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KIOCL Limited (KIOCL)

₹368.35 -0.23% last close, 16 Oct

📊 NSE: KIOCL 🏢 Mining / Minerals / Metals 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, KIOCL's revenue was ₹158 Cr (+73.8% year on year, -28.2% on the previous quarter), and net profit ₹-15.5 Cr (a smaller loss than a year earlier); the operating margin was -16.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹158	+73.8%	-28.2%
Operating profit	₹-26.6	loss narrowed	to loss
Net profit	₹-15.5	loss narrowed	to loss
EPS (₹)	-0.25	loss narrowed	to loss
Operating margin	-16.8%	—	—

Full quarterly financials → Results calendar →

KIOCL delivery percentage

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

On Fri, 16 Oct 2026, 37.54% of the KIOCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.38%. That is close to its usual level.

37.54%Delivery, 16 Oct

40.38%Own 20-session average

0.5×Volume vs its average

₹368.35NSE close · -0.23%

Delivery in the last 5 sessions: 32.8% · 36.0% · 44.8% · 19.7% · 37.5%

Delivery across the market →

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

KIOCL Submits Demat Compliance Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 04:16 PM

KIOCL Limited has submitted its quarterly compliance 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, Integrated Registry Management Services Private Limited, confirms that securities received for dematerialization were processed, mutilated, and cancelled within 15 days. Demat requests were duly accepted/rejected and member registers updated accordingly. This is a regular procedural compliance filing with no impact on operations or financials.

Compliance certificate submitted for the quarter ended September 30, 2026
Confirmation issued by RTA Integrated Registry Management Services Private Limited on October 9, 2026
Securities certificates mutilated and cancelled within 15 days of receipt
Formal submission to exchanges completed on October 14, 2026

💡 No action required. Investors should track upcoming Q2 FY27 financial results and operational updates regarding iron ore pellet production.

CARE Revises KIOCL's Outlook to Stable from Negative; Reaffirms CARE BBB+ / CARE A2 on ₹1,050 Cr Loans

🟢 POSITIVE ⭐ 9/10

OTHER 📅 13 Oct 2026, 03:33 PM

CARE Ratings has reaffirmed KIOCL's bank facility ratings at CARE BBB+/CARE A2 while revising the long-term rating outlook to 'Stable' from 'Negative' across ₹1,050 crore of facilities. The outlook revision is driven by an operational turnaround in FY26, where pellet production rose to 2.70 million tonnes from 0.93 million tonnes in FY25, pushing capacity utilisation to ~77% (from 27%) under its NMDC conversion arrangement. Consequently, KIOCL returned to a net profit of ₹17 crore in FY26 compared to a net loss of ₹205 crore in FY25. Balance sheet strength remains solid with a net cash position, ₹826 crore in liquid balances, and an overall gearing of 0.13x as of March 31, 2026.

Outlook revised to Stable from Negative on ₹1,050.00 crore long-term/short-term bank facilities; rating reaffirmed at CARE BBB+ / CARE A2
Pellet production increased to 2.70 million tonnes in FY26 from 0.93 million tonnes in FY25, raising capacity utilisation to ~77%
Total pellet dispatches reached 2.81 million tonnes in FY26, heavily aided by 2.77 million tonnes of NMDC conversion volume
Net profit rebounded to ₹17 crore in FY26 against a net loss of ₹205 crore in FY25
Maintains net-cash status with ₹826 crore in cash and liquid investments vs total debt of ₹224 crore and gearing of 0.13x

💡 Track the regulatory approvals and land handover for the 2.0 MTPA Devadari Iron Ore Mine, which has an extended commercial production timeline of January 1, 2028.

KIOCL Schedules 50th Annual General Meeting for September 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 01:55 PM

KIOCL Limited has announced that its 50th Annual General Meeting (AGM) will take place on Tuesday, September 29, 2026, at 11:00 AM IST via Video Conferencing/OAVM. The intimation is an annual statutory compliance requirement to consider ordinary and special business items. The company reported TTM revenue of Rs 680 Cr and net profit of Rs 38 Cr, with the Government of India holding 99.03% promoter stake.

50th Annual General Meeting scheduled for September 29, 2026
Meeting to be conducted at 11:00 A.M via Video Conferencing / OAVM
Statutory intimation issued under SEBI LODR Regulations

💡 Track the full AGM notice and annual report once published for detailed updates on Devadari Iron Ore Block operationalization and FY27 capital expenditure plans.

