The stock price performance of Kerala-based companies reflected mixed trends, with several noteworthy performers. During the year, the Nifty rose from 21,731.4 to 23,644.8, gaining 1,913.4 points or 8.8%, while the BSE Sensex increased by 5,898.75 points or 8.17%, from 72,240.26 to 78,139.01.
Among the 47 Kerala-based companies analyzed, 28 were listed on both BSE and NSE, while the remaining 19 were exclusively on BSE. The public sector was represented by two companies: FACT and Cochin Shipyard Ltd (CSL).
Out of these 47 companies, 31 delivered positive returns, while 16 reported losses. Top performers included Kitex Garments Ltd (+197.1%), Popees Care Ltd (+150.1%), Cochin Shipyard Ltd (+127.2%), and Kalyan Jewellers India Ltd (+115%), which all delivered returns exceeding 100%. Six other companies achieved gains of 50%-100%, while 21 recorded growth ranging from 0% to 50%.
On the downside Inditrade Capital Ltd (-63.6%), Popular Vehicles & Services Ltd (-47.1%) and ESAF Small Finance Bank Ltd (-39.1%) were among the top losers, with 13 others showing declines of 0%-31%.
As India's largest public-sector shipyard, CSL reported strong performance, driven by a robust order backlog of ₹22,000 crore, equivalent to 5x its projected FY25 sales, ensuring strong visibility for the next few years. The company also maintained a healthy order pipeline of ₹7,820 crore. With the completion of capacity expansions at its dry dock and international ship repair facilities, CSL is now equipped to construct and repair larger vessels.
Additionally, the company is pursuing opportunities in green energy platforms and hybrid ships, a key focus area. CSL underwent a stock split in January 2024, reducing its face value from ₹10 to ₹5, and experienced significant price volatility, trading between a low of ₹677 and a high of ₹2,979 before settling at ₹1,547.50. Strong operational resilience, improved margins, and controlled debt contributed to its exceptional returns this year.
The sole Kerala-based listed company in the jewelry sector, Kalyan Jewellers benefited from the government's reduction in customs duty on gold, boosting demand in the industry. Promoters increased their stake from 60.6% to 63%, signaling confidence in the company's long-term potential.
Kalyan Jewellers focused on expanding both domestically and internationally while strengthening its digital-first jewelry platform, Candere, which is set to become a wholly owned subsidiary. These efforts, coupled with a growing organized retail jewelry market, drove the company's strong performance.
KGL, the third-largest global player in infant wear and a dominant market leader in India, demonstrated remarkable growth. The company’s recent investment in expanded capacities in Telangana has enhanced its ability to scale operations and capture emerging opportunities. Strong client relationships with brands like Toys “R” Us, Gerber, and Jockey, alongside management’s commitment to achieving 20% annual growth, contributed to the stock’s outstanding returns.
Additionally, the political unrest in Bangladesh, a key competitor in the garment industry, has also boosted demand for Indian garment manufacturers, further contributing to KGL’s financial growth and positive market sentiment.