KERNEX

Kernex Microsystems (India) Limited

Train-collision avoidance systems and railway safety electronics supplier

Services›Services›Transport Services›Transport Related Services

kernex.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1772.50
Market cap
2,978 Cr
Stock P/E
15.6
P/B
12.04
ROE (FY26)
35.4%
ROCE (FY26)
35.5%
Operating margin (FY26)
33.2%
Debt / equity (FY26)
0.66
OCF / EBITDA (FY26)
-67.0%
OCF / EBITDA (3Y)
-92.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Kernex Microsystems designs and supplies railway safety and signalling systems, including the Kavach system, under railway safety contracts, and builds them in India.

Company snapshot

2ndBy market cap

Ranked among 2 companies in Transport Related Services.

What we see

Positives
  • ✓Net margin of 20.5% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1 Cr8 Cr9 Cr29 Cr41 Cr37 Cr83 Cr56 Cr47 Cr73 Cr255 Cr504 Cr
Operating expenses (approx.)5 Cr13 Cr21 Cr24 Cr31 Cr28 Cr66 Cr43 Cr33 Cr56 Cr149 Cr341 Cr
EBITDA-3 Cr-4 Cr-12 Cr5 Cr10 Cr9 Cr17 Cr13 Cr14 Cr17 Cr105 Cr163 Cr
OPM %-242.2%-54.1%-138.6%16.9%24.9%23.3%20.6%22.5%30.3%23.1%41.3%32.3%
Other income0.26 Cr0.50 Cr0.08 Cr0.24 Cr0.26 Cr0.33 Cr0.62 Cr0.36 Cr0.49 Cr0.48 Cr0.92 Cr0.49 Cr
Interest0.40 Cr1 Cr0.52 Cr1 Cr3 Cr1 Cr2 Cr3 Cr5 Cr9 Cr12 Cr13 Cr
Depreciation0.56 Cr3 Cr0.53 Cr0.63 Cr0.65 Cr0.62 Cr0.93 Cr0.84 Cr0.97 Cr2 Cr2 Cr2 Cr
Profit before tax-4 Cr-9 Cr-13 Cr3 Cr7 Cr7 Cr15 Cr10 Cr9 Cr6 Cr92 Cr148 Cr
Tax %-10.5%-0.6%4.9%-3.9%-0.2%-0.9%-114.0%22.4%28.4%3.3%25.9%25.8%
Net profit-5 Cr-9 Cr-13 Cr4 Cr7 Cr7 Cr33 Cr7 Cr7 Cr6 Cr68 Cr110 Cr
EPS (₹)₹-2.76₹-5.44₹-7.53₹2.16₹4.09₹4.29₹19.44₹4.45₹3.87₹3.61₹40.69₹65.37

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales—13 Cr8 Cr15 Cr18 Cr7 Cr4 Cr20 Cr190 Cr430 CrSign in free for the trailing twelve months
Operating expenses (approx.)—23 Cr43 Cr22 Cr14 Cr16 Cr21 Cr40 Cr149 Cr281 CrSign in free for the trailing twelve months
EBITDA—-10 Cr-35 Cr-7 Cr4 Cr-9 Cr-17 Cr-21 Cr41 Cr149 CrSign in free for the trailing twelve months
OPM %—-76.0%-434.5%-49.2%20.9%-141.8%-423.7%-105.9%21.5%34.6%Sign in free for the trailing twelve months
Other income—0.72 Cr1 Cr18 Cr1 Cr2 Cr0.78 Cr1 Cr1 Cr2 CrSign in free for the trailing twelve months
Interest—4 Cr2 Cr6 Cr1 Cr3 Cr0.82 Cr2 Cr7 Cr28 CrSign in free for the trailing twelve months
Depreciation—2 Cr2 Cr2 Cr2 Cr1 Cr2 Cr5 Cr3 Cr6 CrSign in free for the trailing twelve months
Profit before tax—-15 Cr-22 Cr3 Cr2 Cr-17 Cr-20 Cr-27 Cr33 Cr117 CrSign in free for the trailing twelve months
Tax %—3.7%1.1%-1.0%2.5%-2.1%-2.4%0.3%-54.0%24.6%Sign in free for the trailing twelve months
Net profit—-15 Cr-21 Cr3 Cr2 Cr-17 Cr-20 Cr-27 Cr50 Cr88 CrSign in free for the trailing twelve months
EPS (₹)—₹-11.77₹-17.02₹2.75₹1.62₹-13.77₹-14.67₹-16.61₹29.97₹52.71Sign in free for the trailing twelve months
Dividend payout %————0.0%———0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr15 Cr17 Cr17 Cr17 Cr
Reserves75 Cr64 Cr43 Cr46 Cr50 Cr36 Cr67 Cr90 Cr141 Cr231 Cr
Borrowings24 Cr26 Cr20 Cr11 Cr20 Cr18 Cr11 Cr28 Cr40 Cr162 Cr
Other liabilities21 Cr18 Cr8 Cr9 Cr9 Cr11 Cr9 Cr25 Cr39 Cr510 Cr
Total liabilities133 Cr120 Cr84 Cr79 Cr92 Cr78 Cr102 Cr159 Cr236 Cr919 Cr
Fixed assets (net)55 Cr53 Cr43 Cr33 Cr32 Cr25 Cr24 Cr24 Cr25 Cr27 Cr
CWIP——0 Cr0.03 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Investments——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories10 Cr9 Cr2 Cr1 Cr8 Cr7 Cr12 Cr72 Cr53 Cr371 Cr
Trade receivables42 Cr37 Cr14 Cr13 Cr12 Cr11 Cr9 Cr0.36 Cr24 Cr316 Cr
Cash & bank0.30 Cr0.67 Cr0.55 Cr0.50 Cr5 Cr7 Cr0.29 Cr4 Cr15 Cr1 Cr
Other assets26 Cr21 Cr25 Cr32 Cr36 Cr27 Cr56 Cr59 Cr120 Cr203 Cr
Total assets133 Cr120 Cr84 Cr79 Cr92 Cr78 Cr102 Cr159 Cr236 Cr919 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-26 Cr3 Cr-23 Cr—3 Cr-5 Cr-27 Cr-72 Cr15 Cr-100 Cr
Cash from investing30 Cr-0.03 Cr26 Cr—0.98 Cr6 Cr-0.69 Cr-5 Cr-9 Cr-8 Cr
Cash from financing-4 Cr-3 Cr-2 Cr—-1 Cr0.03 Cr28 Cr65 Cr5 Cr94 Cr
Net cash flow0.38 Cr0.56 Cr1 Cr—3 Cr2 Cr0.29 Cr-11 Cr11 Cr-14 Cr
Free cash flow (OCF − Capex)-27 Cr3 Cr-23 Cr—3 Cr-5 Cr-28 Cr-74 Cr6 Cr-114 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—-11.4%-25.2%13.3%4.3%-20.4%-20.2%-18.2%19.9%35.5%
ROE %—-19.3%-38.2%5.8%3.2%-35.6%-24.2%-25.2%31.9%35.4%
Debtor days—999622316238594824745268
Inventory days—4723165523229341072519203342
Days payable—365134722442312911879408
Cash conversion cycle—207244034551612971867408169202
OCF / EBITDA %————85.6%———35.6%-67.0%
OCF / EBITDA % (3 years)————————n.m.-92.9%
Debt / equity0.280.340.370.180.320.370.130.260.260.66
Current ratio1.691.661.182.101.901.744.162.382.481.31
Net debt / EBITDA————4.02———0.621.08
Kernex Microsystems (India) Limited (KERNEX) Financials | BullKarma