🔍

Kesoram Industries Limited (KESORAMIND)

📊 NSE: KESORAMIND 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 8:53

📢 Recent Corporate Announcements

Kesoram Re-Appoints Rishi Bajoria as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 19 Aug 2026, 05:30 PM

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

💡 Track subsequent shareholder voting / postal ballot approval for regularising the 5-year independent director appointment.

Kesoram Industries: Procedural Re-Appointment of Rishi Bajoria as Independent Director for 5 Years

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 19 Aug 2026, 05:28 PM

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

💡 Track subsequent shareholder voting resolutions for director regularisation; no operational or financial impact.

Kesoram Industries Concludes 107th AGM; Puts 3 Resolutions to Vote

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 03:27 PM

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

💡 Track the upcoming Scrutinizer's report and Regulation 44(3) disclosure for final voting outcomes on the resolutions.

Kesoram Industries Concludes 107th AGM; 3 Ordinary & Special Resolutions Put to Vote

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 03:16 PM

Kesoram Industries Limited conducted its 107th Annual General Meeting (AGM) on August 18, 2026, via video conferencing with 98 members attending. Key agenda items included the adoption of audited financial statements for FY26, the re-appointment of retiring director Ms. Jikyeong Kang, and the re-appointment of Mrs. Mangala Radhakrishna Prabhu as an Independent Director. All resolutions were put to remote e-voting, with final scrutinizer results to be declared separately under Regulation 44(3).

107th AGM conducted on August 18, 2026, with 98 members present virtually
Audited standalone and consolidated financial statements for the year ended March 31, 2026, put to shareholder vote
Special resolution proposed for the re-appointment of Mrs. Mangala Radhakrishna Prabhu as Independent Director
Remote e-voting window was active from August 14, 2026 (9:00 AM) to August 17, 2026 (5:00 PM)

💡 Track the upcoming disclosure of final scrutinizer voting results under SEBI Regulation 44(3) to confirm resolution approvals.

Kesoram Industries Corrects Resignation Details for Company Secretary to August 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Aug 2026, 01:14 PM

Kesoram Industries Limited has issued a corrigendum regarding the departure of its Company Secretary and Compliance Officer, Snehaa Shaw. The company corrected the reason for the change from 'change of management' to 'resignation' and extended the effective cessation date from August 6, 2026, to August 31, 2026. This administrative update follows the company's significant structural shift, including the demerger of its cement division which reduced TTM revenue to ₹248 Cr. The correction is procedural and does not alter any board-approved resolutions.

Reason for Company Secretary's departure corrected from 'change of management' to 'resignation'
Effective date of cessation for Snehaa Shaw revised from August 6, 2026, to August 31, 2026
Company currently operates with a TTM revenue of ₹248 Cr following the demerger of its primary cement business
The correction is purely typographical and does not impact previous board decisions

💡 Investors should monitor the announcement of a successor for the Company Secretary and Compliance Officer role to ensure smooth regulatory compliance post-August 31, 2026.

Kesoram Industries: CEO, Subsidiary CEO, and CS Resign Amid Management Transition

🔴 NEGATIVE ⭐ 8/10

MANAGEMENT 📅 06 Aug 2026, 05:48 PM

Kesoram Industries announced a significant leadership overhaul on August 6, 2026, with the exit of three key executives. CEO P Radhakrishnan completes his term on August 7, while the CEO of material subsidiary Cygnet Industries and the Company Secretary (CS) have resigned effective immediately. Notably, the CS resignation letter explicitly cites the 'conduct of the impending new management' as the reason for departure, signaling potential friction during the company's ongoing transition following the demerger of its cement division.

CEO P Radhakrishnan to exit effective August 7, 2026, upon completion of his term.
Cygnet Industries CEO Vineet Rai resigned effective August 6, 2026, requesting a waiver of notice period.
Company Secretary Snehaa Shaw resigned citing concerns over the 'conduct of the impending new management'.
Mr. Rishi Bajoria appointed as Independent Director for a short term of up to 3 months or until the next General Meeting.
The company is currently loss-making with a TTM PAT of Rs -88 Cr and an OPM of -23.4%.

