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Kaushalya Infrastructure Development Corporation Limited (KAUSHALYA)

₹827.90 +0.57% last close, 16 Oct

📊 NSE: KAUSHALYA 🏢 Hotels 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kaushalya Infrastructure's revenue was ₹0.0 Cr (-37.0% year on year, -82.0% on the previous quarter), and net profit ₹-0.5 Cr (against a profit a year earlier); the operating margin was -2204.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹0.0	-37.0%	-82.0%
Operating profit	₹-0.3	loss narrowed	loss narrowed
Net profit	₹-0.5	to loss	loss widened
EPS (₹)	-13.04	to loss	loss widened
Operating margin	-2204.8%	—	—

Full quarterly financials → Results calendar →

KAUSHALYA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 65.79% of the KAUSHALYA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.74%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It traded 2.4 times its average daily volume.

65.79%Delivery, 16 Oct

69.74%Own 20-session average

2.4×Volume vs its average

₹827.90NSE close · +0.57%

Delivery in the last 5 sessions: 100.0% · 65.5% · 56.8% · 56.7% · 65.8%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Kaushalya Infrastructure Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 02:44 PM

Kaushalya Infrastructure Development Corporation Limited has submitted its quarterly certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, cancellation, and mutilation of dematerialised share certificates within prescribed timelines. This is a recurring administrative filing and carries no operational or financial implications for the business.

Compliance submission under Regulation 74(5) for the quarter ended September 30, 2026
Certificate received from RTA MUFG Intime India Private Limited dated October 03, 2026
Formal filing submitted to BSE and NSE on October 13, 2026

💡 No investor action required; track upcoming quarterly financial results for operational updates.

Kaushalya Receives Income Tax Penalty Order For Alleged Rs 20.92 Lakh Section 269ST Violation

🔴 NEGATIVE ⭐ 4/10

LEGAL 📅 30 Sep 2026, 05:53 PM

Kaushalya Infrastructure Development Corporation has received an order under Section 271DA of the Income Tax Act, 1961 from the Deputy Commissioner of Income Tax, Central Circle-15, New Delhi. The order pertains to Assessment Year 2018-19, alleging the company received Rs 20.92 lakh in contravention of Section 269ST during FY 2017-18. While the company stated that the order does not have a significant adverse operational impact, the Rs 20.92 lakh amount is notable against its annual revenue base (FY26 revenue of Rs 0.91 crore). The company intends to contest the order before appellate authorities.

Order passed under Section 271DA of the Income Tax Act, 1961 for Assessment Year 2018-19
Alleged violation involves receipt of Rs 20.92 lakh in cash/prohibited mode under Section 269ST during FY 2017-18
Order dated September 29, 2026, received by the company on September 30, 2026
Company plans to challenge the order before appropriate appellate authorities

💡 Track whether an appeal is formally filed and monitor any subsequent demand notice or stay granted by appellate tax authorities.

Kaushalya Shareholders Approve Sale of Land and Undertaking with Over 99.9% Votes

🔵 WATCH ⭐ 7/10

OTHER 📅 28 Sep 2026, 07:15 PM

Kaushalya Infrastructure Development Corporation Limited has concluded its 34th Annual General Meeting held on September 28, 2026. Shareholders approved all four resolutions with overwhelming support exceeding 99.99% of votes cast. Notably, Special Resolutions 3 and 4 regarding the sale of land and disposal of substantially the whole undertaking pursuant to Section 180(1)(a) were approved with 1,85,836 votes in favor versus 8 against. Total votes polled stood at 1,85,844 shares, representing approximately 53.66% of the 3,46,306 shares polled relative to the base.

Special Resolution passed to approve the sale of land (substantially the whole undertaking) under Section 180(1)(a) with 99.99% votes in favor.
Special Resolution passed to approve the disposal of undertaking with 1,85,836 votes in favor and 8 against.
A total of 1,85,844 valid votes polled across resolutions, representing 53.66% participation of shares held.
Resolution 1 adopting FY26 Financial Statements and Resolution 2 re-appointing Whole-Time Director Mahesh Mehra were also approved.

💡 Track subsequent exchange disclosures detailing the commercial terms, asset valuation, buyer identity, and expected cash proceeds from the undertaking and land sale.

