Kernex Microsystems (India)
- P/E
- 14.91
Key Fundamentals
MicrocapTransport ServicesServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 47.80%
- Debt to Equity
- 0.65
- EPS (TTM)
- ₹113.51
- Book Value
- ₹147.66
- Market Cap
- —
- P/E (TTM)
- 14.91
- P/B
- 11.47
- ROE
- 43.50%
- Dividend Yield
- 0.00%
- EBITDA
- ₹151 Cr
- 52W High
- ₹2,580.00
- 52W Low
- ₹850.00
- Day Range
- ₹1,570.00 – ₹1,706.90
- Volume
- 1,36,057
Peer Comparison
Services › Information Technology › IT Enabled Services › Transport Related Services
| ₹534.85 | 57.45 | ₹9,870 Cr | 6.43 | 0.00% | 12.20% | 12.80% | ₹713 Cr | ₹169 Cr | |
| Kernex Microsystems (this company) | ₹1,693.00 | 14.91 | ₹2,731 Cr | 11.47 | 0.00% | 43.50% | 47.80% | ₹878 Cr | ₹191 Cr |
| ₹168.15 | — | ₹384 Cr | 1.88 | 0.00% | 30.60% | 28.20% | — | — | |
| Median 3 companies | ₹534.85 | 36.18 | ₹2,731 Cr | 6.43 | 0.00% | 30.60% | 28.20% | ₹796 Cr | ₹180 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 30
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 50
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 99
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 44
- Weak
- Solvency, leverage, coverage 9% weight
- Momentum
- 46
- Average
- Trend strength, vol-adjusted 12% weight
- Ownership
- 34
- Poor
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
3- Company has delivered good profit growth of 116% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.1%
- Company's median sales growth is 15.8% of last 10 years
Weaknesses
4- Stock is trading at 12.1 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 28.7%
- Company has high debtors of 268 days.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 6 | 6 | 7 |
| Oscillators | Bearish | 2 | 6 | 1 |
| Moving Averages | Strong Bullish | 4 | 0 | 6 |
Oscillators
Bearish
Overall
Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 51.58
- Neutral
- MACD (12,26,9)
- −38.98
- Bullish
- SMA (50)
- 1,714.25
- Bearish
- SMA (200)
- 1,592.93
- Bullish
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +43.03% |
|---|---|
| 5Y | +88.64% |
| 3Y | +375.48% |
| 1Y | +126.32% |
| TTM | +305.07% |
Net profit
| 10Y | Turned to profit |
|---|---|
| 5Y | +113.15% |
| 3Y | Turned to profit |
| 1Y | +76.00% |
| TTM | +253.70% |
Operating cash flow
| 10Y | Outflow widened by ₹96 Cr |
|---|---|
| 5Y | Turned negative |
| 3Y | Outflow widened by ₹64 Cr |
| 1Y | Turned negative |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +109.65 pp |
|---|---|
| 5Y | +12.43 pp |
| 3Y | +459.65 pp |
| 1Y | +13.07 pp |
| TTM | +11.44 pp |
Revenue by year
| Mar 2017 | ₹12.00 Cr |
|---|---|
| Mar 2018 | ₹13.00 Cr |
| Mar 2019 | ₹8.00 Cr |
| Mar 2020 | ₹15.00 Cr |
| Mar 2021 | ₹18.00 Cr |
| Mar 2022 | ₹7.00 Cr |
| Mar 2023 | ₹4.00 Cr |
| Mar 2024 | ₹20.00 Cr |
| Mar 2025 | ₹190 Cr |
| Mar 2026 | ₹430 Cr |
Net profit by year
| Mar 2017 | −₹4.00 Cr |
|---|---|
| Mar 2018 | −₹15.00 Cr |
| Mar 2019 | −₹21.00 Cr |
| Mar 2020 | ₹3.00 Cr |
| Mar 2021 | ₹2.00 Cr |
| Mar 2022 | −₹17.00 Cr |
| Mar 2023 | −₹20.00 Cr |
| Mar 2024 | −₹27.00 Cr |
| Mar 2025 | ₹50.00 Cr |
| Mar 2026 | ₹88.00 Cr |
AI Analysis — Bull vs Bear
Kernex Microsystems is a small-cap company (market cap ₹4,074 Cr) in the services sector that has delivered exceptional recent growth with TTM sales up 127% and 5-year profit CAGR of 116%, but trades at elevated valuations of 45.3x PE and 16.1x book value with low promoter holding of 28.8% and zero dividend payout.