KIOCL Q1 Results: Revenue Grows 74% YoY to ₹158 Cr, Net Loss Narrows to ₹15.5 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:21 PM

KIOCL reported a 73.7% YoY increase in revenue from operations to ₹158.01 cr for Q1 FY27, though it remains in a net loss position of ₹15.48 cr. While the loss narrowed significantly from ₹37.79 cr in the same quarter last year, the company swung back to a loss compared to the ₹53.39 cr profit in the preceding March quarter. Operational performance was weighed down by losses in both the Pellet and Pig Iron segments, totaling ₹11.54 cr. Other income of ₹22.45 cr provided a buffer against deeper operating losses.

Revenue from operations increased 73.7% YoY to ₹158.01 cr from ₹90.94 cr.
Net loss narrowed by 59% YoY to ₹15.48 cr compared to a loss of ₹37.79 cr in Q1 FY26.
Pellet Plant segment reported a loss of ₹10.79 cr on a segment revenue of ₹157.52 cr.
Other income contributed ₹22.45 cr, which is approximately 12.4% of total revenue.
Total expenses stood at ₹196.41 cr, exceeding the total revenue of ₹180.46 cr.

💡 Monitor the operationalization timeline of the Devadari Iron Ore Block (2.0 MTPA) as raw material security is the primary driver for margin recovery. Investors should also track global pellet price benchmarks and NMDC's iron ore pricing.

KIOCL Appoints 3 Independent Directors for 3-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Aug 2026, 11:10 AM

KIOCL Limited has appointed Shri Rakesh Modi, Shri Subhash Chandra Saraf, and Shri Avtar Singh as Non-Executive Independent Directors following an order from the Ministry of Steel. The appointments are for a three-year term effective from July 14, 2026. These appointments help the company comply with corporate governance norms, which is significant given the 99.03% promoter holding. The new directors bring diverse backgrounds in audit, taxation, public administration, and marketing.

3 new Independent Directors appointed by the Ministry of Steel for a 3-year term
Shri Subhash Chandra Saraf brings over 40 years of experience in Audit, Taxation, and Corporate Consultancy
Shri Avtar Singh has 18 years of experience in the pharmaceutical sector and local governance
Shri Rakesh Modi has extensive experience in public administration and social service leadership
Appointments are effective from July 14, 2026, as per the Ministry of Steel order

💡 Investors should monitor if the reconstituted board can address the company's operational challenges, such as the pellet plant being closed for 232 days in FY25 and the current negative operating margin of -3.4%.

KIO C L C l a r i f i e s N o U n d i s c l o s e d I n f o r m a t i o n F o l l o w i n g N S E Q u e r y o n V o l u m e S p u r t

🟡 N E U T R A L ⭐ 2/10

R E G U L A T O R Y 📅 04 Aug 2026, 10:19 AM

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N S E s o u g h t c l a r i f i c a t i o n o n ' S p u r t i n V o l u m e ' v i a l e t t e r d a t e d J u l y 3 1, 2 0 2 6
C o m p a n y c o n f i r m e d a l l p r i c e - s e n s i t i v e i n f o r m a t i o n h a s a l r e a d y b e e n p r o m p t l y s u b m i t t e d
P r o m o t e r h o l d i n g r e m a i n s s t a t i c a t 9 9. 0 3 % a s o f M a r c h 2 0 2 6
T T M R e v e n u e o f R s 6 1 3. 1 3 C r i s s m a l l r e l a t i v e t o t h e R s 2 2, 2 2 1 C r m a r k e t c a p i t a l i z a t i o n
P e l l e t p l a n t w a s c l o s e d f o r 2 3 2 d a y s i n F Y 2 5, i n d i c a t i n g o p e r a t i o n a l i n s t a b i l i t y

💡 I n v e s t o r s s h o u l d f o c u s o n t h e o p e r a t i o n a l i z a t i o n o f t h e 2. 0 M T P A D e v a d a r i I r o n O r e B l o c k a s t h e n e x t m a t e r i a l t r i g g e r, r a t h e r t h a n s p e c u l a t i v e v o l u m e s p u r t s.

KIOCL Reports 100% Compliance with SEBI Insider Trading Regulations for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 21 Jul 2026, 04:20 PM

KIOCL Limited has submitted its quarterly compliance certificate for the Structured Digital Database (SDD) for the quarter ended June 30, 2026. The certificate, issued by M/s J K Das & Associates, confirms that the company is in full compliance with SEBI (Prohibition of Insider Trading) Regulations. Specifically, the company identified and captured 20 required events in its non-tamperable database during the period. This is a routine procedural filing ensuring governance standards regarding Unpublished Price Sensitive Information (UPSI).

