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17 Nov 2025
Keltech Energies Ltd – Explosives & Perlite Products Manufacturer
📊 Stock Analysis
Complete financial analysis with key metrics and investment outlook
Published on: 17 November 2025, 11:15 AM IST
Keltech Energies Ltd Q2 FY2026 Financial Results
Keltech Energies Ltd, a leading manufacturer of explosives and expanded perlite products, reported steady financial performance in Q2 FY26. The company delivered mid-teens revenue growth backed by demand from mining and infrastructure sectors. Profitability improved modestly despite higher costs and sequential weakness in revenue.
Stock Performance & Key Metrics
As of November 17, 2025 (11:02 AM):
- Current Price: ₹4,220
- Market Cap: ₹422 Cr
- High / Low (52-week): ₹5,198 / ₹2,486
- Stock P/E: 15.6
- Book Value: ₹1,246
- Dividend Yield: 0.04%
- ROCE: 25.8%
- ROE: 22.2%
- Face Value: ₹10.0
- EPS (TTM): ₹270
- Debt-to-Equity: 0.31
- Debt: ₹39 Cr
- PEG Ratio: 0.28
- Industry P/E: 24.4
Q2 FY2026 Financial Highlights
| Particulars | Q2 FY26 (Sep 2025) | Q1 FY26 (Jun 2025) | Q2 FY25 (Sep 2024) | YoY Change |
|---|---|---|---|---|
| Sales / Revenue | ₹117 Cr | ₹143 Cr | ₹103 Cr | ↑ 14% |
| EBITDA | ₹8.25 Cr | ₹12.6 Cr | ₹7.68 Cr | ↑ 7% |
| Net Profit (PAT) | ₹6.20 Cr | ₹8.21 Cr | ₹5.56 Cr | ↑ 12% |
| EPS (₹) | ₹62.00 | ₹82.10 | ₹55.60 | ↑ 12% |
Result Summary
- Revenue grew 14% YoY with healthy demand from mining and infrastructure clients.
- EBITDA growth limited to 7% due to higher operational costs.
- PAT improved 12% to ₹6.2 Cr; margins stable YoY.
- Q2 profit impacted sequentially owing to revenue dip from Q1.
Strategic Update
- The Board approved a proposal to increase the Company’s borrowing limits under Section 180(1)(c) of the Companies Act.
- Overall borrowing capacity increased from ₹200 Cr to ₹400 Cr, enabling future expansion and capacity investments.
Business Profile
Keltech Energies Ltd is a key player in the Indian manufacturing of:
- Cartridge and Bulk Emulsion Explosives
- MMAN Solutions (Mono Methyl Amine Nitrate)
- Explosive Accessories
- Expanded Perlite Products & Filter Aids
The Company is part of the Chowgule Group and serves the explosives, cryogenic insulation, construction, refractory, and horticulture industries. Keltech is a globally recognized technology provider in low-temperature cryogenic insulation for LNG, ethylene, ammonia, and other gases.
Outlook
With strong ROCE, moderate leverage and increased credit flexibility, Keltech Energies is positioned to tap future growth in sectors such as mining, infrastructure, and gas-based insulation projects. Monsoon-related disruptions have normalized, and the company is cautiously optimistic for H2 FY26.
For the full results PDF:
Click here to view the official results filing
Data as per Q2 FY26 BSE filing | Published on November 17, 2025
