Kaira Can Company Ltd (504840)
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Kaira Can Company Ltd's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Kaira Can's revenue was ₹86.7 Cr (+18.8% year on year, +35.1% on the previous quarter), and net profit ₹1.5 Cr (+45.7% year on year); the operating margin was 4.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹86.7 | +18.8% | +35.1% |
| Operating profit | ₹3.5 | +39.2% | +156.1% |
| Net profit | ₹1.5 | +45.7% | +200.2% |
| EPS (₹) | 16.28 | +45.7% | +200.4% |
| Operating margin | 4.0% | — | — |
📢 Recent Corporate Announcements
Kaira Can reported a strong Q1 FY27 with revenue growing 18.8% YoY to ₹86.73 Cr. Net profit increased by 45.6% YoY to ₹1.50 Cr, driven by improved performance in the core tin container segment and a turnaround in the ice-cream cone business. The ice-cream cone segment reported a profit of ₹0.15 Cr compared to a loss of ₹0.26 Cr in the same quarter last year. Despite the growth, the company remains heavily dependent on GCMMF (Amul) for approximately 85-90% of its revenue.
- Total Income from Operations rose to ₹86.73 Cr from ₹72.98 Cr in the previous year's quarter.
- Net Profit for the period stood at ₹1.50 Cr, a 45.6% increase over ₹1.03 Cr in Q1 FY26.
- Earnings Per Share (EPS) improved significantly to ₹16.28 from ₹11.21 YoY.
- Ice-Cream Cones segment turned profitable with a result of ₹14.86 Lakhs vs a loss of ₹26.33 Lakhs YoY.
- Tin Container segment revenue grew 14.4% YoY to ₹79.72 Cr, accounting for 92% of total revenue.
Kaira Can Company reported a strong start to FY27 with revenue growing 18.8% YoY to ₹86.73 Cr. Net profit increased 45.6% YoY to ₹1.50 Cr, significantly outperforming the ₹1.03 Cr reported in the same quarter last year. A notable highlight is the turnaround in the Ice-Cream Cone segment, which posted a profit of ₹14.86 Lakhs compared to a loss of ₹26.33 Lakhs YoY. Despite the company's historically thin margins, the quarterly EPS improved to ₹16.28 from ₹11.21.
- Revenue from operations increased 18.8% YoY to ₹86.73 Cr from ₹72.98 Cr.
- Net profit grew 45.6% YoY to ₹1.50 Cr, representing a significant recovery from the previous quarter's ₹0.50 Cr.
- Ice-cream cone segment turned profitable with a result of ₹14.86 Lakhs vs a loss of ₹26.33 Lakhs in Q1 FY26.
- Tin container segment revenue, the core business, grew 14.4% YoY to ₹79.72 Cr.
- Quarterly EPS rose to ₹16.28, which is nearly 84% of the total TTM EPS of ₹19.41.
Kaira Can Company Ltd has rescheduled its board meeting to consider un-audited financial results for the quarter ended June 30, 2026. Originally planned for August 12, 2026, the meeting will now take place on August 13, 2026, due to unavoidable circumstances. The company, a micro-cap with a market capitalization of Rs 150 Cr, maintains a high client concentration with Amul (85-90% of revenue). The trading window for insiders remains closed since July 1, 2026, and will reopen 48 hours after the results are declared.
- Board meeting rescheduled from August 12, 2026, to August 13, 2026
- Meeting to consider un-audited financial results for the quarter ended June 30, 2026
- Trading window for insiders has been closed since July 1, 2026
- Trading window to re-open 48 hours after the declaration of results
Kaira Can Company has scheduled a board meeting on August 12, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). The company operates with thin margins, reporting a TTM operating profit margin of 2.7% and a net profit of Rs 2 Cr on Rs 246 Cr revenue. Investors will be monitoring if the company can replicate the seasonal strength of the previous year's June quarter, which contributed Rs 72.98 Cr to revenue. The company remains heavily dependent on GCMMF (Amul), which accounts for 85-90% of its total turnover.
- Board meeting scheduled for August 12, 2026, to consider Q1 FY27 results.
- Previous year's Q1 (June 2025) revenue stood at Rs 72.98 Cr with an EPS of Rs 11.17.
- TTM revenue as of March 2026 is Rs 246 Cr with a low OPM of 2.7%.
- Company maintains a high client concentration with 85-90% of revenue derived from Amul (GCMMF).
- Market capitalization stands at Rs 148 Cr with a high P/E ratio of 82.6.
