Kokuyo Camlin Limited (KOKUYOCMLN)
₹70.39 +0.90% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kokuyo Camlin's revenue was ₹229 Cr (+0.8% year on year, +1.3% on the previous quarter), and net profit ₹7.3 Cr (-27.4% year on year); the operating margin was 6.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹229 | +0.8% | +1.3% |
| Operating profit | ₹15.6 | -20.6% | +43.9% |
| Net profit | ₹7.3 | -27.4% | +153.5% |
| EPS (₹) | 0.73 | -27.0% | +151.7% |
| Operating margin | 6.8% | — | — |
KOKUYOCMLN delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 82.71% of the KOKUYOCMLN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.34%. That is close to its usual level. Turnover was only ₹14 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 65.9% · 75.9% · 84.2% · 81.1% · 82.7%
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
Kokuyo Camlin Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms that securities received for dematerialisation were processed, mutilated, and cancelled within stipulated timelines. The filing is an ordinary procedural disclosure confirming depository compliance with no financial impact.
- Compliance certificate issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers dematerialisation activities for the quarter ended September 30, 2026
- RTA confirmation certificate received from MUFG Intime India Private Limited dated October 3, 2026
Kokuyo Camlin Limited received a physical notice on September 11, 2026, from the Registrar of Companies (ROC)-cum-Official Liquidator, Rajasthan, Jaipur under Section 206(1) of the Companies Act, 2013. The notice seeks clarifications, books of accounts, and historical records related to an employee fraud matter and inventory discrepancies recorded in 2024 between physical stock and book values. Management stated that the company is examining the notice and that there is no immediate material impact on financial or operational activities.
- Notice received on September 11, 2026, under Section 206(1) of the Companies Act, 2013
- Issued by ROC-cum-Official Liquidator, Rajasthan, Jaipur seeking books of accounts and historical records
- Inquiry pertains to past employee fraud and 2024 physical vs. book inventory discrepancies
- Company reports no immediate material impact on financial or operational activities as of current assessment
Kokuyo Camlin Limited received an order under Section 73 of the GST Act from the GST Authority in Chennai Central, Tamil Nadu. The order demands tax of ₹4,97,601 along with interest of ₹2,31,160 and a penalty of ₹51,458, totaling ₹7,80,219 (~₹0.08 crore). The order was received on September 2, 2026. The company stated that there is no material impact on operations or financials and intends to file an appeal as it was not given an adequate opportunity to be heard.
- Tax demand of ₹4,97,601 under Section 73 of the GST Act, 2017
- Interest levied of ₹2,31,160 and penalty imposed of ₹51,458
- Total financial implication stands at ₹7,80,219 (~₹0.08 crore)
- Order received on September 2, 2026 from Assistant Commissioner, Chennai Central, Tamil Nadu
Kokuyo Camlin Limited has received an order under Section 73 of the GST Act, 2017 from the Assistant Commissioner, Chennai Central, Tamil Nadu. The order raises a demand comprising GST liability of Rs 65,91,941, interest of Rs 39,88,757, and penalty of Rs 6,59,195, totaling approximately Rs 1.12 crore. The company confirmed there is no material impact on operations or financials. Kokuyo Camlin plans to challenge the order by filing an appeal, citing a lack of proper opportunity to be heard.
- Received GST demand under Section 73 totaling Rs 1,12,39,893
- Tax liability assessed at Rs 65,91,941 with interest of Rs 39,88,757
- Penalty imposed amounts to Rs 6,59,195
- Order received on 28th August 2026 from Chennai Central authority; company to appeal
Kokuyo Camlin shareholders have approved all resolutions at the 79th Annual General Meeting held on August 6, 2026. A dividend of ₹0.30 per equity share (30% of face value) was finalized for FY26. Key leadership decisions included the re-appointment of Director Masaharu Inoue and a special resolution for the continuation of Dilip D. Dandekar as Chairman. While the promoter group (75% holding) voted 100% in favor, a small segment of public institutional voters showed near-total dissent on the adoption of financials and director re-appointment.
- Dividend of ₹0.30 per equity share (30% on ₹1 face value) approved for FY26.
- Special resolution for Chairman Dilip D. Dandekar's continuation passed with 99.99% majority of votes polled.
- Total voting participation stood at 75.12% of the 100,303,806 outstanding shares.
- Public institutions cast 9,299 votes against the adoption of financials and director re-appointment, representing 99.96% of their polled votes.
- Promoter group, holding 74.99% of the company, voted 100% in favor of all four resolutions.
