Kesoram Industries Limited (KESORAMIND)
₹11.12 -2.46% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kesoram Industries' revenue was ₹77.7 Cr (+27.2% year on year, +15.9% on the previous quarter), and net profit ₹-20.2 Cr (a smaller loss than a year earlier); the operating margin was -12.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹77.7 | +27.2% | +15.9% |
| Operating profit | ₹-9.9 | loss narrowed | loss narrowed |
| Net profit | ₹-20.2 | loss narrowed | to loss |
| EPS (₹) | -0.65 | loss narrowed | to loss |
| Operating margin | -12.7% | — | — |
KESORAMIND delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 48.07% of the KESORAMIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.49%. The price fell 2.46% on unusually low delivery. It closed at a price band (circuit) on 6 sessions in about the last 20.
Delivery in the last 5 sessions: 55.3% · 58.4% · 61.1% · 47.4% · 48.1%
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
Kesoram Industries Limited announced that its Chief Financial Officer (CFO) and Key Managerial Personnel, Mr. Samir Kumar Ray, has resigned citing personal reasons. Mr. Ray, who has served the organization since June 2010, will be relieved from his role on January 2, 2027, following his notice period. The company stated it is currently in the process of identifying a suitable successor for the CFO position. With the company undergoing restructuring following its cement division demerger and reporting TTM revenue of Rs 265 Cr, key executive stability remains essential.
- CFO Samir Kumar Ray tenders resignation citing personal reasons
- Relieving date set for close of business hours on January 2, 2027
- Executive served the organization since June 2010
- Company has initiated the process to appoint a replacement CFO and KMP
Kesoram Industries Limited has issued a Postal Ballot Notice to seek shareholder approval for key director appointments, including Mr. Aninda Chatterjee as an Independent Director for a 5-year tenure effective September 12, 2026. The remote e-voting window opens on October 13, 2026, and concludes on November 11, 2026, with cut-off date eligibility set as September 25, 2026. Voting results will be declared on or before November 13, 2026. The appointments reflect board reconstituted governance following recent corporate restructuring, with proposed director profiles linking to Frontier Warehousing and related entities.
- Cut-off date for determining voting rights fixed as September 25, 2026
- Remote e-voting period runs from October 13, 2026 (9:00 AM) to November 11, 2026 (5:00 PM)
- Results of the postal ballot to be declared on or before November 13, 2026
- Approval sought for appointment of Mr. Aninda Chatterjee as Independent Director for a 5-year tenure ending September 11, 2031
Kesoram Industries has disclosed the outcome of the board meeting of its wholly owned subsidiary, Cygnet Industries Limited, held on September 29, 2026. The subsidiary appointed Mondal & Associates as Cost Auditor, Kothari & Co. as Internal Auditor, and AR Bajaj & Associates LLP as Secretarial Auditor for FY 2026-27. Additionally, the board accepted the resignation of Non-Executive Independent Director Deepak Kumar Sharma, effective September 29, 2026. These administrative appointments and board changes are procedural and have no direct financial impact on Kesoram's TTM revenue of Rs 265 Cr.
- Board meeting of subsidiary Cygnet Industries commenced at 1:15 p.m. and concluded at 1:35 p.m. on September 29, 2026
- M/s. Mondal & Associates appointed as Cost Auditor (FRN: 003931) for FY 2026-27
- M/s. Kothari & Co. appointed as Internal Auditor for FY 2026-27
- M/s. AR Bajaj & Associates LLP appointed as Secretarial Auditor (COP No. 11933) for FY 2026-27
- Resignation of Non-Executive Independent Director Deepak Kumar Sharma (DIN: 02555564) effective September 29, 2026
Kesoram Industries announced the outcome of its board meeting held on September 29, 2026. The board approved the reclassification of its promoter and promoter group under SEBI LODR Regulation 31A. It also approved a postal ballot to seek shareholder approval for key leadership changes, including the appointment of Gautam Agarwalla as Managing Director and Amit Agarwalla as Non-Executive Director, each for 5 consecutive years. Additionally, M/s. Kothari & Co. was appointed as the internal auditor for FY 2026-27.