20 events requiring capture were successfully recorded in the Structured Digital Database during the quarter.
100% capture rate achieved for all identified UPSI events as certified by a Practicing Company Secretary.
The database is maintained internally and is capable of retaining records for a period of 8 years.
Compliance certificate issued by M/s J K Das & Associates on July 14, 2026, following the quarter end.

💡 This is a routine administrative filing. Investors should focus on operational updates regarding the 2.0 MTPA Devadari Iron Ore Block and the company's ability to improve its -3.4% operating margin.

KIOCL Files Regulation 74(5) Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Jul 2026, 03:53 PM

KIOCL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day period. The company's Registrar, Integrated Registry Management Services Private Limited, confirmed that physical certificates were mutilated and cancelled after verification. This is a standard procedural disclosure required for all listed entities in India.

Quarterly compliance completed for the period ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days
Registrar confirmation received by the company on July 7, 2026
Certificates mutilated and cancelled as per SEBI regulatory requirements

💡 No action is required as this is a routine administrative filing. Investors should monitor the upcoming quarterly financial results for operational updates.

KIOCL FY26 Revenue Rises to ₹708 Cr; Auditor Highlights Major Governance Non-Compliance

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 25 Jun 2026, 05:43 PM

KIOCL reported a total revenue of ₹70,826 lakhs for FY26, up from ₹64,062 lakhs in FY25, largely supported by an 89% increase in other income. However, the auditor's report raises significant red flags regarding corporate governance, specifically the absence of independent directors, a woman director, and an audit committee. Operationally, the company continues to face headwinds with the BFU plant remaining idle since 2009 and mining activities stalled due to pending forest land handovers. Furthermore, power and fuel costs more than doubled, significantly impacting the expenditure profile.

Total annual revenue increased to ₹70,826 lakhs in FY26 compared to ₹64,062 lakhs in FY25.
Power and fuel expenses surged by 146% year-on-year to ₹28,332 lakhs.
Auditor issued an 'Emphasis of Matter' regarding the lack of Independent Directors and an Audit Committee.
Mining rights remain capitalized as intangible assets despite no commercial production due to forest land delays.
The BFU plant has been non-operational since 2009, though no impairment has been recognized based on independent valuation.

💡 Investors should exercise caution given the persistent regulatory non-compliance and the lack of operational progress on key mining and plant assets. The significant rise in power costs and reliance on 'Other Income' suggest underlying pressure on core operational profitability.

KIOCL Reports FY26 Turnaround with ₹11.89 Cr Profit vs ₹205.07 Cr Loss YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 27 May 2026, 03:20 PM

KIOCL Limited has reported a significant financial turnaround for the fiscal year ended March 31, 2026, posting a profit of ₹11.89 crore compared to a massive loss of ₹205.07 crore in the previous year. Total annual revenue increased by 10.5% to ₹708.26 crore, supported by a strong Q4 performance where the company earned a profit of ₹54.40 crore. Despite the improved financials, the company faces serious regulatory hurdles, including the lack of independent directors and a functional audit committee. Additionally, core mining operations remain suspended, and new mining rights are yet to be operationalized due to pending forest land clearances.

Turned around from a net loss of ₹205.07 crore in FY25 to a profit of ₹11.89 crore in FY26.
Q4 FY26 profit stood at ₹54.40 crore compared to a loss of ₹39.52 crore in Q4 FY25.
Total annual revenue grew 10.5% year-on-year to ₹708.26 crore.
Auditors raised concerns over non-compliance regarding the absence of Independent and Woman Directors.
Mining activities at new sites remain stalled due to non-handover of forest land and lack of working permissions.

💡 The return to profitability is a positive signal, but investors should be wary of the significant regulatory non-compliance and the lack of active mining operations. Monitor the status of forest land handovers for new mining rights, as this is essential for sustainable revenue growth.

KIOCL Confirms 100% Compliance with SEBI Insider Trading Regulations for Q4 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 21 Apr 2026, 03:00 PM

KIOCL Limited has filed its Compliance Certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2026. The company successfully captured all 14 required events involving Unpublished Price Sensitive Information (UPSI) during the quarter. The certificate, issued by J.K. Das & Associates, confirms that the database is non-tamperable and maintains an audit trail for 8 years. This filing underscores the company's commitment to SEBI's Prohibition of Insider Trading regulations.

