Kesar IndiaShare price, financial results, shareholding and management
- Market cap
- ₹3,787 cr
- Stock P/E
- 126.7peers 13.0
- Book value
- ₹80
- Price to book
- 15.15
- EV / operating profit
- -
- Market cap to sales
- 21.46
- ROCE · FY26
- 23.5%
- ROE · FY26
- 20.0%
- ROE, 3-year average
- 37.5%
- Operating margin · FY26
- 24.0%peers 15.9%
- Sales growth, 3 years
- 127.4%
- Profit growth, 3 years
- 210.3%
- Debt to equity
- 0.18peers 0.12
- Borrowings
- ₹44 cr
- Interest cover
- 10.9×
- Cash from business / op. profit
- -298%
- Debtor days
- 124
- Pledged
- 0.00%
- Promoter holding
- 67.59%
- Change in promoter holding
- -2.78 pts
- Shareholders
- 805
- 52-week high / low
- ₹1,341 / ₹705
- 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.
Kesar India share price chart
Close on 6 Nov 2026 · +0.16% on the day · Vol 15,200
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
- +7.5%
- 3 months
- -3.0%
- 6 months
- -2.8%
- 1 year
- +42.6%
- Traded a day, 20 days
- ₹1.92 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +64% | +54% |
| 3 years, a year | +127% | +210% |
| Latest half, H1 FY26 | -41% | -93% |
About Kesar India: business, products and customers
Kesar India develops and sells residential plots, villas and commercial property in and around Nagpur under the Kesar Lands name. Its shares trade on BSE SME.
Kesar India buys land, develops it and sells plots, villas, bungalows, shops and mixed-use space to buyers in Nagpur, Maharashtra. Plotted developments are its core format, and it works through its own projects, joint ventures, joint development agreements and special-purpose companies.
The company was incorporated in 2003 and listed on BSE SME in 2022. It reports 14 completed and ongoing projects with about 35.4 lakh sq ft of saleable area and 1,191 units, led by Kesar Gateway in Kamptee, which it says was finished 28 months ahead of schedule.
Read more about the business
In FY26 revenue from operations was ₹176.5 cr, and the company sold a developed land parcel at Mauza Takli, Hingna to Godrej Properties for about ₹115.7 cr. It raised about ₹273.7 cr through convertible warrants and bought new land in Hingna, Sumthana and the MIHAN-SEZ corridor.
What is new: a first outside contract in May 2026, about ₹160 crore of building work in Byculla, Mumbai, through its subsidiary Kesar Infraventures; a securities-trading LLP, a coal washery company and a UAE trading company; and shareholder approval to move to the Main Board of BSE and NSE.
From the offer document (June 2022), the May 2026 investor presentation and the FY26 annual report.
Read the deeper study ↓In its favour
- Sales have grown very fast: 127% a year over three years.
- It earns a high return on the money it uses: ROCE 24% in FY26.
- It has little debt for its size: debt to equity 0.18.
- The promoters own a large part of the company: 67.59%.
To watch
- The ₹160 crore Byculla, Mumbai building contract won in May 2026, due over about 24 months (Annual report FY26, p.20).
- RERA registration and launch of Kesar Riverdale, Kesar Business Park and Code Name Mihan (Investor presentation, May 2026, p.23).
- The move from the SME platform to the Main Board of BSE and NSE approved in November 2025 (Annual report FY26, p.20).
- How the land bought in FY26 turns into sales, after inventory days rose to 412 (Annual report FY26, p.21).
- Customers take longer to pay than before: 124 days in FY26, against 19 in FY21.
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.