- Exceptional 5-year compounded profit growth of 116% CAGR indicates strong earnings momentum
- TTM sales growth of 127% shows robust revenue acceleration in the most recent period
- 3-year compounded sales growth of 374% reflects a significant scale-up in business operations
- Last year ROE of 44% demonstrates highly efficient capital utilization
- 3-year ROE of 26% shows sustained ability to generate returns well above cost of equity
- Stock has delivered 96% CAGR over 5 years, reflecting sustained investor confidence in growth trajectory
- Company is expected to deliver a good upcoming quarter based on order pipeline visibility
- 10-year median sales growth of 15.8% indicates long-term structural demand for the company's offerings
- Promoter holding at only 28.8% is notably low, raising concerns about alignment and potential vulnerability to hostile actions
- Debtor days at 268 days signals severe working capital stress and potential collection risk
- PE ratio of 45.3x demands continued high growth execution to justify current valuation
- Zero dividend yield despite repeated profitability suggests either reinvestment needs or cash flow constraints from high receivables
- 10-year ROE of only 1% indicates the current profitability phase is relatively recent and historically inconsistent
- 10-year profit CAGR of 22% versus 5-year CAGR of 116% shows earnings were negligible for much of the prior decade
- 5-year sales CAGR of 88% drops sharply from the 3-year 374% figure, suggesting the growth base was very small and sustainability is uncertain
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Kernex is executing well on its core Kavach railway safety mandate with the Version 4.0 deployment on a significant 207 KM stretch, and FY26 profitability looks healthy at over ₹80 crore net profit. No visible headwinds emerged this period, though the company is seeking higher borrowing limits which bears monitoring. The trend is positive as Kavach rollout accelerates across Indian Railways, positioning Kernex for continued order flow.
- Kavach 4.0 launched on 207 KM Jul 2
Kernex successfully deployed Kavach Version 4.0 on the 207 KM Tundla-Panki Dham section of North Central Railway, reinforcing its role in India's indigenous train collision avoidance technology expansion.
- Strong FY26 net profit ₹8,063 lakh Jun 29
Kernex reported a net profit of ₹8,062.52 lakh for FY26, disclosed alongside a postal ballot seeking approval for increased borrowing powers and managerial remuneration.
- 1,200 ESOP shares listed Jul 6
1,200 equity shares allotted under the Employee Stock Option Scheme 2023 were listed on BSE and NSE on July 7, 2026, with face value of Rs. 10 each.
- Postal ballot for borrowing powers Jun 29
Kernex called a postal ballot seeking shareholder approval to increase borrowing powers and revise managerial remuneration.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 1 | 8 | 9 | 29 | 41 | 37 | 83 | 56 | 47 | 73 | 255 | 504 |
| Expenses | 1 | 5 | 13 | 21 | 24 | 31 | 28 | 66 | 43 | 33 | 56 | 149 | 341 |
| Operating Profit | 0 | −3 | −4 | −12 | 5 | 10 | 9 | 17 | 13 | 14 | 17 | 105 | 163 |
| OPM % | −52% | −242% | −54% | −139% | 17% | 25% | 23% | 21% | 22% | 30% | 23% | 41% | 32% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Interest | 0 | 0 | 1 | 1 | 1 | 3 | 1 | 2 | 3 | 5 | 9 | 12 | 13 |
| Depreciation | 1 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| PBT | −1 | −4 | −9 | −13 | 3 | 7 | 7 | 15 | 10 | 9 | 6 | 92 | 148 |
| Tax % | 9% | 10% | 1% | −5% | −4% | 0% | −1% | −114% | 22% | 28% | 3% | 26% | 26% |