Kaushalya Seeks Shareholder Approval to Sell 28.47-Acre Land and 'Kaushalya Heritage' Hotel

🔵 WATCH ⭐ 7/10

M&A 📅 03 Sep 2026, 01:59 PM

Kaushalya Infrastructure Development Corporation has issued a notice for its 34th AGM on September 28, 2026, seeking shareholder approval for major asset divestments under Section 180(1)(a). The special resolutions seek consent for the slump sale of 28.47 acres of land in Medak District, Telangana, and the disposal of the 'Kaushalya Heritage' hotel undertaking in West Bengal. Both assets qualify as substantial undertakings (representing over 20% of net worth/income), though specific transaction valuations and expected proceeds were not disclosed. With a tiny revenue base of ₹1 Cr and ₹14 Cr in debt, the divestment could significantly reshape the company's balance sheet.

AGM scheduled for September 28, 2026, with an e-voting cut-off date of September 21, 2026.
Seeking approval for slump sale of land forming part of 28.47 Acres at Hothi Village, Medak District.
Seeking approval to dispose of 'Kaushalya Heritage' hotel undertaking at Jhargram, West Bengal, on an 'as is where is' basis.
Specific deal consideration and buyer details were not disclosed in the notice.

💡 Track the AGM voting outcome on September 28, 2026, and watch for subsequent regulatory filings disclosing definitive agreement values, realized proceeds, and debt-reduction plans.

₹48.90 Lakh Net Loss: Kaushalya Infrastructure Reports Q1 FY27 Results; AGM on Sept 28

🔴 NEGATIVE ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 05:48 PM

Kaushalya Infrastructure reported a standalone net loss of ₹48.90 lakhs for Q1 FY27, swinging from a profit of ₹26.43 lakhs in the same quarter last year. Revenue from operations remains negligible at just ₹1.25 lakhs, a 42% decline from ₹2.16 lakhs YoY. The company's core construction segment generated zero revenue during the quarter, with the entire top line coming from the hotel segment. Finance costs of ₹17.41 lakhs significantly exceeded the total revenue, highlighting severe operational stress.

Standalone net loss of ₹48.90 lakhs for Q1 FY27 vs a profit of ₹26.43 lakhs in Q1 FY26.
Revenue from operations fell to ₹1.25 lakhs from ₹2.16 lakhs YoY.
Construction segment revenue was nil (₹0.00) for the quarter ended June 30, 2026.
Finance costs stood at ₹17.41 lakhs, representing over 13x the quarterly revenue.
The 34th Annual General Meeting (AGM) is scheduled for September 28, 2026, with a record date of September 21, 2026.

💡 Investors should monitor the company's ability to restart its construction segment and the outcome of its strategy to resolve legal disputes to unlock liquidity.

₹48.90 Lakh Net Loss for Kaushalya Infra in Q1 as Construction Revenue Hits Zero

🔴 NEGATIVE ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 04:45 PM

Kaushalya Infrastructure reported a standalone net loss of ₹48.90 lakhs for Q1 FY27, a sharp reversal from the ₹26.43 lakhs profit in the same quarter last year. Revenue from operations plummeted 42% YoY to a mere ₹1.25 lakhs, entirely derived from the hotel segment as the construction division reported zero revenue. Finance costs of ₹17.41 lakhs are nearly 14x the quarterly revenue, highlighting severe operational stress. The company's liquidity remains highly constrained with a current ratio of 0.23 and significant accumulated losses.

Revenue from operations fell 42.1% YoY to ₹1.25 lakhs from ₹2.16 lakhs.
Net loss of ₹48.90 lakhs compared to a profit of ₹26.43 lakhs in Q1 FY26.
Construction segment revenue was ₹0.00 for the quarter, down from ₹75.00 lakhs in FY26 full year.
Finance costs remained high at ₹17.41 lakhs, significantly exceeding total income.
Current ratio reported at 0.23, indicating severe short-term liquidity pressure.

💡 Monitor the company's progress on 'out-of-court settlements' for legal disputes, as unlocking these funds is critical given that current operations cannot cover interest obligations.

