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KDDL Q3FY26 Consolidated Income Rises 27% to ₹615 Cr; PAT Impacted by Labor Code Costs
KDDL reported a strong 27.3% YoY growth in consolidated total income for Q3FY26, reaching ₹615.2 Cr, driven by its diverse portfolio in watch components and retail. However, consolidated PAT after minority interest declined by 19.6% YoY to ₹24.7 Cr, primarily due to higher operating expenses and a ₹2.45 Cr statutory impact from new Labor Codes. On a standalone basis, the company saw a significant PAT jump of 88.5% to ₹30.4 Cr, though this was bolstered by an ₹18 Cr dividend from a subsidiary. The precision engineering (Eigen) and luxury packaging (Ornapac) segments continue to provide diversified industrial exposure beyond the core watch business.
Key Highlights
Consolidated Total Income grew 27.3% YoY to ₹615.2 Cr in Q3FY26.
Consolidated EBITDA increased by 13.7% to ₹101.4 Cr, though margins contracted to 16.5% from 18.4% YoY.
Standalone PAT surged 88.5% to ₹30.4 Cr, aided by an ₹18 Cr dividend income from subsidiary Mahen Distribution Ltd.
9MFY26 consolidated revenue reached ₹1,578.4 Cr, representing a 28.5% growth over the previous year.
The company noted a ₹2.45 Cr one-time statutory impact related to Labor Codes affecting consolidated PBT.
💼 Action for Investors
Investors should monitor the margin compression in the consolidated business despite strong revenue growth. The long-term value remains tied to the scaling of the Favre-Leuba brand and the continued growth of the Ethos retail subsidiary.
KDDL Q3 FY26 Results: Board Approves Financials; Auditor Flags Over-Indebtedness in Swiss Unit
KDDL Limited's Board approved the Q3 FY26 financial results on February 11, 2026. While the consolidated results include major entities like Ethos Limited, the auditors highlighted an 'Emphasis of Matter' regarding the Swiss subsidiary, Estima AG, which is currently over-indebted under Swiss law. Two subsidiaries reported a combined quarterly revenue of ₹915 lakhs but incurred a net loss of ₹304 lakhs. Additionally, nine other subsidiaries collectively posted a net loss of ₹151 lakhs for the quarter ended December 2025.
Key Highlights
Board approved standalone and consolidated unaudited results for the quarter and nine months ended December 31, 2025.
Auditors flagged Swiss subsidiary Estima AG as over-indebted, with creditors subordinating claims worth CHF 11.67 million.
Two specific subsidiaries reported a combined net loss of ₹304 lakhs on revenues of ₹915 lakhs for Q3 FY26.
Nine unreviewed subsidiaries collectively recorded a net loss of ₹151 lakhs on revenues of ₹2,322 lakhs for the quarter.
A new subordinated loan of CHF 300,000 is being created for Estima AG in February 2026 to manage its financial position.
💼 Action for Investors
Investors should focus on the performance of the core manufacturing business and the listed subsidiary Ethos Ltd, while monitoring the financial stability and potential impairment risks of the Swiss subsidiary Estima AG.
KDDL Q3 FY26 Results: Auditor Flags Over-indebtedness at Swiss Subsidiary Estima AG
KDDL Limited has reported its Q3 FY26 financial results, where the auditor's report highlights significant financial distress at its Swiss subsidiary, Estima AG. The subsidiary is currently over-indebted according to Swiss law, requiring creditors to subordinate claims of CHF 11.67 million to avoid formal insolvency proceedings. While the company continues to operate through 13 subsidiaries including the high-growth Ethos Limited, the financial health of its international manufacturing arms remains a point of concern. Additional capital support in the form of a CHF 300,000 loan is scheduled for February 2026 to stabilize the Swiss unit.
Key Highlights
Board approved Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended 31st December 2025.
Auditor's 'Emphasis of Matter' reveals Swiss subsidiary Estima AG is over-indebted as per Article 725 of the Swiss Code of Obligations.
Creditors of Estima AG have subordinated claims amounting to CHF 11,673,000 to prevent legal notification of insolvency to the court.
A new subordinated loan of CHF 300,000 is being created by Kamla International Holdings SA (KIHL) as of February 2026 to support Estima AG.
Consolidated results incorporate 13 subsidiaries, including Ethos Limited, Favre Leuba GmBH, and newly added Artisan Watch Products.
💼 Action for Investors
Investors should closely monitor the consolidated financial statements for potential impairment charges related to Swiss operations. While Ethos remains the primary value driver, the recurring need for subordinated loans in manufacturing subsidiaries like Estima AG could drag down overall profitability.
KDDL Q3 FY26 Results: Board Approves Financials; Auditor Flags Subsidiary Over-indebtedness
KDDL Limited's board has approved the unaudited standalone and consolidated results for Q3 and 9M FY26. The auditor's report includes an 'Emphasis of Matter' regarding Swiss subsidiary Estima AG, which is currently over-indebted with subordinated claims of CHF 11.67 million. To maintain operations and legal compliance, a new subordinated loan of CHF 300,000 is being issued to Estima AG in February 2026. Additionally, several smaller subsidiaries reported combined losses, including a ₹304 lakh loss from two reviewed units and a ₹151 lakh loss from nine unreviewed units during the quarter.
Key Highlights
Auditor flagged Swiss subsidiary Estima AG as over-indebted with CHF 11.67 million in subordinated claims.