Kesar India revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Kesar India half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 0.75 | 14.44 | 21.25 | 32.16 | 50.97 | 56.82 | 29.85 |
| Expenses | 1.83 | 12.26 | 12.65 | 26.02 | 29.67 | 52.76 | 26 |
| Operating profit | -1.09 | 2.18 | 8.60 | 6.15 | 21.30 | 4.06 | 3.85 |
| OPM | -145.2% | 15.1% | 40.5% | 19.1% | 41.8% | 7.1% | 12.9% |
| Interest | 0.05 | 0.03 | 0.03 | 0.12 | 0.71 | 0.27 | 1.55 |
| Depreciation | 0.09 | 0.10 | 0.10 | 0.27 | 0.18 | 0.51 | 0.93 |
| Profit before tax | -1.20 | 2.27 | 8.69 | 6.13 | 21.91 | 3.83 | 1.73 |
| Net profit | -1.20 | 1.99 | 6.50 | 4.33 | 16.49 | 2.87 | 1.11 |
Kesar India profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 1 | 8 | 15 | 53.42 | 107.79 | 176.45 |
| Expenses | 1 | 4 | 14 | 38.67 | 82.44 | 133.45 |
| Operating profit | 0 | 5 | 1 | 14.75 | 25.35 | 43 |
| OPM | 0.0% | 55.0% | 7.0% | 27.6% | 23.5% | 24.0% |
| Other income | 0 | 1 | 0 | 0.58 | 2.06 | 3.03 |
| Interest | 0 | 0 | 0 | 0.14 | 0.98 | 4 |
| Depreciation | 0 | 0 | 0 | 0.36 | 0.69 | 3 |
| Exceptional and other items | · | -1 | · | · | · | · |
| Profit before tax | 0 | 5 | 1 | 14.82 | 25.74 | 39.53 |
| Tax rate | 50.0% | 20.0% | 0.0% | 26.9% | 24.8% | 24.4% |
| Net profit | 0 | 4 | 1 | 10.84 | 19.36 | 29.88 |
| EPS ₹ | 0.50 | 181.50 | 0.32 | 22.54 | 7.83 | 10.46 |
| Dividend payout | 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 FY22 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Kesar India 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 high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 0.0% | 55.0% | 7.0% | 27.6% | 23.5% | 24.0% |
| Tax rate | 50.0% | 20.0% | 0.0% | 26.9% | 24.8% | 24.4% |
| ROCE | · | 141.6% | 7.4% | 40.4% | 41.8% | 23.5% |
| ROE | · | · | 8.7% | 43.4% | 49.0% | 20.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Kesar India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. 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.
Kesar India balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.03 | 0.03 | 4 | 25 | 25 | 29 |
| Reserves | -1 | 3 | 16 | 5 | 24 | 221 |
| Net worth | -0.97 | 3.03 | 20 | 30 | 49 | 250 |
| Borrowings | 3 | 2 | 2 | 22 | 27 | 44 |
| Other liabilities | 1.97 | 3.97 | 10 | 48 | 35 | 145 |
| Total liabilities | 4 | 9 | 32 | 100 | 111 | 439 |
| Fixed assets | 1 | 1 | 1 | 1 | 3 | 9 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 2 | 0 | 31 |
| Other assets | 3 | 8 | 31 | 97 | 108 | 399 |
Kesar India cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | 2 | -10 | 9 | -8 | -128 |
| Cash from investing | -1 | 1 | 0 | -1 | 1 | -52 |
| Cash from financing | 1 | 0 | 15 | 19 | 4 | 180 |
| Net cash flow | 1 | 3 | 5 | 27 | -3 | 0 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 19 | 77 | 37 | 22 | 58 | 124 |
| Inventory days | · | 520 | 438 | 731 | 252 | 412 |
| Days payable | · | 6 | 0 | 378 | 95 | 351 |
| Cash conversion cycle | 19 | 592 | 476 | 375 | 215 | 185 |
| Working capital days | 271 | 82 | 310 | -50 | 47 | 379 |
Kesar India peers and competitors
Listed SME companies in the same industryBy sales, Kesar India is number 1 of the 18 listed SME companies in realty.
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 |
|---|---|---|---|---|---|---|
| Kesar India | 3,787 | 126.7 | 176 | 29.9 | 24.0% | 0.18 |
| B-Right Realestate | 947 | 20.6 | 168 | 46 | 39.0% | 1.06 |
| Mason Infratech | 239 | 10.9 | 131 | 22 | 26.0% | 0.68 |
| Active Infrastructures | 259 | 25.3 | 96.6 | 10.2 | 16.6% | 0.67 |
| Justo Realfintech | 149 | 7.8 | 92 | 19 | 30.0% | 0.12 |
| V R Infraspace | 85 | 10.8 | 74.4 | 7.9 | 15.1% | 0.79 |
| P. E. Analytics | 203 | 13.0 | 46.8 | 15.7 | 30.9% | 0.00 |
| Shantidoot Infra Services | 106 | 73.7 | 45 | 1.4 | 9.0% | - |
| Homesfy Realty | 43 | - | 40.3 | -20.5 | -49.8% | 0.00 |
| SBL Infratech | 4 | 23.8 | 36.1 | 0.2 | 0.5% | 0.05 |
| SVS Ventures | 12 | 11.7 | 16.8 | 1 | 5.6% | 0.00 |
| Median of the 10 others | 128 | 13 | 60.6 | 9.1 | 15.9% | 0.12 |
Kesar India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has grown a lot.
