Kck Industries Limited (KCK)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Kck Industries' revenue was ₹21.4 Cr (+3.2% year on year, +163.5% on the previous half-year), and net profit ₹0.4 Cr (-21.6% year on year); the operating margin was 1.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹21.4 | +3.2% | +163.5% |
| Operating profit | ₹0.4 | -52.6% | from loss |
| Net profit | ₹0.4 | -21.6% | — |
| EPS (₹) | 0.06 | -25.0% | — |
| Operating margin | 1.7% | — | — |
KCK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 96.43% of the KCK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 95.52%. That is close to its usual level. Turnover was only ₹20 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 8 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 96.4%
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
Kck Industries Limited held its 13th Annual General Meeting on September 30, 2026. Key resolutions placed before shareholders included the adoption of FY26 financial statements, the appointment of M/s Gams & Associates LLP as statutory auditors until 2031, and approval for the issuance of convertible equity warrants via a preferential issue. Detailed voting results and scrutinizer reports are awaited to confirm whether all resolutions passed.
- 13th Annual General Meeting concluded on September 30, 2026
- Special resolution tabled for the issuance of Convertible Equity Warrants by way of Preferential Issue
- M/s Gams & Associates LLP proposed as Statutory Auditors from conclusion of 13th AGM until 18th AGM in 2031
- Remote e-voting held between September 27, 2026 (9:00 AM) and September 29, 2026 (5:00 PM)
KCK Industries has issued a corrigendum to its AGM notice regarding a proposed preferential allotment of up to 2,50,00,000 convertible equity warrants at ₹20 per warrant (including an ₹18 premium), aggregating to ₹50 Cr. This proposed fundraise represents ~52% of the company's current market cap of ₹96 Cr and ~77% of TTM revenue (₹65 Cr). An independent registered valuer determined the minimum pricing floor at ₹15.17 under SEBI ICDR regulations. Upon full conversion, the promoter group's equity shareholding will dilute from 25.55% to 21.03%, while non-promoter shareholding will rise to 78.97%.
- Proposed issuance of up to 2,50,00,000 convertible warrants at ₹20 each, raising up to ₹50,00,00,000
- Pricing set at ₹20 per share, above the SEBI ICDR minimum regulatory floor and independent valuation of ₹15.17
- Promoter group holding will dilute from 25.55% (1,62,52,400 shares) to 21.03% (1,87,52,400 shares) post-issue
- Public/non-promoter shareholding increases from 74.44% to 78.97% upon conversion of warrants
- Annual General Meeting scheduled for September 30, 2026, to seek shareholder approval
Kck Industries Limited has announced the closure of its register of members and share transfer books from September 24, 2026, to September 30, 2026 (both days inclusive). The book closure is scheduled for the purpose of the upcoming Annual General Meeting (AGM) to be held on September 30, 2026, via video conferencing. The cut-off date to determine shareholder voting eligibility has been set as Wednesday, September 23, 2026. This is a standard compliance filing under Regulation 42 of SEBI LODR Regulations.
- AGM scheduled to be held on Wednesday, September 30, 2026, via video conference
- Share transfer books closed from September 24, 2026, to September 30, 2026 (both days inclusive)
- Cut-off date for AGM voting rights fixed as Wednesday, September 23, 2026
- Filing executed under Regulation 42 of SEBI LODR Regulations, 2015
Kck Industries Limited has issued a notice for its 13th AGM on September 30, 2026, seeking shareholder approval for a ₹50 Cr preferential issue of convertible equity warrants. The company plans to issue up to 2.50 crore warrants convertible into equity shares of face value ₹2 at ₹20 per warrant (including a ₹18 premium). The fundraise represents approximately 47.6% of the company's current market cap of ₹105 Cr and 76.9% of its TTM revenue (₹65 Cr). The warrants are convertible within 18 months from allotment across 12 proposed allottees.
- Proposed preferential issue of up to 2,50,00,000 convertible equity warrants at ₹20 each, raising up to ₹50,00,00,000
- Conversion price set at ₹20 per share (face value ₹2 plus premium of ₹18) against current market price of ₹15.3
- AGM scheduled for September 30, 2026, with cut-off date for e-voting set to September 23, 2026
- Appointment of Gams & Associates LLP as statutory auditors till 2031 also tabled for approval
Kck Industries has approved the issuance of up to 2.50 crore convertible equity warrants at Rs 20 each, raising up to Rs 50 crore on a preferential basis. The proposed issue size is massive relative to the company's size, representing nearly 48% of its current market capitalization of Rs 105 crore and ~77% of TTM revenue (Rs 65 crore). The allotment is spread across 12 allottees, with 25 lakh warrants going to promoter group entities and 2.25 crore to public investors. The board also approved the shifting of its registered and corporate offices within Chandigarh.