Kaushalya Infrastructure submits SEBI Regulation 74(5) certificate for June 2026 quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 03:09 PM

Kaushalya Infrastructure Development Corporation Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled as per regulatory timelines. This is a standard administrative filing and does not impact the company's financial position. The company remains in a challenging financial state with TTM revenue of just Rs 1 Cr and significant operating losses.

Compliance certificate submitted for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed processing of demat requests within prescribed timelines
Company reported a TTM revenue of only Rs 1 Cr against a debt of Rs 14 Cr
Net profit ratio for Q2 FY26 was significantly negative at -687.11%

💡 This is a routine procedural filing. Investors should monitor the company's ability to resolve legal disputes and improve its extremely low revenue base in upcoming quarterly results.

51.42% Promoter Stake Declared Free of Encumbrance for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jun 2026, 07:56 PM

The promoters of Kaushalya Infrastructure Development Corp. Ltd have submitted their annual declaration under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group, led by Karan Mehra, confirms holding 1,78,061 shares, representing 51.42% of the company. Crucially, the filing states that zero shares are encumbered or pledged, indicating no promoter-level debt is secured against the company's equity. This is a routine but positive governance confirmation for a company currently facing significant financial stress.

Promoter and promoter group hold a total of 1,78,061 equity shares
Promoter holding remains stable at 51.42% of the total share capital
Nil (zero) shares were encumbered or pledged during the financial year ended March 31, 2026
Declaration covers the entire promoter group including 20 entities/individuals acting in concert

💡 Investors should focus on the company's upcoming FY26 full-year results and progress on 'out-of-court settlements' mentioned in their strategy to address the 98% revenue decline seen in previous periods.

Kaushalya Infrastructure Approves FY26 Audited Results; Auditors Issue Unmodified Opinion

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 27 May 2026, 04:34 PM

Kaushalya Infrastructure Development Corporation has approved its audited standalone and consolidated financial results for the fiscal year ending March 31, 2026. The independent auditor's report confirms a true and fair view of the company's financial position with an unmodified opinion, suggesting no major accounting discrepancies. While the specific numerical data for revenue and profit were not detailed in the cover letter, the auditors confirmed compliance with Ind AS and statutory requirements. The company also stated there were no material foreseeable losses on long-term contracts.

Board approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory auditors K A S G & CO. issued an unmodified opinion on the financial statements.
The company confirmed no amounts were required to be transferred to the Investor Education and Protection Fund.
Managerial remuneration for FY26 was paid in accordance with Section 197 of the Companies Act, 2013.
Management represented that no funds were advanced or loaned to intermediaries for undisclosed investments.

💡 Investors should examine the detailed financial tables and profit/loss statements once fully published to assess the company's operational performance, as the auditor's report only confirms accounting integrity.

Kaushalya Infrastructure Announces Merger of its Registrar and Transfer Agent (RTA)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 May 2026, 06:00 PM

Kaushalya Infrastructure Development Corporation has informed the exchanges that its Registrar and Transfer Agent (RTA), CB Management Services Private Limited, has merged with MUFG Intime India Private Limited. The merger became effective on May 8, 2026, following an order from the Regional Director (WR), Registrar of Companies, Mumbai. This is an administrative change that does not affect the company's business operations or financial health. Investors are advised to use the new contact details for any future share-related grievances or queries.

CB Management Services Private Limited merged with MUFG Intime India Private Limited effective May 8, 2026.
The new RTA entity operates under SEBI Registration No. INR000004058.
Investors are requested to use the new email address investor.helpdesk@in.mpms.mufg.com for grievances.
The merger was executed pursuant to an order passed by the Regional Director (WR), Registrar of Companies, Mumbai.

💡 No action is required regarding the stock. Shareholders should simply note the new RTA contact information for any future administrative needs related to their holdings.

Kaushalya Infra Corrects EPS Clerical Error in Q2 FY26 Consolidated Financials

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 24 Apr 2026, 04:49 PM

Kaushalya Infrastructure Development Corporation has submitted a revised XBRL filing for the quarter and half-year ended September 30, 2025. The revision was necessitated by an inadvertent clerical error in the reported Consolidated Earnings Per Share (EPS) figures. The company filed the corrected data with the BSE and NSE on April 15, 2026, following a clarification request from the exchanges. This update ensures compliance with Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements.

