Kore Digital Limited (KDL)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Kore Digital's revenue was ₹150 Cr (-36.4% year on year), and net profit ₹12.0 Cr (-52.0% year on year); the operating margin was 14.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹150 | -36.4% | — |
| Operating profit | ₹21.0 | -43.2% | — |
| Net profit | ₹12.0 | -52.0% | — |
| EPS (₹) | 9.91 | -51.6% | — |
| Operating margin | 14.0% | — | — |
KDL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the KDL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.38%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 19 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
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
SEBI issued an Interim Order on September 17, 2026, against Kore Digital Limited and directors Ravindra Doshi, Chaitanya Doshi, and Kashmira Doshi following an investigation into financial reporting and related-party disclosures. The market regulator has restrained these directors from buying, selling, or dealing in Kore Digital's securities until further orders. In addition, SEBI directed the National Stock Exchange (NSE) to halt the company's planned migration from the NSE Emerge platform to the Main Board. While no specific financial penalty has been quantified at this stage, the order targets critical areas including revenue recognition and transactions involving subsidiaries.
- SEBI issued an Interim Order dated September 17, 2026, under Sections 11(1), 11(4), and 11B of the SEBI Act.
- Three directors/promoters—Ravindra Doshi, Chaitanya Doshi, and Kashmira Doshi—are restrained from trading in company securities until further orders.
- SEBI has instructed the NSE not to permit the migration of Kore Digital from NSE Emerge to the Main Board without regulatory clearance.
- Allegations focus on prima facie lapses in financial statements, accounting entries, revenue recognition, and subsidiary transactions.
- Specific financial impact is currently unquantified as the investigation continues.
Kore Digital Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via Video Conferencing. Key agenda items include the adoption of audited Standalone and Consolidated Financial Statements for the fiscal year ended March 31, 2026, and the re-appointment of Executive Director & CFO Mrs. Kashmira Ravindra Doshi, who retires by rotation. The company's Register of Members and Share Transfer Books will remain closed from September 22, 2026, to September 28, 2026.
- 17th Annual General Meeting scheduled for September 28, 2026, at 4:00 PM IST via VC/OAVM
- Share transfer books and register of members closed from September 22, 2026, to September 28, 2026
- Ordinary business includes adoption of FY2025-26 audited standalone and consolidated financials
- Re-appointment of Mrs. Kashmira Ravindra Doshi (holding 14,89,320 shares) as Director retiring by rotation
Kore Digital Limited has announced the resignation of CS Purnima Maheshwari from the role of Company Secretary and Compliance Officer, effective close of business hours on August 24, 2026. The resignation is to pursue an alternative career opportunity outside the organization. The company will need to appoint a successor to manage corporate secretarial compliance under SEBI and MCA guidelines. Kore Digital currently has a market cap of ₹131 Cr and reported TTM revenue of ₹763 Cr.
- CS Purnima Maheshwari resigned as Company Secretary and Compliance Officer effective August 24, 2026
- Reason cited is pursuing an alternative career opportunity outside the organization
- Membership number of resigning official is A69737
- Company is required to appoint a replacement compliance officer per SEBI LODR rules
Kore Digital Limited has announced the resignation of Ms. Purnima Maheshwari from the role of Company Secretary and Compliance Officer, effective at the close of business hours on August 24, 2026. The resignation is attributed to her decision to pursue career opportunities outside the organization. The company will need to initiate the process to appoint a successor to oversee compliance and corporate secretarial duties.
- Cessation of Ms. Purnima Maheshwari as Company Secretary & Compliance Officer
- Effective date of resignation is August 24, 2026 (close of business hours)
- Reason cited: pursuing an alternative career opportunity outside the organization
- Company Secretary Membership No. stated as A69737
Kore Digital Limited has informed the stock exchange regarding an upcoming interaction with investors and analysts. The group meeting is scheduled to be held virtually on Wednesday, August 26, 2026, at 04:00 PM IST. The company stated that discussions will be strictly based on publicly available information without sharing any unpublished price-sensitive information.
- Meeting Date: Wednesday, 26th August, 2026
- Meeting Time: 04:00 PM IST
- Format: Virtual Group Meet with Analysts/Investors
- Registration coordinator: AKMIL Strategic Advisors Private Ltd
Kore Digital Limited (KDL) has issued a revised disclosure to correct the value of a contract received from Indian Oil Corporation Limited (IOCL). The order, initially received on July 16, 2026, is valued at Rs 8.20 Lakhs for specialized 3D modelling and metal 3D printing services. Given KDL's TTM revenue of Rs 763 Cr, this order is financially immaterial, representing approximately 0.01% of annual turnover. The project is slated for completion within a 4-month timeline.
- Corrected order value stands at Rs 8.20 Lakhs
- Execution timeline is 4 months from the receipt date of July 16, 2026
- Scope includes 3D Modelling and fabrication using full density metal 3D Printing Technology
- Client is Indian Oil Corporation Limited (IOCL), a major domestic PSU
Financial Performance
Revenue Growth by Segment
Total income grew by 209.27% YoY, reaching INR 157.01 Cr in Q1 FY26 compared to INR 50.77 Cr in Q1 FY25, driven primarily by large-scale telecom infrastructure projects.
Geographic Revenue Split
The company is heavily concentrated in Maharashtra (100%), specifically operating out of Navi Mumbai and Thane, focusing on high-growth connectivity hubs like the Samruddhi Expressway and Mumbai Metro lines.
