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KDDL Limited (KDDL)

₹3,824.60 +1.47% last close, 16 Oct

📊 NSE: KDDL 🏢 Gems, Jewellery And Watches 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, KDDL's revenue was ₹634 Cr (+36.3% year on year, +10.2% on the previous quarter), and net profit ₹44.8 Cr (+49.2% year on year); the operating margin was 15.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹634	+36.3%	+10.2%
Operating profit	₹95.2	+40.0%	+12.0%
Net profit	₹44.8	+49.2%	+27.9%
EPS (₹)	23.87	+43.7%	+16.0%
Operating margin	15.0%	—	—

Full quarterly financials → Results calendar →

KDDL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.0% of the KDDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.73%. That is close to its usual level.

47.0%Delivery, 16 Oct

51.73%Own 20-session average

0.6×Volume vs its average

₹3,824.60NSE close · +1.47%

Delivery in the last 5 sessions: 50.6% · 57.5% · 53.1% · 57.8% · 47.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

KDDL Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 11:00 PM

KDDL Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Mas Services Limited confirms that dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within the prescribed 15-day limit. The security certificates were mutilated, cancelled, and the registers updated as per regulatory standards. This is a standard administrative filing with no financial impact.

Compliance certificate covers the period from July 1, 2026, to September 30, 2026
RTA confirmed securities were accepted or rejected within the 15-day mandated timeframe
Security certificates received for dematerialization were duly mutilated and cancelled within 15 days
Shareholder register was updated with depository details within the 15-day limit

💡 No investor action required; monitor upcoming announcements for Q2 FY27 operational and financial results.

KDDL Shareholders Approve Rs 8 Final Dividend, Totaling Rs 23 for FY26 at 46th AGM

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 16 Sep 2026, 10:55 PM

KDDL Limited has submitted the scrutinizer report for its 46th Annual General Meeting held on September 15, 2026, confirming that all resolutions were approved by shareholders with the requisite majority. Shareholders confirmed the previously paid interim dividend of Rs 15 per share (150%) and declared a final dividend of Rs 8 per share (80%) for FY25-26, bringing total dividend payout to Rs 23 per share on face value Rs 10. Key special resolutions including executive incentive payouts to CMD Yashovardhan Saboo and WTD cum CFO Sanjeev Kumar Masown were also passed, alongside authorization for unsecured fixed deposit borrowings.

Declared final dividend of Rs 8 per equity share (80% of Rs 10 face value) for FY25-26
Confirmed interim dividend of Rs 15 per equity share (150%) already paid during FY25-26
Approved incentive payout for Chairman & Managing Director Yashovardhan Saboo and WTD/CFO Sanjeev Kumar Masown
Shareholders authorized borrowing via unsecured fixed deposits

💡 Track the dividend disbursement timeline for the final Rs 8 per share and monitor Q2 FY27 operational earnings performance.

KDDL Concludes 46th Annual General Meeting; Voting Results Pending Within Two Working Days

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 09:55 AM

KDDL Limited conducted its 46th Annual General Meeting (AGM) on September 15, 2026, via Video Conferencing. The meeting considered the FY26 financial statements, Board report, and auditor reports, concluding in 16 minutes after shareholder Q&A. Remote e-voting concluded on September 14, 2026, and the combined voting results scrutinised by PCS Ajay Kumar Arora are expected within two working days.

46th AGM conducted on September 15, 2026, from 15:00 to 15:16 IST
Remote e-voting window was active from September 11, 2026 (09:00 IST) to September 14, 2026 (17:00 IST)
Voting outcome and scrutinizer report to be declared within 2 working days
Annual audited accounts for FY26 were presented to shareholders

💡 Track the upcoming disclosure of voting results on exchanges within two working days to confirm the formal adoption of all resolutions.

KDDL Releases FY26 Annual Report; Recommends ₹8/Share Dividend, AGM on Sept 15

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 11:47 PM

KDDL Limited has published its Annual Report and Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company confirmed a recommended final dividend of ₹8 per equity share for FY26. The Annual General Meeting (AGM) has been scheduled for 15th September, 2026, at 3:00 PM IST via video conferencing. The disclosure also noted board cessations including Hanspeter Pieth and Nagarajan Subramanian during mid-2026.

