amit@unlistedkraft.in
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+91-9599071664
Kineco Limited Unlisted Shares
DRHP Status : Not Filed
3320
Fundamentals About Kineco Limited
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Key Financials of Kineco Limited
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 202 | 167 | 175 | 245 |
| Cost of Material Consumed | 109 | 94 | 85 | 122 |
| Change in Inventory | 1 | -1 | -2 | -15 |
| Gross Margins | 45.54 | 44.31 | 52.57 | 56.33 |
| Employee Benefit Expenses | 31 | 28 | 29 | 49 |
| Other Expenses | 39 | 40 | 36 | 48 |
| EBITDA | 22 | 6 | 27 | 41 |
| OPM | 10.89 | 3.59 | 15.43 | 16.73 |
| Other Income | 7 | 2 | 6 | -0.5 |
| Finance Cost | 11 | 11 | 12 | 8 |
| D&A | 7 | 7 | 9 | 14 |
| EBIT | 15 | -1 | 18 | 27 |
| EBIT Margins | 7.43 | -0.6 | 10.29 | 11.02 |
| PBT | 11 | -9 | 11 | 18 |
| PBT Margins | 5.45 | -5.39 | 6.29 | 7.35 |
| Tax | 5 | -0.5 | 3 | 5 |
| PAT | 6 | -8.5 | 8 | 13 |
| NPM | 2.97 | -5.09 | 4.57 | 5.31 |
| EPS | 9.58 | -13.58 | 12.78 | 18.06 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 10.89 | 3.59 | 15.43 | 16.73 |
| Net Profit Margin | 2.97 | -5.09 | 4.57 | 5.31 |
| Earning Per Share (Diluted) | 9.58 | -13.58 | 12.78 | 18.06 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 54 | 59 | 71 | 82 |
| CWIP | 2 | 3.5 | 0 | 7.3 |
| Investments | 0.27 | 0 | 0 | 4 |
| Trade Receivables | 62 | 91 | 89 | 115 |
| Inventory | 25 | 28 | 39 | 77 |
| Other Assets | 59.73 | 50.5 | 67 | 72.7 |
| Total Assets | 203 | 232 | 266 | 358 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 6.26 | 6.26 | 6.26 | 7.2 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 49 | 38 | 46 | 149.8 |
| Borrowings | 105 | 136 | 120 | 81 |
| Trade Payables | 32 | 42 | 46 | 67 |
| Other Liabilities | 10.74 | 9.74 | 47.74 | 53 |
| Total Liabilities | 203 | 232 | 266 | 358 |
About Company
Kineco Limited, established in 1994 and headquartered in Goa, is a leading Indian manufacturer specializing in advanced composite materials for aerospace, defense, and railways. Known for producing high-tech products like Vande Bharat train interiors and sonar domes, the company has strong growth potential, with shares trading in the unlisted market around ₹3,200–₹3,400 as of early 2026
The following table shows a 10-point analysis of Kineco Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 1995 | A leading composites manufacturing company serving aerospace, defence, railways, and industrial sectors. |
| Industry & Market Position | Advanced composites | Among India’s key players in high-performance composite materials and structures. |
| Core Segments | Aerospace · defence · railways · industrial | Diversified application across high-growth sectors including space and defence. |
| Manufacturing Base | 3 facilities · Goa | Strong manufacturing infrastructure with advanced composite processing capabilities. |
| Technology Capabilities | Carbon fiber · FRP · advanced composites | Expertise in high-strength lightweight materials for critical applications. |
| Strategic JV | Kineco Kaman (USA JV) | Strong global collaboration in aerospace composites manufacturing. |
| Order Book | ₹100 crore | Provides near-term revenue visibility across railways and defence projects. |
| Revenue Scale | ₹244.98 Cr (FY25) | Strong growth driven by increased execution and sector demand. |
| Profitability | ₹13.07 Cr PAT (FY25) | Turnaround from losses with improving margins and operating leverage. |
| Future Outlook | Defence & aerospace growth | Positioned to benefit from India’s indigenisation and “Make in India” push. |
Company Overview
(i) Kineco Limited is a composites manufacturing company specializing in advanced materials used across aerospace, defence, railways, and industrial applications.
(ii) Founded in 1995 by Shekhar Sardessai, the company started with FRP industrial equipment and has evolved into a diversified composites solutions provider.
(iii) The company offers design, development, prototyping, and manufacturing of composite components using technologies like resin infusion, filament winding, and autoclave curing.
(iv) Kineco has a strong presence in aerospace and defence through its joint venture Kineco Kaman, catering to global OEMs and high-precision applications.
(v) Its products are used in railway coaches, defence equipment, aerospace structures, and industrial systems, making it a critical player in India’s advanced manufacturing ecosystem.
Challenges in Kineco Limited’s Business
- High dependency on government sectors: A significant portion of revenue comes from defence and railways, which depend on government spending cycles.
- Capital-intensive operations: Advanced composites manufacturing requires continuous investment in technology and infrastructure.
- Execution complexity: Projects in aerospace and defence demand high precision, certifications, and long development cycles.
Financial Review of Kineco Limited
Here are some highlights of the financial performance of Kineco Limited over the past few years.
FY25 Performance
• Revenue from operations stood at ₹244.98 crore
• Total income reported at ₹248.40 crore
• Profit before tax stood at ₹18.10 crore
• Profit after tax reported at ₹13.07 crore
FY24 Performance
• Revenue from operations stood at ₹209.96 crore
• Total income reported at ₹127.50 crore
• Profit before tax stood at ₹4.20 crore
• Profit after tax reported at ₹7.66 crore
FY23 Performance
• Revenue stood at ₹170.84 crore
• Profit before tax stood at ₹-14.50 crore
• Profit after tax reported at ₹-8.43 crore
• Losses reported due to lower margins and operational challenges
Summary
Kineco Limited is a leading composites manufacturer with strong presence in aerospace, defence, and railways. The company has shown a clear financial turnaround in recent years, supported by strong order inflows and improving margins. With India’s push for indigenisation and defence manufacturing, Kineco is well-positioned for long-term growth.
Click Here to visit the official website of Kineco Limited.
Promoters of Kineco Limited
The following are the active promoters/leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Shekhar Sardessai | Promoter · Executive Vice Chairman & MD | View Profile |
Shareholding Pattern of Kineco Limited
Promoters of Kineco Limited
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Shekhar Sardessai | Chairman, MD | 35+ |  |
| Vinay Jagtap | Executive Director | 25+ | |
| Vivekanand Pauskar | CFO | 25+ | |
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Frequently Asked Questions
Kineco Limited unlisted shares are equity shares of Kineco Limited that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy Kineco Limited unlisted shares through private market platforms that facilitate transactions in unlisted securities.
Yes, an active demat account is required to hold and receive Kineco Limited unlisted shares.
Yes, Kineco Limited unlisted shares can be sold in the private market before a potential IPO depending on buyer availability.
Yes. If Kineco Limited gets listed in the future, pre-IPO investors are generally subject to a six-month lock-in period after listing as per SEBI regulations.
If Kineco Limited shares are held for more than two years, gains are taxed at 20 percent with indexation. If sold earlier, gains are treated as short-term capital gains and taxed according to the investor’s income slab.
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