Kiri Industries Limited (KIRIINDUS)
₹500.05 -0.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kiri Industries' revenue was ₹312 Cr (+54.5% year on year, +24.9% on the previous quarter), and net profit ₹291 Cr; the operating margin was 5.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹312 | +54.5% | +24.9% |
| Operating profit | ₹15.9 | from loss | from loss |
| Net profit | ₹291 | — | -43.4% |
| EPS (₹) | 44.89 | — | -47.6% |
| Operating margin | 5.1% | — | — |
KIRIINDUS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.31% of the KIRIINDUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.54%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 54.1% · 50.4% · 49.4% · 55.9% · 45.3%
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
Kiri Industries submitted its Scrutinizer's Report and voting results for the 28th Annual General Meeting held on September 29, 2026. Shareholders approved all 15 resolutions, including the adoption of FY26 financial statements and the re-appointment of Director Manish Kiri. Key approvals also encompassed issuing convertible warrants on a preferential basis to promoters (passed with 96.95% overall approval, though 18.52% of public non-institutional votes opposed), raising borrowing limits under Section 180(1)(c), and multiple material related-party transactions.
- All 15 resolutions passed at the 28th AGM held on September 29, 2026
- Special resolution to issue convertible warrants to promoters approved with 96.95% votes in favor
- Resolution to increase borrowing powers under Section 180(1)(c) passed with 97.52% approval
- Multiple material related-party transactions (Resolutions 12-15) approved after excluding 35,00,000 interested promoter shares
- Total of 42,188 shareholders were recorded as of the record date September 22, 2026
Kiri Industries held its 28th Annual General Meeting on September 29, 2026, conducting e-voting on 15 resolutions. Key agenda items included the issuance of convertible warrants on a preferential basis to promoters and approvals for increasing borrowing, lending, and investment limits under Sections 180, 185, and 186 of the Companies Act. Multiple material related-party transactions (RPTs) concerning Indo Asia Copper Limited, Kiri Infrastructure Private Limited, and Lonsen Kiri Chemical Industries were also placed for shareholder approval. Voting outcomes and the scrutinizer's report will be declared separately under Regulation 44(3).
- AGM held on September 29, 2026, covering 15 ordinary and special resolutions
- Proposed preferential issue of convertible warrants to the promoter and promoter group
- Approval sought for higher borrowing and hypothecation limits under Section 180(1)(c) and 180(1)(a)
- Approval tabled for material related-party investments and loans to Indo Asia Copper and Kiri Infrastructure
- Scrutinizer appointed is M/s. RTBR & Associates; detailed voting tally to follow
Kiri Industries Limited has issued a corrigendum to its 28th AGM notice following directives from NSE and BSE to comply with Regulation 166A of SEBI ICDR Regulations. An independent registered valuer determined a price of ₹422.93 per warrant for its proposed preferential issue exceeding 5% of post-issue fully diluted share capital. The AGM is scheduled for September 29, 2026, via video conference. The determined price represents a discount to the prevailing market price of ₹557.1.
- Independent valuation report by CS Abhishek Chhajed determined an issue price of INR 422.93 per warrant
- Proposed preferential issue of convertible warrants exceeds 5% of post-issue fully diluted share capital
- AGM scheduled for September 29, 2026, to seek shareholder approval for the issue
- Corrigendum issued pursuant to queries from NSE (dated Sep 7 and 15, 2026) and BSE (dated Sep 17, 2026)
Kiri Industries' wholly owned subsidiary, Equinaire Holdings Limited (EHL), emerged as the successful bidder to acquire a 40% stake (20,000,000 shares) in Makilala Mining Company, Inc. (MMCI), Philippines, for USD 5.01 million (~Rs 42 cr). The acquisition was executed via a public auction following loan default enforcement under an Omnibus Loan and Security Agreement. MMCI is developing the MCB copper-gold project covering ~2,500 hectares, which has not yet commenced operational revenue. The move supports backward integration for Kiri's greenfield copper venture under step-down subsidiary Indo Asia Copper Limited.
