Krishna Defence and Allied Industries Limited (KRISHNADEF)
₹1,187.20 -1.17% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Krishna Defence's revenue was ₹58.0 Cr (-14.7% year on year, -10.8% on the previous quarter), and net profit ₹11.0 Cr (+22.2% year on year); the operating margin was 25.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹58.0 | -14.7% | -10.8% |
| Operating profit | ₹15.0 | +15.4% | -6.2% |
| Net profit | ₹11.0 | +22.2% | -15.4% |
| EPS (₹) | 7.65 | +17.9% | -10.8% |
| Operating margin | 25.9% | — | — |
KRISHNADEF delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.44% of the KRISHNADEF shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.21%. That is close to its usual level. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20. 4 bulk or block deals were reported in KRISHNADEF in the last 60 days: ₹20 Cr bought and ₹20 Cr sold.
Delivery in the last 5 sessions: 37.8% · 45.2% · 41.6% · 52.5% · 39.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 6 Oct | Sell | Alphagrep Securities Private Limited | ₹10.82 Cr | ₹1,271.17 | 85,141 | Bulk |
| 6 Oct | Buy | Alphagrep Securities Private Limited | ₹10.82 Cr | ₹1,270.35 | 85,141 | Bulk |
| 6 Oct | Buy | Junomoneta Finsol Private Limited | ₹9.59 Cr | ₹1,273.59 | 75,310 | Bulk |
| 6 Oct | Sell | Junomoneta Finsol Private Limited | ₹9.59 Cr | ₹1,273.51 | 75,310 | Bulk |
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
CRISIL Ratings Limited has reviewed and reaffirmed its credit ratings for the bank facilities of Krishna Defence and Allied Industries Limited. The rating for ₹69.00 crore of Long Term Bank Facilities was reaffirmed at 'CRISIL BBB/Positive', while Short Term Bank Facilities were reaffirmed at 'CRISIL A3+'. The company currently holds an exceptionally low debt of ₹2 crore against a net worth of ₹190 crore, rendering the credit profile stable.
- Long Term Bank Facilities rated: ₹69.00 crore
- Long Term Rating reaffirmed at 'CRISIL BBB/Positive'
- Short Term Bank Facilities rating reaffirmed at 'CRISIL A3+'
- Filing confirms no debt securities have been issued by the company
Krishna Defence and Allied Industries Limited announced a credit rating update reviewed and reaffirmed for its bank facilities. Long-term bank facilities of ₹69.00 crore have been reaffirmed at CRISIL BBB/Positive, while short-term facilities were reaffirmed at CRISIL A3+. The company currently holds minimal debt of ₹2 crore against a net worth of ₹190 crore, making the ₹69 crore rated facility primarily relevant for working capital and non-fund-based requirements like bank guarantees. The company noted that this disclosure is voluntary as no debt securities are issued.
- Long-term bank facilities rated amount: ₹69.00 crore
- Long-term rating reaffirmed at CRISIL BBB with a Positive outlook
- Short-term bank facilities reaffirmed at CRISIL A3+
- Voluntary disclosure under Regulation 30 as no debt securities are issued
Krishna Defence and Allied Industries Limited has informed the exchange that it was recognized as a winner by the India SME Forum Top 50 SMEs Award under the category 'Fastest Growing SME' for the State of Gujarat. The recognition was awarded on 20th August 2026. This is a non-commercial corporate accolade and carries no direct financial or order book implications.
- Declared Winner under the category 'Fastest Growing SME' for the State of Gujarat
- Recognized by India SME Forum Top 50 SMEs on 20th August 2026
- Filing submitted under Regulation 30 on 26th August 2026
Krishna Defence and Allied Industries Limited announced that it was named a Winner in the India SME Forum Top 50 SMEs Award under the category 'Fastest Growing SME' for the State of Gujarat on 20th August 2026. The announcement is an industry recognition milestone and carries no immediate commercial or financial implications. The company currently has a TTM revenue of Rs 235 Cr and an order book of Rs 196 Cr as of March 2026.
- Recognized in the India SME Forum Top 50 SMEs Award list.
- Won under the category 'Fastest Growing SME' for the State of Gujarat.
- Award received on 20th August 2026 and intimated to exchanges on 26th August 2026.
Krishna Defence and Allied Industries has resubmitted its Q1 FY27 (quarter ended June 30, 2026) financial results in a machine-readable format. Standalone revenue from operations declined 15.2% YoY to ₹57.60 Cr (compared to ₹67.91 Cr in Q1 FY26). However, standalone net profit grew 32.9% YoY to ₹11.67 Cr from ₹8.78 Cr in Q1 FY26, supported by lower raw material consumption costs (₹23.19 Cr vs ₹29.97 Cr). Consolidated net profit stood at ₹11.44 Cr with basic EPS of ₹7.66.
