NSE: KERNEX · BSE: 532686 · ISIN INE202H01019
Kernex Microsystems (India) Limited stock analysis
Kernex Microsystems (India) Limited ranks #583 in the TickerSutra evidence-ranked universe with a score of 63/100 and 95% data confidence. The latest captured fundamentals show ROCE of 47.8%, quarterly sales growth of 800.4% and quarterly profit growth of 1372.5%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 47.8%
- 375.5% three-year sales CAGR
- Institutional ownership is rising
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Promoter pledge is 8.9% of promoter holding
- Extreme base-effect growth requires manual validation
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹7cr | ₹-9cr | ₹-17cr | -142.0% |
| 2023 | ₹4cr | ₹-17cr | ₹-20cr | -416.0% |
| 2024 | ₹20cr | ₹-23cr | ₹-27cr | -117.0% |
| 2025 | ₹190cr | ₹41cr | ₹50cr | 22.0% |
| 2026 | ₹430cr | ₹149cr | ₹88cr | 35.0% |
| TTM | ₹878cr | ₹299cr | ₹191cr | 34.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Kernex Microsystems (India) Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineKernex Microsystems India Ltd - 532686 - Addendum To The Boards'' Report For The Financial Year 2025-26 Which Forms An Integral Part Of The 34Th Annual ReportBSE · 22 Sept 2026Addendum to the Boards'' Report for the financial year 2025-26
RoutineAddendumNSE · 22 Sept 2026Kernex Microsystems (India) Limited has informed the Exchange about Addendum
RoutineNotice Of Shareholders Meetings-XBRLNSE · 9 Sept 2026 · Structured filingKernex Microsystems (India) Limited has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 30-Sep-2026
Kernex Microsystems (India) Limited has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 30-Sep-2026
Open original XBRL sourceKernex Microsystems (India) Limited has informed the Exchange about Copy of Newspaper Publication
MANAGEMENT COMMENTARY
Signals from filed documents
• Geopolitical factors can impact the availability and pricing of critical hardware. Working Capital Pressure • Railway and government contracts often have long payment cycles, with payments linked to inspections, commissioning, and verification by third-party authorities. • Companies may face cash flow strain due to inventory holding, advance procurement, and delayed receivables.
Regulatory and Compliance Risks • Strict adherence to specifications laid down by RDSO, Indian Railways, and global safety standards (e.g., CENELEC, SIL levels) is mandatory. • Delays in product approvals, changes in technical specifications, or evolving certification requirements may impact timelines and go-to-market plans. Supply Chain and Component Dependency • High dependency on imported electronic components and
• Dependence on Indian Railways: A significant portion of the company’s business is linked to Indian Railways and government-funded projects, making it vulnerable to changes in public spending priorities and procurement schedules. • Competitive Intensity: Increasing participation from domestic and global signalling companies may intensify competition, leading to pricing pressure and reduced margins. • Tendering and P
Kernex Microsystems (India) Ltd., Annual Report 2025-26 75 Safety as Core Strategy: Safety push (interlocking, track, Kavach) signals sustained demand for signalling-adjacent systems well beyond Kavach line items alone, and reduces the risk of safety-linked capex being deprioritised in a tighter fiscal year. Opportunities for Technology Providers: The combination of unfinished core rollout, adjacent safety-tech deman
indigenous systems) may alter the business landscape. • Increased competition and L1-based tendering sometimes lead to price undercutting and margin pressure. Kernex Microsystems (India) Ltd., Annual Report 2025-26 80 7.
Kernex Microsystems (India) Ltd., Annual Report 2025-26 64 • Burn-In chamber for products endurance testing • Up-gradation of Vibration test facility • Environmental test facility (ESS) • Digital Projection Microscope for visual inspection with video recording facility • Test Equipment’s like Spectrum Analyzer, Signal Generators, Oscilloscopes, Function Generators, High Power Attenuators, Radio Communication test equ
Government-Led Growth: Capitalizing on sustained public investment in railway infrastructure and safety under the National Rail Plan and Make in India initiatives. Export Opportunities: Exploring international markets by offering proven railway signaling and safety technologies to developing railway networks. Strategic Partnerships: Collaborating with global technology providers, system integrators, and public sector
• Working Capital Pressure: Large infrastructure contracts often involve milestone-based payments, potentially increasing working capital requirements and affecting liquidity. • Policy and Regulatory Changes: Changes in railway safety standards, procurement policies, or regulatory requirements may require additional investments or delay project implementation. • Cybersecurity Risks: As railway systems become increasi
GENERAL INFORMATION: Nature of industry The Company is specialized in Integrating Technologies related to Wireless Front-end, Satellite Communication, Embedded Systems, Signal Processing, Network Management and Software development. Date or expected date of commencement of commercial production The Company was incorporated in the year 1991 and commercial production commenced simultaneously. In the case of new compani
Movement in the allowance for trade receivables for the year ended 31 March 2026 and 31 March 2025is as follows: Particulars 31 March 2026 31 March 2025 Opening balance at beginning of the year 2,408.99 2,338.89 Provision made/(reversed) during the year 180.69 70.10 Bad debts written off during the year - - Closing balance at end of the year 2,589.68 2,408.99 Notes 31 March 2026 31 March 2025 c. Trade receivables bal
The Company’s website also displays official press releases and other disclosures submitted to stock exchanges. • The Company has not made any presentation to institutional investors or to analysts. General Shareholder’s information: The 34th Annual General Meeting of the company will be held on Wednesday, 30th September 2026 at 11.00A.M through Video Conference/ Other Audio-Visual Means (VC/OAVM) Financial Calendar:
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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