At a Glance
Kanoria Energy (KEIL) is a 1980-born cement-and-pipes veteran that still clings to asbestos products—yes, the same asbestos that health regulations love to hate. Trading at ₹22 with a market cap of ₹191 Cr, it’s a minnow in a sea of cement sharks. Recent quarters? Profit plunged 54%, sales shrank 14%, and yet the company proudly carries a P/E of 53x as if it’s an AI startup. Promoters hold a stable 73.9%, but credit agencies keep downgrading it. Oh, and they’ve decided to pour ₹300 Cr into an ethanol plant—because why not pivot when your core business is crumbling?
Introduction
Kanoria Energy is like that classic Bollywood actor who peaked in the ’90s and now takes any role for survival. Once known for World Bank-assisted water supply pipes, today it’s battling falling demand, shrinking margins, and regulatory red flags around asbestos products.
The market doesn’t know whether to laugh or cry: despite declining profits, the stock flaunts a P/E of 53x—higher than some cement giants. Is this a value trap or a hidden turnaround? Let’s unpack the numbers (and the drama).
Business Model (WTF Do They Even Do?)
KEIL manufactures asbestos cement pipes, roofing sheets, and moulded goods under the brand “JAI KIRTI”. Their pipes have historically served large water supply schemes, including those funded by global agencies.
But here’s