Captured 14 out of 14 required UPSI events during the quarter ended March 31, 2026
Compliance certified by external Practicing Company Secretary M/s Das & Associates
Database is maintained internally and is non-tamperable with an 8-year audit trail
Adherence to Regulation 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations

💡 This is a routine compliance update reflecting standard corporate governance; no specific investment action is necessary based on this announcement.

KIOCL Submits SEBI Compliance Certificate for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Apr 2026, 02:45 PM

KIOCL Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by the Registrar and Share Transfer Agent, confirms that share certificates received for dematerialization during the quarter ended March 31, 2026, were processed correctly. It verifies that the securities were listed on stock exchanges and the physical certificates were mutilated and cancelled within the 15-day regulatory timeframe. This is a standard administrative filing ensuring the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirms dematerialization requests were processed and updated in the register within 15 days.
Verification provided by Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited.
Confirms that physical certificates were mutilated and cancelled after due verification.

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

KIOCL Announces Cessation of Independent Director Changdev Sukhadev Kamble Upon Tenure Completion

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Apr 2026, 11:20 AM

KIOCL Limited has announced that Shri Changdev Sukhadev Kamble (DIN: 09351638) ceased to be an Independent Director effective April 15, 2026. This change follows the completion of his one-year reappointment term which was mandated by the Ministry of Steel. As of the reporting date, the Government of India has not yet named a successor to fill the vacancy on the board. This is a routine administrative transition common in Public Sector Undertakings (PSUs).

Shri Changdev Sukhadev Kamble's tenure as Independent Director concluded on April 15, 2026.
The director was previously reappointed for a one-year term starting April 15, 2025.
The cessation is in accordance with Ministry of Steel Order No. 1/1/2025-BLA.
No communication has been received from the Government regarding a replacement appointment as of April 16, 2026.

💡 This is a routine regulatory filing for a PSU and does not impact the company's fundamentals; investors should monitor for future appointments to ensure board composition remains compliant with SEBI norms.

KIOCL Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 12:48 PM

KIOCL Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results. The window will remain closed until 48 hours after the Board of Directors approves the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting will be communicated by the company at a later time.

Trading window closure effective from April 1, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Window to reopen 48 hours after the official declaration of financial results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the future announcement of the board meeting date to review the company's year-end financial performance.

KIOCL Returns to Profit in Q3 FY26 with PAT of ₹18.13 Cr Against YoY Loss

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 04:59 PM

KIOCL Limited has reported a significant turnaround in Q3 FY26, posting a Net Profit of ₹18.13 crore compared to a Net Loss of ₹47.79 crore in the same period last year. While Revenue from Operations declined YoY to ₹159.65 crore from ₹180.55 crore, it showed sequential growth from ₹142.54 crore in Q2 FY26. The company managed to drastically reduce total expenses to ₹162.26 crore from ₹238.44 crore YoY, primarily through lower material costs. However, the company continues to operate without a functional Audit Committee due to the lack of Independent Directors, which is a regulatory concern.

Reported a Net Profit of ₹18.13 crore in Q3 FY26 vs a Net Loss of ₹47.79 crore in Q3 FY25.
Revenue from operations stood at ₹159.65 crore, a 12% increase on a quarter-on-quarter basis.
Total expenses decreased by 32% YoY to ₹162.26 crore, driven by a sharp reduction in cost of materials.
The company recognized an impact of ₹3.20 crore due to the implementation of new labor codes.
Pellet Plant operations appear to have shifted toward a service-based revenue model, contributing ₹159.55 crore in service income.

💡 The return to profitability is a strong positive signal, but investors should remain cautious regarding the lack of a formal Audit Committee and the shift in the core business model toward services. Monitor the government's appointment of Independent Directors to ensure regulatory compliance.

View All KIOCL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) declined by 68.2% to INR 591 Cr in FY25 from INR 1,859 Cr in FY24. However, for the quarter ended September 30, 2025, revenue from operations grew significantly to INR 142.54 Cr compared to INR 15.86 Cr in the corresponding previous quarter, representing a recovery from a low base.

Geographic Revenue Split

Historically an Export Oriented Unit (EOU), the company saw a 90% decline in pellet exports in FY25, dropping to 0.15 MTPA from 1.59 MTPA in FY24. The company has since exited EOU status to gain flexibility in the domestic market.

Profitability Margins

The Net Profit Ratio deteriorated to (34.64)% in FY25 from (4.49)% in FY24. Return on Equity (ROE) fell to (11.27)% from (4.25)% YoY due to increased operating losses. For the half-year ended September 30, 2025, the company reported a loss before tax of INR 55.64 Cr.

