Kabra Extrusion Technik Limited (KABRAEXTRU) share price

₹723.15 on NSE as of 2026-09-11. +2.20% on the day. market cap ₹2,529 Cr. P/E 5165.4. 52-week range ₹182.58 to ₹723.15. Capital Goods.

What the company does

Incorporated in 1982, KEL is a part of the Kolsite group of companies. It manufactures plastic extrusion machinery and mono and multilayer blown film plants, used in industries such as pipes and packaging. Its manufacturing facilities are in Daman. During fiscal 2020, KEL also entered into EV battery packs segment, with a new manufacturing facility in Pune. The company has technological tie-ups with Battenfeld Extrusiontechnik G mbH, Germany, which is valid till 2026 and Unicor Gmbh. KEL also has Department of Scientific and Industrial Rese arch (Government of India) approved in-house research and development division, which enables the launch of new models and upgrade of existing models. For the nine months ended December 31, 2022, operating income w as Rs 492 crore and Profit after tax (PAT) was Rs. 26 crore, against Rs. 244 crore and Rs. 19 crore, respectively, during corresponding period of previous fiscal.

Filed by CRISIL, page 4.

Kabra Extrusiontechnik Q1 FY27: Revenue Up 44.8%, EBITDA Back Above Zero, and a P/E of 2,080

At a glance

Somewhere in a Daman factory, a machine that makes the machines that make PVC pipes has been having a slow year. Somewhere in Chakan, Pune, a battery pack division has been having a very fast one. Kabra Extrusiontechnik's June 2026 quarter is the sound of those two engines finally running at different speeds — and the company noticing.

Consolidated revenue came in at ₹124.49 crore, up 44.8% from ₹85.97 crore a year earlier. Operating profit was ₹6.20 crore against a negative ₹2.97 crore in the June 2025 quarter — an operating margin of 4.98% versus negative 3.45%. The company's press release states EBITDA turned positive at ₹60 million from negative ₹30 million.

Below that line, things stay complicated. Depreciation of ₹8.16 crore and interest of ₹3.82 crore between them exceed operating profit by some distance, and the quarter closed with a net loss of ₹1.74 crore and EPS of negative ₹0.50. Other income was ₹0.44 crore, which is notable mostly because the March 2026 quarter carried ₹16.83 crore of it.

Management attributes the revenue jump to the Geon lithium-ion battery business, whose revenue grew 133.1% year-on-year to ₹701 million, and notes temporary softness in extrusion machinery, particularly in pipe applications.

Meanwhile, Screener prints a Stock P/E of 2,080. That number has a story behind it, and it isn't the one you'd guess.

Introduction

Kabra Extrusiontechnik Limited was incorporated in 1982 and is part of the Kolsite group. Its core business is plastic extrusion machinery — the equipment that manufactures pipes and films — with two manufacturing locations in Daman. From FY21 it added a lithium-ion battery packs business, now branded Geon and formerly Battrixx, operating from Chakan, Pune.

The last eighteen months read like a corporate reshuffle in slow motion. Shreevallabh Kabra resigned as Executive Director in September 2025 and moved to Chairman Emeritus. CFO Daulat Jain resigned in April 2026; Uttam Singh took the interim CFO role in May 2026; Bhavin Sheth was appointed CFO from June 20, 2026, with Singh ceasing the same day. COO Subhabrata Ghosh resigned in February 2026. Arnab Saha resigned as Head–Strategy and Alliances in June 2026. At the July 30, 2026 board meeting, Hiren Vala was appointed Company Secretary, Compliance Officer and Nodal Officer.

On the business side: in February 2026 a domestic confidential customer awarded an energy-storage contract manufacturing order of approximately ₹133 crore for FY26-27. In May 2024, Battrixx and EVE Power agreed to cooperate on Battery Energy Storage System solutions in India, with EVE supplying cells and DC-side ESS products for assembly here. In July 2025 the company entered B2C with lithium-ion inverter batteries for homes. In January 2025 it sold a 49.94% stake in Penta Auto Feeding India, and submitted a claim of ₹30.40 crore under insolvency proceedings.

Crisil downgraded the ratings in May 2026 to Crisil A-/Stable/Crisil A2+ from Crisil A/Negative/Crisil A1 on ₹354 crore of bank facilities.

Business model

Two businesses share one balance sheet, and they could not be less alike.

**Extrusion machinery.** Kabra makes blown film lines, pipe extrusion lines, sheet extrusion and compounding lines — capital equipment sold to people who make plastic things. More than 15,000 installations across over 100 countries, and a market share of roughly 40% in its product category as of FY25. Crisil puts it at 30-40% of the organised space and notes a track record of over four decades. Technical tie-up with Battenfeld-Cincinnati since 1983 for pipe and profile machinery; a JV with Extron Mecanor of Finland from October 2016 for pipe socketing and belling. The division was 74% of revenue in FY25 versus 48% in FY23.

The catch is baked into the model: Crisil notes demand for extrusion machinery is linked to the capex cycle of PVC and plastic products manufacturers, leaving Kabra exposed to customers' investment plans. You cannot sell a pipe machine to someone who has decided this is not the year for pipe machines. Crisil also notes high inventory arising from a gestation period of 6-8 months for complex, high-end extrusion machinery, with 60-65% of inventory sitting in this division.

**Geon.** Lithium-ion battery packs and modules for electric vehicles, described as technology-agnostic and covering e-2W, 3W, BESS and HV customers. In FY22 the company fully acquired Varos Technology, a Pune-based battery management systems specialist. In FY25 the division entered E-3 Wheelers and Battery Swapping. The division was 26% of revenue in FY25, down from 52% in FY23. Screener's extracted data shows Battrixx market share in the E-2W battery segment at 18% and OEM partnerships at 15, against 10 and 5 the previous year.

Geographically: India 86% in FY25 versus 90% in FY23; exports 14% versus 10%. Customer concentration in FY25 was 27% of revenue from two customers each above 10%, versus three customers at 40.6% in FY24.

So: a four-decade machinery business with 40% share, funding a battery business that Crisil says continues to make operating losses on upfront employee and sales-marketing spend. One engine has a track record. The other has a growth rate.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Kabra Extrusion Technik Limited.

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