Kranti Industries Ltd

BSE: 542459

₹ 52+7.44%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 66 crWebsite: www.krantigrp.comUpdated: 27 Oct 2026

About

Kranti Industries, founded in 1981, makes precision components and assemblies for transmissions, axles, chassis, engines, steering and suspension systems and hydraulic applications. It supplies OEMs in the tractor, construction equipment, commercial vehicle, EV and other engineering segments in India and abroad. It runs four manufacturing facilities with more than 120 CNC and multi-axis machining centres. Its revenue was 100.45 crore in FY26.^[1][2]

End markets

Tractors made up close to 65%-68% of revenue in Q2 FY26. The company is also building non-automotive, EV and commercial vehicle business.^[3]
Its tractor business covers lower, medium and higher HP tractors for several OEM customers. As of Q3 FY26 it was adding agri-implements such as harvesters and balers.^[4]
EV components for Kalyani Techno Forge, the Dana group and Eka Mobility made up about 5.3% of revenue in FY26.^[5]
Management said in Q1 FY26 that it aims to move the revenue split towards 60:40 automotive to non-automotive over three years.^[6]

Products

As of FY26, it makes precision components and assemblies for transmissions, axles, chassis, engines, steering and suspension systems and hydraulic applications.^[1]
Its key raw materials and inputs include steel, forgings, castings and energy (FY26 annual report).^[1]

Plants and capacity

As of FY26, it runs four manufacturing facilities with more than 120 CNC and multi-axis machining centres.^[1]
Pune capacity utilisation was about 65% in Q4 FY26, compared with 65-68% in Q2 FY26 and 60-62% in Q1 FY26. Management puts the best practical level at around 80-85%.^[5][3][6]
Plant 4 in Jaipur (35,160 sq ft) started commercial operations on 1 January 2026. It took over Universal Autofoundry's machining business, including 45 leased machines.^[4]
The Jaipur plant ran at below 40% utilisation in Q4 FY26, its first quarter. All of the lessor's machining business goes to Kranti under an exclusive agreement.^[5]
Three group companies add capacity: a foundry in Kolhapur, Maharashtra, and manufacturing facilities in Rajkot and Halol, Gujarat (FY26).^[1]
The company had 507 employees as of FY26.^[1]

Customers

In Q1 FY26 the CNH group accounted for about 60% of revenue, and the top five customers for about 88% to 90%.^[6]
The FY26 annual report lists 31 customers and names reliance on a small set of key OEM customers as a risk.^[1]
Bonfiglioli gave 'First Time Right' clearance for heavy-duty gearbox housings, which allowed full production of a ₹6.84 crore annual order (Q1 FY26).^[6]
Housings in development for Bonfiglioli's heavy industrial machines have an estimated annual potential of ₹14.65 crore (Q1 FY26).^[6]
In August 2025, Ingersoll-Rand US placed an order for 10 housing components, with an estimated annual business of about USD 438,000.^[3]
In Q1 FY26 it won a contract from Ingersoll-Rand US worth about USD 2,21,000 for machining and tooling of housings.^[6]
Eka Mobility cleared series production of EV components for three commercial vehicles, a business worth about ₹2 crore (Q2 FY26).^[3]

Defence

In Q3 FY26 it received about 24 purchase orders from Armoured Vehicles Nigam Limited, worth about ₹204 lakhs in total, for precision machining of defence components.^[4]
It supplies AVNL directly as a PSU supplier, not as a Tier-2/3 vendor. Management expects another 4-6 quarters to build a substantial presence (Q4 FY26).^[5]
As of Q3 FY26, it had completed the HAL vendor registration audit.^[4]

Subsidiaries and joint ventures

In Q1 FY26 it raised its stake in casting subsidiary Preciso Metall from 55% to 59.84%, buying 7,31,461 shares worth ₹73.14 lakh in a rights issue.^[6]
Preciso Metall ran at about 40% capacity utilisation in Q2 FY26.^[3]
KRAKO Precision Private Limited, a joint venture with the Kores Group set up in October 2025, will machine critical casting components.^[1]

Expansion plans

Management expects Jaipur Plant 4 to bring in ₹12-14 crores of revenue in FY27, its first full year. In Q2 FY26 it had estimated ₹20-22 crore.^[5][3]
The Jaipur machine shop is leased from Universal Autofoundry under a 7-year MOU, at an annual rent of about ₹1.5 crore (Q2 FY26).^[3]
In Q3 FY26 the company said it planned no equity fundraise or major borrowing in the next 2-3 quarters.^[4]
Its stated FY27 priorities include growing exports, linked to China Plus One sourcing and growing agriculture markets in Europe and the US (Q4 FY26).^[5]

Market Cap

₹66 Cr

High / Low

₹95 / 43

Stock P/E

39.0

Price / Book

1.4

Book Value

₹34

EPS

₹1.8

No. of Shares

1.28 Cr

ROCE

6.2%

ROE

5.4%

OPM

5.3%

Debt / Equity

1.09

Sales

₹100 Cr

Net Profit

₹2 Cr

Promoter holding

62.3%

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