Profitability Margins
Net Profit Margin declined from 10.43% in Q1 FY25 to 8.60% in Q1 FY26. This compression is attributed to raw material expenses rising 222.52% YoY, outpacing revenue growth.
EBITDA Margin
EBITDA Margin stood at 12.69% in Q1 FY26, a decrease from 14.70% in Q1 FY25, representing a 201 bps contraction despite a 167.03% increase in absolute EBITDA to INR 19.93 Cr.
Capital Expenditure
Historical CapEx is reflected in a 1,047% increase in depreciation and amortization, which rose from INR 0.43 Cr in FY24 to INR 4.99 Cr in FY25. The company has a project pipeline of INR 400 Cr for 2024-25.
Credit Rating & Borrowing
Finance costs increased by 64.27% YoY to INR 0.13 Cr in Q1 FY26 from INR 0.08 Cr in Q1 FY25, indicating increased utilization of credit lines to fund working capital for large projects.
Operational Drivers
Raw Materials
Raw material expenses (primarily fiber cables and infrastructure components) represent 86.3% of total income, amounting to INR 135.52 Cr in Q1 FY26.
Import Sources
Sourced primarily from within India, specifically Maharashtra, to support localized infrastructure projects like the Mumbai Metro and Samruddhi Expressway.
Key Suppliers
Not explicitly named, but includes major telecom equipment manufacturers and cable suppliers required for high-value telecom infrastructure facilities.
Capacity Expansion
KDL expanded its operational capacity by incorporating three subsidiaries in 2024: Franken Telecom, Wolter Infratech, and KDL Realinfra, to diversify into specialized engineering and civil works.
Raw Material Costs
Raw material costs surged 222.52% YoY to INR 135.52 Cr in Q1 FY26, reflecting the scale-up of project execution and potential inflationary pressure on infrastructure inputs.
Manufacturing Efficiency
Employee costs as a percentage of revenue improved significantly, dropping from 0.78% in Q1 FY25 to 0.36% in Q1 FY26, demonstrating high operating leverage as the company scales.
Logistics & Distribution
Distribution costs are integrated into project execution expenses for laying fiber networks along expressways and metro corridors.
Strategic Growth
Expected Growth Rate
150%
Growth Strategy
KDL aims to achieve INR 1,000 Cr in revenue for FY2025-26 by leveraging its three new subsidiaries to capture emerging opportunities in specialized engineering and by executing a robust pipeline of fiber network projects along major Indian expressways.
Products & Services
Fiber network laying, communication corridors, specialized telecom infrastructure facilities, and civil engineering works for metro and expressway projects.
Brand Portfolio
Kore Digital Limited (KDL).
New Products/Services
Specialized engineering and civil infrastructure services launched through Wolter Infratech Private Limited (incorporated July 9, 2024).
Market Expansion
Expanding footprint in high-value projects across Maharashtra, targeting a revenue jump from INR 400 Cr in projects to INR 1,000 Cr by the end of FY26.
Market Share & Ranking
Positioned as a dependable telecom infrastructure provider in Maharashtra with over 14 years of industry expertise.
Strategic Alliances
Maintains relationships with leading telecom operators; however, specific JV partner names for the new subsidiaries were not disclosed beyond 98% ownership.
External Factors
Industry Trends
The industry is shifting toward 5G and high-speed communication corridors; KDL is positioning itself to capture this by building specialized infrastructure along expressways, targeting a 150% revenue increase.
Competitive Landscape
Competes with regional and national telecom infrastructure providers and civil engineering firms in the Maharashtra connectivity market.
Competitive Moat
Moat is based on 14 years of execution experience in the complex Maharashtra regulatory environment and established credibility with major telecom operators, which is sustainable but faces competition from larger EPC firms.
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth and government infrastructure budgets, as revenue is tied to public-sector linked projects like the Mumbai Metro.
Consumer Behavior
Increasing demand for data and connectivity is driving telecom operators to expand fiber footprints, directly benefiting KDL's core service offering.
Geopolitical Risks
Low direct exposure, but global supply chain disruptions could impact the pricing and availability of imported telecom fiber components.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act 2013 and telecom infrastructure standards; notably, the auditor reported that the company did not use accounting software with an audit trail (edit log) facility as required.
Environmental Compliance
Not disclosed in absolute INR; subject to environmental norms for fiber laying and civil works.
Taxation Policy Impact
Effective tax rate is approximately 25%, with tax expenses of INR 4.61 Cr on PBT of INR 18.12 Cr in Q1 FY26.
Legal Contingencies
Management confirmed there are no pending litigations against the company having a material impact on its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
The auditor expressed an inability to independently verify the commercial substance of business advances totaling INR 87.14 Cr to Kashvee Infraprojects and SSV Alpha Broadband, posing a potential 55% risk to FY25 PAT if these are unrecoverable.
Geographic Concentration Risk
100% of operations and projects are concentrated in Maharashtra, making the company vulnerable to regional policy shifts or economic downturns in the state.
Third Party Dependencies
Heavy reliance on government project timelines and third-party statements for financial projections.
Technology Obsolescence Risk
Risk of shifting to satellite-based or alternative connectivity technologies, though current 5G trends favor fiber-optic expansion.
Credit & Counterparty Risk
Significant credit exposure through business advances to related or third-party entities (INR 83.64 Cr to one entity), which exceeds the company's annual PAT.
