KDDL financials: balance sheet, profit and loss, cash flow

NSE: KDDLBSE: 532054Consumer DurablesSmall Cap

KDDL Limited · Face value ₹10 · Listed Oct 1996 on BSE, Mar 2016 on NSE

₹3,766.90₹27.60 (0.73%)BSE ₹3,756.35

Share price at the NSE close on 28 Oct 2026. Previous close ₹3,794.50.

28 Oct: open ₹3,771.00, high ₹3,836.90, low ₹3,736.60

52-week range of traded prices to 28 Oct 2026

₹1,990.00Low, 30 Mar 2026₹4,270.00High, 23 Sep 2026

Market cap: ₹4,633 Cr969th largest listed
P/E: 47.74
P/B: 4.29
Dividend yield: 0.61%
ROE: 9.7%
ROCE: 9.9%
Debt to equity: 0.08
Volume, NSE: 11,43451.5% delivered

KDDL's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.KDDL annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,153 Cr, year to Mar 2026; lowest ₹455 Cr, year to Mar 2017A loss in 1 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 23.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,153
Materials and goods−1,276
Employee costs−271
Other expenses−297
Operating profit309
Depreciation−122
Other income+54
One-off items−2.7
Finance costs−42
Profit before tax196
Tax−60
Net profit135

What the company owns

Plant, investments and other assets₹1,110 Cr
Inventory₹793 Cr
Cash and bank₹735 Cr
Receivables₹117 Cr

What pays for it: net worth and liabilities

Net worth₹1,918 Cr
Other liabilities₹489 Cr
Owed to suppliers₹192 Cr
Borrowings₹156 Cr

KDDL business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.KDDL segment results by quarter

Revenue by segment

₹2,153 CrTotal

Watches, accessories and other luxury items and related services₹1,627 Cr75.5% of total
Precision and watch components₹503 Cr23.4% of total
Others₹23 Cr1.1% of total

Profit by segment

Watches, accessories and other luxury items and related services₹111 Cr51.2% of total
Precision and watch components₹106 Cr48.8% of total

Segment results by year

Consolidated from the year to Mar 2022, standalone before, ₹ crore, years to March.

