1. At a Glance – The Most Expensive Suitcase Shop in Town?
Market Cap: ₹102 Cr
Current Price: ₹945
3-Month Return: -23.2%
P/B: 0.61
ROCE: -0.80%
ROE: -0.71%
TTM Sales: ₹2.92 Cr
TTM PAT: ₹-1.57 Cr
Ladies and gentlemen, welcome to Kemp & Co Ltd, a company that sells VIP suitcases, earns rental income, books dividend income, occasionally trades investments — and somehow still manages to report losses. The latest December 2025 quarter delivered ₹0.74 Cr in sales and a net loss of ₹0.67 Cr, translating into an EPS of ₹-6.20. Operating margins? A proud -50%.
Yet the stock trades at ₹945. The market cap is ₹102 Cr. And management is busy approving a ₹40.71 Cr related-party purchase of “VIP House” in Prabhadevi.
So the big question is simple:
Is this a retail business?
A property holding company?
An investment arm?
Or a VIP suitcase showroom with a stock listing?
Let’s unzip this suitcase slowly.
2. Introduction – The Corporate Identity Crisis
Kemp & Co was incorporated in 1982. In its lifetime, it has:
- Manufactured pharmaceutical products
- Manufactured toys
- Discontinued toys
- Entered luggage retail
- Earned rental income
- Held and sold shares of VIP Industries
- Approved property deals with related parties
This company has reinvented itself more times than a Bollywood actor in the 90s.
Today, officially, it operates in:
- Retail trading of VIP luggage in Delhi and Kolkata
- Rental income from commercial property in Mumbai
- Investment income
Revenue breakup (FY22) tells the real story:
- Trading activity ~18%
- Real Estate ~44%
- Unallocated ~38%
Unallocated. That mysterious bucket where corporate accounting secrets go to meditate.
So what are we analyzing here?
A retailer?
A landlord?
An investment holding company?
Because valuation depends on identity. And right now, Kemp feels like a corporate chameleon.
3. Business Model – WTF Do They Even Do?
Let me explain this like you’re a smart but lazy investor.
They run VIP luggage retail outlets in Delhi and Kolkata. They sell briefcases, trolley bags, laptop satchels — basically the bags that corporate India uses to carry stress from office to home.
Products include:
- VIP Millionaire II Briefcase
- VIP BT Briefcase
- VIP Triumph SG Laptop Satchel
But here’s the twist.
Their core