- Board approved issuance of up to 2,50,00,000 convertible equity warrants at an issue price of Rs 20 each
- Total capital to be raised aggregates to Rs 50,00,00,000 (Rs 50 crore)
- Issue includes a face value of Rs 2 and a premium of Rs 18 per warrant
- Promoter group entities (Jayd Trade and Sheorayan Engineers) to be allotted 12,50,000 warrants each
- Ten non-promoter public investors to receive the remaining 2,25,00,000 warrants
KCK Industries Limited has withdrawn its proposed preferential issue of 2,50,00,000 equity shares (face value Rs 2 each). The decision followed unwillingness from certain investors to participate due to prevailing market volatility and elapsed time, preventing allotment within the mandatory 15-day SEBI ICDR regulatory window. The company had previously secured in-principle approval from the NSE on July 28, 2026, and shareholder approval on August 3, 2026. Management intends to re-initiate the fundraise with newly identified eligible allottees at the upcoming Annual General Meeting.
- Proposed preferential issue of 2,50,00,000 equity shares (face value Rs 2 each) stands withdrawn
- Shareholder approval was secured on August 3, 2026, following NSE in-principle approval on July 28, 2026
- Investors backed out citing market volatility and elapsed time since initial board consideration on July 3, 2026
- Company plans to place a fresh capital raising proposal before shareholders at the ensuing AGM
KCK Industries shareholders have approved a preferential issue of equity shares to promoters and the public, a key step in their plan to raise up to Rs 100 Cr. The EGM also authorized the board to make loans and investments under Section 186, facilitating the company's shift from trading to a manufacturing-led model. All three resolutions, including the appointment of an Independent Director, passed with 100% of polled votes in favor. The total votes polled represented 50.4% of the total share capital.
- 100% of the 3,20,52,500 votes polled were in favor of the preferential share issue
- Shareholders approved Section 186 authorization for loans and investments to support business growth
- The company plans to raise up to Rs 100 Cr, which is approximately 84% of its current Rs 119 Cr market capitalization
- Mrs. Bhawna Saunkhiya was regularized as a Non-Executive Independent Director
- Total votes polled represented 50.39% of the total 6,36,01,700 shares held
KCK Industries held an Extraordinary General Meeting (EGM) on August 03, 2026, where shareholders approved a preferential issue of equity shares to both the Promoter Group and Public Category. This move aligns with the company's stated strategy to raise up to ₹100 Cr to fund its transition from a trading-led to a manufacturing-led model. Additionally, the board received authorization under Section 186 for loans and investments, and a new Independent Director was appointed. Given the company's small market cap of ₹130 Cr, the potential fundraise is highly material but carries significant dilution risk.
- Shareholders approved a Special Resolution for the issue of equity shares on a preferential basis to promoters and the public.
- Approved authorization under Section 186 of the Companies Act, 2013, allowing the company to provide loans, guarantees, or make investments.
- Appointed Mrs. Bhawna Saunkhiya as a Non-Executive Independent Director.
- The proposed fundraise target of ₹100 Cr represents approximately 77% of the current market capitalization of ₹130 Cr.
- EGM was conducted via Video Conferencing and concluded at 12:15 PM on August 03, 2026.
Financial Performance
Revenue Growth by Segment
The company transitioned from trading chemicals and yarn to rice milling in FY22. Total revenue from operations declined by 54.1% YoY, falling from INR 76.70 Cr in FY24 to INR 35.21 Cr in FY25. For the half-year ended September 30, 2025, revenue was INR 8.11 Cr, a 44.1% decrease compared to INR 14.52 Cr in the same period the previous year.
Geographic Revenue Split
Revenue is primarily generated from India, with operations centered in Punjab (Sangrur milling facility) and Chandigarh (Registered Office). Specific regional percentage splits are not disclosed, but the business is highly concentrated in the North Indian agricultural belt.
Profitability Margins
Net Profit Margin (NPM) stood at 2.07% in FY25 (INR 0.73 Cr profit on INR 35.21 Cr revenue), down slightly from 2.09% in FY24. However, margins compressed significantly in H1 FY26 to 0.37% (INR 0.03 Cr profit on INR 8.11 Cr revenue) due to lower scale and fixed cost pressures.
EBITDA Margin
Operating margins were 4.25% in FY23 and are estimated to sustain above 4% over the medium term. In FY24, the operating profit margin was reported at 7.1%, which improved to 10.74% in H1 FY25, though absolute operating profit remains low due to declining revenue volumes.
Capital Expenditure
The company invested INR 0.37 Cr in fixed assets during FY25. As of September 30, 2025, net tangible assets stood at INR 0.90 Cr, a significant reduction from INR 7.24 Cr in March 2025, suggesting potential asset reclassification or disposals.
Credit Rating & Borrowing
The company's credit rating was migrated to 'CRISIL BB/Stable (ISSUER NOT COOPERATING)' in December 2024 due to a lack of management interaction. Long-term borrowings stood at INR 2.52 Cr as of September 2025, down from INR 3.27 Cr in March 2025. Bank limit utilization averaged 70.8% through August 2023.