Final dividend of ₹8 per equity share recommended for FY 2025-26.
Annual General Meeting convened for 15th September, 2026 at 3:00 PM via Video Conferencing.
Director Hanspeter Pieth ceased to be Director w.e.f. 22nd June, 2026; Independent Director Nagarajan Subramanian ceased w.e.f. 27th July, 2026.

💡 Track the upcoming AGM on 15th September, 2026, for shareholder approvals on the ₹8 per share final dividend and standard AGM resolutions.

KDDL Releases FY26 Annual Report; Proposes ₹8/Share Final Dividend, AGM on Sep 15, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 11:44 PM

KDDL Limited has published its Annual Report for FY2025-26 and scheduled its Annual General Meeting (AGM) for September 15, 2026, via video conferencing. The company confirmed a recommended final dividend of ₹8 per equity share. The filing also documents the director cessations of Mr. Hanspeter Pieth (w.e.f. June 22, 2026) and Mr. Nagarajan Subramanian (w.e.f. July 27, 2026).

Recommended final dividend of ₹8 per equity share for FY2025-26
AGM scheduled for September 15, 2026 at 03:00 PM IST via VC/OAVM
Director cessations noted: Mr. Hanspeter Pieth (effective June 22, 2026) and Mr. Nagarajan Subramanian (effective July 27, 2026)

💡 Track the record date for dividend eligibility and AGM voting outcomes on September 15, 2026. Monitor ongoing retail network expansion and precision engineering scale-up in upcoming quarterly results.

KDDL Releases FY26 Annual Report; Recommends Rs. 8/Share Final Dividend, AGM on Sept 15

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 11:43 PM

KDDL Limited has published its Annual Report for FY 2025-26 and scheduled its Annual General Meeting (AGM) for September 15, 2026, via video conferencing. The company confirmed a recommended final dividend of Rs. 8 per equity share. The report also highlights recent board changes, including the cessation of directorships of Hanspeter Pieth (effective June 22, 2026) and Nagarajan Subramanian (effective July 27, 2026).

Annual General Meeting scheduled for 15th September, 2026 at 03:00 p.m. IST via Video Conferencing
Final dividend of Rs. 8 per Equity Share recommended for FY 2025-26
Notified cessation of non-executive director Hanspeter Pieth effective 22nd June, 2026
Notified cessation of independent director Nagarajan Subramanian effective 27th July, 2026

💡 Track shareholder approvals and voting outcomes at the upcoming AGM on September 15, 2026, including the formal declaration and subsequent payout of the Rs. 8/share dividend.

KDDL Sets September 8, 2026 as Record Date for FY26 Final Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 24 Aug 2026, 11:37 PM

KDDL Limited has fixed Tuesday, September 8, 2026, as the Record Date to determine shareholder eligibility for its final dividend for FY26. The dividend payout remains subject to shareholder approval at the company's upcoming Annual General Meeting (AGM). KDDL reported FY26 net profit of ₹136.29 crore on revenue of ₹2,153.72 crore. The specific dividend amount per share was not disclosed in this intimation.

Record Date fixed as Tuesday, September 8, 2026
Final dividend eligibility pertains to the financial year ended March 31, 2026
Dividend payment remains subject to shareholder approval at the forthcoming AGM
Announcement filed under Regulation 42 of SEBI Listing Regulations

💡 Investors seeking dividend eligibility must hold shares as of the record date (September 8, 2026). Watch for the AGM notice to verify the exact dividend payout amount per share and AGM date.

KDDL Sets September 8, 2026 as Record Date for FY26 Final Dividend

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 24 Aug 2026, 11:35 PM

KDDL Limited has fixed Tuesday, September 8, 2026, as the record date to determine shareholder eligibility for receiving the final dividend for FY26. The final dividend payout remains subject to shareholder approval at the company's forthcoming Annual General Meeting (AGM). In FY26, KDDL reported annual revenues of Rs 2,153.72 crore with a net profit of Rs 136.29 crore.

Record date fixed as Tuesday, September 8, 2026
Applies to the final dividend for the financial year ended March 31, 2026
Dividend entitlement is subject to approval at the forthcoming AGM

💡 Investors eligible for the final dividend should note the record date of September 8, 2026, and monitor AGM voting results for formal dividend approval.

