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Kineco ₹3,875 ▲ 16.5% 1M
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Kineco Unlisted Shares

Industrials Composites manufacturing for railways, defence and aerospace

Kineco Limited is a Goa-based composites manufacturer serving Indian Railways, defence, aerospace and industrial customers. Its consolidated revenue was ₹174.52 crore in FY24.

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Indicative price
As of 23 Oct 2026
₹3,875 ▲ 16.54% in 1 month
Dealer quotes: ₹3,800 – ₹3,900 across 3 dealers
Key facts

Kineco share details

Lot size
100 shares
Min. investment
₹387,500
Face value
₹10
Implied market cap
₹2,895 Cr
Shares outstanding
7,469,725
Founded
1995
Headquarters
Pilerne Industrial Estate, Bardez, Goa
Website
kinecogroup.com
ISIN
INE139Y01018
CIN
U24134GA1994PLC001672
Lock-in after IPO
6 months
Price history

Kineco share price chart

1Y change
+33.85%
High
₹4,400
Low
₹2,895

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About Kineco

Kineco Limited makes products out of composites, mainly glass and carbon fibre reinforced plastics. It began in 1995 in Goa making FRP industrial equipment. Today it sells to railways, defence, aerospace, industrial and pultrusion customers from its base in Pilerne Industrial Estate, Goa. Railways is the biggest business. In FY24 the rail division earned ₹100.01 crore, up 6.89% on the year before, and the company says it is a leading supplier of complete interior solutions to Indian Railways. It also holds a ₹113 crore order for modular interiors for Vande Bharat semi-high speed trains. Defence revenue fell 28.67% to ₹16.10 crore, and its signature product there is the Sonar Dome. Industrial revenue rose to ₹8.68 crore from ₹3.90 crore. Aerospace work is done through the subsidiary Kineco Kaman Composites India Private Limited, in which Kineco holds 51%. The company's FY24 directors' report says it supplied parts for ISRO's Chandrayaan-3 mission and Gaganyaan programme. On the pultrusion side, it is working on carbon planks for wind turbines and exports to Europe. The numbers below are consolidated, as given in the FY24 directors' report. Revenue was ₹174.52 crore in FY24, up 4.37% on the year before. Profit after tax was ₹7.35 crore, a turnaround from a loss of ₹8.53 crore in FY23. The company had 214 employees on 31 March 2024. Per the company's website, Kineco is jointly owned by founder-promoter Shekhar Sardessai, who is Executive Vice Chairman and Managing Director, and Indo National Limited through its wholly owned subsidiary Helios Strategic Systems Ltd. Indo National acquired a controlling stake in 2015. Kineco is not listed on any stock exchange. Its shares trade off-market through unlisted dealers, and the indicative price on this page is ₹3350 per share with a lot size of 100. That price is indicative and not an exchange price.

Strengths

  • Consolidated profit after tax turned to ₹7.35 crore in FY24 from a loss of ₹8.53 crore in FY23, a clear swing back to profit.
  • Consolidated EBITDA rose to ₹31.75 crore in FY24 from ₹8.86 crore in FY23, per the directors' report.
  • Rail business earned ₹100.01 crore in FY24, up 6.89%, and includes a ₹113 crore order for Vande Bharat modular interiors.
  • Industrial revenue rose to ₹8.68 crore in FY24 from ₹3.90 crore, driven by exports of composite pressure vessels.
  • Aerospace subsidiary Kineco Kaman supplied flight components for Chandrayaan-3 and parts for Gaganyaan, and holds a large contract from BAE Systems.
  • Operates composite manufacturing with a joint venture partner from the US aerospace industry since 2012, and Indo National Limited has held a controlling stake since 2015.

Risks

  • Railways contributed ₹100.01 crore of ₹124.84 crore standalone revenue in FY24, so the company depends heavily on one customer segment.
  • Defence revenue fell 28.67% to ₹16.10 crore in FY24, showing that order timing can swing results.
  • The company made a consolidated loss of ₹8.53 crore in FY23, so the recent profit is a short track record.
  • Standalone profit after tax was only ₹2.18 crore on ₹124.84 crore of revenue in FY24, a thin margin.
  • Raw material price swings hurt the company in FY23, and the report says stable commodity prices helped FY24.
  • The pultrusion business serving telecom is slowing, and one regular customer stopped making antennas, as per the FY24 directors' report.
  • The company says it needs to raise funds to expand facilities for the Vande Bharat sleeper train projects.
  • The latest report we could read as text is for FY24; newer figures may differ.
  • Unlisted shares have no exchange price discovery, so dealing prices are indicative and liquidity can be thin.
Financials

Kineco financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY24Latest
Revenue (₹ Cr) 175
EBITDA (₹ Cr) 31.75
PAT (₹ Cr) 7.35
EBITDA Margin (%) 18.19
PAT Margin (%) 4.21

Swipe the table sideways for earlier years →

Leadership

Management team

Shekhar Sardessai
Executive Vice Chairman and Managing Director
Founder-promoter of Kineco.
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FAQs

Kineco unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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