1. At a Glance
Kama Holdings is that quiet, old-money uncle at the family wedding who doesn’t dance, doesn’t talk much, but owns half the banquet hall. Market cap sits at ₹8,549 Cr, CMP ₹2,664, trading at a P/E of ~9.1x and P/B of ~1.1x, while its core asset casually throws off ₹15,622 Cr of TTM revenue and ₹1,787 Cr of TTM profit. Dividend yield is a respectable 1.27%, debt-to-equity 0.60, and EV/EBITDA an eyebrow-raising 3.72x.
Latest Q3 FY26 (Dec 2025) numbers show ₹3,743 Cr revenue (+6.2% QoQ) and ₹434 Cr PAT (+85.4% YoY). That jump wasn’t magic — tax reversals and operating recovery did the heavy lifting. ROCE stands at ~11.8%, ROE ~9.1%, which looks “meh” until you remember this is a holding company that mainly owns businesses rather than running factories itself.
Three-month return? -8.6%. Six-month? -10.2%. Basically, the market is bored. Which begs the question: is boredom the opportunity here, or is this stock correctly priced like yesterday’s newspaper? Let’s dig.
2. Introduction
Kama Holdings is not here to impress momentum traders. It doesn’t tweet, doesn’t guide, doesn’t hype. It simply owns businesses — very good ones — and lets them do the sweating.
At its heart, Kama is a core investment company, with its fortunes tied overwhelmingly to its crown jewel: SRF Limited (50.48% stake as of FY23). If you think you’re buying a diversified holding company, surprise — you’re mostly buying SRF with a small garnish of education, real estate, and NBFC activities.
Over the last decade, the group has quietly pivoted. Technical textiles have shrunk from 36% of revenue in FY18 to ~8% in FY23, while chemicals and polymers exploded from 32% to 69%. This wasn’t accidental — it followed margin math, global demand cycles, and SRF’s transformation into a serious fluorochemicals player.
So when people ask, “What does Kama Holdings do?” the correct answer is: it lets SRF print cash and passes some of it to shareholders — slowly, politely, and without drama.
But does that make the stock interesting today? Or is it just
a safe parking lot with low excitement? Keep reading.
3. Business Model – WTF Do They Even Do?
Kama Holdings doesn’t manufacture tyre cord, refrigerant gases, or polyester films directly. It owns companies that do.
The Operating Engines (via Subsidiaries)
- Technical Textiles
Nylon tyre cord fabric, belting fabric, polyester tyre cord — historically important, now strategically downgraded. Lower growth, more cyclicality, less glamour. - Chemicals & Polymers
Refrigerant gases, chloromethanes, fluorochemicals, pharma intermediates. This is where the real money lives. Higher entry barriers, global exposure, better margins. - Packaging Films
Polyester films — cyclical, capital-intensive, but scale matters. - Others
Coated fabrics, laminates, and “miscellaneous” — small but occasionally profitable.
Kama also owns Shri Educare, real estate SPVs, and an NBFC investment arm, but let’s be honest — these are rounding errors compared to SRF.
Think of Kama like a family office listed on the stock exchange. It allocates capital, occasionally sells a few shares (like the 6 lakh SRF shares sold in FY23), buys back its own stock (₹50 Cr buyback at ₹14,500/share in FY23), and otherwise stays out of the spotlight.
Simple question: would you rather own SRF directly at a higher multiple, or own it indirectly at a discount with dividends? That’s the entire Kama Holdings debate.
4. Financials Overview
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 3,743 | 3,526 | 3,672 | 6.2% | 1.9% |
| EBITDA | 795 | 641 | 792 | 24.0% | 0.4% |
| PAT | 434 | 272 | 390 | 59.6% | 11.3% |
| EPS (₹) | 68.06 | 42.78 | 61.39 | 59.1% | 10.9% |
Margins