Revised XBRL filing submitted for the quarter and half-year ended September 30, 2025
Correction specifically addresses an inadvertent clerical error in Consolidated EPS
Revised filing was completed and submitted to stock exchanges on April 15, 2026
Response issued following a clarification sought by the exchanges under SEBI Regulation 33

💡 Investors should verify the updated EPS figures in the revised filing to ensure their financial models are accurate. This is an administrative correction and does not reflect a change in the company's operational performance.

Kaushalya Infrastructure Reports Zero Demat Requests for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 01:57 PM

Kaushalya Infrastructure Development Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by CB Management Services (P) Limited, covers the quarter ending March 31, 2026. It confirms that no dematerialization requests for the company's equity shares were processed or confirmed during the period from January 1, 2026, to March 31, 2026. This is a standard procedural filing required by SEBI to maintain accurate shareholding records.

Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Covers the reporting period from January 1, 2026, to March 31, 2026.
Registrar and Share Transfer Agent confirmed zero dematerialization requests were processed during the quarter.

💡 This is a routine regulatory filing with no impact on business operations. Investors should monitor upcoming quarterly earnings for fundamental performance indicators.

Kaushalya Infrastructure Receives ₹5.46 Crore Income Tax Demand for AY 2017-18 to 2023-24

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 25 Mar 2026, 05:36 PM

Kaushalya Infrastructure Development Corporation has received assessment orders and demand notices from the Income Tax Department totaling ₹5.46 crore. The notices span seven assessment years from 2017-18 to 2023-24, issued under Section 147 and 144 of the IT Act. The department has treated certain amounts as deemed income, which the company intends to contest before appellate authorities. While the company claims no significant impact on operations, the demand represents a potential financial liability.

Total tax demand of ₹5,45,61,668 issued by the Deputy Commissioner of Income Tax, New Delhi.
The demand covers a continuous seven-year period from Assessment Year 2017-18 to 2023-24.
Orders were passed under Section 147 read with Section 144 of the Income-tax Act, 1961.
The company is evaluating the orders and plans to pursue legal remedies through appellate authorities.
Management believes they have strong legal and factual grounds to challenge the adjustments.

💡 Investors should monitor the progress of the company's appeal as a ₹5.46 crore liability could be material for a company of this size. Watch for any provisions made in upcoming quarterly results related to this tax dispute.

Kaushalya Infrastructure Board Approves Q3 FY26 Unaudited Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 04:35 PM

Kaushalya Infrastructure Development Corporation Limited has approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The statutory auditors, KASG & Co., issued a limited review report with an unmodified conclusion, indicating no material misstatements were found. The consolidated results incorporate two subsidiaries and three associates, providing a broader view of the group's performance. However, the KIDCO NACC Consortium joint venture remains excluded from consolidation due to discontinued operations.

Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
Statutory auditors KASG & Co. issued an unmodified limited review report for both standalone and consolidated statements.
Consolidated results include 2 subsidiaries (Bengal KDC Housing and KDC Nirman) and 3 associates.
Operations of the KIDCO NACC Consortium joint venture remain discontinued and were not consolidated.
The board meeting commenced at 02:00 P.M. and concluded at 04:15 P.M. on February 13, 2026.

💡 Investors should review the detailed profit and loss tables once published to evaluate revenue and margin trends, as the current report only confirms regulatory compliance and auditor sign-off.

Kaushalya Infrastructure Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jan 2026, 02:32 PM

Kaushalya Infrastructure Development Corporation has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing pertains to the quarter ended December 31, 2025, and confirms the processing of dematerialization requests. The certificate was issued by the company's Registrar and Share Transfer Agent, M/s. CB Management Services Private Limited. This is a standard administrative filing to ensure that physical share certificates are properly handled and updated in depository records.

Compliance with SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025.
Confirmation received from Registrar and Share Transfer Agent, CB Management Services Private Limited.
Verification and cancellation of physical share certificates received for dematerialization.
Substitution of depository names in the company's records as registered owners.

💡 No action is required from investors as this is a routine regulatory filing confirming administrative compliance.