- Standalone revenue from operations fell 15.2% YoY to ₹57.60 Cr (₹5,759.93 Lakhs) from ₹67.91 Cr in Q1 FY26
- Standalone net profit increased 32.9% YoY to ₹11.67 Cr (₹1,166.85 Lakhs) from ₹8.78 Cr in Q1 FY26
- Consolidated PAT (after share of associates) reached ₹11.44 Cr (₹1,144.42 Lakhs) with diluted EPS of ₹7.63
- Cost of materials consumed declined to ₹23.19 Cr compared to ₹29.97 Cr in the corresponding previous quarter
- Sagar Patel promoted to General Manager (Senior Management Personnel) effective August 12, 2026
Ms. Gunjan Bhagtani has resigned from her position as Company Secretary and Compliance Officer (Key Managerial Personnel) of Krishna Defence and Allied Industries Limited. The resignation is effective from the close of business hours on August 14, 2026. For a company with a market capitalization of ₹1,623 Cr and TTM revenue of ₹235 Cr, this is a standard administrative transition. The company will need to appoint a successor to ensure continued adherence to SEBI listing regulations.
- Resignation of Ms. Gunjan Bhagtani effective from August 14, 2026
- The outgoing officer held Membership No. A66343 and was a Key Managerial Personnel
- Company has a current market capitalization of ₹1,623 Cr
- TTM revenue for the company stands at ₹235 Cr with an OPM of 23.1%
KRISHNADEF reported a strong margin performance in Q1 FY27, with EBITDA margins expanding 776 bps YoY to reach a record 26.3%. While revenue declined 15.2% YoY to ₹57.6 Cr, net profit grew 32.9% YoY to ₹11.7 Cr due to improved product mix and operational efficiencies. The company maintains a stable order book of ₹117 Cr and a massive tender pipeline of ₹289 Cr. Strategic moves include a 46.81% stake in a smart ammunition firm and the commissioning of a new composite manufacturing facility in Gujarat.
- EBITDA margins reached a record 26.3%, up from 18.6% in the same quarter last year.
- Unexecuted order book stands at ₹117 Cr as of June 30, 2026, with a tender pipeline of ₹289 Cr.
- Acquired 46.81% stake in Taharabadkar Solutions, which holds a ₹25 Cr grant for smart ammunition development.
- Net Profit increased to ₹11.7 Cr, representing a 32.9% growth over Q1 FY26.
- Commissioned a new facility at Kalol, Gujarat, for manufacturing composite doors and hatches for defense.
KRISHNADEF reported strong year-on-year growth for Q1 FY27, with consolidated revenue rising 76.5% to ₹57.60 Cr compared to ₹32.63 Cr in the same quarter last year. Consolidated Net Profit grew 69.3% YoY to ₹8.65 Cr, although it declined 33.6% sequentially from the record ₹13.03 Cr in Q4 FY26. The company maintained healthy standalone EPS of ₹5.85 for the quarter. Additionally, the board promoted Sagar Patel, a 12-year veteran of the company, to General Manager, strengthening the senior management team.
- Consolidated Revenue increased 76.5% YoY to ₹57.60 Cr from ₹32.63 Cr.
- Consolidated Net Profit rose 69.3% YoY to ₹8.65 Cr from ₹5.11 Cr.
- Standalone EPS for the quarter stood at ₹5.85, up from ₹3.41 in Q1 FY26.
- Total expenses for the quarter rose to ₹45.84 Cr, reflecting increased scale of operations.
- Sagar Patel promoted to General Manager (Senior Management Personnel) effective August 12, 2026.
Krishna Defence and Allied Industries Limited has secured a domestic contract from the Ministry of Defence valued at approximately ₹20.00 crore (inclusive of taxes). The order involves the supply of special steel products, a core niche for the company. This contract is scheduled to be executed over a 19-month period, providing steady revenue visibility. The order value represents approximately 9% of the company's TTM revenue of ₹223 crore.
- Order value of approximately ₹20.00 crore inclusive of taxes
- Execution timeline set for a period of 19 months
- Contract awarded by the Ministry of Defence for Special Steel Products
- Order represents ~10.2% of the company's March 2026 order book of ₹196 crore
Krishna Defence and Allied Industries Limited successfully passed all 17 resolutions at its 13th Annual General Meeting held on July 15, 2026. Key approvals include a 12.5% final dividend for FY26 and the re-appointment of Mr. Ankur Ashwin Shah as Managing Director for a five-year term. Shareholders also authorized the Board to borrow funds and approved changes to the company's Memorandum of Association (MOA) object clauses. All resolutions were passed with 100% of the votes cast in favor, indicating strong shareholder alignment.