KDDL Notice for 46th AGM on Sept 15, 2026; Proposes Rs 8/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 11:07 PM

KDDL Limited has issued the notice for its 46th Annual General Meeting scheduled for September 15, 2026 via video conferencing. The agenda includes confirmation of the interim dividend of Rs 15 per share and declaration of a final dividend of Rs 8 per share (record date September 8, 2026), absorbing a combined payout of Rs 28.29 crore for FY26. Shareholders will also vote on special resolutions including one-time incentive payouts to the CMD (Rs 61.71 lakh) and CFO (Rs 49.04 lakh), alongside enabling approval for unsecured fixed deposits from shareholders.

46th Annual General Meeting convened for September 15, 2026 via VC/OAVM.
Final dividend of Rs 8 per share (80% of FV Rs 10) recommended with Record Date set as September 8, 2026, absorbing Rs 9.84 crore.
Confirmation of interim dividend of Rs 15 per share (Rs 18.45 crore outgo), making total FY26 dividend Rs 23 per share.
Seeking approval for one-time incentive payout of Rs 61.71 lakh to CMD Yashovardhan Saboo and Rs 49.04 lakh to WTD & CFO Sanjeev Kumar Masown.
Resolution proposed to authorize borrowing via unsecured fixed deposits from shareholders under Section 73.

💡 Track the dividend record date of September 8, 2026, and the voting outcomes of the AGM resolutions following the meeting on September 15, 2026.

KDDL Q1 FY27: Consolidated PAT Jumps 50.7% YoY to ‡44.7 Cr on 35.7% Revenue Growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 10:00 PM

KDDL reported a robust Q1 FY27 with consolidated revenue growing 36.3% YoY to ‡633.8 Cr. Profitability outpaced revenue growth as consolidated PAT surged 50.7% YoY to ‡44.7 Cr, supported by a 34.8% increase in EBITDA. The standalone manufacturing business showed strong operational leverage with EBITDA margins expanding to 23.2% from 22.1% YoY. Management has provided a high-growth outlook for its Precision Engineering (Eigen) and Bracelet segments, targeting 20-25% CAGR over the next 5-7 years.

Consolidated Revenue from operations increased 36.3% YoY to ‡633.8 Cr in Q1 FY27
Consolidated PAT grew 50.7% YoY to ‡44.7 Cr, with EPS rising to ‡25.0 from ‡16.6
Standalone EBITDA margins improved by 110 bps YoY to 23.2% on the back of higher high-value unit sales
Precision Engineering (Eigen) segment targeted for 20-25% CAGR over the next 5-7 years focusing on US and European markets
New bracelet manufacturing unit at Dobbaspet is projected to grow at 20-25% CAGR over the medium term

💡 Watch for the execution of the Favre-Leuba global relaunch and the ramp-up of the new steel bracelet unit. Investors should also monitor the scaling of the Eigen segment in non-watch industries like aerospace and alternate energy to reduce sector concentration.

KDDL Q1 FY27: Standalone Net Profit Surges 64% YoY to ₹19.51 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 07:22 PM

KDDL Limited reported a strong start to FY27 with standalone revenue from operations growing 39.8% YoY to ₹153.89 Cr. Standalone Net Profit saw a significant jump of 63.9% YoY, reaching ₹19.51 Cr compared to ₹11.90 Cr in Q1 FY26. The precision and watch components segment remains the primary driver, contributing ₹147.37 Cr to standalone revenue. Additionally, the company highlighted that its subsidiary Ethos Limited increased its stake in Ethos Lifestyle to 77.42% following a ₹20.26 Cr acquisition in April 2026.

Standalone Revenue from operations increased to ₹153.89 Cr from ₹110.10 Cr in the year-ago quarter.
Standalone Net Profit grew 63.9% YoY to ₹19.51 Cr, with Basic EPS rising to ₹15.86 from ₹9.68.
Precision and watch components segment revenue stood at ₹147.37 Cr, representing 95.7% of standalone revenue.
Ethos Limited acquired 1,89,480 equity shares of Ethos Lifestyle for ₹20.26 Cr on April 30, 2026.
Unutilised proceeds from the Ethos Rights Issue stood at ₹300.12 Cr as of June 30, 2026, currently held in bank deposits.