💡 Investors should closely monitor the identity and strategy of the 'impending new management' mentioned in the resignation letters. The immediate priority is to see how the board fills the leadership vacuum in the Rayon business (Cygnet Industries) following the demerger of the core cement assets.

Kesoram Management Overhaul: CEO, Subsidiary CEO, and CS Resign Amid Management Transition

🔵 WATCH ⭐ 8/10

MANAGEMENT 📅 06 Aug 2026, 05:26 PM

Kesoram Industries announced a major leadership transition on August 6, 2026, with the exit of the Group CEO, the CEO of its material subsidiary (Cygnet Industries), and the Company Secretary. Notably, the Company Secretary's resignation letter cited the 'conduct of the impending new management' as the reason for her departure. This follows the company's massive restructuring, including the demerger of its cement division which previously accounted for 93% of revenue. Mr. Rishi Bajoria has been appointed as an Independent Director to fill a board vacancy.

Completion of term for P Radhakrishnan, Whole-time Director and CEO, effective August 7, 2026.
Resignation of Vineet Rai, CEO of material subsidiary Cygnet Industries Limited, effective August 6, 2026.
Resignation of Snehaa Shaw, Company Secretary, citing concerns over the 'conduct of the impending new management'.
Appointment of Rishi Bajoria as an Independent Director effective August 6, 2026, for a term of up to three months or the next General Meeting.
Company is currently undergoing a transition following the demerger of its cement business (INR 4,035.94 Cr revenue in FY24) and an open offer at INR 5.48 per share.

💡 Investors should closely monitor the appointment of a new CEO and the formal takeover by the 'impending new management' mentioned in the filings. Watch for any further disclosures regarding the open offer by Frontier Warehousing Limited at INR 5.48 per share.

Kesoram Industries Q1 FY27: Consolidated Revenue at ₹77.66 Cr, Net Loss Narrows to ₹20.19 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 31 Jul 2026, 05:26 PM

Kesoram Industries reported a consolidated revenue of ₹77.66 Cr for Q1 FY27, a 27.2% increase from ₹61.05 Cr in the corresponding quarter last year. The consolidated net loss narrowed significantly to ₹20.19 Cr from a loss of ₹99.34 Cr in Q1 FY26, which was heavily impacted by exceptional items. The company remains a 'going concern' primarily due to a letter of support from Frontier Warehousing Limited, which is in the process of acquiring a 42.80% stake. Operations are now concentrated in the Rayon and Chemicals segment following the demerger of the Cement division.

Consolidated revenue from operations grew to ₹77.66 Cr in Q1 FY27 from ₹61.05 Cr in Q1 FY26.
Consolidated net loss reduced to ₹20.19 Cr versus a loss of ₹99.34 Cr in the previous year's corresponding quarter.
Finance costs remained high at ₹6.61 Cr, consuming approximately 8.5% of the quarterly revenue.
Frontier Warehousing Limited is completing the acquisition of 13,29,69,279 equity shares (42.80% stake).
Standalone revenue from operations was nil, as the core business now resides within the subsidiary Cygnet Industries.

💡 Monitor the completion of the Share Purchase Agreement with Frontier Warehousing and any subsequent capital infusion. Investors should track if the Rayon segment can achieve its ₹250-300 Cr annual revenue capacity to reach operational breakeven.

