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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.
Credit Rating (CRISIL)
Crisil BBB+/Negative
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 18 Mar 2026
View Full ReportValuation
Financials (FY25)
Source: CRISILInvestment Thesis
Kores India Limited is a Mumbai-based diversified manufacturing conglomerate with an impressive heritage dating to 1936. The Kores brand remains one of India's oldest and most recognized stationery brands. While the core typewriter and traditional office consumables segment faces structural decline, the company's diversification into business automation, engineering, and pharmaceuticals provides revenue resilience. With a share price of INR 200 and an estimated modest market capitalization, the company offers a value-oriented investment angle for those who appreciate its brand legacy and diversified asset base, though limited financial transparency constrains precise valuation.
Pros
Cons
Business Segments
Stationery and Office Products
Manufacturing and sale of stationery and office consumables including typewriter and printer ribbons, carbon paper, correction fluids (Kores Fluid), copier toners and cartridges, adhesive tapes (Kores Tape), rubber bands, and related office products. Sold under the Kores brand through stationery wholesale and retail channels across India.
Business Automation
Supply and servicing of document management and business automation equipment including photocopiers, duplicating machines, fax machines, and related consumables. This segment addresses the office automation needs of corporate, government, and institutional clients.
Engineering and Foundry
Manufacturing of engineering components and foundry castings for industrial applications. The foundry segment produces metal castings used in various industrial sectors.
Pharmaceuticals
Manufacturing or distribution of pharmaceutical products under the company's diversification strategy. The pharma segment leverages existing distribution infrastructure and manufacturing capabilities.
Revenue Model
Kores India generates revenue through the sale of branded stationery and office consumables via distributor networks across India, business automation equipment sales and service contracts to institutional clients, engineering castings and components sold to industrial buyers, and pharmaceutical product revenues. The stationery segment generates high-volume, lower-margin revenue from consumer and institutional channels, while the business automation and engineering segments contribute higher per-unit margins from B2B sales and services.
Detailed Analysis
Growth Plans
Growing demand for managed print services and document workflow automation among Indian SMEs and government entities
Kores brand equity in stationery enabling entry into adjacent school and art supplies segments
Infrastructure sector growth driving demand for engineering and foundry castings
India's pharmaceutical market expansion providing growth opportunity for the pharma division
Recent Developments
The continued shift toward paperless offices and digital document management has structurally reduced demand for traditional stationery consumables like carbon paper and typewriter ribbons. Kores India's business automation segment is adapting by focusing on managed print services and digital document solutions.
2023-2024As offices reopened post-COVID, demand for stationery, office supplies, and printing consumables partially recovered. The return-to-office trend in Indian corporate sector provided near-term demand support for Kores' core products.
2022-2023Kores brand correction fluids and adhesive tapes continued to see demand from the school and office stationery segment, particularly in tier-2 and tier-3 Indian cities where physical stationery usage remains robust.
Comparable Companies
Group Structure (2 entities)
Wholly owned subsidiary
Associate company
Frequently Asked Questions
About Kores India Limited
Kores India Limited is one of India's oldest and most diversified stationery and office products companies, incorporated on 26 May 1936 under CIN U21198MH1936PLC002494 and headquartered at 301/302, Ashford Chambers, Lady Jamshedji Road, Mahim West, Mumbai 400016. With nearly 90 years of operations, Kores has evolved from a European stationery brand representative into a diversified Indian industrial conglomerate. The company originated as the Indian arm of the Kores group — a European manufacturer of carbon papers, typewriter ribbons, and office consumables — and became one of the best-known stationery brands in India during the mid-20th century. Today Kores India operates across five distinct business divisions: Stationery and Office Products (adhesives, glue sticks, pens, correction fluid), Engineering (industrial equipment and systems), Foundry (castings and metallurgical components), Business Automation (digital duplicators, postal franking machines, document solutions), and Pharmaceuticals (healthcare products). Financial performance has been strong: operating revenue exceeds Rs. 500 crore with 23.37% revenue growth and 63.96% profit growth in FY2023-24 — reflecting both organic expansion and margin improvement initiatives. The company employs 902 people across its Mumbai headquarters and multiple manufacturing facilities. Authorized share capital stands at Rs. 17.50 crore against paid-up capital of Rs. 12.84 crore. The Thirani family provides continuity of leadership: A.K. Thirani serves as Chairman and Managing Director, Vivek Bagri as Joint MD, R.K. Saboo as Executive Director, alongside family members Rekha Thirani, Nandini Thirani Mehta, and Neha Thirani Bagri. Independent directors include J.P. Gupta, Ashoke Banerjee, and Ajay Kumar Dhagat. BSE listing (506528) provides public market transparency. Kores India's longevity across nearly a century reflects its ability to continuously reinvent — from typewriter supplies to digital solutions, from a single-product importer to a multi-division manufacturer — making it an unusual example of sustained corporate transformation in India's business history.
