1. At a Glance
Born in 1942 and still sparking joy (literally), Kaycee Industries is the OG of Indian electricals. From being India’s first rotary switch maker to acquiring a stake in an EV charger startup, this sleepy vintage brand might just be having a mid-life growth spurt.
2. Introduction with Hook
Imagine if your grandpa—who still uses a landline—suddenly got into crypto mining and started lifting weights. That’s Kaycee. After decades of slow and steady, this electrical switch legend is finally flexing.
- FY25 PAT: ₹5.88 Cr
- 5Y Profit CAGR: 31%
- 10Y Stock CAGR: 48%
And now, they’ve acquired 30% in a fast-charging EV company. Did someone say voltage meets vengeance?
3. Business Model (WTF Do They Even Do?)
Kaycee is a precision manufacturer of electrical switches, counters, rotary and cam switches, pushbuttons, and related electro-mechanical hardware.
Segments Served:
- Panel builders
- Telecom
- Machine tools
- Railways
- Renewable energy
- Electric vehicles (through Ultrafast Chargers stake)
And yes, it’s a Salzer Electronics subsidiary—so imagine a conservative dad with a slightly cooler startup son.
4. Financials Overview
| FY | Revenue (Cr) | PAT (Cr) | OPM (%) | ROE (%) |
|---|---|---|---|---|
| 2022 | ₹29.15 | ₹1.87 | 8.4% | 16.2% |
| 2023 | ₹41.52 | ₹3.49 | 11.5% | 23.6% |
| 2024 | ₹48.56 | ₹4.49 | 14.0% | 24.3% |
| 2025 | ₹53.20 | ₹5.88 | 16.2% | 22.2% |
- Profit almost tripled in 3 years.
- Margins are compounding like interest in your grandma’s FD.
5. Valuation
CMP: ₹1,334
EPS (FY25): ₹18.5
P/E: ~72x (This ain’t cheap.)
Book Value: ₹91.5 → P/B = 14.6x
Fair Value Range Estimate
- DCF/Terminal Method: ₹750–₹1,100
- P/E-based (historic median ~40x): ₹740
- EV/EBITDA logic + growth: ₹900–₹1,250
Conclusion: It’s priced for perfection. One hiccup in EVs, and boom—this could trip the circuit.
6. What’s Cooking – News, Triggers, Drama
- May 2025: Reported FY25 results + issued bonus shares (4:1)
- Acquired 30% in Ultrafast Chargers (EV Charging Startup)
- Installed solar plant for their own manufacturing—green vibes
- Bonus Shares + Dividend (₹2/share)
Upcoming Triggers:
- EV charger business scale-up
- Margins staying >16%
- Possible synergies with Salzer Electronics
7. Balance Sheet
| Metric | FY24 | FY25 |
|---|---|---|
| Equity Capital | ₹0.63 Cr | ₹3.17 Cr (post bonus) |
| Reserves | ₹23.20 Cr | ₹25.86 Cr |
| Borrowings | ₹4.13 Cr | ₹3.63 Cr |
| Total Liabilities | ₹34.69 Cr | ₹40.72 Cr |
| Total Assets | ₹34.69 Cr | ₹40.72 Cr |
Key Takeaways:
- Debt? Tiny.
- Bonus shares? Gifted.
- Reserves? Growing like your childhood piggy bank.
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net Cash Flow |
|---|---|---|---|---|
| 2023 | ₹1.76 Cr | ₹-5.34 Cr | ₹4.20 Cr | ₹0.62 Cr |
| 2024 | ₹6.17 Cr | ₹-4.27 Cr | ₹-1.24 Cr | ₹0.66 Cr |
| 2025 | ₹5.86 Cr | ₹-4.40 Cr | ₹-1.50 Cr | ₹-0.04 Cr |
- Negative cash flow from investing = expansion mode.
- Positive CFO = good business core
- Some capex funded from past profits
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| OPM (%) | 11.5 | 14.0 | 16.2 |
| ROCE (%) | 23.6 | 24.3 | 27.2 |
| ROE (%) | 23.6 | 24.3 | 22.2 |
| Debtor Days | 111 | 105 | 111 |
| Inventory Days | 52 | 47 | 44 |
Verdict:
- Operating efficiency improving
- Slight working capital drag
- Inventory days low = lean ops
10. P&L Breakdown – Show Me the Money
| Year | Sales | OPM (%) | PAT | EPS |
|---|---|---|---|---|
| 2022 | ₹29.1 Cr | 8.4% | ₹1.87 Cr | ₹6.23 |
| 2023 | ₹41.5 Cr | 11.5% | ₹3.49 Cr | ₹11.63 |
| 2024 | ₹48.6 Cr | 14.0% | ₹4.49 Cr | ₹14.97 |
| 2025 | ₹53.2 Cr | 16.2% | ₹5.88 Cr | ₹18.53 |
Margins increasing faster than Bollywood remakes.
11. Peer Comparison
| Company | CMP | P/E | ROCE | OPM | Mcap |
|---|---|---|---|---|---|
| Kaycee | ₹1,334 | 72x | 27.2% | 16.2% | ₹423 Cr |
| Shilchar | ₹5,442 | 42x | 71% | 29.6% | ₹6,226 Cr |
| Genus Power | ₹362 | 37x | 19.2% | 19.2% | ₹11,010 Cr |
| Apar Inds | ₹8,671 | 42x | 32.1% | 8.3% | ₹34,832 Cr |
Kaycee is smaller, niche and overvalued vs peers—but profits are scaling up fast.
12. Miscellaneous – Shareholding, Promoters
| Holder Type | Mar ’25 |
|---|---|
| Promoters | 71.91% |
| Public | 28.07% |
| DII | 0.02% |
| Govt | 0% |
- Bonus issue in FY25 (4:1) juiced liquidity
- Acquiring stake in EV chargers = forward integration?
13. EduInvesting Verdict™
Kaycee Industries is like an old monk that’s started drinking Red Bull. After 80 years of staying relevant with switches and meters, it now wants in on the EV future. Backed by Salzer, good return ratios, and solid cash generation, it’s a rare mix of legacy and new-age.
But—and it’s a big but—valuations are spicy, trading at a P/E of 72. If growth continues at this pace, it’ll justify the froth. If not, the market may flick the switch off.
Metadata
– Written by EduInvesting Team | July 13, 2025
– Tags: Electrical Equipment, Smallcap Stocks, EV Chargers, High ROE, Bonus Shares, Salzer Subsidiary
