Kaira Can FY26: A ₹246 Crore Business, a 84x Multiple, and One Customer Who Owns a Quarter of the Float

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1 — At a Glance

Kaira Can closed FY26 with revenue of ₹245.86 crore, its highest ever, and net profit of ₹1.79 crore, its lowest in a decade. Sales rose 5.9% while profit fell 53%. That single divergence is the whole story: a company that sells more tin every year and keeps less of it.

The market caps this at ₹151 crore and pays 84.2x trailing earnings — against a packaging-peer median of 20.3x and an industry 20.6x. ROE for the year was 1.99%. ROCE was 3.68%.

The worry signals sit in plain view. CRISIL downgraded the credit rating in September 2025. Operating margin has slid from 9% a decade ago to 2.71% today. And 23.1% of the promoter holding sits pledged.

A company that has made metal cans since 1962 has learned that longevity and profitability are separate achievements. The numbers below sort out which one FY26 delivered.

2 — Introduction

Kaira Can Company Ltd was incorporated in 1962 and manufactures Open Top Sanitary Cans, lithographed and plain metal containers, paint containers, and ice cream cones. It runs a can plant at Kanjari and a sugar-cone unit at Vithal Udyog Nagar, both in Gujarat, and lists on the BSE.

The business is old, small, and unusually concentrated. Its financial results for the year ended March 2026 were approved by the board on May 25, 2026, audited by G.D. Apte & Co. with an unmodified opinion, and came with a recommended dividend of ₹12 per share.

The recent corporate calendar has been about the boardroom rather than the shop floor. Independent director Jai Shishir Diwanji completed his five-year term on June 30, 2026, and the Audit Committee was reconstituted. Chandrahas Vinod Zaveri, 39, a mechanical engineer and managing director of Neo Wires and Allied Products, joined as an independent director on June 25, 2026. The 63rd AGM is set for August 7, 2026.

That’s the record of events. Everything material this year happened either in the margin line or the minute book.

3 — Business Model: WTF Do They Even Do?

Kaira Can makes the tin. Someone else fills it.

The company supplies metal cans to dairies, processed-food makers and protein-powder packers, and rolls sugar cones for ice cream on the side. Two segments carry the whole thing: Tin Containers, which brought in ₹235.02 crore of FY26 revenue, and Ice-Cream Cones, which brought in ₹10.84 crore. Roughly 96% cans, 4% cones — a mix that hasn’t meaningfully moved in years.

Here is the fact that defines this company more than any product line: Gujarat Co-operative Milk Marketing Federation — the Amul federation — accounts for 85–90% of revenue, per CRISIL, and Kaira Can meets 90–95% of GCMMF’s can requirement. The relationship runs back to inception. GCMMF also holds 25.81% of Kaira Can’s equity, filed under the public category. So the largest customer is also the largest outside shareholder.

Does a six-decade supply relationship count as a moat, or as a single point of failure wearing a nice suit? The answer changes depending on which year’s margin you’re looking at.

The cone division, for its part, lost ₹1.17 crore at the segment level in FY26. It exists, it’s small, and it is currently subsidised by tin.

4 — Financials Overview

Figures are consolidated in presentation but audited standalone; stated in ₹ crore.