Kesar India 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 | Mar 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Jul 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 74.99% | 74.99% | 74.73% | 73.47% | 71.99% | 70.24% | 70.37% | 67.59% |
| Foreign investors (FIIs) | 18.46% | 18.22% | 18.74% | 16.72% | 16.56% | 15.76% | - | 14.78% |
| Number of shareholders | 359 | 341 | 338 | 282 | 368 | 723 | 769 | 805 |
Kesar India study: the business from its own documents
Read from 4 of the company's own documentsKesar India key facts from the filings
Each figure with the document it comes from
- Land sold to Godrej
- ₹115.7 cr
- Sale of a developed, non-agricultural land parcel at Mauza Takli, Hingna to Godrej Properties during FY26, against FY26 revenue of ₹176.5 cr.Annual report FY26, p.20; Investor presentation, May 2026, p.25 and p.27
- Money raised
- ₹273.7 cr
- Raised through convertible warrants in September 2025, cut from a planned ₹291.7 cr because not all warrants were taken; Crisil monitors the use and reported no deviation.Annual report FY26, p.20
- Cash from operations
- ₹128 cr outflow
- Cash used by the business in FY26, mainly to acquire land ahead of sales, against an outflow of about ₹8 cr in FY25.Annual report FY26, p.21
- Inventory days
- 412
- Days of sales held as land and project stock in FY26, up from 252 in FY25, as the company built its land bank.Annual report FY26, p.21
- Projects in hand
- 1,191 units
- Units across 14 completed and ongoing projects with about 35.4 lakh sq ft of saleable area; two upcoming projects are still in planning and excluded.Annual report FY26, p.19
Show 5 more facts
- Early delivery
- 28 months
- Kesar Gateway in Kamptee, with 351 units and 8.6 lakh sq ft of saleable area, was completed this far ahead of its March 2026 schedule, the company says.Investor presentation, May 2026, p.18 and p.39
- First outside contract
- ₹160 cr
- Building contract won on 21 May 2026 by subsidiary Kesar Infraventures for a residential project at Byculla, Mumbai, to run about 24 months.Annual report FY26, p.20; Investor presentation, May 2026, p.26
- Securities trading arm
- ₹23.9 cr
- Investments held by Kesar Capital LLP, a 99.99% subsidiary taken on in November 2025 for securities trading, which made a loss of ₹1.5 cr in FY26.Annual report FY26, p.20 and p.36
- New land bought
- 3 parcels
- A 24,256 sq m plot in Hingna, a four-acre plot in the MIHAN-SEZ corridor at Khapri and about 22.5 acres in Sumthana, Hingna, all bought in FY26.Annual report FY26, p.20
- Main Board move
- Nov 2025
- Shareholders approved by postal ballot moving the shares from the SME platform to the Main Board of BSE and NSE.Annual report FY26, p.20
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it has a pipeline of 29 projects with an estimated gross development value above ₹5,100 crore to be developed over the next three to five years, and a further ₹4,000 crore or so under evaluation. It says it plans to enter the National Capital Region, Hyderabad, Bengaluru, Chennai, Vijayawada and Kanpur, to grow the new building-contract business beyond the Byculla job, and to look at solar power and property in Dubai. These are the company's own estimates and plans.
| What management said | When | What happened |
|---|---|---|
| Kesar Gateway complete by March 2026 | Original schedule | Completed 28 months early, the company says |
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.
Kesar India earns its money acquiring land in Nagpur, developing it and selling plots and homes, and sometimes selling whole land parcels to other developers.
Its weak spots are lumpy sales that depend on a few big deals, a lot of cash tied up in land, and a fast spread into businesses far from property.
AverageCan it set its own prices?Prices follow the Nagpur property market rather than the company, though land bought over many years has kept margins healthy so far.
AverageHow strong is it against rivals?A long local record and a large land bank help in Nagpur, but national developers are now entering the city.
WatchWho are its customers?Most buyers are individuals in Nagpur, but one land sale to a large developer made up a big part of the latest year's sales.
WatchDoes it need a lot of money?Yes. Land is bought well before it is sold, so cash goes out first, and the latest year was funded by a large share issue.
AverageCan it keep finding new work?It owns a lot of land to develop and has won its first outside building contract, but most of the planned projects are still at an early stage.