- 12.5% final dividend approved for the financial year ended March 31, 2026
- 17 total resolutions passed with 100% shareholder approval across all items
- 5-year re-appointment of Mr. Ankur Ashwin Shah as Managing Director confirmed
- 23,350 shareholders were on record as of the July 8, 2026 cut-off date
- Authorization granted to the Board to borrow money and amend the ESOP scheme clause 8.3
Krishna Defence (KRISHNADEF) held its 13th AGM on July 15, 2026, where shareholders approved a 12.5% final dividend for FY 2025-26. The company re-appointed Ankur Ashwin Shah as Managing Director for 5 years and appointed Harshadsinh Mahida as Whole-time Director. A significant strategic move was the alteration of the Memorandum of Association (MoA) to include high-tech defense segments such as drones, loitering munitions, space systems, and electronic warfare. Additionally, the company updated its Articles of Association to allow for the investment of surplus funds into various financial instruments.
- Approved a final dividend of 12.5% per equity share for the financial year 2025-26
- Re-appointed Managing Director Ankur Ashwin Shah for a 5-year term effective April 1, 2026
- Expanded the MoA Object Clause to include aerospace, unmanned systems, and artificial intelligence
- Appointed CNK & Associates LLP as Statutory Auditors for a 5-year term until FY 2030-31
- Appointed Harshadsinh Mahida as Whole-time Director, leveraging his 29+ years of mechanical engineering experience
Krishna Defence and Allied Industries Limited (KRISHNADEF) concluded its 13th Annual General Meeting on July 15, 2026. Shareholders approved 17 resolutions, including the adoption of FY26 financial statements, a final dividend declaration, and the re-appointment of Mr. Ankur Ashwin Shah as Managing Director. The Managing Director highlighted the company's migration to the NSE Main Board and an order book of Rs 196 Cr as of March 2026. Additionally, the meeting authorized the Board for borrowings and approved alterations to the Memorandum of Association (MoA) object clauses.
- Order book stood at Rs 196 Cr as of March 2026, representing approximately 88% of TTM revenue.
- Fixed assets doubled to Rs 22 Cr during the year to support manufacturing capacity expansion.
- Shareholders approved 17 resolutions, including special resolutions for borrowing authorizations and MoA alterations.
- The company successfully migrated from the NSE SME Platform to the Main Board during the financial year.
- Final dividend for FY 2025-26 was declared and approved by the members.
Krishna Defence and Allied Industries Limited has submitted its quarterly compliance certificate under SEBI Regulation 74(5) for the period ended June 30, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization of shares were received during this quarter. This is a standard procedural filing required by stock exchanges to ensure the integrity of the share registry. The filing indicates zero activity in physical-to-electronic share conversions for the period.
- Compliance report covers the quarter ended June 30, 2026
- Zero requests received for dematerialization during the quarter
- Zero requests received for rematerialization during the quarter
- Confirmation issued by Bigshare Services Private Limited on July 9, 2026
Krishna Defence (KRISHNADEF) has responded to an NSE query regarding its Q4 FY26 financial results filing. The company clarified that a CFO declaration for an unmodified audit opinion was inadvertently omitted in the initial submission on May 20, 2026, but was rectified within three hours. The board has recommended a final dividend of ₹1.25 per share (12.5% of face value) for FY26. Additionally, the company confirmed its 13th AGM is scheduled for July 15, 2026, and re-appointed two independent directors for five-year terms.
- Board recommended a final dividend of ₹1.25 per equity share for the financial year 2025-26.
- Initial filing error on May 20, 2026, was corrected within 3 hours (from 19:03 to 22:03).
- Order book as of March 2026 stands at ₹196 Cr, representing approximately 88% of TTM revenue.
- 13th Annual General Meeting (AGM) scheduled for July 15, 2026, via video conferencing.
- Re-appointment of two Independent Directors approved for a second term of 5 years starting August 23, 2026.
Krishna Defence and Allied Industries Limited (KRISHNADEF) has clarified that July 8, 2026, remains the record date for determining shareholder eligibility for the FY 2025-26 dividend and e-voting rights. The company's Annual General Meeting (AGM) is scheduled for July 15, 2026. This announcement serves as a procedural clarification to align the 'cut-off date' with the previously announced record date. Investors must hold shares in their demat accounts by this date to participate in these corporate actions.