Kesoram Q1 FY27: Consolidated Revenue up 27% to ₹77.66 Cr; Net Loss Narrows to ₹20.19 Cr

🔵 WATCH ⭐ 7/10

EARNINGS 📅 31 Jul 2026, 05:24 PM

Kesoram Industries reported a consolidated revenue of ₹77.66 Cr for Q1 FY27, marking a 27.2% increase from ₹61.05 Cr in Q1 FY26. The consolidated net loss narrowed significantly to ₹20.19 Cr from a loss of ₹99.34 Cr in the previous year's corresponding quarter, which was impacted by heavy impairments. The company continues to operate as a 'going concern' primarily due to a letter of support from Frontier Warehousing Limited, which is in the process of acquiring a 42.80% stake. Standalone operations reported zero revenue, reflecting the shift of business to its subsidiary, Cygnet Industries.

Consolidated revenue from operations grew 27.2% YoY to ₹77.66 Cr from ₹61.05 Cr.
Consolidated net loss narrowed to ₹20.19 Cr from ₹99.34 Cr in Q1 FY26.
Frontier Warehousing Limited is acquiring 13,29,69,279 equity shares (42.80% stake) via a Share Purchase Agreement.
Cost of materials consumed rose 70% YoY to ₹54.08 Cr from ₹31.80 Cr.
Finance costs remained high at ₹6.61 Cr for the quarter compared to ₹5.96 Cr YoY.

💡 Investors should monitor the finalization of the Share Purchase Agreement with Frontier Warehousing and the subsequent impact of their financial assistance on the company's liquidity. The key operational metric to watch is the capacity utilization and margin recovery in the Rayon and Transparent Paper segment.

Kesoram Industries Schedules 107th AGM for Aug 18; Open Offer to Trigger Management Change

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 21 Jul 2026, 06:05 PM

Kesoram Industries has issued its 107th Annual General Meeting (AGM) notice for August 18, 2026. The Chairman's message confirms an impending change in control and management following an open offer by Frontier Warehousing Limited for 8.07 crore shares at Rs 5.48 per share. The company's financial profile has shifted significantly following the demerger of its cement division to UltraTech, leaving it as a holding company for the loss-making subsidiary Cygnet Industries. TTM revenue stands at Rs 248 Cr with a net loss of Rs 88 Cr, reflecting the reduced scale and operational pressure.

107th Annual General Meeting scheduled for August 18, 2026, via video conferencing.
Open offer in progress for 8,07,72,600 shares at Rs 5.48 per share, totaling Rs 44.26 Cr.
Auditors flagged a delay of Rs 2.00 lakhs in transferring funds to the Investor Education and Protection Fund (IEPF).
TTM Revenue of Rs 248 Cr represents a massive decline from FY24's Rs 2,973 Cr due to the cement division demerger.
Subsidiary Cygnet Industries reported as loss-making, impacting consolidated performance.

💡 Investors should monitor the completion of the open offer and the subsequent management transition, which will determine the future direction of the remaining Rayon and Transparent Paper businesses.

Kesoram Industries Submits Quarterly Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 11:49 AM

Kesoram Industries has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MCS Share Transfer Agent Limited, confirms that share certificates received for dematerialization between April 1, 2026, and June 30, 2026, have been processed and mutilated as per regulations. This is a standard administrative filing required for all listed companies to maintain accurate electronic shareholding records. Investors should note the company is currently in a transition phase following the demerger of its core cement division to UltraTech Cement.

Covers the compliance period from April 1, 2026, to June 30, 2026
Confirms destruction and cancellation of physical securities received for dematerialization
Issued by Registrar and Share Transfer Agent (RTA) MCS Share Transfer Agent Limited
Company is managing a significantly reduced revenue base of Rs 248 Cr TTM following the cement division demerger

💡 This is a routine procedural filing. Investors should monitor the execution of the demerger with UltraTech Cement and the operational turnaround of the remaining Rayon and Transparent Paper business.

Kesoram Industries Announces Trading Window Closure from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 02:09 PM

Kesoram Industries Limited has informed the stock exchanges that its trading window will be closed starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. This is a routine administrative filing and does not impact the company's fundamental business operations.