WatchDo good and bad years swing a lot?Yes. Project and land sales come in large, uneven pieces, so profit and margins have jumped around from year to year.
Who runs Kesar India?
Promoters, directors and officers; tap a name for the background
GFGopal Fatehchand GuptaPromoter and Chairman Emeritus
Started working at the age of 14 and has more than three decades in real estate, with no formal graduation degree. Stepped down as a director in November 2019 citing other commitments, and the annual report describes over 40 years of cross-industry experience.
Offer document, p.128 to 129; Annual report FY26, p.13YGYash Gopal GuptaChairman and Whole-Time Director
A director since 15 June 2008, without a formal graduation degree, with about 19 years of industry exposure; oversees business and strategic matters. The offer document states that Yash Gopal Gupta and Managing Director Sachin Gopal Gupta are brothers.
Annual report FY26, p.14; Offer document, p.115SGSachin Gopal GuptaManaging Director
Holds a Bachelor's degree in Commerce and is an alumnus of IIM Bangalore and IIM Ahmedabad, with over 11 years of experience; oversees overall management with a focus on business and strategy. A director since November 2019 and Managing Director since April 2022.
Annual report FY26, p.14; Investor presentation, May 2026, p.12; Offer document, p.118SGSangeeta Gopal GuptaNon-Executive Director
Holds a Bachelor of Arts from Sagar University and has more than 23 years of industry exposure. The offer document states that Sangeeta Gopal Gupta is the mother of Yash Gopal Gupta and Sachin Gopal Gupta.
Annual report FY26, p.14; Offer document, p.115AVAkshay Vinod ParmarIndependent Director
A practising Chartered Accountant with over nine years in taxation, audit, accounting, finance and corporate law.
Annual report FY26, p.14UBUtsav BhavsarIndependent Director
A qualified Company Secretary who advises the board on statutory, legal and regulatory matters.
Annual report FY26, p.14PYPankhuri Yash GuptaChief Financial Officer
Holds a bachelor's degree from Chhatrapati Shahu Ji Maharaj University, Kanpur, and has passed the Professional Education Examination of the Institute of Chartered Accountants of India. Chief Financial Officer since October 2021. The offer document states that Pankhuri Yash Gupta is the spouse of Yash Gopal Gupta.
Offer document, p.115 and p.125; Annual report FY26, p.22Kesar India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H1 FY26: sales ₹29.9 cr (-41%), net profit ₹1.1 cr (-93%) on H1 FY25.
- Shareholding, 30 Sept 2026: promoters 70.37% to 67.59%.
Kesar India announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- AGM/EGMSubmission of Voting Results pursuant to Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
- AGM/EGMProceedings of Annual General MeetingPDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
Kesar India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
Kesar India share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBonus issue 6:1ex-date 19 March 2024
Checks we ran on Kesar India's data · 7
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 (3,12,48,505 shares).
- !The FY26 results imply 2,90,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹181.50) and FY23 (₹0.32) 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, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Kesar India
What does Kesar India do?
Kesar India develops and sells residential plots, villas and commercial property in and around Nagpur under the Kesar Lands name. Its shares trade on BSE SME.
What is the share price of Kesar India?
₹1,212 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Kesar India?
₹3,787 cr at the close on 6 Nov 2026, on 3,12,48,505 shares.
What is the P/E of Kesar India?
126.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Kesar India's revenue and profit?
Revenue ₹176 cr and profit after tax ₹30 cr in FY26.
Who are the promoters of Kesar India?
Gopal Fatehchand Gupta; promoters held 67.59% at 30 Sept 2026.
What is Kesar India's website?
www.kesarlands.com
More SME companies like Kesar India
Other listed SME companies in realty, the closest in size first, each read from its own documents.
- B-Right RealestateBRRL · BSE SME · RealtyMarket cap ₹878 cr
- Active InfrastructuresACTIVEINFR · NSE Emerge · Realty · listed 2025Market cap ₹259 cr
- P. E. AnalyticsPROPEQUITY · NSE Emerge · Realty · listed 2022Market cap ₹201 cr
- Mason InfratechMASON · NSE Emerge · Realty · listed 2024Market cap ₹199 cr
- Justo RealfintechJUSTO · BSE SME · RealtyMarket cap ₹152 cr
- Shantidoot Infra ServicesSISL · BSE SME · RealtyMarket cap ₹101 cr
Built from 2 annual reports, 1 offer document, 1 investor presentation, 4 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.