Watches, accessories and other luxury items and related services
Revenue, ₹ crore
1,254
1,627
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
126
111
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Precision and watch components
Revenue, ₹ crore
178
184
142
229
319
377
376
503
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
23
22
40
69
103
75
106
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
7
9
5
10
15
19
18
23
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
0
0
0
1
1
−1
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	652	660	147	820	1,122	1,395	1,648	2,153
Company revenue, as in its results	624	652	147	816	1,119	1,391	1,648	2,153
Revenue	–	–	–	–	–	–	1,254	1,627
Revenue growth	–	–	–	–	–	–	–	29.7%
Profit	–	–	–	–	–	–	126	111
Profit growth	–	–	–	–	–	–	–	−12.0%
Margin	–	–	–	–	–	–	10.0%	6.8%
Return on capital	–	–	–	–	–	–	11.9%	8.2%
Assets	–	–	–	–	–	–	1,196	1,567
Liabilities	–	–	–	–	–	–	139	219
Capital employed	–	–	–	–	–	–	1,056	1,348
Revenue	178	184	142	229	319	377	376	503
Revenue growth	–	3.8%	–	–	39.1%	18.3%	−0.2%	33.8%
Profit	26	23	22	40	69	103	75	106
Profit growth	–	−11.1%	–	–	71.4%	48.3%	−26.9%	40.6%
Margin	14.5%	12.4%	15.4%	17.6%	21.7%	27.2%	19.9%	21.0%
Return on capital	16.2%	13.0%	16.2%	22.3%	32.4%	53.6%	26.3%	29.9%
Assets	189	206	164	218	277	273	356	444
Liabilities	31	30	29	36	63	82	71	91
Capital employed	159	176	135	181	214	192	286	353
Revenue	7	9	5	10	15	19	18	23
Revenue growth	–	20.2%	–	–	57.5%	19.5%	−4.9%	31.9%
Profit	1	0	0	0	1	1	−1	−3
Profit growth	–	−70.5%	–	–	223.3%	20.6%	–	–
Margin	20.9%	5.1%	1.7%	3.1%	6.3%	6.3%	−6.6%	−13.6%
Return on capital	22.5%	13.2%	3.4%	8.7%	9.5%	11.7%	−3.0%	−14.3%
Assets	8	4	3	5	12	12	42	27
Liabilities	1	1	1	2	2	2	3	5
Capital employed	7	3	2	3	10	10	39	22
Revenue	–	–	–	–	–	999	–	–
Profit	–	–	–	–	–	107	–	–
Margin	–	–	–	–	–	10.7%	–	–
Return on capital	–	–	–	–	–	16.1%	–	–
Assets	–	–	–	–	–	803	–	–
Liabilities	–	–	–	–	–	141	–	–
Capital employed	–	–	–	–	–	662	–	–
Revenue	–	–	–	–	788	–	–	–
Profit	–	–	–	–	82	–	–	–
Margin	–	–	–	–	10.4%	–	–	–
Return on capital	–	–	–	–	17.5%	–	–	–
Assets	–	–	–	–	595	–	–	–
Liabilities	–	–	–	–	127	–	–	–
Capital employed	–	–	–	–	468	–	–	–
Revenue	458	459	–	576	–	–	–	–
Revenue growth	–	0.3%	–	–	–	–	–	–
Profit	32	16	–	44	–	–	–	–
Profit growth	–	−49.8%	–	–	–	–	–	–
Margin	7.0%	3.5%	–	7.7%	–	–	–	–
Return on capital	15.6%	5.1%	–	12.1%	–	–	–	–
Assets	289	412	–	475	–	–	–	–
Liabilities	84	95	–	109	–	–	–	–
Capital employed	205	317	–	366	–	–	–	–
Revenue	9	8	–	4	–	–	–	–
Revenue growth	–	−7.9%	–	–	–	–	–	–
Profit	3	3	–	1	–	–	–	–
Profit growth	–	−13.4%	–	–	–	–	–	–
Margin	39.3%	37.0%	–	27.9%	–	–	–	–
Return on capital	413.3%	2,475.0%	–	159.4%	–	–	–	–
Assets	2	0	–	1	–	–	–	–
Liabilities	1	0	–	0	–	–	–	–
Capital employed	1	0	–	1	–	–	–	–
Revenue	–	–	–	1	–	–	–	–
Profit	–	–	–	0	–	–	–	–
Margin	–	–	–	0.0%	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.KDDL quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 19 May	Jun 2026Twelve monthsFiled 4 Aug
Revenue from operations	455	503	624	652	549	816	1,119	1,391	1,648	2,153	2,322
	428	459	559	576	484	709	958	1,143	1,388	1,845	1,987
Materials and goods bought	283	302	361	378	324	472	629	794	975	1,276	1,369
Employee costs	61	–	86	102	86	120	174	186	203	271	295
Other expenses	85	–	111	96	74	117	156	164	210	297	323
Operating profit before depreciation	27	44	65	76	65	107	161	248	260	309	335
Operating margin	5.9%	8.8%	10.5%	11.6%	11.8%	13.1%	14.4%	17.8%	15.8%	14.3%	14.4%
Materials, % of revenue	62.1%	–	57.8%	57.9%	58.9%	57.8%	56.2%	57.0%	59.2%	59.3%	58.9%
Employee costs, % of revenue	13.3%	–	13.8%	15.7%	15.7%	14.7%	15.5%	13.4%	12.3%	12.6%	12.7%
Other expenses, % of revenue	18.7%	–	17.9%	14.8%	13.5%	14.3%	13.9%	11.8%	12.7%	13.8%	13.9%
Depreciation and amortisation	12	12	13	48	46	45	49	65	86	122	130
Operating profit after depreciation	15	32	52	28	19	62	112	183	174	186	205
Other income	3	5	3	6	18	15	19	29	47	54	56
Finance costs	14	12	15	29	27	25	24	26	31	42	45
Profit before one-off items and tax	4	25	40	5	11	52	107	186	189	198	216
One-off items	0	0	0	0	0	0	1	1	0	−3	−3
Profit before tax	4	25	40	5	11	52	108	186	189	196	214
	4	7	15	7	4	15	31	49	47	60	63
Current tax	4	–	16	7	0	17	40	48	53	61	65
Deferred tax	0	–	−1	0	4	−2	−9	0	−6	−1	−2
Share of profit of joint ventures and associates	0	0	–	0	0	0	–	–	0	–	–
	1	18	25	−2	7	37	77	137	142	135	150
Belonging to the company's shareholders	1	18	22	−1	–	32	54	103	95	88	97
Belonging to outside owners of subsidiaries	–	–	3	−1	–	5	23	–	48	47	53
Other comprehensive income	–	–	−1	1	–	1	0	−1	3	14	7
Total comprehensive income	–	–	24	−1	–	38	77	136	145	149	157
Net margin	0.1%	3.6%	4.0%	−0.3%	1.3%	4.6%	6.9%	9.9%	8.6%	6.3%	6.5%
Net margin without joint ventures and associates	0.1%	3.6%	–	−0.2%	1.3%	4.6%	–	–	8.6%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Share of profit of joint ventures and associates is left blank for the years to Mar 2023, Mar 2024 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 19 May
	235	227	–	310	702	1,144	1,411	1,918
	191	186	–	252	456	734	915	1,080
Share capital	12	12	–	13	13	13	12	12
Reserves	179	174	–	239	444	721	903	1,068
Belonging to outside owners of subsidiaries	44	42	–	58	246	410	495	838
	127	154	–	155	128	105	129	156
Repayable after a year	65	80	–	77	73	44	73	74
Repayable within a year	62	74	–	78	54	60	56	83
	207	256	–	258	283	327	327	469
Trade payables	83	87	–	106	128	124	115	192
Other financial liabilities	49	74	–	49	55	78	98	125
Other liabilities	9	14	–	17	33	46	38	50
Provisions	1	6	–	8	11	11	13	14
Tax owed	4	1	–	1	2	7	6	5
	74	174	–	170	175	170	353	368
Other financial liabilities	0	88	–	87	95	118	277	289
Provisions	5	1	–	1	2	3	3	5
Deferred tax	4	5	–	5	4	5	0	–
Total assets	516	657	–	739	1,161	1,642	2,090	2,755
	178	299	–	301	388	467	732	949
Plant in use, after depreciation	143	159	–	160	187	197	571	375
Plant being built	7	3	–	2	13	42	47	22
Intangible assets	1	110	–	105	116	153	30	349
Intangible assets being developed	0	0	–	0	0	5	1	5
Property held to earn rent	0	0	–	1	2	0	2	2
Investments	0	0	–	0	0	2	3	3
Stakes in joint ventures and associates	0	1	–	2	2	4	4	4
Loans given	12	10	–	1	1	1	2	2
Other financial assets	1	1	–	12	28	33	30	143
Deferred tax	6	7	–	14	24	23	19	21
Other assets	6	7	–	3	14	7	24	26
	338	358	–	438	773	1,175	1,358	1,805
Inventories	240	253	–	280	381	490	658	793
Trade receivables	30	28	–	45	62	71	88	117
Cash and cash equivalents	17	23	–	52	58	239	195	209
Other bank balances	6	6	–	5	208	291	322	526
Loans given	5	8	–	1	1	1	1	1
Other financial assets	2	7	–	9	17	28	23	44
Tax paid in advance	6	0	–	0	0	0	–	–
Other assets	32	34	–	45	45	55	72	115
Net debt	104	126	–	98	−139	−425	−388	−579