Trading window closure begins on July 1, 2026
Closure is in relation to the financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the declaration of the quarterly financial results
Applies to all Designated Persons and their immediate relatives as per SEBI norms

💡 No action is required as this is a routine compliance notification. Investors should look forward to the actual Q1 earnings release to evaluate the company's financial health.

Kesoram Industries FY26 Revenue Rises to ₹303 Cr; Reports Annual Consolidated Loss of ₹88 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 27 May 2026, 06:35 PM

Kesoram Industries reported a consolidated revenue of ₹30,333.63 lakhs for the full year ended March 31, 2026, up from ₹27,934.06 lakhs in FY25. Despite the revenue growth, the company posted a consolidated net loss of ₹8,813.24 lakhs for FY26, a significant shift from the previous year's profit which was skewed by a massive demerger gain. However, the fourth quarter (Q4 FY26) showed signs of recovery with a consolidated net profit of ₹3,106.53 lakhs compared to a loss of ₹2,231.09 lakhs in the same period last year.

Consolidated annual revenue grew by approximately 8.6% YoY to ₹30,333.63 lakhs.
Q4 FY26 consolidated net profit stood at ₹3,106.53 lakhs, marking a turnaround from the year-ago quarter's loss.
Standalone FY26 results were severely impacted by exceptional items amounting to ₹24,215.49 lakhs.
Consolidated total assets declined to ₹66,590.16 lakhs from ₹81,252.09 lakhs in the previous year.
The 107th Annual General Meeting (AGM) is scheduled for August 18, 2026.

💡 Investors should monitor the sustainability of the Q4 profit turnaround and the company's ability to manage high exceptional costs and debt-related finance charges.

Kesoram Industries Re-appoints Independent Director; Adjourns FY26 Results Meeting to May 27

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 May 2026, 06:28 PM

Kesoram Industries has recommended the re-appointment of Mrs. Mangala Radhakrishna Prabhu as an Independent Director for a second term starting May 21, 2026. Mrs. Prabhu possesses 45 years of experience in corporate credit, foreign exchange, and banking. Simultaneously, the Board has adjourned its meeting to May 27, 2026, to consider the Audited Financial Results for the quarter and year ended March 31, 2026. The trading window for the company's securities will remain closed until 48 hours after the results are made public.

Mrs. Mangala Radhakrishna Prabhu recommended for a second term as Independent Director starting May 21, 2026.
Director brings 45 years of extensive experience in corporate credit, HR, and branch banking.
Board meeting for FY26 Audited Financial Results adjourned from May 20 to May 27, 2026.
Trading window closure extended until 48 hours post-result announcement on May 27, 2026.

💡 Investors should focus on the upcoming financial results on May 27, 2026, as the management change is a routine continuity measure. No immediate action is required based on the director's re-appointment.

Kesoram Industries Adjourns Board Meeting to May 27 for FY26 Results; Re-appoints Director

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 20 May 2026, 05:41 PM

Kesoram Industries has adjourned its board meeting from May 20 to May 27, 2026, to finalize and approve the audited financial results for the quarter and year ended March 31, 2026. During the initial session, the board recommended the re-appointment of Mrs. Mangala Radhakrishna Prabhu as an Independent Director for a second term starting May 21, 2026. The trading window for insiders will remain closed until 48 hours after the financial results are disclosed on the new date. Investors should monitor the upcoming results on May 27 for insights into the company's annual performance.

Board meeting adjourned to May 27, 2026, for consideration of FY26 audited financial results
Mrs. Mangala Radhakrishna Prabhu recommended for a second term as Independent Director effective May 21, 2026
Trading window closure extended until 48 hours post-result announcement on May 27
The initial board meeting on May 20 lasted approximately 76 minutes before the decision to adjourn

💡 Investors should wait for the audited financial results on May 27 to assess the company's fiscal health and performance. The short delay is generally routine but warrants a watch on the final numbers.

View All KESORAMIND Announcements on Live Market Tracking →

💰 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.