Ken Enterprises Limited (KEN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Ken Enterprises' revenue was ₹359 Cr (+34.3% year on year), and net profit ₹9.9 Cr (+36.9% year on year); the operating margin was 5.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹359 | +34.3% | — |
| Operating profit | ₹19.3 | +47.9% | — |
| Net profit | ₹9.9 | +36.9% | — |
| EPS (₹) | 4.01 | +36.9% | — |
| Operating margin | 5.4% | — | — |
KEN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the KEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 84.11%. That is higher than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 100.0% · 97.9% · 100.0% · 63.6% · 100.0%
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
Sachin Janardan Mulay has resigned as Chief Financial Officer (CFO) of Ken Enterprises Limited, effective close of business on October 13, 2026. He will continue to serve the company as a Whole-time Director, citing a decision to focus on directorship duties. No other material reasons were stated for the step-down. The company has not yet announced a successor for the CFO role.
- CFO Sachin Janardan Mulay resigned effective close of business October 13, 2026
- Continues serving the company as Whole-time Director (DIN: 03532349)
- Resignation cited solely to devote time to Whole-time Director responsibilities
- Company posted net profit of Rs 9.86 Cr on revenue of Rs 358.98 Cr in Mar 2026
Ken Enterprises announced that Sachin Janardan Mulay has resigned as Chief Financial Officer effective close of business October 13, 2026, though he remains as a Whole-time Director. To fill the vacancy, the Board has appointed Abhishek Rajendra Kolhapure as the new CFO and Key Managerial Personnel effective October 13, 2026. Kolhapure is a Chartered Accountant with over 4 years of post-qualification experience and previously served as Manager – Finance & Accounts within the company. The management restructuring separates the CFO role from executive directorship duties.
- Sachin Janardan Mulay resigned as CFO effective close of business on October 13, 2026, while continuing as Whole-time Director
- Abhishek Rajendra Kolhapure appointed as CFO and KMP effective October 13, 2026
- Appointee brings over 4 years of post-qualification experience in Finance and Accounts
- Board meeting commenced at 3:30 P.M. and concluded at 4:00 P.M. on October 13, 2026
Ken Enterprises announced that Sachin Janardan Mulay has resigned as Chief Financial Officer effective close of business October 13, 2026, though he remains as a Whole-time Director. To fill the vacancy, the Board has appointed Abhishek Rajendra Kolhapure as the new CFO and Key Managerial Personnel effective October 13, 2026. Kolhapure is a Chartered Accountant with over 4 years of post-qualification experience and previously served as Manager – Finance & Accounts within the company. The management restructuring separates the CFO role from executive directorship duties.
- Sachin Janardan Mulay resigned as CFO effective close of business on October 13, 2026, while continuing as Whole-time Director
- Abhishek Rajendra Kolhapure appointed as CFO and KMP effective October 13, 2026
- Appointee brings over 4 years of post-qualification experience in Finance and Accounts
- Board meeting commenced at 3:30 P.M. and concluded at 4:00 P.M. on October 13, 2026
Ken Enterprises announced that Sachin Janardan Mulay has resigned as Chief Financial Officer effective close of business October 13, 2026, though he remains as a Whole-time Director. To fill the vacancy, the Board has appointed Abhishek Rajendra Kolhapure as the new CFO and Key Managerial Personnel effective October 13, 2026. Kolhapure is a Chartered Accountant with over 4 years of post-qualification experience and previously served as Manager – Finance & Accounts within the company. The management restructuring separates the CFO role from executive directorship duties.
- Sachin Janardan Mulay resigned as CFO effective close of business on October 13, 2026, while continuing as Whole-time Director
- Abhishek Rajendra Kolhapure appointed as CFO and KMP effective October 13, 2026
- Appointee brings over 4 years of post-qualification experience in Finance and Accounts
- Board meeting commenced at 3:30 P.M. and concluded at 4:00 P.M. on October 13, 2026
Ken Enterprises submitted the scrutinizer's report for its 27th Annual General Meeting held on September 30, 2026. All 7 resolutions were approved by shareholders, including the adoption of FY26 financial statements, re-appointment of Managing Director Nikunj Hariprasad Bagdiya, and approval of Related Party Transactions. Notably, shareholders passed a special resolution to alter the objects and extend the timeline for utilizing IPO proceeds, as well as an ordinary resolution to increase authorised share capital and a special resolution to issue convertible warrants to promoters on a preferential basis.
