1. At a Glance – Antennas in Space, Numbers on Earth
Market Cap: ₹212 Cr.
Current Price: ₹61.8
3-Month Return: -27.6%
P/E: 45.8
Price to Book: 2.40
ROCE: 8.43%
ROE: 9.58%
Debt: ₹5.97 Cr
Promoter Holding: 15.4%
Welcome to the world of Kavveri Defence & Wireless Technologies Ltd — where the company talks about counter-drone systems and penta-band antennas, but the latest quarter delivered sales of just ₹1.49 Cr and a net loss of ₹0.60 Cr.
Quarterly sales down 78.7%.
Quarterly profit down 127%.
OPM at -41.61%.
And yet the stock trades at 45.8 times earnings.
You have to admire the confidence.
This is a company supplying RF antennas to defence, aerospace, public safety, and telecom players like Airtel, BSNL, ISRO and Nokia. Big names. Global ambition. Make in India orders. US contracts. Preferential allotments.
But the latest quarter says something else.
Is this a turnaround story warming up?
Or are we seeing a defence narrative built on selective spikes?
Let’s decode.
2. Introduction – From Telecom to Defence Makeover
Kavveri was incorporated in 1996. Originally known as Kavveri Telecom Products Ltd, it rebranded in FY24 to Kavveri Defence & Wireless Technologies Ltd.
Why?
Because defence sounds sexier than telecom accessories.
The company operates in RF products and antennas. That’s radio frequency components — filters, combiners, repeaters, TMAs, bespoke antennas for tactical communications.
They serve:
- Defence & Aerospace
- Counter-drone systems
- Private LTE
- Fixed Wireless Access
- Public Safety
They also offer indoor coverage solutions and repeater systems for telecom operators.
So essentially — they make the hardware that helps signals travel reliably.
But here’s the twist: while the business verticals sound global and cutting-edge, the financials over the last decade look like a roller coaster that forgot the safety belt.
Massive revenue drop from ₹170 Cr in FY14 to ₹1.59 Cr in FY24.
Sudden spike to ₹17.12 Cr in FY25.
TTM sales ₹15.70 Cr.
That’s not growth. That’s resurrection attempts.
Is this a phoenix rising?
Or just a one-year spike driven by “other income”?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Imagine this:
You’re in the Indian Army.
You detect a drone intrusion.
You need RF-based detection and disruption systems.
Kavveri wants to be part of that solution.
Their business verticals include:
Aerospace & Defence
High-performance RF antennas and filters for tactical communication, military vehicles, ATC and airport operations.
Counter-Drone Technology
Advanced RF solutions for drone detection and disruption.
Private LTE & CBRS
Through subsidiary Til-Tek, they developed CBRS antennas for enterprise-grade secure networks.
Fixed Wireless Access
Antennas and filters for wireless broadband infrastructure.
Public Safety
Communication systems for first responders and disaster management teams.
They also design bespoke RF products tailored to customer needs.
Revenue Mix FY24:
- 85% Sale of Products
- 7% Rental Income
- 5% Interest Income
- 3% GST ITC Income
So yes
