| Market Cap | ₹3,373.77 CrRealty sector |
|---|---|
| P/E Ratio | 112.45xSector P/E 35.94x |
| 1-Year Price Change | 40.93%Stock performance |
| Promoter Holding | 69.23%Stable ownership |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 99.9 | 171 | 15.3 |
| Other Income | -0.4 | 5.2 | 0.3 |
| Total Income | 99.5 | 176 | 15.5 |
| Profit Before Tax | 36.8 | 17.3 | 1.5 |
| Net Profit | 29.6 | 16.0 | 0.9 |
| Operating Margin | 37.0% | 9.8% | 9.7% |
| Net Profit QoQ | +85.0% | ||
| Net Profit YoY | +3,188.9% | ||
| Adj. Profit QoQ | +207.4% | ||
| Adj. Profit YoY | +3,000.0% | ||
Key highlights
- Net profit surged by 3,188.9% year-on-year to reach ₹29.6 crore in Q2-27
- Revenue from operations grew to ₹99.9 crore, representing a 552.9% increase over the same quarter last year
- Operating margins expanded significantly to 37.0% from 9.7% in the year-ago period
- Company recognized ₹29.75 crore in revenue from the second tranche of a land sale to Godrej Skyline Developers
- Full conversion of 77.33 lakh convertible warrants into equity shares completed during the half-year period
Explosive Growth in Profitability and Revenue
Kesar India delivered a high-growth quarter as net profit rose to ₹29.6 crore in Q2-27, up from just ₹0.9 crore in the corresponding quarter of the previous year. This 3,188.9% increase in bottom-line performance was mirrored by revenue from operations, which jumped to ₹99.9 crore from ₹15.3 crore year-on-year. The company reported a profit before tax of ₹36.8 crore for the quarter, a significant increase from the ₹1.5 crore recorded in Q2-26.
This performance comes as the company continues its migration process from the SME platform to the Main Board of the Stock Exchange.
Strategic Revenue Recognition and Margin Expansion
- Operating margin reached 37.0% in Q2-27, a sharp rise from 9.8% in Q1-27 and 9.7% in Q2-26
- The company recognized ₹29.75 crore as revenue in September 2026 following the fulfillment of performance obligations for the second tranche of the Godrej Skyline land sale
- A remaining consideration of ₹2.00 crore from the land sale is expected upon completion of third-tranche conditions
- Other income for the quarter was negative ₹0.4 crore due to a ₹4.45 crore impact from reclassifying subsidiary advances into demand loans
- Total expenses for the quarter stood at ₹62.7 crore, dominated by the cost of goods sold at ₹53.18 crore
Management on Revenue Milestones
Upon fulfilment of the relevant contractual performance obligations for second trench, the Company recognised the amount of Rs 2975.51 Lakhs as revenue in September 2026 in accordance with Ind AS 115 - Revenue from Contracts with Customers out of remaining consideration of Rs. 3175.51 lakhs.
Capital Structure and Land Bank Pipeline
During the six-month period ending September 30, 2026, Kesar India completed the conversion of its final 39,60,909 fully convertible warrants into equity shares. This follows a preferential issuance at ₹350 per unit, which has now concluded with no warrants remaining outstanding. On the balance sheet, the company has classified ₹194.81 crore as Land Advance under other current assets, representing payments made toward future land acquisitions.
These advances are subject to the execution of final sale deeds and transfer of legal ownership, which will likely influence future revenue cycles.
| Date | Announcement | Amount |
|---|---|---|
| 07 Aug 2026 | Q1 FY27 Unaudited Consolidated Financial Results (Revenue from Operations)Source: aristrocapital.com | ₹1,710.03 Cr |
| 10 Apr 2026 | Management Guidance on Gross Development Value (GDV) Pipeline Across 29 ProjectsSource: businesswireindia.com | ₹5,100.00 Cr |
| 08 Apr 2026 | Q4 & FY26 Audited Consolidated Financial Results (FY26 Revenue from Operations)Source: kesarlands.com | ₹176.50 Cr |
| 14 Feb 2026 | Q3 FY26 Unaudited Financial Results (Revenue from Operations)Source: scanx.trade | ₹91.60 Cr |
| 05 Nov 2025 | H1 FY26 Unaudited Consolidated Financial Results (Revenue from Operations)Source: scanx.trade | ₹29.85 Cr |
| 21 May 2025 | FY25 Audited Consolidated Financial Results (Total Income)Source: indiainfoline.com | ₹107.79 Cr |
What to watch next
- Fulfillment of 3rd Tranche conditions for the Godrej land sale involving ₹2.00 crore, expected in Q3-27
- Completion of the migration process from the SME exchange to the Main Board of the Stock Exchange
- Execution of final sale deeds for land advances totaling ₹194.81 crore currently under other current assets
“The Company recognized the amount of Rs 2975.51 Lakhs as revenue in September 2026 in accordance with Ind AS 115 – Revenue from Contracts with Customers out of remaining consideration of Rs. 3175.51 lakhs and balance of Rs. 200.00 Lakhs will be recognised upon fulfillment of 3rd Tranch Conditions.”
| Share price | ₹1205 |
|---|---|
| Market capitalisation | ₹3,373.77 Cr |
| Revenue (annual) | ₹176.45 Cr |
| Net profit (annual) | ₹30.00 Cr |
| Revenue (latest quarter) | ₹171.00 Cr+101.66% vs previous quarter |
| Net profit (latest quarter) | ₹16.03 Cr+9.31% vs previous quarter |
| P/E (TTM) | 112.45×Sector 35.94× |
| Promoter holding | 69.23%-1.00% QoQ |
| FII holding | 14.07%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Kesar India Limited announcing audited financial results for the quarter and half-year ended September 30, 2026. Market figures from a third-party data provider.