View All KAUSHALYA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 was INR 2.52 Lakhs, a 30.58% decrease from INR 3.63 Lakhs in Q2 FY25. The Construction segment contributed 100% of standalone revenue (INR 2.52 Lakhs), while the Hotel segment generated zero revenue. Consolidated revenue for the half-year ended September 30, 2025, was INR 5.83 Lakhs, down 55.8% from INR 13.19 Lakhs in the previous year's corresponding period.

Geographic Revenue Split

Not disclosed in available documents; however, the company is headquartered in Kolkata, West Bengal, and listed on Indian exchanges (BSE/NSE).

Profitability Margins

Standalone Net Profit Ratio for Q2 FY26 was -687.11%, significantly worsening from -249.51% in Q2 FY25. Return on Equity (ROE) was -0.51% and Return on Capital Employed (ROCE) was -0.32% for the quarter ended September 30, 2025.

EBITDA Margin

Core profitability remains negative; the Construction segment reported a loss of INR 16.67 Lakhs in Q2 FY26 compared to a loss of INR 18.83 Lakhs in Q2 FY25. The Hotel segment reported a loss of INR 0.98 Lakhs in Q2 FY26.

Capital Expenditure

Standalone Property, Plant and Equipment (PPE) was valued at INR 72.07 Lakhs as of September 30, 2025, a slight decrease from INR 73.35 Lakhs as of March 31, 2025, suggesting minimal new capital investment.

Credit Rating & Borrowing

The company faced finance costs of INR 69.81 Lakhs for FY25, up 13.46% from INR 61.53 Lakhs in FY24. Debt Equity Ratio stood at 0.25 as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Construction materials (unspecified types) accounted for INR 0.17 Lakhs in Q2 FY26, representing 6.7% of standalone revenue.

Capacity Expansion

Current operations are focused on infrastructure and hotel segments; however, specific capacity metrics in MT or units are not disclosed.

Raw Material Costs

Cost of materials consumed was INR 0.17 Lakhs in Q2 FY26. For the full year FY25, total expenditure was INR 177.66 Lakhs, a 43.9% decrease from INR 316.98 Lakhs in FY24, reflecting reduced operational scale.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth through the resolution of legal disputes to unlock liquidity, maintaining high standards of corporate governance to attract investors, and leveraging its ISO 9001-2008 certification to secure infrastructure projects. It also maintains a diversified leadership team to navigate complex regulatory environments.

Products & Services

Infrastructure development services, construction of civil engineering projects, and hotel/hospitality services.

Brand Portfolio

Kaushalya Infrastructure Development Corporation Limited.

Strategic Alliances

The company operates through subsidiaries (Bengal KDC Housing Development Ltd, KDC Nirman Ltd) and associates (Kaushalya Nirman Pvt Ltd, Kaushalya Township Pvt Ltd, Orion Abasaan Pvt Ltd). The KIDCO NACC Consortium JV is currently discontinued.

🌍 External Factors

Industry Trends

The infrastructure and real estate industry is facing a tightening credit environment from banks. Kaushalya is positioning itself by focusing on 'out-of-court settlements' to resolve long-standing disputes that tie up critical funds.

Competitive Landscape

Operates in the competitive Indian infrastructure and construction sector, competing with both regional and national players for government and private contracts.

Competitive Moat

The company's moat includes its ISO 9001-2008 certification and a diversified board with experience in government and non-government organizations. Sustainability is challenged by accumulated losses and high litigation dependency.

Macro Economic Sensitivity

Highly sensitive to real estate lending policies and general economic conditions affecting infrastructure spending.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to SEBI (LODR) Regulations 2015, Ind AS accounting standards, and real estate/construction regulatory frameworks.

Taxation Policy Impact

No provision for current taxes was required for Q2 FY26 due to accumulated losses and unabsorbed depreciation exceeding taxable income under normal Income Tax Act provisions.

Legal Contingencies

The company is involved in ongoing litigation and is actively pursuing out-of-court settlements. A significant past event was the settlement of a loan with Indian Overseas Bank (IOB) in FY24, which resulted in a one-time gain that previously inflated profits.

⚠️ Risk Analysis

Key Uncertainties

Litigation outcomes and industrial relations pose significant risks to financial stability. Liquidity risk is high, with total income dropping from INR 1,664.37 Lakhs in FY24 to just INR 32.63 Lakhs in FY25 (a 98% decrease).