Kenrik IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹16 cr
- Stock P/E
- 517.8peers 15.8
- Book value
- ₹17.9
- Price to book
- 0.69
- EV / operating profit
- -
- Market cap to sales
- 0.19
- ROCE · FY26
- 0.3%
- ROE · FY26
- 0.2%
- ROE, 3-year average
- 5.6%
- Operating margin · FY26
- 0.1%peers 12.3%
- Sales growth, 3 years
- 15.6%
- Profit growth, 3 years
- -60.0%
- Debt to equity
- 0.01peers 0.28
- Borrowings
- ₹0.2 cr
- Interest cover
- No interest
- Cash from business / op. profit
- -15933%
- Debtor days
- 60
- Pledged
- 0.00%
- Promoter holding
- 72.01%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 383
- 52-week high / low
- ₹15 / ₹6
- 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.
Kenrik Industries share price chart
Close on 6 Nov 2026 · -1.97% on the day · Vol 6,000
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
- -4.0%
- 3 months
- +77.1%
- 6 months
- +47.8%
- 1 year
- +4.0%
- Traded a day, 20 days
- ₹0.02 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +7% | -97% |
| 3 years, a year | +16% | -60% |
| Latest half, H2 FY26 | +10% | -189% |
About Kenrik Industries: business, products and customers
Kenrik Industries supplies hallmarked gold jewellery, mostly traditional Indian designs, to jewellery wholesalers and retailers from Ahmedabad. Its shares trade on BSE SME.
Kenrik was formed in Ahmedabad in 2017 and works out of the Manekchowk bullion and jewellery market. It purchases gold from bullion houses, and sometimes old jewellery from customers, and has rings, chains, bangles, necklaces and wedding sets made to each order on a job work basis at its unit in Ahmedabad; it deals only in BIS hallmarked jewellery. Its sales team visits jewellers in person and much new business comes by referral.
Almost all of the selling price is the gold itself, so revenue moves with gold prices and volumes while the company keeps only a very small making margin. In FY26 the cost of materials took nearly all of revenue, leaving profit close to nothing. The business also needs a large stock of gold and jewellery, and in FY26 money owed by customers rose sharply, so growth uses up cash rather than producing it.
Read more about the business
Customers are a fairly small group of wholesalers and retailers buying order by order with no fixed contracts, and the company had nine employees when the offer document was filed.
The offer document compares Kenrik with three listed jewellery companies: Veerkrupa Jewellers, Motisons Jewellers and Khazanchi Jewellers, all in the gold jewellery trade.
From the offer document (Prospectus, April 2025) and the annual reports for FY25 and FY26.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.01.
- The promoters own a large part of the company: 72.01%.
To watch
- Collection of the receivables that rose to ₹13.3 cr at March 2026 (Annual report FY26, p.47).
- Whether the making margin recovers after costs took nearly all of FY26 revenue (Annual report FY26, p.48).
- Use of the IPO money raised for working capital in May 2025 (Offer document, p.72; Annual report FY26, p.16).
- Customers take longer to pay than before: 60 days in FY26, against 27 in FY20.
- 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.
Kenrik Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less 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 more slowly than sales, so each rupee of sales left a little less profit.
Kenrik Industries half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 40.11 | 21.80 | 52.94 | 22.13 | 58.06 |
| Expenses | 40.22 | 21.28 | 52.01 | 21.35 | 58.79 |
| Operating profit | -0.11 | 0.52 | 0.93 | 0.79 | -0.73 |
| OPM | -0.3% | 2.4% | 1.8% | 3.6% | -1.3% |
| Interest | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.01 | 0 | 0.01 | 0.01 | 0.01 |
| Profit before tax | 0.05 | 0.55 | 0.93 | 0.78 | -0.73 |
| Net profit | 0.05 | 0.36 | 0.63 | 0.58 | -0.56 |
Kenrik Industries profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 32.30 | 38.86 | 39.95 | 51.88 | 70.77 | 74.74 | 80.19 |
| Expenses | 32.03 | 38.50 | 39.50 | 51.37 | 69.51 | 73.29 | 80.14 |
| Operating profit | 0.27 | 0.36 | 0.45 | 0.51 | 1.26 | 1.46 | 0.06 |
| OPM | 0.8% | 0.9% | 1.1% | 1.0% | 1.8% | 1.9% | 0.1% |
| Other income | 0.07 | 0.17 | 0.10 | 0.16 | 0.17 | 0.04 | 0.01 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 |
| Profit before tax | 0.31 | 0.51 | 0.53 | 0.65 | 1.42 | 1.49 | 0.05 |
| Tax rate | 25.8% | 27.5% | 26.4% | 27.7% | 24.6% | 33.6% | 48.1% |
| Net profit | 0.23 | 0.37 | 0.39 | 0.47 | 1.07 | 0.99 | 0.03 |
| EPS ₹ | · | · | 0.43 | 0.52 | 1.19 | 1.10 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | · |
Earnings per share is left blank where the source shows zero against a profit.