Kokuyo Camlin concluded its 79th Annual General Meeting on August 6, 2026, where shareholders approved a dividend of ₹0.30 per equity share (30% of face value). The meeting confirmed the continuation of Mr. Dilip D. Dandekar as Chairman and the re-appointment of Mr. Masaharu Inoue. A key point of note for investors is the statutory auditor's qualification regarding physical inventory discrepancies from the previous year, which affects the comparability of current financial figures. The company continues to leverage its 75% promoter holding and 300,000+ retail outlet network for growth.
- Approved a dividend of ₹0.30 per equity share of ₹1 each (30% payout) for FY 2025-26
- Special resolution passed for the continuation of Mr. Dilip D. Dandekar as Non-Executive Chairman
- Auditor's report highlighted a qualification regarding previous year's physical inventory discrepancies
- Company maintains a strong promoter holding of 74.99% as of March 2026
- Management presentation focused on operational performance and the 300,000+ retail outlet network
Kokuyo Camlin Limited has announced the appointment of Ms. Urvi Upadhyay as the permanent Company Secretary and Compliance Officer, effective on or before November 6, 2026. To ensure continuity, Ms. Sarika More has been appointed as the Interim Company Secretary starting August 7, 2026. Ms. Upadhyay brings 8 years of experience in corporate secretarial and statutory matters, while Ms. More has 14 years of experience. This is a routine administrative change to maintain regulatory compliance for the company.
- Appointment of Ms. Urvi Upadhyay as CS and Compliance Officer effective by 6th November, 2026
- Appointment of Ms. Sarika More as Interim CS and Compliance Officer effective 7th August, 2026
- Ms. Urvi Upadhyay brings 8 years of experience in corporate secretarial and governance matters
- Ms. Sarika More brings over 14 years of extensive experience in corporate secretarial functions
Kokuyo Camlin reported a marginal 0.8% YoY increase in revenue from operations to ₹229.18 Cr for the quarter ended June 30, 2026. However, Net Profit (PAT) declined by 27.4% YoY to ₹7.30 Cr, down from ₹10.06 Cr in Q1 FY26, reflecting margin pressure during the peak scholastic season. While profits improved significantly on a sequential basis from ₹0.88 Cr in Q4 FY26, the YoY contraction highlights rising input costs, with stock-in-trade purchases increasing to ₹55.18 Cr. The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.11.
- Revenue from operations remained nearly flat at ₹229.18 Cr compared to ₹227.39 Cr in the same quarter last year.
- Net Profit After Tax (PAT) fell to ₹7.30 Cr from ₹10.06 Cr YoY, a decline of 27.4%.
- Purchases of stock-in-trade surged to ₹55.18 Cr in Q1 FY27 from ₹18.31 Cr in Q1 FY26.
- Earnings Per Share (EPS) for the quarter stood at ₹0.73, down from ₹1.00 in the year-ago period.
- Finance costs decreased to ₹0.60 Cr from ₹0.92 Cr YoY, indicating efficient debt management.
Kokuyo Camlin has dispatched physical letters to shareholders who have not registered their email IDs, providing access to the FY 2025-26 Annual Report. The 79th Annual General Meeting (AGM) is scheduled for August 6, 2026, at 10:00 AM via video conferencing. The company is also reminding physical shareholders to update KYC details (PAN, Bank details, etc.) as mandated by SEBI. This is a standard regulatory procedure to ensure all members can participate in the upcoming meeting.
- 79th Annual General Meeting scheduled for August 6, 2026, via video conferencing
- Cut-off date for identifying shareholders without registered emails was July 7, 2026
- Letters dispatched on July 14, 2026, providing web-links to the full Annual Report
- Mandatory KYC update reminder for physical shareholders to ensure eligibility for dividend payments
Kokuyo Camlin Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all physical share certificates received for dematerialization were processed, mutilated, and cancelled. The Registrar and Transfer Agent, MUFG Intime India Private Limited, verified that the depository names were updated in the records within the required timeframe. This is a routine administrative filing with no impact on business operations or financial health.
- Compliance certificate for the quarter ended 30th June, 2026
- Certificate issued by Registrar MUFG Intime India Private Limited on 01-07-2026
- Confirmation that securities were processed and cancelled within the stipulated time
- Verification that dematerialized securities are listed on the Stock Exchanges
Kokuyo Camlin released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, disclosing a total turnover of ₹805.97 crore and a net worth of ₹321.98 crore. The company remains heavily focused on the domestic market, with exports contributing only 2.97% of revenue across 26 countries. A notable operational shift is the increase in sourcing from MSMEs, which rose to 19% of total inputs from 14% in the previous year. However, the company faces high permanent employee turnover at 26.11%, which may impact operational consistency.