- Acquired 20,000,000 shares representing 40% of outstanding capital stock of Makilala Mining Company, Inc.
- Total cash consideration of USD 5,010,000 (~Rs 42 cr) plus applicable taxes and legal fees
- Target holds Mineral Production Sharing Agreement No. 356-2024-CAR across ~2,500 hectares for a 25-year initial term
- Closing timeline estimated at 15 to 25 working days from documentation completeness, subject to Philippine tax clearances
Kiri Industries Limited has announced the schedule for its 28th Annual General Meeting (AGM) to be held on Tuesday, September 29, 2026. The cut-off date to determine shareholder eligibility for e-voting has been fixed as Tuesday, September 22, 2026. Share transfer books and the Register of Members will remain closed from September 23, 2026, to September 29, 2026 (both days inclusive).
- 28th Annual General Meeting scheduled for September 29, 2026
- Cut-off date for e-voting eligibility set as September 22, 2026
- Book closure period runs from September 23, 2026 to September 29, 2026 (both days inclusive)
Kiri Industries Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report pursuant to SEBI Listing Regulations. On a standalone basis, Dyes Intermediates formed 48% of turnover, Dyes 33%, and Basic Chemicals 19%, with exports contributing 15% across 26 international markets. The company reported a workforce of 787 permanent employees and 482 contractual workers across 5 manufacturing plants in India. All 8 customer complaints received during the year regarding product quality and packaging were reported as resolved.
- Dyes Intermediates contributed 48% of entity turnover, followed by Dyes at 33% and Basic Chemicals at 19%
- Exports accounted for 15% of total turnover, serving 26 international countries and 13 Indian states
- Workforce stood at 787 permanent employees (with 13.39% employee turnover) and 482 non-permanent workers across 5 manufacturing plants
- Paid-up equity share capital as of March 31, 2026 stood at Rs 60.02 Crore (6,00,22,554 shares of Rs 10 each)
Kiri Industries has issued a notice for its 28th Annual General Meeting scheduled for September 29, 2026. Key special resolutions include a preferential issue of up to 60,82,600 convertible warrants at ₹475 per warrant to promoter and promoter group entities, aggregating ₹288.92 crore (~8.3% of current market cap). Additionally, the company is seeking omnibus approval for material Related Party Transactions up to ₹1,000 crore annually for five consecutive financial years starting April 1, 2027.
- Preferential issue of 60,82,600 convertible warrants at ₹475 per share aggregating ₹288.92 crore to promoters
- 25% payable on warrant allotment, with balance 75% payable on exercise within 18 months
- Proposed warrant allottees include Manishkumar P Kiri (20.28 lakh), Anupama Kiri (10.28 lakh), and Hemil Kiri (30.28 lakh)
- Omnibus approval sought for Material Related Party Transactions up to ₹1,000 crore annually for 5 years from April 1, 2027
- 28th AGM scheduled on September 29, 2026 via video conference
Kiri Industries' Board of Directors has approved the issuance of 60,82,600 convertible warrants at an issue price of ₹475 per warrant (face value ₹10 plus ₹465 premium) to promoter group members, aggregating up to ₹288.92 crore. The proposed issuance represents approximately 4.98% of the post-issue fully diluted equity capital. Warrants are exercisable into equity shares within an 18-month tenure from allotment. The fundraise equals ~9.2% of the company's ₹3,152 crore market capitalization and ~30.4% of TTM revenue (₹949 crore), subject to shareholder approval at the AGM on September 29, 2026.