- All 7 resolutions passed during the 27th AGM with remote e-voting held between September 27 and September 29, 2026
- Special resolution passed approving variation in objects/terms and timeline extension for IPO proceeds utilization
- Special resolution passed to issue convertible warrants on preferential basis to Promoter and Promoter Group
- Overall 1,33,51,380 votes (54.3502% of outstanding shares) were polled across standard general resolutions
Ken Enterprises Limited held its 27th Annual General Meeting on September 30, 2026, where several key ordinary and special resolutions were tabled. Key proposals put to vote include the variation of terms and timeline for utilizing IPO proceeds and the issuance of convertible warrants on a preferential basis to the promoter group. The meeting also considered the adoption of FY26 financial statements and approval of related party transactions. Combined voting results along with the Scrutinizer's report will be declared within two working days.
- 27th AGM held on September 30, 2026, commencing at 01:30 P.M. and concluding at 02:03 P.M.
- Proposed variation in the objects and extension of the time limit for utilizing Initial Public Offering (IPO) proceeds
- Proposed preferential issue of convertible warrants to the Promoter and Promoter Group as modified by corrigendum dated September 23, 2026
- Voting results along with Scrutinizer's Report to be declared within 2 working days
CARE Ratings Limited has assigned credit ratings to Ken Enterprises Limited's bank facilities totaling Rs 120.00 crore. The long-term facilities of Rs 10.38 crore received 'CARE BBB; Stable', short-term facilities of Rs 45.90 crore received 'CARE A3+', and long-term/short-term facilities of Rs 63.72 crore were assigned 'CARE BBB; Stable / CARE A3+'. The total rated facilities represent a significant portion of the company's capital structure relative to its reported debt of Rs 54 crore and net worth of Rs 126 crore.
- Total bank facilities rated stand at Rs 120.00 crore
- Long-term facilities of Rs 10.38 crore assigned 'CARE BBB; Stable'
- Short-term facilities of Rs 45.90 crore assigned 'CARE A3+'
- Long-term / Short-term facilities of Rs 63.72 crore assigned 'CARE BBB; Stable / CARE A3+'
- Rating letter issued on September 28, 2026, valid for one year
Ken Enterprises has issued a corrigendum to its 27th AGM notice to include Zest Performancewear LLP as an additional proposed allottee for its preferential warrant issue. The total volume remains unchanged at up to 39,97,000 convertible warrants, with promoter Nikunj Bagdiya subscribing to 3,000 warrants and promoter group entity Zest Performancewear LLP subscribing to 39,94,000 warrants. Upon full conversion, promoter and promoter group shareholding will expand from 49.73% (1.22 crore shares) to 56.76% (1.62 crore shares). The 27th AGM is scheduled for September 30, 2026, where the special resolution will be voted upon.
- Preferential issuance of up to 39,97,000 convertible warrants into equity shares
- Allocation split: 3,000 warrants to Nikunj Hariprasad Bagdiya and 39,94,000 to Zest Performancewear LLP
- Promoter and promoter group stake to rise from 49.73% to 56.76% post-conversion
- Expanded equity base to reach 2,85,62,480 shares from pre-issue 2,45,65,480 shares
- AGM voting scheduled for September 30, 2026
Ken Enterprises Limited approved a revision in the proposed allottees for its preferential issue of up to 39,97,000 convertible warrants at ₹40.50 per warrant, totaling ₹16.19 crore. The revision includes promoter entity Zest Performancewear LLP for 39,94,000 warrants and promoter Nikunj Bagdiya for 3,000 warrants. The issue size equates to approximately 12.8% of the company's net worth of ₹126 crore. Upon full exercise within 18 months, the promoter and promoter group holding will expand from 49.73% to 56.76%.
- Issuance of up to 39,97,000 convertible warrants at ₹40.50 per warrant, raising up to ₹16.188 crore
- Promoter entity Zest Performancewear LLP added to take 39,94,000 warrants, while Nikunj Hariprasad Bagdiya takes 3,000 warrants
- Promoter and promoter group shareholding to rise from 49.73% to 56.76% post-conversion
- 25% upfront subscription payable on allotment with the remaining 75% payable upon conversion within 18 months
Ken Enterprises Limited has released its Annual Report for FY2025-26 and scheduled its 27th Annual General Meeting (AGM) for September 30, 2026, via video conferencing. The company highlighted an installed manufacturing capacity of 145 lakh square metres per annum with a 97.10% capacity utilisation in FY26 across two facilities covering 53,260 square feet. It also set a long-term vision to become a ₹1,000 crore textile company by 2030, supported by exports to 25 countries and 16 international certifications. The statutory auditor issued an unqualified audit opinion with no material uncertainty regarding going concern.
- 27th Annual General Meeting scheduled for September 30, 2026, at 1:30 PM IST via VC/OAVM.
- Installed manufacturing capacity stood at 145 lakh square metres per annum with 97.10% utilisation in FY26.
- Corporate vision outlined to scale to a ₹1,000 crore textile enterprise by 2030.