- Annual turnover for FY 2025-26 reported at ₹805.97 crore
- Sourcing from MSMEs increased to 19% of total input value from 14% in FY25
- Exports contributed 2.97% to total turnover, serving 26 international countries
- Permanent employee turnover rate remains high at 26.11% for the fiscal year
- Customer complaints decreased to 100 in FY26 from 132 in the previous year
Kokuyo Camlin has scheduled its 79th Annual General Meeting (AGM) for August 6, 2026, to be conducted via video conferencing. The Board has recommended a dividend of ₹0.30 per equity share (30% of face value) for the financial year ended March 31, 2026. Shareholders as of the record date, July 30, 2026, will be eligible for the payout, which is expected to commence on or after August 10, 2026. A significant agenda item includes a special resolution for the continuation of Chairman Dilip D. Dandekar, who will reach the age of 75 in November 2026.
- Recommended dividend of ₹0.30 per equity share of ₹1 each (30% payout) for FY26.
- 79th AGM to be held on August 6, 2026, at 10:00 AM IST through VC/OAVM.
- Record date for dividend eligibility and e-voting cut-off set for July 30, 2026.
- Special resolution proposed for Chairman Dilip D. Dandekar to continue beyond age 75 (attained Nov 9, 2026).
- Dividend payment to be processed on or after August 10, 2026, subject to shareholder approval.
Kokuyo Camlin has recommended a final dividend of ₹0.30 per equity share (30% of face value) for FY 2025-26, subject to shareholder approval at the AGM on August 6, 2026. The company has issued a detailed guide for Tax Deduction at Source (TDS), specifying a 10% rate for resident individuals with a valid PAN and 20% for those without. The book closure period for determining dividend eligibility is set from July 31, 2026, to August 6, 2026. Shareholders must submit tax exemption documents by the July 30, 2026, deadline.
- Final dividend of ₹0.30 per equity share (30% of face value ₹1) recommended for FY 2025-26.
- Book closure for dividend entitlement scheduled from July 31, 2026, to August 6, 2026.
- TDS of 10% applicable for resident individuals with PAN if total dividend exceeds ₹10,000.
- Deadline for submitting tax-related documents to the RTA is July 30, 2026.
- Dividend payment to be completed within 30 days from the AGM date of August 6, 2026.
Kokuyo Camlin Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's unaudited financial results for the first quarter ending June 30, 2026. The trading window will remain closed for all designated persons until 48 hours after the results are made public. The specific date for the Board meeting to approve these results will be notified separately.
- Trading window closure begins on Wednesday, July 1, 2026
- Closure is related to the unaudited financial results for the quarter ended June 30, 2026
- Restriction applies to all designated persons and their immediate relatives
- Window will reopen 48 hours after the official declaration of Q1 results
Kokuyo Camlin Limited has announced that Mr. Rahul Soni, who was previously appointed as the Company Secretary and Compliance Officer, has withdrawn his acceptance of the employment offer. The appointment was originally scheduled to take effect from July 27, 2026, following a board decision on May 15, 2026. Mr. Soni cited personal reasons for declining the position before assuming charge. The company is now actively searching for a suitable candidate to fill this mandatory regulatory role.
- Mr. Rahul Soni withdrew his acceptance for the position of Company Secretary and Compliance Officer.
- The appointment was previously slated to commence on July 27, 2026.
- Withdrawal was attributed to personal reasons by the candidate before the joining date.
- The company is in the process of identifying a new candidate for the vacancy.
- This update follows the initial appointment disclosure made on May 15, 2026.
Financial Performance
Revenue Growth by Segment
The company registered a 26% CAGR over the last three fiscals, reaching INR 816 Cr in FY24. However, revenue for the first half of FY25 declined by approximately 6% YoY due to a high base, with 9M FY25 revenue standing at INR 562 Cr compared to INR 604 Cr in the previous year.
Geographic Revenue Split
Pan-India presence with a distribution network of over 300,000 retail outlets. The company is also focusing on strengthening its export segment to boost future revenue, though specific regional percentage splits are not disclosed.
Profitability Margins
Gross and operating margins are sensitive to raw material costs. Operating margin improved by 244 basis points to 9.46% in FY24 from ~7% in FY23. Net Profit After Tax (PAT) margin improved from 3.15% in FY23 to 5.37% in FY24.
EBITDA Margin
EBITDA margin was 9.46% in FY24 but declined significantly to 3.7% during the first nine months of FY25. This sharp drop was primarily caused by an inventory loss of INR 22.73 Cr and increased raw material prices.