- Appointment of Gautam Agarwalla as Managing Director for a term of 5 consecutive years
- Appointment of Amit Agarwalla as Non-Executive Non-Independent Director for 5 consecutive years
- Appointment of 4 Independent Directors (Aninda Chatterjee, Himanshu Ranjan, Rishi Bajoria, and Charu Rajgharia) for 5-year terms
- Approved reclassification of Promoter & Promoter Group under Regulation 31A of SEBI LODR
- Remote e-voting opens on October 13, 2026, and closes on November 11, 2026, with cut-off date September 25, 2026
Kesoram Industries Limited has announced the closure of its trading window for designated persons and their immediate relatives starting October 01, 2026. The closure is pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, in connection with the upcoming financial results for the quarter ended September 30, 2026. The window will remain shut until 48 hours following the formal declaration of the quarterly results. This is a standard regulatory intimation with no direct financial impact.
- Trading window closes on October 01, 2026
- Pertains to financial results for the quarter ending September 30, 2026
- Window to reopen 48 hours after the declaration of financial results
Kesoram Industries has disclosed the resignation of two Independent Directors, Mr. Jitendra Kumar Agarwal and Mrs. Rashmi Bihani, effective close of business September 17, 2026. Both directors cited a 'change in control of the Company' as the specific reason for stepping down, with no other material reasons provided. This board-level transition follows broader corporate restructuring and open offer developments in the Rs 358 Cr market-cap firm. Investors should note the ongoing reconstitution of management under the incoming control.
- Resignation of two Independent Directors, Mr. Jitendra Kumar Agarwal and Mrs. Rashmi Bihani, effective September 17, 2026
- Both directors explicitly cited 'change in the control of the Company' as the sole reason for resignation
- Filing confirms no other material reasons exist beyond the ownership/control change
- Mrs. Rashmi Bihani holds directorships in 4 other listed companies including GPT Infraprojects and United Credit Ltd
Kesoram Industries announced a change in control and management at its wholly owned subsidiary, Cygnet Industries Limited, pursuant to a Share Purchase Agreement dated December 04, 2025 entered with Frontier Warehousing Limited. Effective September 12, 2026, Cygnet's board has been reconstituted with the induction of new Non-Executive Directors Gautam Agarwalla and Amit Agarwalla, alongside Whole-time Director Achintya Pal, while three Independent Directors resigned. The company clarified that its shareholding in Cygnet currently remains 100%, except as contemplated under the Share Purchase Agreement. This development comes as Kesoram (market cap Rs 367 Cr) pivots following the demerger of its primary cement business to UltraTech.
- Board reconstitution effected on September 12, 2026 pursuant to Share Purchase Agreement dated December 04, 2025 with Frontier Warehousing Limited.
- Appointment of Gautam Agarwalla and Amit Agarwalla as Non-Executive Non-Independent Directors, and Achintya Pal as Whole-time Director.
- Resignation of three Non-Executive Independent Directors (Sarat Priya Patjoshi, Kashi Prasad Khandelwal, and Satish Narain Jajoo) effective September 12, 2026.
- Kesoram maintains 100% equity holding in Cygnet as of disclosure date, pending completion under the agreement.
Frontier Warehousing Limited has completed the acquisition of 13,29,69,279 shares (42.80%) of Kesoram Industries Limited on September 12, 2026, taking its total holding to 42.81% and assuming promoter control. Following this change in control, existing promoters (including Manav Investment and Pilani Investment) saw their combined holding drop from 43.34% to 0.54% and applied for reclassification to public category. The company simultaneously revamped its leadership, appointing Gautam Agarwalla as Managing Director for five years and shifting its registered office within Kolkata.