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2021, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 19 May
	43	46	98	−4	144
	36	84	140	50	210
	−55	−81	−114	−222	−119
Receivables	−4	−17	−8	−19	−30
Inventories	−54	−101	−109	−168	−135
Payables	19	24	−3	−7	82
Other working capital	−16	13	6	−28	−36
Tax paid	−18	−39	−42	−54	−66
Interest paid	24	0	0	0	0
Capital spending	27	72	84	140	148
Free cash flow	16	−26	14	−144	−4
	−36	−267	66	109	−420
Plant and property sold	0	1	10	2	3
Companies bought	−10	−3	−1	0	0
Interest received	1	8	14	37	28
Dividends received	0	0	0	0	0
	14	227	17	−149	290
Borrowings raised	55	34	0	43	33
Borrowings repaid	−55	−61	−23	−18	−5
Interest paid	−13	−13	−9	−10	−11
Lease payments	−25	−39	−47	−48	−80
Dividends paid	2	7	75	5	25
Shares bought back	0	0	0	1	0
Shares issued	54	0	0	0	387
Net change in cash	21	6	181	−44	14

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020 and Mar 2021.

Consolidated, ₹ per share, years to March.KDDL dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 19 May
Earnings per share	₹0.63	₹16.75	₹22.16	−₹0.51	₹4.86	₹25.26	₹42.18	₹81.90	₹76.26	₹71.63
Diluted earnings per share	₹0.63	₹16.73	₹22.13	−₹0.51	₹4.86	₹25.26	₹42.18	₹81.90	₹76.26	₹71.63
Dividend per share	₹1.50	₹2.50	₹2.50	₹2.00	₹1.50	₹3.00	₹4.00	₹62.00	₹5.00	₹23.00
Book value per share	–	–	₹164.04	₹159.45	–	₹197.49	₹363.86	₹585.29	₹743.91	₹878.24
Dividend payout	250.1%	15.1%	13.1%	–	–	12.0%	9.4%	75.7%	6.5%	32.1%
Shareholder yield	–	–	–	–	–	−4.3%	0.5%	2.4%	0.1%	−14.6%
Market cap at the year end (₹ crore)	209	419	512	137	306	1,231	1,306	3,074	4,019	2,492