Capital Expenditure
Planned capital expenditure of INR 40 Cr for fiscal 2025, primarily funded through internal cash accruals. The company avoids large debt-funded capex to maintain its financial risk profile.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'CRISIL A/Stable' and reaffirmed the short-term rating at 'CRISIL A1'. The company is currently debt-free after prepaying term debt in FY23, with an interest coverage ratio of 18.30 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include plastic, paper, and pigments, which account for a major portion of the production cost. Fluctuations in these materials directly impact the 9-10% targeted operating margin.
Import Sources
Not specifically disclosed, but the company is focusing on localization and import substitution to manage input cost variations and mitigate global supply chain volatility.
Capacity Expansion
Manufacturing plants are located in Tarapur and Patalganga (Maharashtra) and Samba (Jammu). While specific MTPA figures are not provided, the company manages over 2,500 stock keeping units (SKUs).
Raw Material Costs
Raw material costs are a significant portion of expenses; for H1 FY25, cost of materials consumed was INR 166.22 Cr against total revenue of INR 401.77 Cr (~41% of revenue).
Manufacturing Efficiency
Efficiency is driven by cost-reduction techniques and technical collaboration with the parent company to widen product offerings and optimize production at the three main plants.
Logistics & Distribution
Distribution is handled through a massive network of 300,000+ retail outlets and 2,500+ SKUs to ensure pan-India availability of Camel and Camlin products.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth is targeted through strengthening the export segment, diversifying the portfolio with digital and hybrid stationery to counter digital adoption, and expanding the 300,000+ retail outlet network. The company also leverages technical collaboration with Kokuyo Japan for new product development.
Products & Services
Stationery and art products including pencils, geometry boxes, scholastic colours, notebooks, office supplies, and office furniture.
Brand Portfolio
Camel, Camlin, and Kokuyo.
New Products/Services
Focusing on digital and hybrid stationery offerings and expanding the artistic/creative tool segment for professionals and hobbyists.
Market Expansion
Expansion is focused on the domestic Indian market and increasing the footprint in the export segment over the medium term.
Market Share & Ranking
Leading market position across core product segments in the Indian stationery industry.
Strategic Alliances
Strategic alliance with Kokuyo S&T (Japan), which holds a 74.99% stake as of December 2024, providing technical, operational, and financial backing.
External Factors
Industry Trends
The industry is seeing a rise in the creative economy and E-commerce/D2C shifts. However, it faces disruption from digital tools, necessitating a shift toward hybrid stationery products.
Competitive Landscape
Intense competition from organized players, fragmented unorganized segments (pens/pencils), and low-cost Chinese imports.
Competitive Moat
Sustainable moat built on 77+ years of brand recall for 'Camel' and 'Camlin', a massive distribution reach of 300,000+ outlets, and 74.99% ownership by Kokuyo Japan providing technical superiority.
Macro Economic Sensitivity
Highly sensitive to inflation in raw material prices (plastic, paper, pigments) and changes in the creative economy spend.
Consumer Behavior
Increasing adoption of digital tools among students and professionals is reducing traditional stationery usage, while hobbyists are increasing spend on creative tools.
Geopolitical Risks
Exposure to competition from cheap, non-branded variants and Chinese stationery imports which pressure pricing and market share.
Regulatory & Governance
Industry Regulations
Subject to GST regulations and standard manufacturing norms in Maharashtra and Jammu. Recent regulatory focus includes GST audits and compliance.
Environmental Compliance
The company monitors ESG-related risks through its Risk Management Committee.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; PAT was INR 44 Cr on PBT of ~INR 59 Cr in FY24 (~25% effective rate).
Legal Contingencies
The company received multiple demand orders in November 2025 for Goods and Service Tax (GST) along with interest and penalty from authorities in Delhi, Mumbai (South East), and Kolkata North.
Risk Analysis
Key Uncertainties
Inventory losses (INR 22.73 Cr impact in FY25) and raw material price volatility (High severity) are the primary uncertainties affecting profitability.
Geographic Concentration Risk
Manufacturing is concentrated in Maharashtra and Jammu, while sales are distributed pan-India.
Third Party Dependencies
Dependency on a wide network of 2,500+ stockists and distributors for sales fulfillment.
Technology Obsolescence Risk
Medium risk from digital tools replacing traditional paper-based stationery; company is mitigating this through hybrid product development.
Credit & Counterparty Risk
Receivables are managed through an established dealer-distributor network; working capital cycle improvement is a key monitorable for credit rating upgrades.
