Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Krishca Strapping Solutions Ltd. (KRISHCA)
SME CapIndustrials stocks · SME cap · NSE
Krishca Strapping Solutions Ltd. is an Indian packaging solutions company specializing in steel strappings and primary packaging materials for diverse industrial applications. It serves major steel producers like Tata Steel, JSW Steel, and SAIL, offering contract-based packaging services and integrated material solutions from its Chennai facility, with expanding international presence.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:55 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 +22.6% / mo · MACD −
Stock trend: 47
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KRISHCAD candles · FIT view-7.5%Latest close ₹168.50 on 2026-10-19
Bar
-12.2%
RSI
40
MACD hist
-4.72
52W pos
32%
2026-10-19O ₹191.95H ₹193.00L ₹160.00C ₹168.50Vol 1.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KRISHCANifty India ManufacturingNifty 500
- KRISHCA
- +2.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +7.6 pp
Chart stats
19 Oct 2026- From 52W high
- -27.4%
- 52W range position
- 32%
- ATR (14)
- 8.1%
- Volume vs 20D
- 2.73x
- Avg traded value
- ₹1.2 Cr
- 20D price channel
- ₹159 - ₹232.2
₹232.2
₹138 - ₹232.2
₹13.6
Latest completed session
20-session average
107.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +193.8% · PAT -16.7% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-35.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 2/100PAT -17% YoY · margin compression · Rev +194% YoY · +52% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹141 Cr | +193.8% | +51.6% |
| EBITDA | ₹14 Cr | NDF | -6.7% |
| Operating margin | 10.0% | NDF | -600 bps |
| PAT | ₹5 Cr | -16.7% | -16.7% |
| PAT margin | 3.5% | NDF | -290 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.30
- P/B
- 2.22
- EV/EBITDA
- 10.22
- Market Cap
- 299.00Cr
Profitability
- ROE
- 9.96%
- ROCE
- 12.80%
- ROA
- 4.06%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 48.12%
- EPS 5Y
- 6.92%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.63
- Interest Coverage
- 4.83×
- Altman Z
- 3.19
- Book Value
- 84.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 45.00 Cr
- EPS TTM
- 7.71
Shareholding
- Promoter Hold
- 47.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 234+57.0% vs prev
Net Profit
₹ CrLatest: 11.0-8.3% vs prev
Return on Equity
%Latest: 9.5-25.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~18.4% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
+2.7%
3M return
+2.1%
6M return
-13.3%
1Y return
-18.5%
RS 1D
-17
RS 20D
+6
Sector rank
#2
Industry rank
#12
Stage evidence
- Price is within 3.3% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84.64-9.39%
RS vs Nifty 50085
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth10/25
Quality1/20
Balance Sheet7/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-3
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 7/15 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Fair-value margin of safety is negative at -35.0%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
26.3
PB
2.2
EV/EBITDA
10.2
ROE
10.0%
ROCE
12.8%
FCF Yield
—
Debt/Equity
0.6
MoS
-35.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-35.0%
Previous: -35.0%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
24
24
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹121.22
-39.0% MoS
Growth-justified P/E
16.2
Growth-justified Value
₹124.82
-35.0% MoS
PEG
3.78
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TIRUPATI
SME
Shree Tirupati Balajee FIBC Ltd.
Packaging
match 60
12
99.1
3.0%
-541%
OVERVALUED
BARFLEX
SME
Barflex Polyfilms Ltd.
Packaging
match 55
15
43.8
3.0%
-10252%
OVERVALUED
PURVFLEXI
SME
Purv Flexipack Ltd.
Packaging
match 54
15
17.3
3.7%
-108%
OVERVALUED
EXCELLENT
SME
Excellent Wires and Packaging Ltd.
Packaging
match 54
17
53.3
7.6%
-29%
OVERVALUED
UMA
SME
Uma Converter Ltd.
Packaging
match 53
28
10.8
4.1%
-134%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-19T07:51:29.685Z
Management commentary snapshot
Krishca reported strong H1 FY26 standalone results with Total Income up 45.33% YoY to 9,277.67 Lakhs and EBITDA surging 57.92% YoY to 1,508.93 Lakhs, driven by operational improvements. Net Profit grew 13.51% YoY to 618.02 Lakhs, but Net Profit Margin declined to 6.66% from 8.53%.