Ratios

Consolidated, years to March.KDDL PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 19 May
Revenue growth	1.2%	10.5%	24.1%	4.5%	−15.9%	48.7%	37.1%	24.3%	18.5%	30.7%
Operating profit growth	−8.9%	64.4%	48.0%	16.1%	−14.5%	64.9%	50.4%	53.8%	5.0%	18.6%
Net profit growth	−87.7%	2,695.4%	38.6%	–	–	432.9%	107.3%	78.6%	3.5%	−5.0%
Earnings per share growth	−88.6%	2,558.7%	32.3%	–	–	419.8%	67.0%	94.2%	−6.9%	−6.1%
	–	–	11.6%	−0.3%	–	12.7%	15.1%	17.3%	11.5%	8.8%
	–	–	–	−11.9 pts	–	–	2.5 pts	2.1 pts	−5.8 pts	−2.6 pts
From the net margin	–	–	–	−11.9 pts	–	–	2.8 pts	8.2 pts	−3.8 pts	−3.3 pts
From asset turnover	–	–	–	0.0 pts	–	–	1.0 pts	−3.7 pts	−1.5 pts	0.1 pts
From borrowing	–	–	–	0.0 pts	–	–	−1.4 pts	−2.4 pts	−0.5 pts	0.6 pts
Return on capital employed	–	–	14.4%	7.3%	–	13.3%	13.5%	14.7%	11.3%	9.0%
Cash conversion	–	–	–	–	–	115.0%	59.6%	71.2%	−3.0%	106.4%
Interest cover	1.1	2.7	3.5	1.0	0.7	2.5	4.7	7.0	5.5	4.4
Debt to equity	–	–	0.54	0.68	–	0.50	0.18	0.09	0.09	0.08
Receivable days	–	–	18	16	–	20	20	19	20	20
Inventory days	–	–	243	244	–	216	221	225	246	227
Payable days	–	–	83	84	–	82	74	57	43	55
Cash conversion cycle, days	–	–	177	176	–	155	167	187	223	192
Working capital days	–	–	99	83	–	89	90	99	126	116
Asset turnover	–	–	1.21	1.11	–	1.11	1.18	0.99	0.88	0.89
Assets per rupee of net worth	–	–	2.71	3.12	–	2.94	2.68	2.35	2.26	2.43
Sales per rupee of plant	–	–	4.36	4.11	–	5.10	5.97	7.08	2.89	5.75
Capital spending to depreciation	–	–	–	–	–	0.59	1.45	1.29	1.62	1.21
Plant being built, % of plant in use	–	–	4.8%	1.8%	–	1.4%	7.2%	21.2%	8.2%	5.9%

No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2021, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.6%
Cash from operations against operating profit: 46.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.0%	31.4%	24.4%
Profit growth, yearly rate	32.5%	–	18.0%
Return on equity, average	–	13.1%	12.5%
Return on capital employed, average	–	12.3%	11.7%
Operating margin, average	12.4%	15.1%	16.0%
Net margin, average	4.5%	7.2%	8.3%
Asset turnover, average	–	1.01	0.92
Cash conversion cycle, days, average	–	185	200
Interest cover, average	3.3	4.8	5.6
Debt to equity, average	–	0.19	0.09

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	326	237	144
Cash from investing	−548	−245	−420
Cash from financing	399	158	290
Capital spending	469	371	148
Dividends paid	113	105	25
Shares bought back	1	1	0
Shares issued for cash	442	387	387
Borrowings raised	164	75	33
Borrowings repaid	163	46	5

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	–	6	3	6
Altman Z-scorePublished threshold 1.81	–	–	3.44	1.91	–	3.92	4.06	6.22	5.88	3.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	−1.95	−2.15	−1.97	−1.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	31.37	−1.85	2.01	16.97
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	0.74	0.39	0.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−10.65	–	–	0.33	−11.13	6.40	1.96
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	0.71	–	–	3.03	2.36	11.39	−10.34
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.01	–	–	0.65	1.51	0.70	3.02
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	–	–	0.17	0.56	0.10	–
Effective tax ratePublished threshold 17.16 per cent	98.04	27.98	37.70	129.72	34.73	28.94	28.46	26.20	24.93	30.91
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.53	−7.37	3.52	−3.76	−3.03

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
29 May 2026	ICRA Limited	Fixed DepositLong-term scale	[ICRA]A+Review, Re-affirm	Stable	15
29 May 2026	ICRA Limited	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		37
29 May 2026	ICRA Limited	Fund-based-OthersLong and short-term scales	[ICRA]A+ /[ICRA]A1+Review, Re-affirm	Stable	13
29 May 2026	ICRA Limited	Fund-based-Term loanLong-term scale	[ICRA]A+Review, Re-affirm	Stable	53.01
29 May 2026	ICRA Limited	Fund-based-Cash creditLong-term scale	[ICRA]A+Review, Re-affirm	Stable	29

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.