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Kisan Mouldings Ltd (530145)

📊 BSE: 530145 🏢 Plastic Products - Industrial 📢 Latest filing: 27 Jul 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kisan Mouldings' revenue was ₹65.2 Cr (+6.1% year on year, -19.0% on the previous quarter), and net profit ₹-6.7 Cr (against a profit a year earlier); the operating margin was -7.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹65.2	+6.1%	-19.0%
Operating profit	₹-4.8	to loss	loss widened
Net profit	₹-6.7	to loss	loss widened
EPS (₹)	-0.56	to loss	loss widened
Operating margin	-7.3%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Kisan Mouldings Reports Rs 6.69 Cr Net Loss in Q1 FY27; Revenue Up 6% YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 04:45 PM

Kisan Mouldings Limited reported a consolidated net loss of Rs 6.69 Cr for the quarter ended June 30, 2026, a significant decline from a marginal profit of Rs 0.08 Cr in the same quarter last year. Revenue from operations grew 6.1% YoY to Rs 65.23 Cr, though it fell 19% sequentially from Rs 80.56 Cr in Q4 FY26. The company remains under operational stress with total expenses of Rs 71.94 Cr exceeding total income. Investors should note the pending Scheme of Arrangement with parent company Apollo Pipes Limited, which was board-approved on June 26, 2026.

Net loss widened to Rs 6.69 Cr in Q1 FY27 compared to a profit of Rs 0.08 Cr in Q1 FY26.
Revenue from operations stood at Rs 65.23 Cr, contributing approximately 26% of the TTM revenue of Rs 250 Cr.
Total expenses rose to Rs 71.94 Cr, primarily driven by cost of materials consumed at Rs 43.59 Cr.
Finance costs remained relatively flat at Rs 0.69 Cr compared to Rs 0.68 Cr in the year-ago period.
The Board approved a Scheme of Arrangement with Apollo Pipes Limited and KML Tradelinks on June 26, 2026, which is now awaiting regulatory approvals.

💡 Monitor the progress of the Scheme of Arrangement with Apollo Pipes and the subsequent impact on operational margins and capacity utilization. Investors should watch if the distribution network of Apollo Pipes can reverse the current trend of sequential revenue decline and operational losses.

Kisan Mouldings Q1 Net Loss Widens to Rs 6.69 Cr; Revenue Up 6% YoY to Rs 65.23 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 27 Jul 2026, 04:39 PM

Kisan Mouldings reported a consolidated net loss of Rs 6.69 Cr for the quarter ended June 30, 2026, a sharp decline from a marginal profit of Rs 0.08 Cr in the same period last year. While revenue from operations grew 6% YoY to Rs 65.23 Cr, it was entirely offset by a 16.7% surge in total expenses, which reached Rs 71.94 Cr. The company is currently in a transition phase following its acquisition by Apollo Pipes, with a formal Scheme of Arrangement approved in June 2026. Operational performance remains under significant pressure with negative margins as the company integrates with the parent's distribution network.

Consolidated net loss of Rs 6.69 Cr in Q1 FY27 compared to a profit of Rs 0.08 Cr in Q1 FY26
Revenue from operations increased 6% YoY to Rs 65.23 Cr from Rs 61.49 Cr
Purchase of stock-in-trade surged to Rs 12.40 Cr from Rs 3.60 Cr in the previous year's quarter
Total expenses of Rs 71.94 Cr exceeded the total income of Rs 65.25 Cr for the quarter
Board approved a Scheme of Arrangement with Apollo Pipes Limited (Holding Company) on June 26, 2026

💡 Monitor the progress of the Scheme of Arrangement with Apollo Pipes and look for signs of margin improvement in subsequent quarters as the company integrates its SKU expansion strategy.

