Kiran Vyapar Ltd (KIRANVYPAR)
🎯 Key Takeaways
- Kiran Vyapar Ltd operates as a non-banking financial company focused on gold loans and small-ticket consumer credit, primarily serving rural and semi-urban India. The company has demonstrated financial stability with low leverage and consistent promoter holding, but its recent quarterly performance reveals significant volatility and a return to profitability only in the most recent quarter.
- Revenue grew 207.8% QoQ to ₹33 in Q1FY27.
- ⚠️ 1) The company's profitability is highly volatile, as evidenced by swinging losses and gains across quarters, raising concerns about earnings stabilit
- Market Cap
- ₹518
- P/E Ratio
- 79.8
- P/B Ratio
- 0.23
- ROE
- 0.3%
- ROCE
- 2.0%
- Debt/Equity
- 0.22
- Div Yield
- 0.53%
- Promoter
- 75.0%
📖 The Story
Kiran Vyapar Ltd operates as a non-banking financial company focused on gold loans and small-ticket consumer credit, primarily serving rural and semi-urban India. The company has demonstrated financial stability with low leverage and consistent promoter holding, but its recent quarterly performance reveals significant volatility and a return to profitability only in the most recent quarter. It remains in a consolidation phase following prior losses, with management emphasizing operational discipline and balance sheet resilience.
📰 What's Happening
In Q1FY27 (Jun 2026), the company reported revenue of ₹33 crore and operating profit of ₹13 crore (OPM 40.3%), marking a return to profitability with a net profit of ₹19 crore and EPS of ₹7.21. This follows sequential improvements from a loss of ₹10 crore in Mar 2026, though December 2025 showed a smaller loss of ₹3 crore. Management has not announced new strategic initiatives recently, but the consistent promoter stake of 74.96% across quarters suggests confidence in the core model. No major M&A or expansion announcements were made in the latest filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 33 | 35 | 11 | 33 |
| Operating Profit | 10 | 6 | -10 | 13 |
| OPM % | 30.5% | 18.1% | -91.4% | 40.3% |
| Net Profit | -0 | -3 | -10 | 19 |
| EPS | ₹-0.01 | ₹-0.94 | ₹-3.88 | ₹7.21 |
The company swung from a loss of ₹10 crore in Q4FY26 to a profit of ₹19 crore in Q1FY27, driven by improved operational efficiency and higher OPM expansion. Revenue remained relatively stable around ₹33-35 crore in recent quarters, but profitability turned sharply positive in the latest period after sustained losses. This turnaround aligns with management's focus on cost control and asset quality, though the sharp improvement in margins requires scrutiny for sustainability. Prior quarters showed negative operating leverage, which appears to be resolving.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the latest filing, but the consistent promoter holding and stable capital structure suggest a conservative approach to growth. The absence of new strategic announcements indicates the company is likely prioritizing operational consolidation over expansion. Previous filings emphasized strengthening credit quality and managing delinquencies, which appears to be bearing results in the latest quarter. No dividend or buyback announcements were made.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 |
| Reserves | 2,113 | 1,977 | 2,202 | 2,211 |
| Borrowings | 291 | 159 | 496 | 356 |
| Total Liabilities | 2,594 | 2,341 | 2,889 | 2,763 |
| Fixed Assets | 2 | 29 | 1 | 2 |
| Investments | 2,097 | 1,945 | 2,278 | 2,336 |
| Total Assets | 2,594 | 2,341 | 2,889 | 2,763 |
The balance sheet shows stable equity of ₹27 crore with reserves growing from ₹2,113 crore to ₹2,211 crore, indicating retained earnings are being bolstered despite losses. Borrowings have increased slightly to ₹496 crore in Mar 2026 from ₹356 crore previously, suggesting modest capital requirements for operations. Total assets rose to ₹2,889 crore, reflecting asset base expansion, but the leverage remains low at D/E of 0.14. The company is not aggressively capitalizing growth but maintains sufficient liquidity to support ongoing operations.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -68 |
| Investing | -23 |
| Financing | +190 |
| Net Cash Flow | +100 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 75.0% | 75.0% | 75.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 5.5% | 5.5% | 5.5% | 6.0% |
| # Shareholders | 5,494 | 5,273 | 5,080 | 4,962 |
Promoter holding remains steady at 74.96% over the last five quarters, with no FII or DII holdings reported in any filing. The number of public shareholders has slightly declined from 5,494 to 4,962, indicating possible retail consolidation. There are no signs of institutional accumulation or exit, and no pledging activity is disclosed. The shareholder base remains heavily promoter-dominated with minimal institutional participation.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.06 L Cr | 29.8 | 10.4% | — | 3.82 |
| BAJAJFINSV | 2.79 L Cr | 27.4 | 11.4% | — | 5.50 |
| SHRIRAMFIN | 2.29 L Cr | 17.2 | 11.5% | — | 3.80 |
| ICICIAMC | 1.60 L Cr | 32.1 | 111.5% | — | 0.00 |
| JIOFIN | 1.44 L Cr | 67.7 | 2.3% | — | 0.17 |
| TATACAP | 1.41 L Cr | 25.7 | 8.4% | — | 5.28 |
| CHOLAFIN | 1.39 L Cr | 24.1 | 9.3% | — | 6.93 |
| BAJAJHLDNG | 1.19 L Cr | 13.4 | 12.4% | — | 0.00 |
| MUTHOOTFIN | 1.10 L Cr | 9.7 | 14.4% | — | 3.88 |
| PFC | 1.07 L Cr | 4.1 | 9.8% | — | 7.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) The company's profitability is highly volatile, as evidenced by swinging losses and gains across quarters, raising concerns about earnings stability. 2) Despite improved margins in Q1FY27, the business model remains sensitive to credit quality and gold price fluctuations, which are not fully controllable. 3) Persistent negative cash flow from operations in Mar 2025 (-₹68 crore) suggests underlying cash generation challenges despite recent profits. 4) Lack of institutional investor interest may limit liquidity and market depth, especially during periods of volatility.
📋 Recent Filings
- 🟡 voting results2026-09-29At the 30% Annual General Meeting held on 26 September 2026 via video conferencing, shareholders approved all five resolutions including adoption of s…
- 🟡 Board Meeting2026-09-26Kiran Vyapar held its 30th AGM on 26 September 2026 via video conference, adopting audited standalone and consolidated financial statements for FY2026…
- 🔴 Corporate Action2026-09-04Kiran Vyapar announced a book closure from September 20 to 26, 2026, to determine shareholders eligible for a dividend on the FY2025-26 results, conti…
- 🔴 annual report2026-09-04Kiran Vyapar Ltd announced its 30th AGM on 26 September 2026 via video conference, seeking shareholder approval for FY2025-26 financial statements, di…
- 🔴 annual report2026-09-04Kiran Vyapar Ltd (BSE: 537750) filed its 30th AGM notice for 26 September 2026, alongside its FY 2025-26 Annual Report. The filing covers board appoin…
- 🔴 annual report2026-09-04Kiran Vyapar Ltd announced its 30th AGM on 26 September 2026 to approve FY 2025-26 financial statements, declare a final dividend of ₹1 per share, and…
🧠 Analyst's Read
Kiran Vyapar is navigating a fragile recovery, with recent profitability driven by operational improvements but still vulnerable to macro and credit risks. Investors should monitor quarter-on-quarter margin trends and credit performance to assess sustainability, while remaining cautious about the company's limited growth visibility and thin public float.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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