Krishna Defence & Allied Industries Ltd(KRISHNADEF)

NSE: KRISHNADEF

₹ 1,128+3.09%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,686 crWebsite: www.krishnaallied.comUpdated: 24 Oct 2026

About

Krishna Defence & Allied Industries Ltd (KDAIL) is an Indian defence manufacturer based at Halol, Gujarat, producing speciality steel profiles (bulb bars, armoured steel sections), weld consumables, and composite products for naval and land-forces customers. The company reported consolidated revenue of ₹2,448 Mn in FY26, up 29.1% year-on-year. Through subsidiaries and joint ventures it also addresses ship design, defence electronics, and autonomous underwater vehicles.^[1][2]

Business segments

Defence Products contributed 95.4% of segment revenue (₹185.83 Cr) in FY25, with an EBIT margin of 19.3%.^[3]
Dairy & Kitchen Equipment was the second segment, contributing 4.6% of revenue (₹9.03 Cr) at an EBIT margin of 5.1% in FY25.^[3]
Within defence, product mix in H1 FY26 was approximately 65 - 70% bulb bars, ~15% weld consumables, and ~20% armoured steel profiles (HVF), with 92% of H1 FY26 revenue from defence and 8% from dairy.^[4]

Products and portfolio

Bulb bars are the flagship product, supplied to Indian Navy shipbuilding programmes and increasingly to commercial yards; the company holds ABS, DNV, Bureau Veritas, and (as of FY26) IRS classification-society certifications.^[4][1]
Armoured steel profiles for T-90 tanks are supplied to Heavy Vehicle Factory (HVF); the product basket expanded from 17 to 26 variants in FY26 as customer confidence grew.^[1]
Weld consumables form a third product family; higher-grade consumable certification was in progress as of the Q4 FY25 call.^[5]
Fire-resistant composite doors and hatches are being developed through the VABO JV; trial production commenced at Halol and management expected first commercial revenue in FY27.^[1]
Aircraft arresting gear systems: KDAIL won a design-and-manufacture developmental order in partnership with DRDO in FY26, a runway-safety product previously imported.^[1]

Operations and capacity

Manufacturing is at Halol, Gujarat; capacity was doubled in April 2025 adding ~40,000 sq ft of new fabrication and machining bays, bringing the total to ~1,00,000 sq ft.^[4][5]
Post-expansion installed revenue capacity is ₹350 - 400 Cr; with automation and modernisation, management believes existing infrastructure can support ₹400 - 500 Cr of revenue.^[5][1]
Capacity utilisation was ~60% in H1 FY26, up from near-100% on the prior single-facility base before April 2025.^[4]
An adjoining 50,000 sq ft plot was acquired at Halol in FY26 for future capacity expansion.^[1]
An AUV integration and testing facility (described as India's largest) is under construction in Chennai following acquisition of Transfer of Technology from CSIR-NIO, Goa.^[6]
AS9100D aerospace quality management certification was achieved in FY26, enabling entry into aerospace component supply.^[1]

Key operating numbers

Unexecuted order book was ₹1,034 Mn as of Q4 FY26, against ₹1,960 Mn as of September 30, 2025 and ₹2,686 Mn at FY25 close.^[1][4][5]
Tender pipeline stood at ₹2,210 Mn as of Q4 FY26.^[1]
Book-to-bill ratio was 1.4x in FY25; defence orders received in FY25 were ₹2,667 Mn.^[5]
EBITDA margin expanded 511 bps year-on-year to 21.3% in FY26, driven by product-mix shift toward higher-margin armoured steel profiles and weld consumables and by operating leverage.^[1]

Customers and distribution

Indian Navy shipbuilding programmes are the primary customer for bulb bars; Indian Coast Guard and Cochin Shipyard (for export vessels) began receiving product within the 12 months to September 2025.^[4]
Heavy Vehicle Factory (Army) is the named customer for armoured steel profiles (T-90 tank variants); additional chassis components are under enquiry from the same customer.^[4][5]
Defence revenue concentration was 92% of H1 FY26 revenue; dairy and kitchen equipment accounted for the remaining 8%.^[4]
VABO JV composite doors and hatches have identified export potential to Southeast Asia, Middle East, and Europe after completion of Indian Navy trials.^[6]

Subsidiaries and joint ventures

Conceptia Software Technologies (20% stake): Bangalore-based ship and submarine design firm with ~80 staff and ₹60 - 65 Cr revenue as of the Q4 FY25 call, providing integrated design-plus-build capability.^[5]
Waveoptix Defence Solutions (40% stake, raised from 25% in FY25): defence electronics company with FY25 revenue of ₹9.9 Cr and PAT of ~₹90 lakh.^[5]
VABO JV (50:50): developing fire-resistant composite doors and hatches for Indian Navy; KDAIL's share of JV capex is ~₹4 - 5 Cr, to be funded from internal accruals.^[5][1]
Taharabadkar Solutions JV: smart ammunition product development; commercial revenue expected approximately FY29 onwards, with 2 - 3 years of development remaining as of Q4 FY26.^[1]

Expansion and capex

Annual productivity and automation capex of ₹5 - 10 Cr per year is planned; no large equity fundraise is planned for existing product lines.^[4][1]
AUV (CBot/Jalkapi) full-scale prototype is being built; management noted a potential ~3-month delay to water-readiness, with commercial revenue expected only post successful development and trials.^[1]

Recent developments

NSE Main Board migration completed in Q3 FY26 (announced December 2025), broadening investor participation and governance visibility.^[6]
MoU signed with Ministry of Steel under PLI Scheme 1.2 for Specialty Steel, reinforcing domestic manufacturing credentials, announced in Q3 FY26.^[6]
IRS (Indian Register of Shipping) certification obtained in FY26, enabling supply of bulb bars to commercial shipbuilding yards; enquiries had started flowing as of the Q4 FY26 call.^[1]
Successful casting trials completed for a large naval component (currently imported) in a new product category ranging from 400 - 500 kg up to 5-tonne castings.^[4]

Market Cap

₹1,686 Cr

High / Low

₹1,400 / 785

Stock P/E

40.8

Price / Book

8.7

Book Value

₹130

EPS

₹27.7

No. of Shares

1.49 Cr

ROCE

32.3%

ROE

25.4%

OPM

20.6%

Debt / Equity

0.01

Sales

₹245 Cr

Net Profit

₹41 Cr

Promoter holding

59.9%

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