Shri Kanha StainlessShare price, financial results, shareholding and management
- Market cap
- ₹31 cr
- Stock P/E
- 3.6peers 16.6
- Book value
- ₹39.4
- Price to book
- 0.51
- EV / operating profit
- 4.6
- Market cap to sales
- 0.15
- ROCE · FY26
- 17.9%
- ROE · FY26
- 23.9%
- ROE, 3-year average
- 47.9%
- Operating margin · FY26
- 8.6%peers 8.3%
- Sales growth, 3 years
- 15.1%
- Profit growth, 3 years
- 106.0%
- Debt to equity
- 0.91peers 0.84
- Borrowings
- ₹55.7 cr
- Interest cover
- 3.7×
- Cash from business / op. profit
- -177%
- Debtor days
- 89
- Pledged
- 0.00%
- Promoter holding
- 68.59%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,288
- High / low since listing
- ₹88 / ₹15
- 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.
Shri Kanha Stainless share price chart
Close on 6 Nov 2026 · -4.76% on the day · Vol 14,400
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
- -15.8%
- 3 months
- -11.7%
- 6 months
- -22.6%
- Since IPO
- -77.8%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 89%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +41% | +46% |
| 3 years, a year | +15% | +106% |
| Latest half, H2 FY26 | +14% | +49% |
About Shri Kanha Stainless: business, products and customers
Shri Kanha Stainless rolls stainless steel into very thin strips, circles and sheets that other businesses turn into utensils, tubes and parts. Its shares trade on NSE Emerge.
Shri Kanha Stainless runs one rolling plant at Reengus in the Sikar district of Rajasthan, with its office in Jaipur. It purchases hot rolled stainless steel coil, rolls it thinner in several passes with softening in between, then slits it into strips or cuts it into circles and sheets. Its buyers, which it calls dealer-cum-customers, use the strips in tubes, textile and auto parts, clocks and electrical goods, and the circles to make utensils.
This is a conversion business. The steel coil makes up most of the cost, so sales rise and fall with stainless steel prices and the company keeps only a thin margin for the rolling and cutting. It gives its buyers long credit and holds a lot of steel in process, so a good share of each year's profit is tied up as stock and money owed rather than cash. A large part of its trade has been with companies run by its own promoters, which both take its strips and supply its steel.
Read more about the business
The offer document compares the company with Hisar Metal Industries and Quality Foils (India), which it names as its listed peers. The company says its edge is rolling down to gauges that many small rolling units cannot reach, and it is adding a second, wider rolling machine with money from its IPO.
From the offer document (Prospectus, November 2025) and the Crisil rating notes of 4 February 2026 and 1 July 2026.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 68.59%.
To watch
- Installation and start of the new 1150 mm rolling mill paid for with IPO money (Offer document, p.95 and p.138).
- The share of sales and purchases with Navbharat Tubes, Krypton Stainless and Bhagwati Industries in the coming results (Offer document, p.26 and p.27).
- The rating agency's stated triggers for a downgrade: a fall in revenue of 20% or an operating margin below 5% (Crisil rating note, 1 July 2026, p.1).
- Use of the IPO money as reported by the monitoring agency, Infomerics Valuation and Rating (Offer document, p.114).
- Customers take longer to pay than before: 89 days in FY26, against 29 in FY23.
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.
Shri Kanha Stainless revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with 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.