Kaira Can Company Ltd has scheduled its 63rd Annual General Meeting (AGM) for August 7, 2026, at 11:00 AM IST via video conferencing. The company has released the web-link for its Annual Report for the financial year 2025-26, complying with SEBI Regulation 36. Physical letters containing the access path are being dispatched to shareholders whose email addresses are not registered. Additionally, the company reminded shareholders to update KYC details as per SEBI mandates to remain eligible for future dividend payments.
- 63rd Annual General Meeting scheduled for August 7, 2026, at 11:00 AM IST
- Cut-off date for identifying shareholders for physical dispatch was July 10, 2026
- Annual Report for FY 2025-26 made available via a specific web-link on the company website
- Mandatory KYC update reminder (PAN, Bank details, Nomination) as per SEBI circular dated May 07, 2024
Kaira Can Company Ltd has issued the notice for its 63rd Annual General Meeting (AGM) to be held on August 7, 2026. The company has proposed a dividend of ₹12.00 per share for FY 2025-26, maintaining the payout level from previous years despite a sharp decline in profitability. FY26 sales grew 6% to ₹24,586.42 lakhs, but Net Profit After Tax fell significantly to ₹179.13 lakhs from ₹384.48 lakhs in FY25. Key agenda items include the appointment of a new Independent Director and the continuation of a director attaining 75 years of age.
- Proposed dividend of ₹12.00 per share for the financial year ended March 31, 2026.
- FY26 Sales reported at ₹24,586.42 lakhs, a 6% increase from ₹23,214.99 lakhs in FY25.
- Net Profit After Tax dropped to ₹179.13 lakhs in FY26 from ₹384.48 lakhs in the prior year.
- Cut-off date for e-voting eligibility set for July 31, 2026.
- Appointment of Shri Chandrahas Zaveri as an Independent Director for a 5-year term.
Kaira Can Company Limited has released its 63rd Annual Report for FY 2025-26, reporting total sales of ₹245.86 crore, a 6% increase year-on-year. However, Net Profit After Tax (PAT) declined significantly to ₹1.79 crore from ₹3.84 crore in the previous year, continuing a downward trend from ₹10.25 crore in 2022. Despite the profit squeeze, the company has maintained a steady dividend of ₹12.00 per share. The Annual General Meeting (AGM) is scheduled for August 7, 2026, to ratify these results and director appointments.
- Total Sales for FY26 stood at ₹24,586.42 lakhs (₹245.86 cr), reflecting a 6% growth over FY25.
- Net Profit After Tax (PAT) fell to ₹179.13 lakhs, down from ₹384.48 lakhs in the previous fiscal.
- Maintained a dividend of ₹12.00 per equity share, consistent with the payout over the last five years.
- Earnings Per Share (EPS) for FY26 was reported at ₹19.43, compared to ₹41.69 in FY25.
- Net Worth increased to ₹9,074.10 lakhs as of March 31, 2026, with a book value per share of ₹984.04.
Financial Performance
Revenue Growth by Segment
Total sales turnover grew 4% YoY to INR 233.11 Cr in FY25. The Metal Cans and components segment achieved sales of INR 220.28 Cr, representing a 5% growth compared to INR 210.71 Cr in the previous year. Export orders contributed INR 5.26 Cr to the total revenue.
Geographic Revenue Split
Domestic sales account for approximately 97.8% of total revenue, primarily driven by operations in Gujarat. Export sales of metal cans and components contributed INR 5.26 Cr, or roughly 2.2% of total turnover.
Profitability Margins
Net Profit After Tax (PAT) margin stood at 1.66% in FY25, a slight decline from 1.68% in FY24. Profit After Tax was INR 3.84 Cr in FY25 compared to INR 3.77 Cr in FY24, representing a modest 1.8% increase.
EBITDA Margin
Operating EBITDA margin was 3.20% in FY25, down from approximately 3.5% in previous periods. Q1 FY26 results showed a slight recovery in EBITDA to 3.45%, though margins remain low due to the price-sensitive nature of the tin container industry.
Capital Expenditure
The company has planned capital expenditure of INR 18 Cr to INR 20 Cr, which is expected to be funded entirely through internal accruals and available cash balances of INR 15 Cr.
Credit Rating & Borrowing
The company's long-term credit rating was downgraded to CRISIL BBB/Stable from CRISIL BBB+/Stable in September 2025. Short-term ratings were downgraded to CRISIL A3+ from CRISIL A2. Despite the downgrade, the company maintains a strong financial risk profile with an interest coverage ratio of 31.16 times in FY25.