July 27 Board Meeting to consider Q1 FY27 results for Kisan Mouldings

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 22 Jul 2026, 11:02 AM

Kisan Mouldings has scheduled a board meeting for July 27, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. This follows a period of financial stress where the company reported a net loss of Rs 3.31 crore in the March 2026 quarter despite revenue of Rs 80.56 crore. Investors are closely watching for signs of a turnaround following the strategic infusion of Rs 118 crore by Apollo Pipes Limited. The trading window for insiders remains closed until July 30, 2026.

Board meeting scheduled for July 27, 2026, to review Q1 FY27 performance.
Trading window remains closed from July 01, 2026, to July 30, 2026.
Company reported a TTM net loss of Rs 7 crore and negative OPM of -0.8%.
Apollo Pipes recently infused Rs 118 crore to settle Rs 250 crore of debt.

💡 Monitor the July 27 results specifically for improvements in operating margins and capacity utilization, which has historically been at low levels.

5-Year Term: Kisan Mouldings Appoints Kuldeep Dahiya & Associates as Secretarial Auditor

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 07:25 PM

Kisan Mouldings Ltd has appointed M/s. Kuldeep Dahiya & Associates as the company's Secretarial Auditor for a five-year term. This appointment was approved by shareholders at the 37th Annual General Meeting held on July 17, 2026. The auditor's tenure will continue until the conclusion of the 42nd AGM in 2031. This is a routine regulatory appointment to ensure compliance with corporate laws and SEBI regulations.

Appointment of M/s. Kuldeep Dahiya & Associates for a 5-year consecutive term
Approval granted by members at the 37th Annual General Meeting on July 17, 2026
The tenure is set to conclude at the 42nd AGM to be held in 2031
The firm is appointed to oversee secretarial compliances and SEBI regulations

💡 No action is required as this is a routine administrative filing. Investors may review the Secretarial Audit Report in future Annual Reports for any compliance-related observations.

Kisan Mouldings Appoints AKGVG & Associates as Statutory Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Jul 2026, 07:23 PM

Kisan Mouldings Ltd has appointed M/s. AKGVG & Associates as its Statutory Auditors during the 37th Annual General Meeting held on July 17, 2026. The appointment is for a five-year term, concluding at the 42nd AGM in 2031. The new auditing firm comprises over 250 professionals and operates through nine offices globally. This is a standard regulatory requirement to ensure continuity in financial oversight and compliance.

Appointment for a fixed term of 5 consecutive years starting July 17, 2026
Auditor firm AKGVG & Associates employs over 250 professionals
The firm maintains a presence across 3+ countries through 9 offices
The mandate extends until the conclusion of the 42nd AGM in 2031

💡 Investors should monitor the upcoming quarterly financial results for any changes in reporting quality or accounting disclosures under the new audit firm.

3-Year Term: Kisan Mouldings Appoints Arun Agarwal as Managing Director

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 17 Jul 2026, 07:20 PM

Kisan Mouldings has received shareholder approval at its 37th AGM to appoint Mr. Arun Agarwal as Managing Director for a three-year term, effective June 01, 2026. Mr. Agarwal, a Chartered Accountant with over 25 years of experience, previously served as a Non-Executive Director on the company's board since March 2024. He notably continues to serve as the Joint Managing Director of Apollo Pipes Limited, bringing significant industry-specific leadership experience to this executive role. This transition from a non-executive to an executive position suggests a move toward more active professional management.

Appointment as Managing Director for a fixed term of 3 years starting June 01, 2026
Mr. Arun Agarwal brings over 25 years of experience in business operations and strategic decision-making
He has been associated with the company board since March 26, 2024
The appointee concurrently serves as Joint Managing Director at Apollo Pipes Limited

💡 Monitor the company's operational efficiency and growth trajectory over the next few quarters to see if the new MD's experience at Apollo Pipes translates into improved performance for Kisan Mouldings.

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💰 Financial Performance

Revenue Growth by Segment

Overall standalone revenue grew 2% YoY to INR 274 Cr in FY25. The moulded furniture segment industry is growing at 10% annually, while the company's consolidated volume grew 23% YoY in 9MFY25 due to the integration with Apollo Pipes.

