KAVDEFENCE Share Price & Earnings Call Analysis

Financials of KAVDEFENCE

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of KAVDEFENCE

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +0.990.360.300.390.740.070.621.307.018.203.912.101.49
Expenses +0.76207.300.520.820.980.370.600.894.778.792.872.152.11
Operating Profit0.23-206.94-0.22-0.43-0.24-0.300.020.412.24-0.591.04-0.05-0.62
OPM %23.23%-57,483.33%-73.33%-110.26%-32.43%-428.57%3.23%31.54%31.95%-7.20%26.60%-2.38%-41.61%
Other Income +0.00239.540.080.110.00-0.070.060.120.094.420.070.580.09
Interest0.000.010.010.000.000.030.000.000.000.040.000.010.00
Depreciation0.52-1.350.050.050.060.050.050.050.120.100.030.040.06
Profit before tax-0.2933.94-0.20-0.37-0.30-0.450.030.482.213.691.080.48-0.59
Tax %0.00%2.62%0.00%0.00%0.00%-2.22%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Net Profit +-0.2933.05-0.20-0.37-0.30-0.450.030.482.213.691.080.47-0.60
EPS in Rs-0.1416.42-0.10-0.18-0.15-0.220.010.241.101.830.310.14-0.17

Financials of KAVDEFENCE

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +170.3751.5140.5225.4114.695.594.554.145.612.821.5917.1215.70
Expenses +177.3838.7935.1124.3927.036.615.085.856.72209.152.7215.0515.92
Operating Profit-7.0112.725.411.02-12.34-1.02-0.53-1.71-1.11-206.33-1.132.07-0.22
OPM %-4.11%24.69%13.35%4.01%-84.00%-18.25%-11.65%-41.30%-19.79%-7,316.67%-71.07%12.09%-1.40%
Other Income +11.33-2.403.925.551.39-2.620.791.041.31238.180.044.695.16
Interest24.4827.2324.9119.6819.5013.0313.4813.4913.590.140.040.040.05
Depreciation14.8919.7419.5518.3216.503.943.122.712.080.210.210.320.23
Profit before tax-35.05-36.65-35.13-31.43-46.95-20.61-16.34-16.87-15.4731.50-1.346.404.66
Tax %7.67%3.19%0.37%0.29%-36.68%-103.74%8.14%-2.55%16.94%0.03%-0.75%0.00%
Net Profit +-37.74-37.81-35.26-31.52-29.730.77-17.67-16.43-18.0931.49-1.336.414.64
EPS in Rs-18.75-18.79-17.52-15.66-14.770.38-8.78-8.16-8.9915.65-0.663.192.11
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Financials of KAVDEFENCE

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital20.1220.1220.1220.1220.1220.1220.1220.1220.1220.1220.1220.1234.37
Reserves151.2292.6058.3032.943.2117.58-4.258.58-7.7532.1326.9166.7153.99
Borrowings +192.87237.49277.80295.01267.14230.15235.31206.82209.730.030.0018.935.97
Other Liabilities +234.00234.92275.57295.21200.7084.79103.7849.3852.6026.7538.3717.7337.58
Total Liabilities598.21585.13631.79643.28491.17352.64354.96284.90274.7079.0385.40123.49131.91
Fixed Assets +230.87236.52217.71199.71181.7926.0622.957.305.251.931.721.992.29
CWIP16.370.530.570.570.540.540.540.540.540.000.000.030.00
Investments6.086.086.086.086.080.000.000.000.0020.8121.4421.3915.85
Other Assets +344.89342.00407.43436.92302.76326.04331.47277.06268.9156.2962.24100.08113.77
Total Assets598.21585.13631.79643.28491.17352.64354.96284.90274.7079.0385.40123.49131.91

Financials of KAVDEFENCE

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +104.27-1.84-27.5016.8315.22-26.0630.05-10.7724.29-18.65-11.340.65
Cash from Investing Activity +-1.74-10.863.040.321.570.62-21.3318.71-6.0042.68-4.95-21.16
Cash from Financing Activity +-101.1114.3922.88-13.25-15.7524.31-8.63-11.43-18.43-24.0817.5233.41
Net Cash Flow1.421.69-1.583.901.04-1.130.09-3.49-0.14-0.061.2212.90
Free Cash Flow102.15-15.41-27.5617.0716.69-27.2130.042.1824.26-18.65-11.340.04
CFO/OP-1,487%-14%-508%1,650%-123%2,555%-5,670%630%-2,188%9%1,004%31%

Financials of KAVDEFENCE

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days154.66558.31949.521,343.072,627.303,468.484,292.563,432.233,244.01218.741,042.20166.51
Inventory Days248.334,106.012,509.135,760.7213,846.0413,885.1319,046.839,301.877,074.63358.48564.43133.04
Days Payable393.065,907.444,636.679,806.3814,524.426,136.928,482.392,109.601,837.252,292.111,983.04263.94
Cash Conversion Cycle9.92-1,243.12-1,178.02-2,702.591,948.9211,216.6914,857.0010,624.508,481.39-1,714.89-376.4135.60
Working Capital Days-81.93-710.23-951.32-1,811.93-2,963.23-3,855.03-7,656.98-4,942.49-5,106.75-40.12-2,658.30-83.15
ROCE %-2.69%-0.42%-2.89%-4.17%-8.59%-1.46%-1.10%-1.39%-0.82%24.98%-2.11%8.43%

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