Operational Drivers
Raw Materials
Key raw materials include Paddy and Basmati Rice for the milling division, and Dyes, Auxiliaries, and Speciality Chemicals for the trading division. Raw material costs are highly volatile, linked to international commodity prices and agro-climatic conditions.
Import Sources
Raw materials are primarily sourced from the domestic Indian market, specifically the state of Punjab for rice milling operations to minimize logistics costs and ensure freshness.
Key Suppliers
Not specifically named in the documents; however, the company maintains relationships with local farmers and aggregators in the Sangrur region for paddy procurement.
Capacity Expansion
The current installed capacity for the rice milling facility in Sangrur, Punjab, is 12 tonnes per hour. There are no specific documented plans for physical capacity expansion, though the company is raising INR 100 Cr which may be used for operational scaling.
Raw Material Costs
Cost of purchases was INR 19.68 Cr in FY25, representing 55.9% of revenue. This is a sharp decrease from INR 65.78 Cr (85.8% of revenue) in FY24, reflecting the shift in business mix and inventory utilization strategies.
Manufacturing Efficiency
Current capacity utilization is 7 tonnes per hour against an installed capacity of 12 tonnes per hour, representing a 58.3% utilization rate. Improving this rate is critical for absorbing fixed depreciation costs of INR 0.08 Cr per half-year.
Logistics & Distribution
Distribution costs are part of other expenses; the company utilizes its proximity to the Punjab rice belt to manage inward logistics costs.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
The company plans to raise up to INR 100 Cr through a rights issue or preferential allotment to fund expansion. The strategy involves leveraging its expertise in chemical trading to expand its range of speciality chemicals while scaling the rice milling business to reach its 12 TPH capacity.
Products & Services
Processed Basmati Rice, cotton yarn, reactive acid dyes, direct dyes, textile auxiliaries, and speciality chemicals.
Brand Portfolio
KCK Industries; KCK Sales.
New Products/Services
Expansion from basic dyes to speciality chemicals and auxiliaries is expected to contribute to higher margin revenue streams, though specific percentage contributions are not yet quantified.
Market Expansion
The company is targeting a larger share of the Indian chemical and rice markets by transitioning from a pure trading model to a manufacturing-led model.
Market Share & Ranking
Not disclosed; the company operates in the highly fragmented SME sector and is listed on the NSE SME platform.
External Factors
Industry Trends
The Indian chemical industry is expected to grow at 14% CAGR over the next decade. The industry is maturing from a regulated environment to a high-growth sector driven by rising per-capita income and R&D support.
Competitive Landscape
Faces intense competition from both organized and unorganized rice millers in Punjab and Haryana, as well as established chemical traders.
Competitive Moat
The moat is based on the promoters' extensive 10-year experience across diversified industries and established supplier relationships in the Punjab region. This provides a localized cost advantage in procurement.
Macro Economic Sensitivity
Highly sensitive to agricultural GDP and monsoon performance. A 1% decline in agricultural output in Punjab significantly impacts raw material procurement costs.
Consumer Behavior
Rising demand for branded and quality-processed Basmati rice is driving the shift toward modern milling facilities like KCK's 12 TPH plant.
Geopolitical Risks
International trade barriers or export bans on Basmati rice would severely impact the revenue potential of the milling division.
Regulatory & Governance
Industry Regulations
Operations are governed by the Essential Commodities Act (for rice) and safety standards for chemical handling. Compliance with SEBI (PIT) Regulations is noted with regular trading window closures.
Environmental Compliance
Not disclosed; however, rice milling and chemical trading are subject to state pollution control board norms in Punjab and Chandigarh.
Taxation Policy Impact
The company's effective tax expense for FY25 was INR 0.35 Cr on a pre-tax profit of INR 1.08 Cr, representing an effective tax rate of approximately 32.4%.
Legal Contingencies
A certificate of non-disqualification of directors was issued in 2024, confirming no debarment by SEBI or the Ministry of Corporate Affairs. No specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Issuer Not Cooperating' status from CRISIL, which could increase borrowing costs or limit access to credit. This reflects a high information adequacy risk for investors.
Geographic Concentration Risk
High concentration in Punjab for manufacturing; any regional regulatory changes or labor unrest in the Sangrur district would halt 100% of production.
Third Party Dependencies
High dependency on the local farming community for paddy; any shift in crop patterns away from Basmati would threaten the core business model.
Technology Obsolescence Risk
The 12 TPH milling technology is current, but failure to upgrade to automated sorting and grading could lead to a 5-10% loss in market pricing power.
Credit & Counterparty Risk
Trade receivables of INR 12.75 Cr against a half-year revenue of INR 8.11 Cr suggests a high collection period, increasing the risk of bad debts.