- Frontier Warehousing acquired 13,29,69,279 equity shares (42.80%), raising its holding from 0.01% to 42.81% and gaining control as promoter
- Former promoter group holding reduced from 13,46,50,683 shares (43.34%) to 16,81,404 shares (0.54%)
- Gautam Agarwalla appointed as Additional Director & Managing Director for a 5-year term starting September 12, 2026
- Three directors (Jikyeong Kang, Mangala Radhakrishnan Prabhu, Satish Narain Jajoo) resigned due to change in control
- Registered office shifted from Birla Building to East India House, Abdul Hamid Street, Kolkata
Frontier Warehousing Limited has completed the acquisition of a 42.80% stake (13,29,69,279 shares) pursuant to a Share Purchase Agreement dated December 4, 2025, taking its total holding to 42.81% and gaining promoter control of Kesoram Industries. Following this change of control, the Board reconstituted leadership by appointing Gautam Agarwalla as Managing Director for 5 years and Amit Agarwalla as Additional Non-Executive Director. Additionally, three independent directors resigned and were replaced by three new appointees, alongside shifting the company's registered office.
- Frontier Warehousing completed acquisition of 13,29,69,279 equity shares (42.80% stake) on September 12, 2026
- Acquirer total holding expanded from 84,525 shares (0.01%) to 13,30,53,804 shares (42.81%), formally assuming promoter control
- Gautam Agarwalla appointed as Managing Director for a 5-year tenure effective September 12, 2026
- Amit Agarwalla appointed as Additional Non-Executive Director for a 5-year term ending September 11, 2031
- Three existing directors resigned following the ownership shift, replaced by three new Independent Directors
Frontier Warehousing Limited has completed the acquisition of a 42.80% stake (13,29,69,279 shares) in Kesoram Industries Limited, raising its total stake to 42.81% (13,30,53,804 shares) and taking promoter control. Following this change in control, outgoing directors including Mangala Radhakrishnan Prabhu, Jikyeong Kang, and Satish Narain Jajoo resigned on September 12, 2026. The board reconstituted its leadership by appointing Gautam Agarwalla as Managing Director for 5 years and Amit Agarwalla as Additional Non-Executive Director, alongside three new independent directors. The company's registered office is also shifting from Birla Building to East India House in Kolkata.
- Frontier Warehousing acquired 13,29,69,279 shares (42.80%), raising its holding to 13,30,53,804 shares (42.81%) and becoming the new promoter
- Gautam Agarwalla appointed as Managing Director for 5 years effective September 12, 2026, subject to shareholder approval
- Three directors resigned (Mangala Radhakrishnan Prabhu, Jikyeong Kang, Satish Narain Jajoo) citing change of control
- Three new Independent Directors appointed: Charu Rajgharia, Himanshu Ranjan, and Aninda Chatterjee for 5-year terms
- Registered office relocated within Kolkata from 9/1 R.N. Mukherjee Road to 20B Abdul Hamid Street
Frontier Warehousing Limited has completed the acquisition of 13,29,69,279 shares (42.80% stake) under a Share Purchase Agreement dated December 4, 2025, taking its total holding to 42.81% and acquiring management control of Kesoram Industries. Consequently, outgoing promoters (BK Birla Group entities) saw their collective holding drop from 43.34% to 0.54% and requested reclassification to public category. The board reconstituted leadership by appointing Gautam Agarwalla as Managing Director for 5 years and Nikita Rateria as Company Secretary, while existing independent/non-executive directors resigned.
- Frontier Warehousing acquired 13,29,69,279 equity shares (42.80%), raising total stake to 13,30,53,804 shares (42.81%) and becoming the new promoter.
- Previous promoter group holding dropped from 13,46,50,683 shares (43.34%) to 16,81,404 shares (0.54%), triggering an application for reclassification to public.
- Gautam Agarwalla appointed as Additional Director & Managing Director for a term of 5 years effective September 12, 2026.
- Three existing directors resigned (Jikyeong Kang, Mangala Radhakrishnan Prabhu, Satish Narain Jajoo) due to change in control, and three new independent directors were appointed.