💡 Investors should monitor the utilization of the ₹300.12 Cr cash pile in Ethos for retail expansion and the performance of the Swiss subsidiary Estima AG, which currently carries ₹40.67 Cr in property, plant, and equipment.

KDDL to Host Group Investor Meetings in Mumbai on August 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 08:25 AM

KDDL Limited has scheduled physical group meetings with institutional investors and analysts in Mumbai on August 6, 2026, starting at 02:30 PM. The company has clarified that discussions will be based strictly on publicly available information with no disclosure of price-sensitive data. This interaction comes as the company manages a TTM revenue of Rs 2,154 Cr and a market capitalization of Rs 6,858 Cr. Investors should note that such meetings are standard practice for maintaining institutional relations.

Group meetings scheduled for August 6, 2026, in Mumbai starting from 02:30 PM
Company reported TTM revenue of Rs 2,154 Cr and TTM PAT of Rs 136 Cr
Retail subsidiary Ethos currently operates 73 stores across 26 cities
Promoter holding remains stable at 50.44% as of March 2026

💡 Educational: Watch for any investor presentation or transcript filed after the meeting to understand management's outlook on the luxury watch market and precision engineering expansion.

Cessation of Independent Director Nagarajan Subramanian Upon Completion of Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Jul 2026, 10:24 AM

KDDL Limited has announced that Mr. Nagarajan Subramanian (DIN: 02406548) ceased to be an Independent Director effective July 28, 2026. This change is due to the completion of his scheduled term on July 27, 2026. As a routine board transition, it does not impact the company's operational strategy or financial health. The company continues to operate with a TTM revenue of ₹2,154 Cr and a market capitalization of ₹5,968 Cr.

Mr. Nagarajan Subramanian ceased to be an Independent Director effective July 28, 2026
The director completed his scheduled term on July 27, 2026
The company reported TTM revenue of ₹2,154 Cr as of the latest financial context
KDDL maintains a healthy ROCE of 22.0% and a debt-to-equity ratio of 0.37

💡 Investors should monitor for the appointment of a new Independent Director to ensure the board remains compliant with SEBI's corporate governance requirements.

15-Day Processing Timeline Confirmed in KDDL's Q1 FY27 Share Compliance Filing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 10:35 AM

KDDL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Mas Services Limited, confirms that all share dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day window. This is a standard administrative filing required for all listed companies to ensure the integrity of shareholding records. There is no impact on the company's financial performance or its TTM revenue of ₹2,154 Cr.

Compliance period covers the quarter from 01/04/2026 to 30/06/2026
Dematerialization requests were confirmed (accepted/rejected) within 15 days of receipt
Security certificates were mutilated and cancelled after due verification within the 15-day limit

💡 No action is required as this is a routine regulatory filing. Investors should focus on upcoming quarterly earnings for updates on the company's luxury retail expansion and precision engineering segment.

KDDL Limited Announces Trading Window Closure from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 05:26 PM

KDDL Limited has announced the mandatory closure of its trading window effective July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is in anticipation of the declaration of the unaudited financial results for the quarter ended June 30, 2026. The restriction applies to all designated persons and will be lifted 48 hours after the results are made public. This is a standard procedural filing and does not impact the company's fundamental business operations.

Trading window closure begins on July 1, 2026.
Closure pertains to the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the official declaration of the results.
The date for the Board Meeting to consider these results will be announced separately.

💡 Educational: Monitor the exchange filings for the announcement of the Board Meeting date to assess the company's Q1 FY27 performance.

View All KDDL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 24% to INR 1,391.0 Cr in FY2024 from INR 1,119.5 Cr in FY2023. The manufacturing division witnessed ~12% growth in FY2024. Standalone income for Q2 FY2026 grew 30% YoY to INR 126.8 Cr, while H1 FY2026 revenue reached INR 241.6 Cr, up 32.5% YoY.

Geographic Revenue Split

Exports contribute 66% of KDDL's revenue, primarily driven by the watch components segment supplying to global Swiss watch manufacturers. Domestic revenue is largely driven by the Ethos retail network across 26 Indian cities.

