1. At a Glance – Blink and You’ll Miss the Margins
Kabra Extrusion Technik Ltd (KETL) currently sports a market cap of ₹705 crore, a stock price of ₹202, and the emotional stability of a midcap juggling two very different businesses. Over the last 3 months, the stock is down ~16%, over 6 months ~30%, and over 1 year ~54%—which tells you the market has not been impressed by the battery experiment so far.
FY25 revenue stands at ₹470 crore, but profitability has gone on a short vacation, with PAT at -₹8.25 crore. The latest Q3 FY26 numbers show ₹1,103 mn revenue, ₹15 mn EBITDA, and margins that look like they skipped leg day. ROCE is 7.12%, ROE 5.32%, and interest coverage is negative—never a good flex.
The irony? The core extrusion machinery business is actually doing fine. The problem child is the lithium-ion battery division, which has been hit by subsidy changes and volume pain. One business is printing machines; the other is printing excuses. Curious how this soap opera unfolds? Let’s dive in.
2. Introduction – Two Businesses, One Balance Sheet, Zero Chill
Kabra Extrusion Technik is a classic Indian midcap story: a boring-but-profitable legacy business funding a shiny new-age dream.
Founded in 1982 and part of the Kolsite Group, KETL built its reputation supplying plastic extrusion machinery—pipes, films, sheets, compounding lines—to customers across 100+ countries with over 15,000 installations. This is not a fly-by-night operation. This is “engineering uncle who knows his stuff” energy.
Then came FY21. Management looked at the EV wave and said, “Why not batteries?” Thus was born the lithium-ion battery pack division under Battrixx / Geon. Initially, subsidies smiled, volumes followed, and revenue mix flipped dramatically. By FY23, batteries were 52% of revenue.
Fast forward to FY25: subsidies changed, volumes tanked, margins collapsed, and suddenly extrusion machinery is back to 74% of revenue, carrying the entire family on its shoulders. Question for you: diversification or distraction?
3. Business Model – WTF Do They Even Do?
Extrusion Machinery Division
This is the OG business. KETL designs and manufactures plastic extrusion machinery used to make