Operational Drivers
Raw Materials
Tinplate is the primary raw material for the can division. The company also procures materials for sugar cone manufacturing. Raw material costs are highly volatile and significantly impact the low operating margins of ~3%.
Import Sources
The company historically imported tinplate; however, imports have been restricted since July 2021 due to the implementation of BIS certification norms by the Government of India.
Key Suppliers
Not specifically disclosed in available documents, though the company relies on tinplate suppliers compliant with BIS certification standards.
Capacity Expansion
Current manufacturing units are located at Kanjari (Cans) and Vitthal Udyog Nagar (Sugar Cones) in Gujarat. Planned capex of INR 18-20 Cr is aimed at technology upgrading and improving operating parameters rather than specific volume capacity increases.
Raw Material Costs
Raw material costs are a major component of the cost structure. Profitability is susceptible to volatility in input prices, particularly tinplate, which has faced procurement challenges due to regulatory certification requirements.
Manufacturing Efficiency
The company is focusing on technology upgrading and reducing costs to improve operating parameters. It currently meets 95-97% of GCMMF's total 'can' requirements, indicating high operational integration.
Logistics & Distribution
The company benefits from the proximity of its manufacturing operations to its primary customer, GCMMF, which reduces distribution complexities for its metal can segment.
Strategic Growth
Expected Growth Rate
4-5%
Growth Strategy
Growth will be achieved by consolidating the company's position as a preferred supplier to GCMMF (Amul), upgrading manufacturing technology to improve efficiency, and executing export orders which reached INR 5.26 Cr in FY25. The company aims to mitigate low margins through cost reduction and improved operating parameters.
Products & Services
Metal tin cans and components for dairy and food products, and sugar cones for the ice cream industry.
Brand Portfolio
Kaira Can Company Limited (KCCL).
New Products/Services
The company continues to focus on its core metal cans and components, with a focus on specialized components for the dairy segment.
Market Expansion
The company is targeting growth in its export segment, which currently stands at INR 5.26 Cr, and is looking to consolidate its domestic position in the metal container industry.
Market Share & Ranking
The company meets nearly the entire (95-97%) can requirement for GCMMF, the largest food products marketing organization in India.
Strategic Alliances
The company maintains a long-standing association with GCMMF (Amul), supplying 95-97% of their can requirements since inception.
External Factors
Industry Trends
The tin container industry is characterized by low margins and high volumes. While it faces competition from alternative packaging, it holds ground due to unique attributes. The sugar cone segment is facing increased competition from unorganized players.
Competitive Landscape
Key competition comes from the unorganized sector, particularly in the sugar cone and metal container segments, which often operates with lower overheads.
Competitive Moat
The company's moat is built on its 60-year relationship with GCMMF and the geographical proximity of its plants to the client's facilities. This creates high switching costs and a stable, albeit concentrated, revenue stream.
Macro Economic Sensitivity
The company is sensitive to food processing and dairy industry trends, as these sectors drive the demand for metal cans and sugar cones.
Consumer Behavior
Increased demand for packaged dairy and food products supports the metal can segment, while the ice cream industry's growth drives the sugar cone division.
Geopolitical Risks
Trade barriers such as the BIS certification norms implemented in 2021 have restricted the company's ability to import raw materials, impacting procurement flexibility.
Regulatory & Governance
Industry Regulations
Operations are significantly impacted by BIS certification norms for tinplate imports and compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.
Environmental Compliance
The company has initiated a 'green initiative' to reduce paper consumption by exclusively using electronic modes for annual reports and notices.
Taxation Policy Impact
The company has pending disputes regarding Income Tax, Sales Tax, and GST, which are being monitored as key audit matters.
Legal Contingencies
The company faces pending litigations and claims related to taxation. Auditors highlighted the assessment of contingent liabilities as a key audit matter due to the level of management judgment required.
Risk Analysis
Key Uncertainties
The primary uncertainties include the volatility of tinplate prices and the high dependency on a single customer (GCMMF), which poses a significant risk to revenue stability if the relationship changes.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Kanjari and Vitthal Udyog Nagar), making the company sensitive to regional industrial policies and labor dynamics.
Third Party Dependencies
85-90% of revenue is dependent on GCMMF, creating a high level of third-party counterparty risk.
Technology Obsolescence Risk
The company is addressing technology risks through a planned INR 18-20 Cr capex for technology upgrading to remain competitive against the unorganized sector.
Credit & Counterparty Risk
Receivables quality is considered high due to the long-standing relationship with a reputable player like GCMMF.