| Net Profit | −1 | −5 | −9 | −13 | 4 | 7 | 7 | 33 | 7 | 7 | 6 | 68 | 110 |
| EPS (₹) | −0.57 | −2.85 | −5.07 | −7.53 | 2.16 | 4.09 | 4.28 | 19.45 | 4.45 | 3.92 | 3.59 | 40.63 | 65.37 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 18 | 12 | 12 | 13 | 8 | 15 | 18 | 7 | 4 | 20 | 190 | 430 | 878 |
| Expenses | 25 | 20 | 33 | 25 | 21 | 22 | 14 | 16 | 21 | 42 | 149 | 281 | 579 |
| Operating Profit | −7 | −9 | −21 | −12 | −13 | −7 | 4 | −9 | −17 | −23 | 41 | 149 | 299 |
| OPM % | −37% | −76% | −171% | −87% | −158% | −49% | 21% | −142% | −416% | −117% | 22% | 35% | 34% |
| Other Income | 2 | 2 | 25 | 1 | −4 | 18 | 1 | −3 | 1 | 1 | 1 | 2 | 2 |
| Interest | 3 | 6 | 4 | 2 | 2 | 6 | 1 | 3 | 1 | 3 | 7 | 28 | 39 |
| Depreciation | 4 | 3 | 3 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 3 | 6 | 7 |
| PBT | −13 | −16 | −2 | −15 | −22 | 3 | 2 | −17 | −20 | −27 | 32.51 | 117 | 256 |
| Tax % | −2% | −2% | 115% | −4% | −1% | −1% | 2% | 2% | 2% | 0% | −54% | 25% | — |
| Net Profit | −13 | −16 | −4 | −15 | −21 | 3 | 2 | −17 | −20 | −27 | 50 | 88 | 191 |
| EPS (₹) | −10.11 | −12.74 | −3.24 | −11.78 | −17.06 | 2.74 | 1.62 | −13.76 | −12.82 | −15.76 | 29.98 | 52.58 | 114 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 15 | 17 | 17 | 17 |
| Reserves | 101 | 84 | 75 | 64 | 43 | 46 | 50 | 36 | 67 | 90 | 141 | 231 |
| Borrowings | 28 | 33 | 24 | 26 | 21 | 11 | 20 | 18 | 11 | 28 | 40 | 162 |
| Other Liabilities | 20 | 27 | 21 | 19 | 16 | 16 | 12 | 14 | 11 | 27 | 38 | 509 |
| Total Liabilities | 162 | 157 | 133 | 121 | 93 | 85 | 95 | 80 | 104 | 161 | 236 | 919 |
| Fixed Assets | 53 | 50 | 55 | 54 | 43 | 33 | 32 | 25 | 24 | 24 | 25 | 34 |
| CWIP | 10 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 7 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 99 | 97 | 78 | 68 | 50 | 53 | 63 | 55 | 78 | 135 | 204 | 885 |
| Total Assets | 162 | 157 | 133 | 121 | 93 | 85 | 95 | 80 | 104 | 161 | 236 | 919 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | −6 | −4 | −26 | 3 | −23 | −11 | 3 | −5 | −36 | −71 | 15 | −100 |
| Investing | 1 | 0 | 30 | 0 | 26 | 25 | −12 | −7 | −1 | −5 | −9 | −8 |
| Financing | −2 | 3 | −4 | −2 | −2 | −6 | −1 | 0 | 45 | 64 | 5 | 94 |
| Net Cash Flow | −8 | 0 | 0 | 1 | 1 | 7 | −10 | −11 | 9 | −11 | 11 | −14 |
| Free Cash Flow | −6 | −4 | 4 | 3 | 6 | 12 | 3 | 1 | −37 | −76 | 6 | −107 |
| CFO/OP | 83 | 40 | 122 | −26 | 176 | 153 | 86 | 49 | 214 | 311 | 36 | −65 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1,043 | 1,643 | 1,236 | 996 | 674 | 316 | 239 | 596 | 0 | 94 | 45 | 268 |
| Inventory Days | — | 1,779 | 293 | 1,915 | 844 | 266 | 962 | 967 | 2,141 | 2,098 | 195 | 787 |
| Days Payable | — | 962 | 325 | 1,225 | 405 | 20 | 101 | 177 | 43 | 460 | 76 | 938 |
| Cash Conversion Cycle | 1,043 | 2,460 | 1,205 | 1,686 | 1,114 | 562 | 1,099 | 1,385 | 2,098 | 1,731 | 164 | 117 |
| Working Capital Days | 748 | 889 | 629 | 505 | 272 | 236 | 164 | 226 | 1,219 | 1,161 | 128 | 150 |
| ROCE % | −6% | −7% | −18% | −12% | −15% | −8% | 4% | −13% | −23% | −21% | 24% | 48% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Kernex Microsystems insights
66 extracted metrics across FY12–FY27.
Documents
- 13 Aug 2026
- 29 May 2026
- 14 Aug 2025
- 4 Nov 2025
- 27 Apr 2022
- 5 Feb 2021
- 22 Jan 2021
- 28 Feb 2020
- General announcements 12 Oct 2026
Frequently Asked Questions about Kernex Microsystems (India)
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Company Information
Incorporated in 1991, Kernex Microsystems Ltd manufactures and sells Safety Systems and Software services for Railways
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