- Registered office shifted from Birla Building to East India House, 20B Abdul Hamid Street, Kolkata.
Frontier Warehousing Limited has completed the acquisition of 13,29,69,279 shares (42.80% stake) under the Share Purchase Agreement dated December 4, 2025, taking its total holding to 42.81% and gaining control as promoter. Consequently, existing promoter group entities have cut their stake from 43.34% to 0.54% and requested reclassification to public status. The board has undergone a comprehensive overhaul, including the resignation of three directors and the appointment of Gautam Agarwalla as Managing Director for a 5-year term.
- Frontier Warehousing acquired 13,29,69,279 shares (42.80%), increasing total holding to 13,30,53,804 shares (42.81%) and becoming the new promoter.
- Previous promoter group reduced aggregate holding from 13,46,50,683 shares (43.34%) down to 16,81,404 shares (0.54%) and applied for public reclassification.
- Gautam Agarwalla appointed as Managing Director for a term of 5 years starting September 12, 2026, subject to shareholder approval.
- Registered office shifted from Birla Building to East India House, 20B Abdul Hamid Street, Kolkata.
Kesoram Industries has approved the appointment of Mr. Rishi Bajoria as a Non-Executive Independent Director for a 5-year term effective August 18, 2026, subject to shareholder approval. Mr. Bajoria had previously been appointed on August 6, 2026, but ceased holding office upon conclusion of the AGM on August 18, 2026, as the dispatched AGM notice did not include his regularisation. He brings over two decades of experience in jute, garment manufacturing, and real estate, and holds nil shares in the company.
- Appointment of Mr. Rishi Bajoria as Non-Executive Independent Director approved for a 5-year term effective August 18, 2026
- Procedural re-appointment following cessation on August 18, 2026, due to pre-dispatched AGM notices
- Mr. Bajoria holds nil shares in Kesoram Industries Limited
- Candidate brings over 20 years of experience across jute manufacturing, garment manufacturing, and real estate
Kesoram Industries Limited reported the procedural cessation and simultaneous re-appointment of Mr. Rishi Bajoria as a Non-Executive Independent Director effective August 18, 2026. He was originally appointed on August 6, 2026, but could not be regularised at the AGM on August 18, 2026, as meeting notices had already been dispatched. The Board approved his appointment for a fresh term of five consecutive years, subject to shareholder approval. Mr. Bajoria holds nil shares in the company.
- Re-appointed as Non-Executive Independent Director for a 5-year consecutive term effective August 18, 2026
- Technical cessation occurred on August 18, 2026, due to pre-dispatched AGM notice after August 6, 2026 appointment
- Holds nil equity shares in Kesoram Industries Limited
- Appointment remains subject to shareholder approval as required under SEBI LODR rules
Kesoram Industries Limited conducted its 107th Annual General Meeting (AGM) on August 18, 2026, through video conferencing with 98 members present. Key agenda items transacted included the adoption of audited standalone and consolidated financial statements for FY26 (revenue of Rs 248.01 Cr, net loss of Rs 88.19 Cr), the re-appointment of Director Jikyeong Kang, and the special resolution for re-appointment of Independent Director Mangala Radhakrishna Prabhu. Scrutinizer voting results under Regulation 44(3) will be announced separately.
- Conducted 107th Annual General Meeting on August 18, 2026 via video conferencing
- A total of 98 members attended the AGM virtually
- Remote e-voting was held from August 14, 2026 (9:00 AM IST) to August 17, 2026 (5:00 PM IST)
- 3 resolutions transacted, including adoption of FY26 financial statements and director re-appointments
Financial Performance
Revenue Growth by Segment
The Cement division was demerged to UltraTech Cement effective March 2025, leading to a 93% reduction in the total revenue base from INR 4,035.94 Cr in FY24 to INR 279.34 Cr in FY25. The remaining Rayon and Transparent Paper segment generated INR 132.56 Cr in H1 FY26.