Two reviewed subsidiaries reported a combined net loss of ₹304 lakhs on revenues of ₹915 lakhs for Q3 FY26.
Nine unreviewed subsidiaries contributed a net loss of ₹151 lakhs on revenues of ₹2,322 lakhs in the quarter.
Company to inject additional capital via CHF 300,000 subordinated loan to Estima AG in February 2026.
Joint venture Pasadena Ret contributed a marginal net profit share of ₹4 lakhs for the quarter.
💼 Action for Investors
Investors should monitor the financial health of the Swiss manufacturing operations (Estima AG) as its over-indebtedness remains a concern. Focus should remain on the performance of the core retail subsidiary, Ethos, to see if it can offset these international subsidiary losses.
KDDL Shareholders Approve Re-appointment of CMD Yashovardhan Saboo and New Director
KDDL Limited has announced the successful passage of two key management resolutions via postal ballot. Shareholders have approved the re-appointment of Mr. Yashovardhan Saboo as Chairman and Managing Director, ensuring leadership continuity for the company. Additionally, the appointment of Mr. Hanspeter Pieth as a Non-Executive Director was confirmed. Both resolutions were passed with the requisite majority, as detailed in the Scrutinizer's Report dated February 2, 2026.
Key Highlights
Re-appointment of Mr. Yashovardhan Saboo as Chairman and Managing Director approved via Special Resolution.
Appointment of Mr. Hanspeter Pieth as a Non-Executive Director approved via Ordinary Resolution.
The resolutions were passed following a postal ballot process initiated on December 31, 2025.
The outcome ensures management stability and continuity in the company's strategic leadership.
💼 Action for Investors
The re-appointment of the CMD provides leadership stability, which is a positive signal for long-term strategy execution. Investors should maintain their current positions while monitoring future corporate governance developments.
KDDL Shareholders Approve Re-appointment of Yashovardhan Saboo as CMD
KDDL Limited has announced the results of its postal ballot, where shareholders approved two key management resolutions with the requisite majority. The primary resolution involved the re-appointment of Mr. Yashovardhan Saboo as Chairman and Managing Director, including the approval of his remuneration package. Additionally, Mr. Hanspeter Pieth was appointed as a Non-Executive Director of the company. These approvals ensure leadership continuity and stability for the firm's strategic operations.
Key Highlights
Shareholders approved the re-appointment of Yashovardhan Saboo as Chairman and Managing Director via a Special Resolution.
Mr. Hanspeter Pieth was appointed as a Non-Executive Director through an Ordinary Resolution.
The voting results were finalized following the Scrutinizer's report dated February 2, 2026.
The resolutions were originally proposed in the Postal Ballot notice dated December 31, 2025.
💼 Action for Investors
Investors should take this as a positive sign of leadership continuity and governance stability. No immediate portfolio changes are required based on this routine management approval.
KDDL Seeks Approval for CMD Re-appointment and New Director Appointment
KDDL Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Yashovardhan Saboo as Chairman and Managing Director for a three-year term starting April 1, 2026. The company is also proposing the appointment of Mr. Hanspeter Pieth as a Non-Executive Director effective February 1, 2026, who will also hold an office of profit in the subsidiary Pylania AG. The remote e-voting process is scheduled to take place between January 1, 2026, and January 30, 2026. These resolutions aim to ensure leadership continuity and strengthen the board's composition.
Key Highlights
Proposed re-appointment of Mr. Yashovardhan Saboo as CMD for a 3-year term ending March 31, 2029
Appointment of Mr. Hanspeter Pieth as Non-Executive Non-Independent Director effective February 1, 2026
Mr. Pieth to hold an office of profit at subsidiary company Pylania AG
Remote e-voting period set from January 1, 2026, to January 30, 2026
Cut-off date for shareholder eligibility was December 26, 2025
💼 Action for Investors
Investors should monitor the voting results to ensure leadership stability and review the remuneration details for the CMD in the explanatory statement. This is a routine governance procedure and does not signal a change in business strategy.
KDDL Re-appoints Yashovardhan Saboo as CMD for 3 Years; Appoints Hanspeter Pieth as Director
KDDL Limited has approved the re-appointment of its founder, Mr. Yashovardhan Saboo, as Chairman and Managing Director for a three-year term starting April 1, 2026. Additionally, the board recommended the appointment of Mr. Hanspeter Pieth as a Non-Executive Non-Independent Director effective February 1, 2026. Mr. Pieth brings over 30 years of global experience in the luxury watch and jewelry sectors, having held senior leadership roles in Asia and Europe. These appointments are intended to ensure leadership continuity and strengthen the board's expertise in the luxury retail market.
Key Highlights
Mr. Yashovardhan Saboo re-appointed as CMD for a 3-year tenure from April 1, 2026, to March 31, 2029.
Mr. Hanspeter Pieth recommended as Non-Executive Non-Independent Director effective February 1, 2026.
Mr. Pieth has 30+ years of experience in luxury retail, including roles as MD and CEO in the watch sector.
Mr. Saboo has led the company since its founding in 1983 and was instrumental in setting up Ethos Limited.
Both appointments are subject to the upcoming approval of the company's shareholders.
💼 Action for Investors
The re-appointment of the founder ensures management stability, while the addition of a global luxury expert aligns with KDDL's growth strategy in premium retail. Investors should view this as a positive step for long-term strategic execution.