Geographic Revenue Split

Not disclosed in available documents, though the company focuses on agri-concentrated regions including Maharashtra, Uttar Pradesh, Rajasthan, and Tamil Nadu.

Profitability Margins

EBITDA margin was 3.9% in FY25. The company achieved a PBILDT per tonne of INR 5,456 in 9MFY25, marking a significant recovery from consistent losses at the PBILDT level over the previous five years.

EBITDA Margin

EBITDA margin was 3.9% in FY25. 9MFY25 PBILDT reached INR 8.17 Cr compared to a loss of INR 23.82 Cr in FY24, driven by better fixed cost absorption and supply chain improvements.

Capital Expenditure

The company plans routine capital expenditure of approximately INR 10 Cr per annum over the medium term, funded through internal accruals.

Credit Rating & Borrowing

CARE assigned a rating of 'CARE A; Stable' in April 2025. CRISIL reaffirmed 'CRISIL A-/Positive' in October 2025 before withdrawing it at the company's request. Interest coverage ratio was 6.87x in 9MFY25.

⚙️ Operational Drivers

Raw Materials

PVC resin, CPVC, and Polyethylene resins are the primary raw materials, which are highly sensitive to global crude oil prices.

Capacity Expansion

Current polymer processing capacity is 90,000 MTPA. Strategic focus is on improving capacity utilization from historical lows through Apollo Pipes' working capital support.

Raw Material Costs

Raw material costs are a major component of revenue; PVC resin prices experienced a sharp 17% correction in Q2FY25, leading to significant channel destocking and impacting short-term volumes.

Manufacturing Efficiency

The company is implementing automation at its Tarapur (PVC) and Roto Moulded Tank plants to improve productivity and reduce labor dependency.

Logistics & Distribution

The company is strengthening its distribution network by strategically locating warehouses and manufacturing facilities to control costs and maintain competitive advantage.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved by leveraging Apollo Pipes' (APL) extensive distribution network and brand, focusing on high-margin fittings and solvents (SKU expansion), and automating manufacturing processes to improve operational leverage and fixed cost absorption.

Products & Services

CPVC pipes, UPVC pipes, HDPE pipes, SWR pipes, fittings, solvents, irrigation systems, and moulded furniture.

Brand Portfolio

KISAN, KML CLASSIC.

New Products/Services

Increased number of SKUs in the fittings segment and a wider variety of solvents are expected to improve the overall margin profile.

Market Expansion

Targeting market share gains in agri-concentrated areas including Maharashtra, Uttar Pradesh, Rajasthan, and Tamil Nadu.

Strategic Alliances

Acquisition of a 58.66% majority stake by Apollo Pipes Limited (APL) in FY24 provided critical financial and operational backing.

🌍 External Factors

Industry Trends

The Indian plastic pipe industry is growing as metal pipes are replaced by cost-effective plastic alternatives. The moulded furniture industry is growing at 10% annually, driven by rising disposable incomes.

Competitive Landscape

Highly competitive industry with both organized and unorganized players; organized players have an advantage in risk management and raw material procurement.

Competitive Moat

Moat is built on the 'KISAN' brand recall, celebrity endorsement (Amitabh Bachchan), and strong strategic/operational linkages with parent Apollo Pipes Limited, which provides superior distribution and working capital support.

Macro Economic Sensitivity

Highly sensitive to GDP growth and government thrust on capital expenditure, particularly in water infrastructure and irrigation projects.

Consumer Behavior

Increasing lifestyle changes and disposable income are driving demand for value-added products in the plumbing and furniture segments.

Geopolitical Risks

Exposure to international trade front risks including tariff and other related trade barriers.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Legal Metrology Act, 2009 and the Legal Metrology (Packaged Commodities) Rules, 2011 is mandatory for product packaging and standards.