Kenrik 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 low 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 | 0.8% | 0.9% | 1.1% | 1.0% | 1.8% | 1.9% | 0.1% |
| Tax rate | 25.8% | 27.5% | 26.4% | 27.7% | 24.6% | 33.6% | 48.1% |
| ROCE | · | 8.8% | 6.2% | 5.6% | 11.1% | 10.6% | 0.3% |
| ROE | · | 6.5% | 4.6% | 4.2% | 8.9% | 7.6% | 0.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | · |
Kenrik Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business used more cash than it brought in. 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.
Kenrik Industries balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 9 | 9 | 9 | 9 | 12.50 |
| Reserves | 0.48 | 0.87 | 2.06 | 2.54 | 3.60 | 4.60 | 9.84 |
| Net worth | 5.48 | 5.87 | 11.06 | 11.54 | 12.60 | 13.60 | 22.34 |
| Borrowings | 0.11 | 0.13 | 0.16 | 0.57 | 0.78 | 1.06 | 0.20 |
| Other liabilities | 1.77 | 4.26 | 1.24 | 3.49 | 2.39 | 3.08 | 3.87 |
| Total liabilities | 7.36 | 10.26 | 12.46 | 15.60 | 15.77 | 17.74 | 26.41 |
| Fixed assets | 0.13 | 0.10 | 0.10 | 0.08 | 0.06 | 0.05 | 0.04 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 7.23 | 10.16 | 12.36 | 15.52 | 15.71 | 17.69 | 26.37 |
Kenrik Industries cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | -0.01 | -4.82 | 0.29 | 2.20 | -2.53 | -9.56 |
| Cash from investing | · | 0 | -0.01 | -0.51 | 0.38 | -0.24 | 0.72 |
| Cash from financing | · | 0.02 | 4.83 | 0.22 | 0.07 | 0.29 | 8.75 |
| Net cash flow | · | 0.01 | 0 | 0 | 2.65 | -2.48 | -0.09 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 27 | 14 | 38 | 29 | 9 | 16 | 60 |
| Inventory days | · | 81 | 65 | 72 | 57 | 67 | 58 |
| Days payable | · | 39 | 10 | 20 | 10 | 12 | 4 |
| Cash conversion cycle | 27 | 55 | 93 | 81 | 56 | 72 | 115 |
| Working capital days | 62 | 55 | 102 | 77 | 49 | 62 | 101 |
Kenrik Industries peers and competitors
Listed SME companies in the same industryBy sales, Kenrik Industries is number 48 of the 79 listed SME companies in consumer durables.
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 |
|---|---|---|---|---|---|---|
| Sham Foam | 96 | 11.1 | 92.3 | 8.7 | 12.1% | 0.19 |
| Koura Fine Diamond Jewelry | 27 | 36.1 | 91.8 | 0.8 | 1.3% | 0.02 |
| Omfurn India | 64 | 10.1 | 86.4 | 6.3 | 14.5% | 0.16 |
| Retaggio Industries | 103 | 11.5 | 84 | 9 | 14.3% | 0.30 |
| Interiors & More | 186 | 13.7 | 83.6 | 13.5 | 25.4% | 0.70 |
| Kenrik Industries | 16 | 517.8 | 80.2 | 0 | 0.1% | 0.01 |
| Striders Impex | 93 | 16.6 | 75.2 | 5.6 | 12.6% | 0.39 |
| Rexpro Enterprises | 34 | 15.5 | 73.7 | 2.2 | 3.2% | 0.25 |
| Nanta Tech | 161 | 19.6 | 70.1 | 8.2 | 16.6% | 0.09 |
| Marvel Decor | 92 | 21.2 | 68.5 | 4.3 | 7.0% | 0.32 |
| Shubhlaxmi Jewel Art | 17 | 16.1 | 62.7 | 1.1 | 4.2% | 0.57 |
| Median of the 10 others | 93 | 15.8 | 79.4 | 6 | 12.3% | 0.28 |
Kenrik 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 has come down.
Kenrik 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.
| May 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 72.01% | 72.01% | 72.01% |
| Number of shareholders | 556 | 427 | 383 |
Kenrik Industries study: the business from its own documents
Read from 4 of the company's own documentsKenrik Industries key facts from the filings
Each figure with the document it comes from
- Cost of materials
- 99.4%
- Share of FY26 revenue taken by the cost of gold and making, leaving a very thin margin.Annual report FY26, p.48; our arithmetic
- Money owed by customers
- ₹13.3 cr
- Trade receivables at March 2026, against ₹3.3 cr a year earlier.Annual report FY26, p.47
- Cash used in operations
- ₹9.6 cr
- FY26 operating cash outflow, mainly the rise in receivables; the IPO brought in ₹8.7 cr in the same year.Annual report FY26, p.49
- Stock
- ₹12.7 cr
- Inventory of gold and jewellery at March 2026, against ₹13.4 cr a year earlier.Annual report FY26, p.47
- Top ten customers
- 75.4%
- Share of revenue in the seven months to October 2024; the largest single customer was 13.8%.Offer document, p.111
Show 5 more facts
- Top ten suppliers
- 69.9%
- Share of purchases in the seven months to October 2024; gold is bought without fixed supply contracts.Offer document, p.100 and p.111
- IPO
- ₹8.7 cr at ₹25
- 34,98,000 new shares, meant for working capital and general purposes; listed on BSE SME on 9 May 2025.Offer document, p.2 and p.72; Annual report FY26, p.16
- Hallmarked only
- BIS
- The company deals only in jewellery carrying the BIS hallmark for purity.Offer document, p.100
- Team
- 9
- Employees at October 2024; making is done on a job work basis.Offer document, p.100 and p.114
- Promoter holding before IPO
- 99.99%
- Held by the promoter family and its HUF before the issue.Offer document, p.142
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.