Profitability Margins

Consolidated Net Profit Margin improved to 9.9% in FY2024 from 6.9% in FY2023. However, in FY2025, consolidated Net Profit Margin moderated to 8.6% due to demand headwinds in the Swiss watch segment and initial costs for new store launches.

EBITDA Margin

Consolidated Operating Margin (EBITDA) rose to 17.8% in FY2024 from 15.0% in FY2023. In FY2025, the margin moderated to 15.8%. Standalone EBITDA for Q2 FY2026 stood at INR 28.9 Cr, representing an 11% YoY growth.

Capital Expenditure

Gross fixed assets increased to INR 322.3 Cr in FY2025 from INR 276.4 Cr in FY2024. Tangible fixed assets rose by 16.9% to INR 266.0 Cr. A major shift occurred as capital work in progress decreased from INR 34.33 Cr to INR 12.32 Cr following the capitalization of the new bracelet manufacturing unit.

Credit Rating & Borrowing

The average cost of debt decreased to 9.56% in FY2025 from 10.93% in FY2024. Interest cost as a percentage of Gross Operating Revenue was reduced from 1.6% to 0.7% due to higher operational profitability and strategic use of cost-effective export financing.

⚙️ Operational Drivers

Raw Materials

Not specifically disclosed by name in the provided documents, but the business requires high-precision materials for watch components and precision engineering stampings.

Capacity Expansion

The company recently capitalized a new bracelet manufacturing unit. The retail subsidiary, Ethos, expanded its footprint to 73 stores across 26 cities in FY2025 to capture growing luxury demand.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but manufacturing margins are noted to be susceptible to global demand volatility and high-value unit mix changes.

Manufacturing Efficiency

Manufacturing efficiency is driven by a mix of high and low-value units. The company is diversifying into precision engineering (stampings) to improve capacity utilization across non-watch segments.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be achieved through a three-pronged strategy: expanding the watch component product line (including the new bracelet unit), scaling the Precision Engineering (Eigen) business into new geographies, and aggressive retail expansion of Ethos Limited through new brand partnerships and omnichannel capabilities.

Products & Services

Watch components (hands, dials, bracelets), precision engineering stampings, luxury watches sold through retail, and Favre-Leuba branded watches.

Brand Portfolio

Ethos, Favre-Leuba, Eigen, Mahen Distribution.

New Products/Services

New product lines in watch components and expansion of the luxury and high-luxury portfolio through 73 retail stores.

Market Expansion

Expansion of the precision engineering segment into new global markets and increasing the domestic retail footprint to more cities beyond the current 26.

Market Share & Ranking

Not disclosed as a specific percentage, but described as having a healthy market position in the luxury retail segment.

Strategic Alliances

Strategic brand partnerships for luxury watch distribution through Ethos Limited.

🌍 External Factors

Industry Trends

The luxury watch industry is seeing a shift toward omnichannel retail and premiumization. While the overall demand for watches has faced headwinds, the high-luxury segment remains a focus for long-term growth.

Competitive Landscape

Competes with global component manufacturers and other luxury watch retailers in the fragmented Indian market.

Competitive Moat

Durable advantages include established relationships with Swiss watchmakers, a dominant luxury retail network (Ethos) with 73 stores, and specialized precision engineering capabilities that are difficult to replicate.

Macro Economic Sensitivity

Highly sensitive to global luxury consumer spending and GDP fluctuations, which dictate the demand for Swiss watches and high-end retail.

Consumer Behavior

Shifting toward luxury and high-luxury portfolios, requiring KDDL to maintain high inventory levels and premium store experiences.

Geopolitical Risks

Vulnerable to trade barriers and economic volatility in key consuming regions for Swiss watches, such as Europe and Asia.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI Listing Regulations and maintains Standard Operating Procedures (SOPs) for internal controls. The company also enforces strict prohibitions against child labor in its workforce and vendor chain.

Environmental Compliance

The company implements industry standards in infrastructure design and maintains safety protocols across all operations to mitigate environmental and disaster-related risks.

⚠️ Risk Analysis

Key Uncertainties

Demand headwinds in the watch components segment are expected to persist for 1-2 quarters, potentially impacting short-term manufacturing revenue by over 10%.