Kernex Microsystems (India) Ltd
NSE: KERNEX BSE: 532686IT / Software
Incorporated in 1991, Kernex Microsystems Ltd manufactures and sells Safety Systems and Software services for Railways[1]
₹1,358
52W: ₹850 — ₹1626
PE 47 · Book ₹110 · +1135% vs bookMarket Cap₹2,282 Cr
Stock P/E47Price to Earnings
ROCE22.3%Return on Capital
ROE34.4%Return on Equity
Div. Yield0%Face Value ₹10
Strengths
- +Company is expected to give good quarter
- +Company has delivered good profit growth of 54.9% CAGR over last 5 years
- +Debtor days have improved from 68.6 to 36.6 days.
Weaknesses
- −Stock is trading at 12.4 times its book value
- −Promoter holding is low: 28.8%
- −Company has a low return on equity of 3.22% over last 3 years.
Shareholding Pattern
Promoters28.85%
FIIs0.3%
DIIs0.02%
Public70.78%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 29.14% | 29.14% | 29.08%▼0.1 | 29.08% | 28.97%▼0.1 | 28.97% | 28.89%▼0.1 | 28.85%▼0.0 |
| FIIs | 0% | 0.49%▲0.5 | 1.16%▲0.7 | 0.07%▼1.1 | 0.52%▲0.5 | 0.54%▲0.0 | 0.07%▼0.5 | 0.3%▲0.2 |
| DIIs | 0% | 0.04%▲0.0 | 0.73%▲0.7 | 1.1%▲0.4 | 1.11%▲0.0 | 0.39%▼0.7 | 0.07%▼0.3 | 0.02%▼0.1 |
| Public | 70.78% | 70.26%▼0.5 | 68.96%▼1.3 | 69.68%▲0.7 | 69.34%▼0.3 | 70.04%▲0.7 | 70.91%▲0.9 | 70.78%▼0.1 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0.82 | 8.57 | 8.94 | 28.68 | 41.16 | 36.8 | 83.02 | 53.4 | 45.35 | 72.49 |
| Expenses | 4.16 | 10.85 | 20.64 | 23.65 | 30.77 | 28.39 | 66.07 | 41.13 | 35.37 | 55.55 |
| Operating Profit | -3.34 | -2.28 | -11.7 | 5.03 | 10.39 | 8.41 | 16.95 | 12.27 | 9.98 | 16.94 |
| OPM % | -407.32% | -26.6% | -130.87% | 17.54% | 25.24% | 22.85% | 20.42% | 22.98% | 22.01% | 23.37% |
| Net Profit | -4.26 | -3.5 | -11.77 | 4.02 | 7.25 | 7.14 | 32.51 | 7.37 | 2.5 | 6.19 |
| EPS ₹ | -2.76 | -2.09 | -7.02 | 2.4 | 4.33 | 4.26 | 19.4 | 4.4 | 1.49 | 3.68 |
AI Insights
Revenue Trend
TTM revenue at ₹254Cr, up 33.7% YoY. OPM at 22%.
Debt Position
Borrowings at ₹89Cr. Debt-to-equity ratio: 0.53x. Moderate leverage.
Institutional Flow
DIIs: 0.02% (+0.02pp change). FIIs: 0.3% (+0.30pp change). Promoters hold 28.85%.
Margin & Efficiency
ROCE improving from 1% (Mar 2014) to 22% (Mar 2025). Working capital days: 153.
Valuation
PE 47x with 22.3% ROCE. Price is 1135% above book value of ₹110. Dividend yield: 0%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 13 Apr - Received Rs. 67.53 crore PLW order for KAVACH equipment, to be executed by 15 April 2027.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 10 Apr
- Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 3 Apr - BLW awarded Kernex Rs. 91.12 crore order for 112 KAVACH loco equipment sets, executable by 15 Feb 2027.
- Closure of Trading Window 31 Mar - Trading window closed from 1 April 2026 until 48 hours after audited FY2026 results.
- Announcement under Regulation 30 (LODR)-Joint Venture 7 Mar - Kernex forms 51:49 JV with Bharat Heavy Engineering to develop Moving Block System integrated with Kavach ATS/ATO and CTC.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse