1. At a Glance – Blink and You’ll Miss the Profits
Kiran Vyapar Ltd (KVL) currently sits at a market cap of ₹544 crore, trading around ₹199, down ~7% over both 3 and 6 months — clearly not winning any momentum contests. On paper, it looks like a value investor’s wet dream: Price-to-Book of 0.24, book value of ₹820, and promoter holding locked at ~75% with zero pledges.
But then reality taps your shoulder.
- TTM PAT: ₹1.26 crore
- Q3 FY26 PAT: –₹2.54 crore (yes, negative)
- TTM EPS: ₹0.47
- Stock P/E: a majestic 431×
- ROE: 2.95%
- ROCE: 4.05%
This is not a growth NBFC. This is not even a steady NBFC. This is a balance-sheet-heavy, profit-light investment vehicle that occasionally throws earnings tantrums.
So what’s the story here — deep value or deep sleep? Let’s open the ledger.
2. Introduction – Welcome to the NBFC That Thinks It’s a Family Office
Incorporated in 1995, Kiran Vyapar Ltd is officially a Systemically Important Non-Deposit Taking NBFC. Unofficially? It behaves like a listed investment holding company with NBFC paperwork.
The company’s core activities are:
- Lending (to whom? mostly related parties)
- Investing (listed + unlisted + VC funds)
- Occasional trading income for spice
Over 82% of total assets are investments. Loans come and go depending on “opportunity”. Cash flows swing like a pendulum. Profits appear and disappear like seasonal discounts.
And yet — promoters keep control tight, reserves keep growing, and assets balloon.
So the obvious question:
Is Kiran Vyapar managing capital… or just parking it expensively?
3. Business Model – WTF Do They Even Do?
Let’s simplify this like
explaining to a tired CA student.
Step 1: Borrow money
As of Sep 2025, borrowings stand at ₹356 crore, up sharply from ₹91 crore in FY24.
Step 2: Invest that money
Total investments now sit at ₹2,336 crore, up from ₹1,336 crore in FY23.
These include:
- Unquoted equity
- Preference shares
- Venture capital funds
- Mutual funds
- Strategic stakes (like Peepul Tree Capital, Altstar Capital)
Step 3: Earn… sometimes
Revenue sources FY23:
- Interest income: ~63%
- Dividend income: ~8%
- Fair value gains: ~12%
- Trading income: ~17%
Translation:
This company depends heavily on mark-to-market gains and investment exits. If markets behave, profits smile. If not, EPS sulks.
Does this sound like a predictable NBFC?
Or more like a listed investment trust with mood swings?
4. Financials Overview – Quarterly Reality Check (Q3 FY26)
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 35.38 | 31.43 | 33.30 | +12.6% | +6.2% |
| Financing Profit | 2.90 | 9.40 | 5.57 | -69.1% | -47.9% |
| PBT | 2.90 | 13.81 | 5.63 | -79.0% | -48.5% |
| PAT | -2.54 | 7.83 | -0.03 | -132% | NA |
| EPS (₹) | -0.90 | 2.96 | 0.03 | Collapse | Collapse |
Annualised EPS (Q3 Rule)
Average of Q1, Q2, Q3 EPS × 4
= (6.01 + 0.03 –