Shri Kanha Stainless half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 84 | 95.42 |
| Expenses | 77 | 87.06 |
| Operating profit | 7 | 8.36 |
| OPM | 9.0% | 8.8% |
| Interest | 2 | 1.91 |
| Depreciation | 1 | 0.85 |
| Profit before tax | 4 | 5.69 |
| Net profit | 3 | 4.48 |
Shri Kanha Stainless profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 135 | 130 | 146 | 205.65 |
| Expenses | 131 | 122 | 132 | 188.04 |
| Operating profit | 5 | 8 | 14 | 17.61 |
| OPM | 3.4% | 6.0% | 9.0% | 8.6% |
| Other income | 1 | 1 | 1 | 0.18 |
| Interest | 4 | 4 | 5 | 4.38 |
| Depreciation | 1 | 1 | 2 | 1.71 |
| Profit before tax | 1 | 4 | 8 | 11.69 |
| Tax rate | 0.0% | 25.0% | 25.0% | 25.2% |
| Net profit | 1 | 3 | 6 | 8.74 |
| EPS ₹ | 8.28 | 29.89 | 66.55 | 7.28 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Shri Kanha Stainless 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
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 3.4% | 6.0% | 9.0% | 8.6% |
| Tax rate | 0.0% | 25.0% | 25.0% | 25.2% |
| ROCE | · | 81.1% | 35.3% | 17.9% |
| ROE | · | 55.9% | 64.0% | 23.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Shri Kanha Stainless debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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 about as long to pay as they did in FY24.
Bars below the line are cash going out.
Shri Kanha Stainless balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.87 | 0.87 | 0.87 | 15.58 |
| Reserves | 3 | 6 | 11 | 45.80 |
| Net worth | 3.87 | 6.87 | 11.87 | 61.39 |
| Borrowings | 5 | 4 | 51 | 55.65 |
| Other liabilities | 48.13 | 69.13 | 43.13 | 33.12 |
| Total liabilities | 57 | 80 | 106 | 150.16 |
| Fixed assets | 17 | 16 | 17 | 17.99 |
| Capital work in progress | 0 | 1 | 0 | 0 |
| Investments | 1 | 1 | 0 | 0 |
| Other assets | 39 | 62 | 89 | 132.17 |
| Receivables | · | · | · | 50.16 |
| Inventory | · | · | · | 48.22 |
| Cash | · | · | · | 5.13 |
| Trade payables | · | · | · | 27.87 |
Shri Kanha Stainless cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 2 | 4 | -9 | -31.22 |
| Cash from investing | -3 | -1 | 5 | -5.99 |
| Cash from financing | 1 | 10 | -8 | 40.78 |
| Net cash flow | 0 | 13 | -12 | 3.57 |
| Capital spending | · | · | · | 3.04 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 29 | 79 | 134 | 89 |
| Inventory days | 40 | 28 | 75 | 101 |
| Days payable | 3 | 6 | 116 | 58 |
| Cash conversion cycle | 66 | 101 | 93 | 131 |
| Working capital days | -38 | -71 | -3 | 65 |
Shri Kanha Stainless peers and competitors
Listed SME companies in the same industryBy sales, Shri Kanha Stainless is number 47 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 |
|---|---|---|---|---|---|---|
| ANB Metal Cast | 401 | 19.1 | 225 | 21 | 15.0% | 0.49 |
| Aeron Composite | 148 | 17.0 | 222 | 8.7 | 8.7% | 0.53 |
| Vama Wovenfab | - | - | 214 | 12 | 8.0% | 0.86 |
| Shakti Polytarp | 96 | 9.6 | 208 | 10 | 9.0% | 2.61 |
| Shri Kanha Stainless | 31 | 3.6 | 206 | 8.7 | 8.6% | 0.91 |
| Shree Tirupati Balajee FIBC | 282 | 99.0 | 203 | 2.9 | 7.3% | 1.08 |
| Shubhshree Biofuels Energy | 179 | 17.0 | 202 | 10.5 | 7.4% | 0.32 |
| Glen Industries | 265 | 16.6 | 199 | 16 | 19.0% | 0.87 |
| Shree TNB Polymers | 115 | 16.4 | 198 | 7 | 10.0% | 0.82 |
| Quality Foils (India) | 14 | 9.6 | 184 | 1.5 | 4.7% | 2.08 |
| Gabriel Pet Straps | 63 | 12.6 | 183 | 5 | 2.4% | 0.05 |
| Median of the 10 others | 148 | 16.6 | 202 | 9.4 | 8.3% | 0.84 |
Shri Kanha Stainless shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Shri Kanha Stainless 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.
