KELTECH ENERGIES LTD. (KELENRG) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of KELTECH ENERGIES LTD. ₹4,578, price ₹13,873, upside -67.0%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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KELTECH ENERGIES LTD.
KELENRG · BSEWeakest SetupStrongly overvalued and low quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹528.76 – ₹14,740 · fair‑value band ₹3,434 – ₹5,723 · the ₹13,873 price screens above the ₹4,578 fair value. Dashed = 300-day average. As of Oct 2, 2026.
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Company profile
Keltech Energies Limited manufactures and sells cartridge explosives, bulk emulsion explosives, mono methyl amine nitrate (MMAN) solutions, expanded perlite products, perlite filter aids, and accessories for explosives in India and internationally. It operates in two segments, Explosives and Perlite.
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Keltech Energies Limited manufactures and sells cartridge explosives, bulk emulsion explosives, mono methyl amine nitrate (MMAN) solutions, expanded perlite products, perlite filter aids, and accessories for explosives in India and internationally. It operates in two segments, Explosives and Perlite. The company offers bulk emulsion explosives that are used for blasting hard rock formations in open cast workings for iron ore and coal mines; surface blasting in various types of strata conditions; and blasting in U/G tunneling operations in metal mines and infrastructure projects. It also provides packaged emulsion explosives and packaged water gel explosives; MMAN, a chemical sensitizer to manufacture water gel slurry explosives; cast boosters, which are used for the initiation of a detonating fuse and a detonator; detonating fuses used for fail proof and reliable propagation of detonation wave; and penta erythritol tetra nitrate, a component used in the manufacture of cast boosters, detonating fuses, and detonators. In addition, the company offers cryogenic insulations; live perlite toppings; perlite concrete blocks; and industrial, perlite, and diatomite filter aids. Further, it provides horticulture products and other perlite products. Additionally, the company offers technical services to the mining and quarrying, construction, oil and gas, and dredging sectors. Keltech Energies Limited was formerly known as Karnataka Explosive Ltd. The company was incorporated in 1977 and is based in Bengaluru, India.
Stock analysis
KELTECH ENERGIES LTD. (KELENRG) currently trades at ₹13,873, while our model-based Fair Value estimate is ₹4,578, 67.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹4,933 per share, and 0 of the 16 models we run sit above the ₹13,873 price.
Bear case: the Asset-Based group reads lowest at ₹1,025, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹3,434 (bear) to ₹5,723 (bull), the price of ₹13,873 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
KELTECH ENERGIES LTD. reported revenue of ₹5.3B in FY2026 versus ₹3.5B in FY2022, a compound +10.9%/yr. Reported net income was ₹287M in FY2026, compounding +44.2%/yr from FY2022.
Key figures
Market cap ₹13.9B (≈ $144M) · P/E ratio 48.6 · P/S ratio 2.62 · EPS (TTM) ₹285.52 · Dividend yield 0.0% · Net margin 5.4% · Return on equity 20.7% · Return on assets (EBIT) 9.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 362% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at −67%, KELENRG screens richer than that median.
Fair Value models
All 16 models by family
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Set up alert →Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 90
Revenue & earnings trend
KELENRG screens overvalued: fair value 67% below the price. Compare with Linde plc →
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Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 705 stocks
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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| Nan Ya Plastics Corporation 1303 | 238.00 TWD | 234.23 TWD | −2% |
| Givaudan SA GIVN | CHF 3,360 | CHF 1,527 | −55% |
| Wanhua Chemical Group 600309 | ¥69.45 | ¥68.03 | −2% |
| DSM-Firmenich AG DSFIR | CHF 92.30 | CHF 29.70 | −68% |
| Asian Paints Limited ASIANPAINT | ₹2,444 | ₹1,479 | −39% |
| PPG Industries, Inc PPG | $104.67 | $76.98 | −26% |
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