Overview

Detailed Summary

Krishna Defence and Allied Industries Limited (KDAIL) is a vertically integrated Indian manufacturer of defence-grade steel components, weld consumables, naval structures and dairy equipment, providing indigenised systems and precision engineering primarily to the Indian Navy, Indian Army and select commercial customers from facilities in Halol, Kalol, Bengaluru and Chennai.
KDAIL reported record Q3FY26 revenue of Rs 637 million and 9MFY26 revenue of Rs 1,799 million, with EBITDA margin expansion to 22.2% in Q3 and sustained improvement to 20.0% for 9M, driven by operational leverage, cost control and higher value product mix resulting in highest-ever revenue, EBITDA and net profit for the company.
Strategic moves during the quarter include migration to the NSE Main Board, a MoU under the Ministry of Steel PLI Scheme for specialty steel, and a critical Transfer of Technology for an Autonomous Underwater Vehicle from CSIR-NIO, signalling KDAIL’s intent to expand into advanced marine systems and capture higher-value defence contracts.
Operational scale-up is advancing: Halol capacity expansion is complete and commissioning is underway, a composite doors and hatches JV with VABO is near commercialization, and KDAIL holds a Rs 1,423 million order book that management expects to convert into near-term revenue as it targets 30%+ CAGR over the medium term.

Sector: Aerospace & Defense
Industry: Aerospace & Defense
Market Cap: 1,530 Cr
Volatility: Moderate Risk
P/E Ratio: 57.9
Industry P/E: 46.8
PEG Ratio: 0.5
P/B Ratio: 9.0
52W High: 1,240.00
52W Low: 623.00

Sales CAGR

1Y: 83.10%
3Y: 57.45%
5Y: 50.79%
10Y: —

Profit CAGR

1Y: 124.00%
3Y: 107.36%
5Y: 96.62%
10Y: —

ROE

TTM: 17.58%
3Y: 13.29%
5Y: 12.88%
10Y: —

ROCE

TTM: 21.65%
3Y: 18.41%
5Y: 17.76%
10Y: —

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DCXINDIA		169.80	2,094 Cr	142.69	1.44	0.00	1.77	3.75	0.63
SIKA		970.00	2,037 Cr	56.04	13.81	0.25	24.88	32.08	20.03
IDEAFORGE		462.30	2,002 Cr	-19.67	3.52	0.00	-16.33	-14.53	-14.91
NIBE		924.10	1,585 Cr	-80.79	5.50	0.11	1.36	3.79	-4.46
CFF		730.00	1,540 Cr	59.59	6.54	0.13	11.70	16.38	10.08
KRISHNADEF		887.90	1,530 Cr	57.92	9.03	0.05	17.58	21.65	0.00
VINYAS		1108.25	1,413 Cr	71.82	9.61	0.00	10.12	12.89	5.34
Median: 7 Co.	—	887.90	1,585 Cr	57.92	6.54	0.05	10.12	12.89	0.63

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2024	Sep 2025	Dec 2025
Sales	52	48	64
Expenses	46	39	50
Operating Profit	5.91	9.21	14
OPM %	11.46	19.04	22.24
Other Income	0.15	0.65	0.57
Interest	0.21	0.05	0.06
Depreciation	0.71	0.67	1.24
Profit Before Tax	5.14	9.14	13
Tax %	24.90	24.95	24.26
Net Profit	3.86	6.86	10
EPS in Rs	—	4.54	8.66

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Sales	64	106	195
Expenses	55	91	165
Operating Profit	8.85	15	30
OPM %	13.90	14.51	15.56
Other Income	0.95	1.25	2.88
Interest	1.10	1.36	0.87
Depreciation	1.97	2.16	2.66
Profit Before Tax	6.73	13	30
Tax %	21.33	25.71	26.07
Net Profit	5.30	9.79	22
EPS in Rs	—	—	—
Dividend Payout %	0.00	0.00	3.26

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Equity Capital	11	14	14
Reserves	29	93	117
Borrowings	19	9.43	9.45
Other Liabilities	25	18	22
Total Liabilities	85	133	163
Fixed Assets	12	15	22
CWIP	2.06	0.03	1.65
Investments	0.01	0.03	5.51
Other Assets	70	119	134
Total Assets	85	133	163

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-7.30	-3.23	-11
Cash from Investing Activity	1.43	-37	5.04
Cash from Financing Activity	5.87	45	1.57
Net Cash Flow	0.01	5.00	-4.76

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2022	Mar 2023	Sep 2023	Feb 2024	Mar 2024	May 2024	Sep 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025
Promoters	73.38%	73.38%	73.38%	61.29%	68.33%	62.27%	62.27%	62.27%	59.96%	60.02%	60.02%	60.02%
FIIs	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.04%	0.04%	0.04%	0.24%	0.17%
DIIs	0.00%	0.00%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.68%	0.98%
Public	26.52%	26.62%	26.35%	38.71%	31.67%	37.73%	37.73%	37.70%	40.01%	39.95%	39.07%	38.83%
Total Shareholders	536	556	831	1,257	1,303	1,712	2,929	4,131	4,137	4,137	4,656	5,249

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

Available on Pro Plan