| Dec 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 67.00% | 68.59% | 68.59% |
| Foreign investors (FIIs) | 0.03% | 0.03% | 0.03% |
| Small holders (up to ₹2 lakh) | - | 30.66% | 29.37% |
| Number of shareholders | 1,477 | 1,379 | 1,288 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Shri Kanha Stainless study: the business from its own documents
Read from 4 of the company's own documentsShri Kanha Stainless so far
From the company's own record
- 10 Dec 2025Listed on NSE Emerge at ₹90
- 30 Sept 2026Promoters at 68.59%
- 10 Dec 2025Highest close since listing, ₹72.39
Shri Kanha Stainless key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹205.7 cr
- Operating income, up from ₹145.8 cr in FY25, as reported to the rating agency.Crisil rating note, 1 July 2026, p.1
- Profit in FY26
- ₹8.7 cr
- Profit after tax, up from ₹5.8 cr in FY25; still about four rupees of profit on every hundred of sales.Crisil rating note, 1 July 2026, p.1
- Plant capacity
- 14,000 tonnes
- Yearly rolling capacity at Reengus; 57.05% of it was used in FY25.Offer document, p.97 and p.156
- New rolling machine
- ₹14.0 cr
- Cost of a 1150 mm rolling mill from China, ₹12.0 cr of it from the IPO; the company says it lifts capacity two and a half times.Offer document, p.95 and p.138
- Thinnest strip
- 0.08 mm
- The thinnest gauge it rolls, in the 200, 300 and 400 grades of stainless steel.Offer document, p.137 and p.153
Show 5 more facts
- Top ten customers
- 83.0%
- Share of sales in the half year to September 2025, up from 76.4% in FY23; there are no long term contracts.Offer document, p.36
- Sales to promoter companies
- ₹55.3 cr
- Sales in FY25 to Navbharat Tubes, Krypton Stainless and Bhagwati Industries, about 38% of that year's sales.Offer document, p.26 and p.27 (reported figures; our arithmetic)
- Circles for utensils
- 32.1%
- Share of sales from stainless circles in the half year to September 2025, against 1.0% in FY25.Offer document, p.141
- Money tied in working capital
- 235 days
- Gross current assets at March 2026 measured in days, driven by money owed and stock, as the rating agency reports.Crisil rating note, 1 July 2026, p.1
- Credit rating
- BBB- / Stable
- Crisil rating on ₹60 cr of bank facilities, reaffirmed in July 2026.Crisil rating note, 1 July 2026, p.1
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 agreed to import and install a 1150 mm rolling mill from China, paid an advance before the IPO, and planned to spend the IPO money for it in FY26; it expects the machine to lift capacity two and a half times and widen its product range. It names the auto sector and a return to exports as markets it wants to build. Its order book in November 2025 came from six dealer-cum-customers.
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.
Shri Kanha earns a thin fee for rolling purchased stainless steel into very thin strips, circles and sheets for a small group of buyers.
Its weak spots are steel price swings, a few large buyers, much of its trade with promoter companies, and money tied up in stock and credit.
WatchCan it set its own prices?Not much. Steel coil is most of the cost, so its margin moves with steel prices and with supply and demand in the market.
AverageHow strong is it against rivals?It can roll thinner strip than many small units, which gives it a niche, but it is a single plant that the company itself calls smaller than some competitors.
WatchWho are its customers?A few buyers take most of what it makes, with no long term contracts, and companies run by its promoters have been among the biggest buyers.
WatchDoes it need a lot of money?Yes, mainly for working capital: it gives long credit and holds a lot of steel, so it leans on bank limits and loans.
AverageCan it keep finding new work?It used just over half its plant in FY25 and has grown circles for utensils quickly, but its order book covers only a few weeks of sales.
WatchDo good and bad years swing a lot?Margins have moved a lot from year to year with steel prices and orders, and the company says some buyers order in seasonal bursts.
Who runs Shri Kanha Stainless?