- Record date for dividend entitlement and e-voting is July 8, 2026
- Annual General Meeting (AGM) for FY 2025-26 is scheduled for July 15, 2026
- Clarification confirms no change from the initial announcement dated June 20, 2026
- Company maintains a strong order book of Rs 196 Cr as of March 2026
Financial Performance
Revenue Growth by Segment
Defence segment revenue grew 102.4% YoY from INR 91.8 Cr in FY24 to INR 185.8 Cr in FY25. Dairy segment revenue decreased 38.4% YoY from INR 14.6 Cr in FY24 to INR 9.0 Cr in FY25. For H1FY26, Defence revenue reached INR 111.1 Cr and Dairy reached INR 9.3 Cr.
Geographic Revenue Split
Not disclosed in available documents, though manufacturing facilities are located in Kalol and Halol, Gujarat, with headquarters in Mumbai.
Profitability Margins
Standalone PAT margin improved from 9.20% in FY24 to 11.25% in FY25. Consolidated net profit margin reached 15.3% in H1FY26, up 383 bps YoY from 11.4% in H1FY25.
EBITDA Margin
EBITDA margin was 15.6% in FY25, up from 14.5% in FY24. In H1FY26, EBITDA margin surged to 17.9%, a 291 bps YoY improvement driven by operational leverage and yield efficiencies.
Capital Expenditure
Fixed assets increased from approximately INR 11 Cr to INR 22 Cr over the past two years. Capacity expansion is ongoing as of November 2025 to support scaling operations.
Credit Rating & Borrowing
Credit rating upgraded to 'CRISIL BBB/Stable/CRISIL A3+' from 'CRISIL BBB-/Stable/CRISIL A3'. Interest coverage ratio is robust at 21.72 times in FY25, up from 9.92 times in FY24.
Operational Drivers
Raw Materials
Special steel and shipbuilding steel sections (bulb bars) represent the primary raw materials. COGS accounted for 62.2% of total revenue in FY25 (INR 121.22 Cr) compared to 59% in FY24.
Capacity Expansion
Fixed assets doubled to INR 22 Cr to support revenue growth. Management indicated capacity expansion is still undergoing 'high patients' (refinement) as of H1FY26.
Raw Material Costs
Raw material costs (COGS) were INR 121.22 Cr in FY25, an 83.1% increase YoY in line with revenue growth. Procurement strategies focus on stable profitability during contract bidding.
Manufacturing Efficiency
Efficiency gains and improved product yields from larger production volumes contributed to the 291 bps EBITDA margin expansion in H1FY26.
Strategic Growth
Expected Growth Rate
28.10%
Growth Strategy
Growth is driven by operational leverage as fixed costs are divided over larger quantities, product yield improvements, and a strong order book of INR 196 Cr as of March 2026. The company is also benefiting from indigenization efforts in the defense sector.
Products & Services
Special steel shipbuilding sections (bulb bars) for warship hull construction and dairy equipment.
Brand Portfolio
Krishna Defence & Allied Industries Limited.
New Products/Services
Continued product additions in the defense segment contributed to the 83.1% revenue growth in FY25.
Market Expansion
Plans include diversifying market presence in both domestic and overseas markets to reduce dependence on specific regions.
Market Share & Ranking
Not disclosed, but the company operates in a niche segment with fewer players offering similar specialized products.
Strategic Alliances
Associate company Waveoptix Defence Solution Pvt Ltd contributed INR 2.76 Cr to consolidated profit in H1FY26.
External Factors
Industry Trends
The defense industry is evolving toward indigenization (Make in India), with KRISHNADEF positioned as a niche provider of specialized steel sections for warships.
Competitive Landscape
Operates in a specialized segment of the defense and dairy equipment industries; listed on the NSE Emerge SME platform.
Competitive Moat
Moat is built on niche, specialized product baskets (bulb bars) with high entry barriers and fewer competitors, supported by an internal R&D team.
Macro Economic Sensitivity
Sensitive to government defense spending and overall economic stability which dictates budget allocations.
Consumer Behavior
N/A as the company primarily serves government defense and industrial dairy sectors.
Geopolitical Risks
Geopolitical instability can disrupt supply chains and impact contract execution timelines.
Regulatory & Governance
Industry Regulations
Operations are subject to government defense regulations, tax laws, and other statutes affecting the defense and dairy sectors.
Taxation Policy Impact
Effective tax rate is approximately 26% based on FY25 PBT of INR 29.66 Cr and PAT of INR 21.93 Cr.
Risk Analysis
Key Uncertainties
Fluctuations in commodity prices (steel) and potential reductions in government defense budgets are key uncertainties.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Kalol and Halol).
Third Party Dependencies
Dependency on steel suppliers for raw materials; geopolitical risks to the supply chain.
Technology Obsolescence Risk
Low risk currently as shipbuilding steel sections are fundamental to hull construction, but yield efficiency is a key monitorable.
Credit & Counterparty Risk
Working capital intensive with 183 days GCA, reflecting large receivables and inventory typical of defense contracts.
