KDDL Limited is a prominent Indian engineering company, incorporated in 1981 and headquartered in Chandigarh, India. The company, alongside its subsidiaries, is engaged in the manufacturing and sale of watch dials and hands, and precision engineering components, both domestically and internationally. KDDL manufactures watch components such as dials, hands, and precision engineering goods under the brand name, Eigen.
The company operates through three main segments: Precision and Watch Components; Watch, Accessories and Other Luxury Items and Related Services; and Other segments. KDDL operates and manages retail stores for luxury and pre-owned watches, trades in watches and accessories, and manufactures and distributes packaging boxes, dials, watch hands, indexes, appliques, precision stamped components, and progressive tools.
KDDL's Precision and Watch Components segment is dedicated to the manufacturing and distribution of dials, watch hands, and precision components. The company has operations in India, Switzerland, and Hong Kong, manufacturing and trading watches and components. Their product range includes a variety of watch dials and hands with intricate designs.
KDDL serves various industries including electrical and electronics, automobiles, consumer durables, industrial, aerospace and defence, and alternate and renewable energy applications. They also provide precision stamping parts and tools for sectors like electrical, electronics, and automobile manufacturing.
Through its subsidiary, Ethos, KDDL is a leading player in the luxury watch segment in India. Ethos owns the largest retail chain of luxury watches across India.
KDDL Limited currently holds a market capitalization of ₹3,445 Crores. A major competitor for KDDL is the Timex Group India. KDDL appears to be in a financially stable position relative to its competitors.
KDDL reached its all-time high on September 13, 2024, with a stock price of ₹3,815.25 INR. Its all-time low was recorded at ₹100.95 INR on May 27, 2020. Over the past year, KDDL has demonstrated a growth of 13.29%.
KDDL's revenue saw a significant increase of 20.71% compared to the same period last year, reaching ₹431.06 crores in Q4 FY25. However, the company's net profit experienced a decline of 20.57% year-on-year, standing at ₹20.31 crores in Q4 FY25. The operating profit margin (OPM) narrowed to 15.35% in Q4 FY25 from 17.44% in Q4 FY24, indicating potential cost pressures or a decrease in operating efficiency.
For the full fiscal year, KDDL's net profit decreased by 7.85% to ₹94.62 crores, compared to ₹102.68 crores in FY24. Conversely, full-year revenue grew by 18.46% to ₹1,647.88 crores, demonstrating sustained top-line momentum despite the contraction in profit.
- Revenue (Q4 FY25): ₹431.06 crores
- Net Profit (Q4 FY25): ₹20.31 crores
- Revenue (FY25): ₹1,647.88 crores
- Net Profit (FY25): ₹94.62 crores
- Net Profit Margin (Q4 FY25): 4.71%
The stock is trading at a P/E ratio of 36.4, with a book value of ₹730 and a dividend yield of 2.22%. The company maintains a ROCE of 13.6% and an ROE of 11.5%. KDDL's dividend yield was 2.52% in 2023, and its payout ratio reached 75.70%.
Strategic initiatives, including a focus on mid- to high-value products and expansion into emerging markets, are anticipated to drive a revenue growth outlook of 15% to 20% for FY26. Furthermore, the luxury packaging segment is poised for strong growth, reflecting a trend of increased local sourcing by international brands.
The company appointed Mr. Anurag Maheshwari as an Independent Director, effective May 30, 2025, subject to shareholder approval. KDDL has committed to subscribing to 80% of the shareholding in Artisan Watch Products, with promoter Yashovardhan Saboo agreeing to subscribe to the remaining 20% equity in Artisan Watch Products.
As of April 22, 2025, KDDL has 1,280 employees. The company's EBITDA stands at ₹2.56 billion INR, with a current EBITDA margin of 18.22%. KDDL exports its products internationally.
Despite challenges within the global watch industry, KDDL has exhibited resilience with a 13% growth in its domestic markets and a remarkable 55% increase in its precision engineering segment. The company is navigating a challenging macroeconomic landscape characterized by reduced consumer spending and geopolitical tensions affecting the Swiss watch industry.