EBITDA Margin

EBITDA margins have been negative due to frequent plant shutdowns (232 days in FY25) and high fixed employee costs associated with the idle blast furnace, leading to continued operating losses over the last four out of five quarters.

Capital Expenditure

Planned capital expenditure for the Devadari Iron Ore Block Phase-I is INR 882.46 Cr. The project includes a 2.0 MTPA capacity mine and a 2.0 MTPA beneficiation plant.

Credit Rating & Borrowing

CARE Ratings assigned a 'CARE BBB+; Negative / CARE A2' rating in October 2025. Brickwork Ratings downgraded the long-term rating to 'BWR A' with a Negative outlook. The company remains externally net debt-free as of March 31, 2025, with an adjusted overall gearing of 0.11x.

⚙️ Operational Drivers

Raw Materials

Iron ore fines are the primary raw material, representing a significant portion of variable costs. High-cost iron ore is procured from NMDC's Chhattisgarh mines.

Import Sources

Raw materials are primarily sourced from the state of Chhattisgarh, India.

Key Suppliers

NMDC (National Mineral Development Corporation) is the primary supplier of iron ore fines.

Capacity Expansion

Current installed capacity includes 3.5 MTPA for pellets and 0.22 MTPA for pig iron. Planned expansion includes the 2.0 MTPA Devadari Iron Ore mine to ensure raw material security.

Raw Material Costs

Raw material costs are structurally high due to dependence on NMDC and high freight costs. The company is pursuing backward integration via the Devadari mine to reduce these costs.

Manufacturing Efficiency

Efficiency is currently low due to frequent shutdowns; the pellet plant was closed for 232 days in FY25. The blast furnace remains idle, contributing to high fixed costs.

Logistics & Distribution

Distribution is handled via a rail-cum-sea route for raw material procurement, which is a major driver of the high cost structure.

📈 Strategic Growth

Expected Growth Rate

43%

Growth Strategy

Growth is targeted through backward integration by operationalizing the Devadari Iron Ore Block (2.0 MTPA) to secure raw materials and reduce costs. The company is also exploring Joint Ventures for forward integration projects and mineral exploration contracts to diversify revenue streams.

Products & Services

Iron ore pellets and Pig iron. The company also provides mineral exploration and Operation and Maintenance (O&M) services.

Brand Portfolio

KIOCL (formerly Kudremukh Iron Ore Company Limited).

New Products/Services

New revenue streams are being developed through mineral exploration and O&M contracts for other mining entities.

Market Expansion

Shifting focus from being a pure Export Oriented Unit to catering to the domestic Indian steel market to mitigate global cyclicality.

Market Share & Ranking

The company is a 'Mini Ratna' Central Public Sector Enterprise under the Ministry of Steel.

Strategic Alliances

Actively scouting for a Joint Venture (JV) partner for forward integration and technical/financial aid for future capex plans.

🌍 External Factors

Industry Trends

The industry is moving toward stricter environmental standards for greenhouse gas emissions. KIOCL is positioning itself by transitioning to domestic sales and securing captive mines.

Competitive Landscape

Operates in a highly competitive and fragmented steel industry marked by cyclicality and demand-supply sensitivity.

Competitive Moat

The primary moat is 99.03% Government of India ownership and 'Mini Ratna' status, providing strong financial backing and administrative support, though operating inefficiencies remain a challenge.

Macro Economic Sensitivity

Highly sensitive to global steel demand cycles and iron ore price fluctuations.

Consumer Behavior

Demand is driven by steel manufacturers' requirements for high-quality iron ore pellets.

Geopolitical Risks

Exposed to international trade barriers and domestic regulatory changes such as export duties on iron ore pellets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms, forest clearance requirements for mining, and Government of India export/import duties.

Environmental Compliance

Increasing regulatory requirements to reduce greenhouse gas emissions and stricter air pollution standards may lead to higher costs in the medium term.

Taxation Policy Impact

The company maintains deferred tax assets of INR 12.13 Cr as of September 2025.

Legal Contingencies

KIOCL filed a writ petition (WP 34073/2024) in the High Court of Karnataka to direct the Forest Department to execute the Forest Lease Agreement (FLA) for the Devadari mine. The court recently directed the respondents to hand over the land.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timely execution of the Forest Lease Agreement and commencement of mining at Devadari, which is critical for cost competitiveness.