- Operates two integrated facilities spanning 53,260 square feet with exports across 25 countries.
Ken Enterprises Limited has announced the schedule for its 27th Annual General Meeting (AGM) to be held on Wednesday, September 30, 2026. The Register of Members and Share Transfer Books will remain closed from September 23, 2026 to September 30, 2026 (both days inclusive). Additionally, September 23, 2026 has been fixed as the cut-off date to determine shareholder eligibility for remote e-voting.
- 27th Annual General Meeting scheduled for September 30, 2026
- Cut-off date fixed as September 23, 2026 for remote e-voting eligibility
- Book closure period set from September 23, 2026 to September 30, 2026 (both days inclusive)
Ken Enterprises Limited has informed the exchange of the resignation of its Company Secretary, Shailja Dubey (Membership No. ACS-A39497). The resignation is on account of personal reasons and is effective from September 5, 2026. The company will need to initiate the process of appointing a new Company Secretary and Compliance Officer to fulfill statutory compliance requirements.
- Resignation tendered by Company Secretary Shailja Dubey on September 5, 2026
- Relieved from duties with effect from September 5, 2026
- Reason cited for resignation is personal reasons
- Membership number of the resigning official is ACS-A39497
Ken Enterprises approved the issuance of up to 39,97,000 convertible warrants at Rs 40.50 per warrant to Promoter Nikunj Hariprasad Bagdiya, aggregating up to Rs 16.19 Cr. Upon full conversion, promoter shareholding will increase from 49.73% to 56.76%. The board also approved reallocating Rs 12.11 Cr of unutilised IPO proceeds—previously earmarked for acquisitions (Rs 6.25 Cr), machinery (Rs 4.53 Cr), and renovation (Rs 1.33 Cr)—entirely toward working capital requirements. Additionally, Om Deepak Popli was appointed as Company Secretary and Compliance Officer effective September 7, 2026.
- Approved issuance of up to 39,97,000 convertible warrants to Promoter at Rs 40.50 each, raising up to Rs 16.19 Cr (Rs 16,18,78,500)
- Promoter holding set to increase from 49.73% to 56.76% upon complete conversion of warrants
- Reallocated Rs 1,210.82 Lakhs (Rs 12.11 Cr) of unutilised IPO proceeds from acquisitions and capex to working capital
- Total IPO funds allocated to working capital increased from Rs 25.00 Cr to Rs 37.11 Cr
- Appointed Om Deepak Popli as CS and Compliance Officer w.e.f. September 7, 2026, following Shailja Dubey's resignation
Ken Enterprises' board approved a preferential issue of up to 39,97,000 convertible warrants to promoter Nikunj Hariprasad Bagdiya at ₹40.50 per warrant, raising up to ₹16.19 Cr. Upon full conversion, promoter holding will increase from 49.73% to 56.76%. The board also approved reallocating ₹12.11 Cr of unutilised IPO proceeds (previously earmarked for acquisitions, machinery, and facility capex) entirely into working capital, subject to shareholder approval at the AGM on September 30, 2026. Concurrently, Om Deepak Popli has been appointed as the new Company Secretary following the resignation of Shailja Dubey.
- Approved ₹16.19 Cr preferential warrant issue (39,97,000 warrants at ₹40.50 each) to promoter Nikunj Hariprasad Bagdiya
- Promoter holding to rise from 49.73% to 56.76% upon full warrant conversion
- Reallocated ₹12.11 Cr of unutilised IPO proceeds from M&A, new machinery, and capex entirely to working capital requirements
- Total working capital allocation from IPO funds increased from ₹25.00 Cr to ₹37.11 Cr
- Om Deepak Popli appointed as Company Secretary and Compliance Officer effective September 7, 2026
Ken Enterprises' board has approved a preferential issue of up to 39,97,000 convertible warrants at ₹40.50 per warrant to promoter Nikunj Hariprasad Bagdiya, raising ₹16.19 Cr. Upon full conversion, promoter holding will increase from 49.73% to 56.76%. Additionally, the board approved reallocating ₹12.11 Cr of unutilised IPO proceeds from planned acquisitions and machinery capex entirely into working capital, raising total working capital allocation to ₹37.11 Cr.
- Preferential issuance of 39,97,000 convertible warrants at ₹40.50 per share to promoter Nikunj Bagdiya, raising ₹16.19 Cr
- Promoter equity holding will increase from 49.73% pre-issue to 56.76% post-conversion
- Reallocation of ₹12.11 Cr unutilised IPO proceeds (₹6.25 Cr acquisitions, ₹4.53 Cr machinery, ₹1.33 Cr capex) into working capital
- Total working capital deployment from IPO proceeds increases from ₹25.00 Cr to ₹37.11 Cr
- Annual General Meeting (AGM) to approve the proposals scheduled for September 30, 2026
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 20.04% YoY to INR 482.80 Cr in FY25 from INR 402.21 Cr in FY24. For the half-year ended September 30, 2025, revenue reached INR 274.10 Cr, representing a 27.3% growth compared to INR 215.31 Cr in the same period of the previous year.