While top-line and EBITDA growth are robust, the significant drop in Net Profit Margin (from 8.53% to 6.66% YoY) despite higher revenue and EBITDA warrants scrutiny. Increased finance costs and depreciation are impacting the bottom line. Strategic moves into advanced materials via Vajra Alloys and the Cold Rolling Mill are long-term positives, but execution and margin realization from these new ventures need close monitoring.
Growth engines
New Order Wins
Secured new orders from Vedanta Limited and consolidated contracts with ESL Steel.
Strategic Expansion into Advanced Materials
Approved incorporation of wholly owned subsidiary, Vajra Alloys, to expand into advanced materials and high-technology segments.
Robust Order Pipeline & Exports
Management confident in sustained growth due to robust order pipeline and growing export opportunities.
Packaging Services Business Expansion
Ongoing expansion of packaging services business, with 14 active contracts and targeting 50% of topline revenue from service offerings.
Capacity and execution
Steel Strapping Capacity
Boosted production capacity to 30,000 MT annually with a second strapping line at Chennai (2024-25).
Cold Rolling Complex
Initiated a Cold Rolling Complex in Chennai (2024-25), with capex underway (2025-26), to enter the high-value special steel market.
Middle East Manufacturing Facility
Plan to establish a Middle East hub with offices, warehouses, and a manufacturing facility.
Tailwinds
India's Logistics Market Growth
India’s logistics market growing at 8–10% CAGR till 2030, fueling demand for high-strength strapping.
Industrial Sector Demand
Growth in automotive, shipbuilding, heavy machinery, and cement industries is driving strapping demand.
Government Infrastructure Push
Government programs like Gati Shakti and the National Infrastructure Pipeline are driving demand in steel, cement, and allied sectors.
Domestic Steel Consumption
Domestic steel consumption grew 9–10% in FY25, led by government spending on infrastructure, housing, and real estate.
Risk radar
Economic Performance
Performance of the Indian economy and of the economies of various international markets.
Competition
Competition in the industry in India and world-wide.
Strategy Implementation
The Company’s ability to successfully implement its strategy.
Market Risks
The Company’s market preferences and its exposure to market risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly provides H1 FY26 figures compared to H1 FY25, making YoY the direct and most relevant comparison for assessing performance over a half-year period.
Sector KPIs management disclosed
Revenue from Operations
H1 FY26 Standalone Revenue from Operations: 9,254.78 Lakhs, up 45.55% YoY.
EBITDA Margin
H1 FY26 Standalone EBITDA Margin: 16.26%, up from 14.97% in H1 FY25.
Net Profit Margin
H1 FY26 Standalone Net Profit Margin: 6.66%, down from 8.53% in H1 FY25.
Order Book (Next 5 Years)
180+ Cr worth of order book for next 5 years (as of FY25).
Management forward view
H2 FY26 Outlook
Management remains confident in delivering sustained growth and stronger financial performance in the second half of the year.
Packaging Services Revenue Target
Targeting 50% of topline revenue from high-value service offerings.
Steel Strapping Market Share Goal
Aiming to grow steel strapping market share from 10% to over 30%.
Global Expansion Strategy
Establishing Middle East hub with offices, warehouses, and manufacturing facility to strengthen global distributor network.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Profit Margin | 6.66% (H1 FY26 Standalone) | Improvement in margin, given the significant YoY decline despite strong top-line and EBITDA growth. |
| Cold Rolling Mill Progress | Capex underway (2025-26) | Commissioning timelines and initial contribution to revenue/margins from special steel segment. |
| Packaging Contracts Conversion Rate | Pipeline of 150+ Cr with 30%+ expected conversion (as of March 31, 2025) | Actual conversion rate and revenue contribution from these contracts. |
| Steel Strapping Market Share | 10% | Progress towards the stated goal of over 30% market share. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 24th percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
10 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Industrials: 24th pctile, median 68 · SME: 32nd pctile, median 64
Evidence depth
Financial-only
10 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 4.1%.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Krishca Strapping Solutions Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.