Key Milestones
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Potential strategic partnerships or tie-ups with global office automation brands
Industry Tailwinds
Growing demand for managed print services and document workflow automation among Indian SMEs and government entities
Kores brand equity in stationery enabling entry into adjacent school and art supplies segments
Infrastructure sector growth driving demand for engineering and foundry castings
India's pharmaceutical market expansion providing growth opportunity for the pharma division
Potential strategic partnerships or tie-ups with global office automation brands
Industry Headwinds
Accelerating digitization permanently reducing demand for physical stationery consumables
Failure to achieve competitive scale in newer business segments against larger, better-capitalized competitors
Raw material cost inflation affecting manufacturing margins across multiple product categories
Inability to attract capital for business transformation due to unlisted status and limited investor visibility
Key Strengths
The company operates in four segments: conventional stationery, foundry, engineering and PCD. This mitigates the impact of slowdown or cyclicality in any segment on performance. For instance, while the PCD segment saw decline in net sales given the normalisation of demand post the Covid-1
Key Weaknesses
Susceptibility to economic cycle and regulatory changes Growth has been highly volatile due to challenges faced across business segments.
The foundry and engineering divisions are dependent on the auto and mining industries, respectively, and slowdown in these sectors could impact growth.
Apart from economic cyclicality, Kores remains vulnerable to changes in regulatory policies.
The performance of the pharma division has weakened due to products not gaining market share.
Exposure to intense competition in key segments and volatility in raw material prices Intense competition in key business segments keeps the operating margin modest at 6-8%.
Upward Factors
4.5 times on a sustained basis
Downward Factors
funded capex or acquisition leading to increase in gearing and weakening of debt protection metrics Stretch in working capital cycle leading to decline in liquidity
Net profit margin is thin at 2.6% (FY25) — limited buffer against revenue or cost shocks
Source: Financial data
CRISIL rating outlook is "Negative" — signals potential downgrade risk if conditions deteriorate
Source: CRISIL
Typewriter ribbons, carbon paper, and traditional office consumables face irreversible demand decline due to digitization. The company must successfully pivot its revenue mix toward growth products to sustain long-term revenues.
Source: Company Financial Filings
The stationery market faces intense competition from Classmate (ITC), Navneet Publications, Kokuyo Camlin, and low-cost Chinese imports. Business automation faces competition from Canon, Ricoh, Kyocera, and Xerox.
Source: AlphaHub Research
Operating across stationery, engineering, foundry, business automation, and pharmaceuticals creates management complexity and may lead to suboptimal capital allocation if no single segment achieves critical mass.
Source: AlphaHub Research
As an unlisted company, Kores India shares have very limited secondary market liquidity. Investors face significant difficulty exiting positions.
Source: Media Reports / Public Records
The pharmaceutical segment requires compliance with CDSCO regulations, WHO-GMP standards, and drug licensing requirements. Non-compliance could result in manufacturing or distribution license cancellations.
Source: Regulatory Filings
Susceptibility to economic cycle and regulatory changes Growth has been highly volatile due to challenges faced across business segments.
Source: Media Reports / Public Records
The foundry and engineering divisions are dependent on the auto and mining industries, respectively, and slowdown in these sectors could impact growth.
Source: AlphaHub Research
Apart from economic cyclicality, Kores remains vulnerable to changes in regulatory policies.
Source: Regulatory Filings
The performance of the pharma division has weakened due to products not gaining market share.
Source: Media Reports / Public Records
Exposure to intense competition in key segments and volatility in raw material prices Intense competition in key business segments keeps the operating margin modest at 6-8%.
Source: Company Financial Filings
Typewriter ribbons, carbon paper, and traditional office consumables face irreversible demand decline due to digitization. The company must successfully pivot its revenue mix toward growth products to sustain long-term revenues.
The stationery market faces intense competition from Classmate (ITC), Navneet Publications, Kokuyo Camlin, and low-cost Chinese imports. Business automation faces competition from Canon, Ricoh, Kyocera, and Xerox.
Operating across stationery, engineering, foundry, business automation, and pharmaceuticals creates management complexity and may lead to suboptimal capital allocation if no single segment achieves critical mass.
As an unlisted company, Kores India shares have very limited secondary market liquidity. Investors face significant difficulty exiting positions.
The pharmaceutical segment requires compliance with CDSCO regulations, WHO-GMP standards, and drug licensing requirements. Non-compliance could result in manufacturing or distribution license cancellations.
KOKUYOCMLN · ~INR 1,500 Cr
NAVNETEDUL · ~INR 3,500 Cr
ITC · ~INR 5,50,000 Cr
3MINDIA · ~INR 30,000 Cr
1936: Kores India Limited incorporated in Mumbai — one of India's earliest stationery and office products manufacturers
1940s–1950s: Established the Kores brand in Indian stationery market; key products included typewriter ribbons and carbon paper for the growing Indian bureaucracy and business sector
1960s–1970s: Expanded product portfolio to include correction fluids, adhesive tapes, and duplicating materials; established pan-India distribution network
1980s: Diversified into engineering and foundry segments; began business automation division as office automation equipment emerged
1990s: Post-liberalization, expanded business automation division with copier and document management equipment; navigated competition from international stationery brands entering India
2000s: Adapted product portfolio as typewriter use declined; shifted focus toward copier consumables, toners, and business automation services
2010s–present: Continued as a diversified unlisted entity; maintained stationery brand presence while growing automation and pharma segments
Kothari family (Mumbai-based founding promoter group)
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