Geographic Revenue Split
Not disclosed in available documents; operations are primarily concentrated in India with headquarters in Kolkata, West Bengal.
Profitability Margins
Net loss margin for H1 FY26 was -94.4% (Net Loss of INR 125.21 Cr on Total Revenue of INR 132.56 Cr). Historically, the Rayon business has been PBT negative despite generating INR 250-300 Cr in annual revenue.
EBITDA Margin
Not disclosed for H1 FY26; historical 9M FY24 production growth was 49% and sales growth was 54% prior to the cement demerger.
Credit Rating & Borrowing
ICRA rating reflects the refinancing of high-cost NCDs (19% interest) with 10-year term loans at 11.25% interest in February 2024, reducing the interest rate by 7.75% and eliminating immediate refinancing risks.
Operational Drivers
Raw Materials
Wood pulp and chemicals (Rayon/Paper); Limestone and coal (Cement - demerged).
Capacity Expansion
Cement capacity was 5.4 MTPA as of 9M FY24; Rayon revenue capacity is approximately INR 250-300 Cr annually.
Raw Material Costs
Raw material costs for H1 FY26 were INR 84.42 Cr, representing 63.7% of total revenue.
Manufacturing Efficiency
Production growth of 49% in 9M FY24; management is looking at selling closer to markets to optimize realizations.
Strategic Growth
Expected Growth Rate
54%
Growth Strategy
The company is executing a massive deleveraging strategy through the demerger of its capital-intensive Cement division to UltraTech Cement Limited. This allows the company to transfer significant debt and focus on its subsidiary, Cygnet Industries (Rayon and Transparent Paper), while an open offer by Frontier Warehousing Limited at INR 5.48 per share provides a potential change in promoter support.
Products & Services
Rayon Yarn, Transparent Paper, and Cement (Birla Shakti brand, now demerged).
Brand Portfolio
Birla Shakti, Kesoram Rayon.
Strategic Alliances
Composite Scheme of Arrangement with UltraTech Cement Limited for the demerger of the cement business.
External Factors
Industry Trends
The cement industry is undergoing rapid consolidation with large players planning massive capacity additions through 2030. This trend forces smaller players to either scale up significantly or join larger groups to remain relevant, as seen in Kesoram's demerger of its 5.4 MTPA capacity to UltraTech.
Competitive Landscape
Intense competition from large-scale cement manufacturers like UltraTech Cement and other major players expanding capacity.
Competitive Moat
The company possesses a long track record of operations and established brand names like Birla Shakti (cement) and Kesoram Rayon. However, the sustainability of this moat is challenged by the loss-making nature of the Rayon business and the exit from the more competitive cement sector.
Macro Economic Sensitivity
High sensitivity to the cyclical nature of the cement business and inflationary trends in energy costs.
Consumer Behavior
Growth in demand for blended cement (40% growth) and OPC (50% growth) segments noted in historical volume trends.
Regulatory & Governance
Industry Regulations
Compliance with SEBI LODR, Companies Act 2013, and NCLT demerger regulations.
Environmental Compliance
ESG and statutory compliance costs are managed as part of corporate governance, though specific INR Cr values for ESG are not disclosed.
Taxation Policy Impact
FY25 deferred tax charge of INR 26.25 Cr; H1 FY26 saw a minor tax credit of INR 0.09 Cr.
Legal Contingencies
The Composite Scheme of Arrangement for the demerger was approved by the NCLT Kolkata Bench on November 14, 2024, and the Mumbai Bench on November 26, 2024. There have been no penal actions by stock exchanges in the last 10 years.
Risk Analysis
Key Uncertainties
The primary uncertainty is the future viability and path to profitability for the Rayon and Transparent Paper business, which has historically operated at a loss. The company also faces risks associated with the successful completion of the open offer by Frontier Warehousing Limited.
Geographic Concentration Risk
High concentration in West Bengal, India.
Credit & Counterparty Risk
Provision for bad and doubtful debts was INR 0.15 Cr in H1 FY26.