Kenrik earns a thin making margin on gold jewellery it supplies to other jewellers, so large sales leave very little profit.
Its weak spots are a handful of big customers, a lot of money tied up in stock and dues, and profit that nearly vanished in the latest year.
WatchCan it set its own prices?Gold is priced by the market and the company competes on price, so it keeps only a small making charge.
WatchHow strong is it against rivals?It is a small wholesaler in a busy jewellery market, with a narrower range and reach than bigger players.
WatchWho are its customers?A small group of jewellery wholesalers and retailers bring most of its sales, with no fixed agreements.
WatchDoes it need a lot of money?Stock and money owed by customers take up almost all its capital, and its operations used more cash than the IPO raised.
AverageCan it keep finding new work?Repeat clients and referrals in the Ahmedabad bullion market keep orders coming, but there is no order book or contract.
WatchDo good and bad years swing a lot?With such a thin margin, small moves in gold prices or costs can turn a profit into a loss, as nearly happened in the latest year.
Who runs Kenrik Industries?
Promoters, directors and officers; tap a name for the background
NDNitinkumar Dalpatbhai ShahPromoter, Chairman and Managing Director
On the board since the company was formed in 2017 and Managing Director since February 2018; a Bachelor of Commerce from Gujarat University with more than 25 years in finance and jewellery. Karta of the promoter Shah Nitin Dalpatlal (HUF).
Offer document, p.129, p.131 and p.144; Annual report FY26, p.18NNNihar Nitinbhai ShahPromoter, Executive Director and Chief Financial Officer
On the board since 2017; holds a master's degree in engineering management from Stevens Institute of Technology, New Jersey, with more than five years in manufacturing and finance. The offer document names Nitinkumar Dalpatbhai Shah as father.
Offer document, p.130 and p.132; Annual report FY26, p.18MNManisha Nitinkumar ShahPromoter
A Bachelor of Arts from North Gujarat University with about 25 years in marketing; the offer document lists Nitinkumar Dalpatbhai Shah as spouse.
Offer document, p.143 and p.147SNShah Nitin Dalpatlal (HUF)Promoter
A Hindu undivided family formed in April 1997 whose members are Nitinkumar Dalpatbhai Shah, Manisha Nitinkumar Shah and Nihar Nitinbhai Shah.
Offer document, p.144NDNishit Dushyant ShahIndependent Director
A Chartered Accountant with more than 29 years in accounts, finance, tax, law and banking regulation across several industries; on the board since May 2023.
Offer document, p.131 to 132; Annual report FY26, p.18AHAkshay Hiteshkumar SoniIndependent Director
Holds an MBA from Gujarat University with more than three years in accounting and finance; on the board since August 2018.
Offer document, p.131 to 132; Annual report FY26, p.18Kenrik 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 ₹58.1 cr (+10%), net profit -₹0.6 cr (-189%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.01%.
Kenrik Industries announcements
2 on record, latest first; each opens the filing on the exchange
Kenrik Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Kenrik 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 Kenrik 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 (1,24,97,900 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 moves in line with profit across the years shown.
- ✓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 Kenrik Industries
What does Kenrik Industries do?
Kenrik Industries supplies hallmarked gold jewellery, mostly traditional Indian designs, to jewellery wholesalers and retailers from Ahmedabad. Its shares trade on BSE SME.
What is the share price of Kenrik Industries?
₹12.4 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Kenrik Industries?
₹16 cr at the close on 6 Nov 2026, on 1,24,97,900 shares.
What is the P/E of Kenrik Industries?
517.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Kenrik Industries' revenue and profit?
Revenue ₹80 cr and profit after tax ₹0 cr in FY26.
Who are the promoters of Kenrik Industries?
Nitinkumar Dalpatbhai Shah, Nihar Nitinbhai Shah, Manisha Nitinkumar Shah, Shah Nitin Dalpatlal (HUF); promoters held 72.01% at 31 March 2026.
What is Kenrik Industries' website?
www.kenrikindustries.net
More SME companies like Kenrik Industries
Other listed SME companies in consumer durables, the closest in size first, each read from its own documents.
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- Bindal ExportsBINDALEXPO · BSE SME · Consumer DurablesMarket cap ₹13 cr
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Built from 3 annual reports, 1 offer document, 2 exchange announcements, 3 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.