Geographic Revenue Split
Not explicitly disclosed by region, but the company received the 'Maharashtra State Export Award' (Gold category) for significant export contributions, indicating a substantial portion of revenue is derived from international markets.
Profitability Margins
Net profit margin (PAT Margin) improved from 2.22% in FY24 to 2.55% in FY25. For H1 FY26, PAT stood at INR 5.55 Cr compared to INR 5.12 Cr in H1 FY25, a growth of 8.28%.
EBITDA Margin
EBITDA margin was 4.87% in FY25 (INR 23.52 Cr), a slight decrease from 4.91% in FY24. H1 FY26 EBITDA margin was calculated at 1.59% (INR 4.37 Cr), showing an improvement from 0.90% in H1 FY25.
Capital Expenditure
The company utilized INR 3.77 Cr for renovation and INR 6.25 Cr for acquisitions from its IPO proceeds. Total IPO funds raised were INR 58.27 Cr in February 2025.
Credit Rating & Borrowing
The company is shifting from high-cost trade credit to lower-cost supply chain financing, aiming to reduce interest costs to 2–2.5% of revenue. Finance costs for H1 FY26 were INR 1.83 Cr.
Operational Drivers
Raw Materials
Not specifically named, but 'Cost of Material Consumed' is the primary expense, totaling INR 268.43 Cr in H1 FY26.
Capacity Expansion
Planned expenditure of INR 3.77 Cr for renovation of facilities to enhance operational capabilities. Current installed capacity metrics are not disclosed.
Raw Material Costs
Cost of materials consumed represents a significant portion of total expenses, which were INR 274.10 Cr in H1 FY26.
Manufacturing Efficiency
ROCE dropped from 51.52% in FY24 to 29.66% in FY25, likely due to the significant increase in capital employed post-IPO (Net Worth grew from INR 44.85 Cr to INR 111.60 Cr).
Strategic Growth
Expected Growth Rate
15.17%
Growth Strategy
Growth will be driven by the utilization of INR 25.00 Cr in IPO proceeds for working capital requirements, INR 3.77 Cr for facility renovation, and INR 6.25 Cr for strategic acquisitions in India and abroad to expand market reach.
Products & Services
Textile products (implied by the Ichalkaranji location and Maharashtra State Export Award for significant export contributions).
Brand Portfolio
Ken Enterprises Limited.
Market Expansion
The company is targeting acquisitions both in India and abroad to expand its geographic footprint and product portfolio.
External Factors
Industry Trends
The industry is evolving towards lower-cost supply chain financing and increased compliance with environmental and labor regulations. Ken is positioning itself by improving its credit rating and net worth post-IPO.
Competitive Landscape
The company operates in the medium-scale textile/export sector in Maharashtra, competing with other regional and national textile manufacturers.
Competitive Moat
The company's moat is built on its recognized export excellence (Gold category award) and its ability to maintain a low-leverage capital structure in a capital-intensive industry.
Macro Economic Sensitivity
Sensitive to interest rate fluctuations as a capital-intensive business; the company is actively working to lower its interest cost to 2-2.5% of revenue.
Geopolitical Risks
Potential trade barriers or changes in export regulations could impact the company's significant export business, recognized by the Maharashtra State Export Award.
Regulatory & Governance
Industry Regulations
Operations are subject to labor, environmental, and tax laws. The company uses internal systems to ensure minimal disruption during policy shifts.
Environmental Compliance
The company identifies evolving environmental laws as a challenge and maintains a compliance team to ensure alignment with new rules.
Taxation Policy Impact
Effective tax expense for H1 FY26 was INR 1.96 Cr on a PBT of INR 7.51 Cr (approx. 26%).
Legal Contingencies
The company has no pending litigations that would impact its financial position, except for contingent liabilities reported in Note 27 of the standalone financial statements.
Risk Analysis
Key Uncertainties
Debt risk and interest expense volatility could impact profitability by up to 2.5% of revenue if supply chain financing targets are not met.
Geographic Concentration Risk
Significant operations are concentrated in Ichalkaranji, Maharashtra, though the company has a strong export focus.
Technology Obsolescence Risk
The company is investing in facility renovation (INR 3.77 Cr) to maintain manufacturing efficiency and mitigate technology risks.
Credit & Counterparty Risk
Trade receivables were part of the working capital changes that led to a negative operating cash flow of INR 10.93 Cr in FY25.
