr a year earlier; debt is 1.25 times equity.Investor presentation, May 2026, p.27; Annual report FY26, p.35
- Operating cash flow
- ₹15.9 cr
- Up from ₹3.9 cr in FY25; spending on plant and the solar project was ₹33.1 cr.Annual report FY26, p.44
- Land from the MD
- 25 year lease
- The solar project and a factory building stand on land leased from Managing Director Rajesh Gondaliya.Annual report FY26, p.53
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The CFO said in November 2025 that the company can grow sales 25% to 30% a year organically from its present capacity, adding lines from its own cash where needed, and that it was working towards applying to move to the main board with listing on NSE and BSE. For FY27 the company names three aims: a stronger supply chain, new higher margin products in PVC, WPC and uPVC, and better margins, helped by the solar plant.
| What management said | When | What happened |
|---|---|---|
| About 30% sales growth for FY26 | H1 FY26 call, November 2025 | 33.1% |
| Solar plant to be completed late in the last quarter of FY26 | H1 FY26 call, November 2025 | Started in mid June 2026 |
| Working towards applying to move to the main board | H1 FY26 call, November 2025 | No update in the FY26 annual report |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Kaka Industries earns a spread on PVC resin it turns into profiles and boards for furniture and doors, and that spread has widened as its new integrated plant filled up.
Its weak spots are resin prices it does not control, discounts needed to win new states, borrowed money for its plant and solar project, and land for both leased from its Managing Director.
AverageCan it set its own prices?It passes large resin price moves on to customers, but it gave discounts to win dealers in new states, and the rating agency says its moderate size limits pricing power.
AverageHow strong is it against rivals?An integrated plant and a range of brands at many price points help, but the market is fragmented and the company competes on price and dealer reach.
AverageWho are its customers?Hundreds of dealers rather than a few big buyers, but most sales come from one state and a bad debt provision rose in FY26.
AverageDoes it need a lot of money?The plant and solar project were funded largely with loans, but the plant has spare room, so further growth needs less new spending.
AverageCan it keep finding new work?Dealers reorder every month and the dealer count is rising, but there is no order book and government orders so far are small.
WatchDo good and bad years swing a lot?Sales have grown every year, but profit depends on resin prices and on the plant running smoothly, and FY25 profit slipped when power to the new plant was delayed.
Who runs Kaka Industries?
Promoters, directors and officers; tap a name for the background
RDRajesh Dhirubhai GondaliyaPromoter, Chairman and Managing Director · holds 9.37%
Started the business in 2000 by trading PVC profile sheets in Ahmedabad and built it into a manufacturer; re-appointed Managing Director and Chairman from 18 March 2026. Paid ₹0.9 cr in FY26. The company leases land from Rajesh Gondaliya for 25 years from May 2025 for a factory building and for its ground mounted solar project, owed Rajesh Gondaliya ₹3.8 cr of unsecured loans at March 2026, and paid ₹0.7 cr of rent in FY26 to Shreeji Plast Mart, Rajesh Gondaliya's proprietorship. The promoter group also includes Rajeshkumar Dhirubhai Gondaliya (HUF), which holds 13.62%.
Annual report FY26, p.7, p.22, p.49, p.53, p.59 and p.60BRBhavin Rajeshbhai GondaliyaPromoter and Whole Time Director · holds 19.27%
On the board since June 2019. Holds a Bachelor of Commerce; worked on the factory floor, production and product testing. Listed in the FY25 notice as the son of Rajesh and Prabhaben Gondaliya; a director of Kaka Engineering. Paid ₹0.9 cr in FY26; the company owed Bhavin Gondaliya ₹2.6 cr of unsecured loans at March 2026.
Annual report FY25, p.22; Annual report FY26, p.59 and p.60PRPrabhaben Rajeshbhai GondaliyaPromoter and Non-Executive Director · holds 9.37%
Senior secondary education and about 11 years in administration. Listed in the FY26 notice as the wife of the Managing Director and mother of the Whole Time Director.
Annual report FY26, p.20CJChintan Jayantibhai BodarChief Financial Officer
A chartered accountant; presented the results on the November 2025 earnings call. Paid ₹0.27 cr in FY26.
Annual report FY26, p.22 and p.60; H1 FY26 earnings call, November 2025, p.2IJIshan Jayminbhai ParikhIndependent Director
Appointed on 26 November 2025, the day independent director Rajiv Navinchandra Vyas resigned; the annual report gives no reason for the resignation and does not describe a background.
Annual report FY26, p.22 and p.61JGJaimish Govindbhai PatelIndependent Director
On the board through FY25 and FY26; the documents read do not describe a background.
Annual report FY26, p.22; Annual report FY25, p.30Kaka Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹138 cr (+35%), net profit ₹9.9 cr (+56%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 70.04%.
Kaka Industries announcements
3 on record, latest first; each opens the filing on the exchange
Kaka Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Kaka Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Kaka Industries' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,36,60,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY20 (₹1,410.00) and FY21 (₹3.03) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Kaka Industries
What does Kaka Industries do?
Kaka Industries makes plastic profiles and boards that carpenters and builders use instead of wood, for furniture, kitchen cabinets, doors, windows and wall panels. It makes them in Gujarat, sells through dealers across India, and its shares trade on BSE SME.
What is the share price of Kaka Industries?
₹217 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Kaka Industries?
₹296 cr at the close on 6 Nov 2026, on 1,36,60,000 shares.
What is the P/E of Kaka Industries?
15.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Kaka Industries' revenue and profit?
Revenue ₹263 cr and profit after tax ₹19 cr in FY26.
Who are the promoters of Kaka Industries?
Rajesh Dhirubhai Gondaliya, Bhavin Rajeshbhai Gondaliya, Prabhaben Rajeshbhai Gondaliya; promoters held 70.04% at 30 Sept 2026.
What is Kaka Industries' website?
www.kakaprofile.com
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Built from 2 annual reports, 2 credit rating notes, 1 earnings call transcript, 1 investor presentation, 3 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.