KDDL Limited – Investor Presentation Summary

Key Operational Highlights

  • Over 40 years of excellence in watch components and precision manufacturing
  • Among the largest independent dial and hand manufacturers serving global luxury brands
  • Operations across India and Switzerland, serving top International brands
  • Exports contribute significantly to revenue, supported by long-standing OEM partnerships
  • Diversified business portfolio: Watch Components (Dials, Hands, Indexes and Bracelets), Ornamental Packaging (Ornapac), Precision Engineering (Eigen)
  • Focus on artisanal, high-value products – stone dials, enamel work, gold hands
  • Continuous investment in automation, design, and sustainability

Segment-wise Performance

| Business Segment | Key Market Focus | Growth Drivers / Opportunities | Estimated Growth / Potential |

| Dials & Hands | Swiss, Indian, and Japanese brands | Rising demand from Japanese brands; growth in handcrafted & enamel work | ~10–12% CAGR |

| Bracelets | Swiss mid-to-high-end segment | Growing Swiss demand; focus away from Indian market; cost-effective production | ~20–25% CAGR |

| Cases & Related Parts | Swiss mid-end market (China+1 opportunity) | Strong Swiss growth; localization and cost competitiveness | ₹50–75 Cr opportunity |

| EIGEN | US & European Markets | High Precision, complex parts for various segments | ~20-25% CAGR |

| Ornapac (Packaging) | Domestic (watches, jewelry) & Exports | High export potential with Swiss watch & global jewelry brands; sustainability trend | ₹80–100 Cr opportunity |

| Swiss Manufacturing | Swiss high-end & mid-end brands | High-value niche product | Premium niche growth potential |

Financial Highlights

Standalone Q1FY27 Performance (Rs. Cr):

  • Revenue: ₹153.9
  • Other Income: ₹0.5
  • Total Income: ₹154.4
  • Cost of Goods Sold: ₹40.4
  • Gross Profit: ₹114.0
  • Gross Profit Margin: 73.8%
  • Employee Expenses: ₹35.3
  • Other Expenses: ₹43.0
  • EBITDA: ₹35.7
  • EBITDA Margin: 23.2%
  • Depreciation: ₹6.1
  • EBIT: ₹29.6
  • EBIT Margin: 19.2%
  • Interest: ₹3.4
  • PBT (before exceptional items): ₹26.2
  • PBT Margin (before exceptional items): 17.0%
  • PBT (After exceptional items): ₹26.2
  • PBT Margin (after exceptional items): 17.0%
  • Tax: ₹6.7
  • PAT: ₹19.5
  • PAT Margin: 12.6%
  • EPS (Rs.): 15.9

YoY Comparison (Standalone):

  • Revenue growth: 39.8% (from ₹110.1 Cr in Q1FY26)
  • Gross Profit growth: 30.3%
  • EBITDA growth: 40.8%
  • EBIT growth: 53.4%
  • PBT growth: 66.0%
  • PAT growth: 63.9%

QoQ Comparison (Standalone):

  • Revenue growth: 4.4% (from ₹147.5 Cr in Q4FY26)
  • Gross Profit growth: 6.5%
  • EBITDA change: -1.8%
  • EBIT change: -2.1%
  • PBT change: -1.3%
  • PAT change: -1.5%

Consolidated Q1FY27 Performance (Rs. Cr):

  • Gross Profit: ₹281.0
  • Gross Profit Margin: 43.43%
  • Employee Expenses: ₹83.7
  • Other Expenses: ₹88.8
  • EBITDA: ₹108.4
  • EBITDA Margin: 16.76%
  • Depreciation: ₹34.8
  • EBIT: ₹73.6
  • EBIT Margin: 11.38%
  • Interest: ₹11.7
  • PBT: ₹62.0
  • PBT Margin: 9.58%
  • Tax: ₹17.2
  • PAT: ₹44.7
  • PAT Margin: 6.92%
  • EPS (Rs.): 25.0

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Standalone Balance Sheet (Mar'26, Rs. Crs):

  • Total Assets: ₹625.0
  • Non-current assets: ₹391.5
  • Property, plant and equipment: ₹148.7
  • Capital work-in-progress: ₹3.9
  • Right-of-use asset: ₹31.3
  • Investment Property: ₹1.6
  • Intangible assets: ₹0.8
  • Intangible assets under development: ₹0.2
  • Investments: ₹186.6
  • Loans Receivables: ₹2.1
  • Other Financial Assets: ₹3.3
  • Current assets: ₹233.5
  • Inventories: ₹77.2
  • Trade receivables: ₹103.3
  • Cash and cash equivalents: ₹13.8
  • Other bank balances: ₹1.1
  • Equity: ₹383.9
  • Equity share capital: ₹12.4
  • Other equity: ₹371.5
  • Non-current liabilities: ₹86.8
  • Borrowings: ₹62.0
  • Lease Liabilities: ₹22.8
  • Other financial liabilities: ₹2.0
  • Current liabilities: ₹154.3
  • Borrowings: ₹48.0
  • Lease Liabilities: ₹7.8
  • Trade payables: ₹41.9
  • Other financial liabilities: ₹26.8

Capex & Cash Flow Health

Not Specified

Strategic & R&D Initiatives

  • Focus on innovation and craftsmanship in artisanal, high-value products
  • Continuous investment in automation, design, and sustainability
  • Eigen: Certified leader in precision metal stamping and tool & die manufacturing (IATF 16949, ISO 9001, and AS 9100D certified)
  • Ornapac: Investments in automation, digital printing, and eco-friendly manufacturing
  • Strong synergies across divisions enabling integrated value creation

Industry Trends & Business Environment

  • Rising demand from Japanese brands for dials and hands
  • Growing Swiss demand for bracelets with focus away from Indian market
  • China+1 opportunity for cases and related parts in Swiss mid-end market
  • High export potential for packaging with Swiss watch & global jewelry brands
  • Sustainability trend driving packaging demand

Management Commentary & Growth Outlook

Segment Growth Outlook (5-7 Years):

  • Dials & Hands: ~10–12% CAGR
  • Bracelets: ~20–25% CAGR
  • Cases & Related Parts: ₹50–75 Cr opportunity
  • EIGEN: ~20-25% CAGR
  • Ornapac: ₹80–100 Cr opportunity
  • Swiss Manufacturing: Premium niche growth potential

Subsidiaries Structure

  • Ethos Limited (50.11% holding) - Distributes luxury lifestyle products and provides manpower services
  • Mahen Distribution Limited (100% WOS) - Retails premium and luxury watches
  • Pylania SA (100% WOS) - Trading and manufacturing watch components
  • Estima AG (100% WOS) - Specializes in watch hands and dials
  • Kamla Int. Holdings SA (100% WOS) - Functions as a special purpose vehicle and holding company
  • Silvercity Brands AG (93.08% directly and indirectly) - Business of premium luxury watches under brand 'Favre Leuba'
  • Artisan Watch Products Pvt. Ltd. (80% holding through KDDL Ltd.) - Manufacturing of Artisanal Dials