Promoters, directors and officers; tap a name for the background
JBJai Bhagwan AgarwalPromoter, Chairman and Managing Director · holds 26.95%
Completed matriculation from the Himachal Pradesh Board of School Education in 1981. Founder of Navbharat Tubes Private Limited, a group company formed in 1992, with over thirty years in the stainless steel industry. A director since the company was formed in 2015; also a director of Navbharat Tubes, Krypton Stainless and Govind Mohan Steel.
Offer document, p.176 and p.178SAShashank AgrawalPromoter and Whole time Director · holds 16.99%
Completed a two year programme in Planning and Entrepreneurship at IIPM Jaipur in 2011, with more than thirteen years in the stainless steel industry. Oversees the commercial side of operations and is a director of Navbharat Tubes, Krypton Stainless, Govind Mohan Steel and Shri Hanumant Pipes. The offer document states that Shashank Agrawal is the son of Jai Bhagwan Agarwal and Kavita Agarwal.
Offer document, p.176, p.178 and p.179KAKavita AgarwalPromoter and Non executive Director · holds 16.93%
Attended the University of Rajasthan for a bachelor's degree in arts. A shareholder since the company was formed and a director since 30 September 2017, moved to a non executive role from 20 March 2025; also a director of Navbharat Tubes.
Offer document, p.176 to p.178NANeha AgarwalPromoter and Chief Financial Officer · holds 7.70%
B.Com (Honours) from IP College for Women, Delhi University, with more than seven years in finance. Has handled the company's accounts since it was formed and became Chief Financial Officer in November 2024. The offer document states that Neha Agarwal is the wife of Shashank Agrawal.
Offer document, p.189PAPriyanshi AgrawalIndependent Director
Associate member of the Institute of Company Secretaries of India with over two years in corporate compliance; on the board since 11 February 2025.
Offer document, p.177 and p.178ASAbhishek SharmaIndependent Director
Qualified company secretary with over two years in corporate compliance and NBFC regulatory work; on the board since 11 February 2025.
Offer document, p.177 and p.178Shri Kanha Stainless 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 ₹95.4 cr (+14%), net profit ₹4.5 cr (+49%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 68.59%.
Shri Kanha Stainless announcements
22 on record, latest first; each opens the filing on the exchange
- Credit RatingCredit RatingPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of MeetPDF ↗
- Amendment to AOA/MOAOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 25, 2026PDF ↗
- Investor PresentationInvestor PresentationPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Copy of Newspaper PublicationRegarding Dispatch of Notice of 11th Annual General MeetingPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 25, 2026PDF ↗
- Copy of Newspaper PublicationFor Intimation of 11th AGM of the Company and other detailsPDF ↗
Shri Kanha Stainless annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 March 2026 ↗read
- Credit ratings ↗read
- Credit ratings ↗read
Shri Kanha Stainless 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 Shri Kanha Stainless' 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 (1,55,82,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹66.55) and FY26 (₹7.28) 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, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Shri Kanha Stainless
What does Shri Kanha Stainless do?
Shri Kanha Stainless rolls stainless steel into very thin strips, circles and sheets that other businesses turn into utensils, tubes and parts. Its shares trade on NSE Emerge.
What is the share price of Shri Kanha Stainless?
₹20 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Shri Kanha Stainless?
₹31 cr at the close on 6 Nov 2026, on 1,55,82,400 shares.
What is the P/E of Shri Kanha Stainless?
3.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Shri Kanha Stainless' revenue and profit?
Revenue ₹206 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Shri Kanha Stainless?
Jai Bhagwan Agarwal, Shashank Agrawal, Kavita Agarwal, Neha Agarwal; promoters held 68.59% at 30 Sept 2026.
What was the IPO price of Shri Kanha Stainless?
₹90 a share; it listed on 10 Dec 2025.
What is Shri Kanha Stainless' website?
www.kanhastainless.com
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Built from 2 credit rating notes, 1 offer document, 1 investor presentation, 22 exchange announcements, 3 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.