- Preferential issue of 60,82,600 convertible warrants at ₹475 per warrant, totaling up to ₹288.92 crore
- Issued to 3 promoter group members: Manishkumar Kiri, Anupama Manishkumar Kiri, and Hemil Manishkumar Kiri
- Warrants constitute up to 4.98% of post-issue fully diluted equity share capital
- Warrants convertible into 1 equity share each within a period of 18 months from allotment
- Shareholder approval to be sought at the AGM scheduled for September 29, 2026
Kiri Industries' Board of Directors has approved a preferential issue of 60,82,600 convertible warrants to the promoter group at ₹475 per warrant, seeking to raise up to ₹288.92 crore. The total fundraise accounts for approximately 9.2% of the company's market capitalization (₹3,152 crore) and 30.4% of TTM revenue (₹949 crore). The warrants can be converted into equity shares within an 18-month period and will represent up to 4.98% of the post-issue fully diluted equity share capital. The proposal will be placed for shareholder approval at the Annual General Meeting scheduled for September 29, 2026.
- Preferential issuance of 60,82,600 warrants to raise up to ₹288,92,35,000
- Issue price set at ₹475 per warrant (face value ₹10 + premium of ₹465)
- Subscribers are promoter group members Manishkumar Kiri, Anupama Kiri, and Hemil Kiri
- Represents up to 4.98% of post-issue paid-up equity capital on a fully diluted basis
- Conversion tenure of 18 months from the date of warrant allotment; AGM set for September 29, 2026
Kiri Industries Limited has informed stock exchanges about the closure of its trading window for insiders starting August 26, 2026. The closure is in compliance with SEBI Insider Trading regulations ahead of a Board of Directors meeting scheduled for August 31, 2026. The trading window will reopen 48 hours after the declaration of the board meeting outcome.
- Trading window closed effective from August 26, 2026
- Board meeting scheduled to be held on August 31, 2026
- Window to reopen 48 hours after the declaration of the board meeting outcome
Kiri Industries responded to an NSE surveillance letter dated August 19, 2026, regarding a significant increase in trading volume. The company confirmed compliance with Regulation 30 of SEBI Listing Regulations and stated that all price-sensitive information has been disclosed adequately and promptly. Management clarified that no material event has been withheld and the trading volume surge is purely market-driven.
- Response submitted to NSE surveillance letter Ref. No. NSE/CM/Surveillance/17374 dated August 19, 2026
- Confirmed full compliance with Regulation 30 of SEBI LODR regulations
- Stated that the recent increase in trading volume is purely market driven with no undisclosed price-sensitive events
Kiri Industries Limited has incorporated a 100% wholly owned subsidiary named 'Kiri Capital (IFSC) Private Limited' on August 19, 2026. The new entity has an issued share capital of Rs 2.00 crore (20 lakh equity shares of Rs 10 each) funded via cash consideration. Its primary mandate will be managing group treasury functions and acting as a holding entity for Kiri's overseas subsidiaries. Given the modest initial investment relative to Kiri's net worth of Rs 6,380 crore, the operational impact is corporate restructuring rather than core manufacturing expansion.
- Incorporated wholly owned subsidiary 'Kiri Capital (IFSC) Private Limited' on August 19, 2026
- Issued share capital is Rs 2,00,00,000 divided into 20,00,000 equity shares of Rs 10 each
- Acquisition cost is Rs 2,00,00,000 in cash consideration for 100% equity control
- Formed for group treasury management and holding overseas subsidiaries; turnover is currently Nil
Kiri Industries reported a 55% YoY increase in Q1 FY27 consolidated revenue to ₹312 crore, driven primarily by higher average selling realizations in dyes and intermediates. Standalone material margins improved significantly to 31.9% from 23.5% in Q1 FY26, yielding standalone EBITDA of ₹17 crore (5.86% margin) and consolidated EBITDA of ₹37 crore. Net profit stood at ₹270 crore, boosted heavily by ₹286 crore in other income from treasury management and inter-corporate loan interest. Management highlighted that the greenfield copper and fertilizer project has progressed to active construction, with copper tube commissioning slated for Q1 FY28 and the copper refinery for Q3 FY29.
- Consolidated revenue grew 55% YoY to ₹312 crore, while standalone revenue grew 63% YoY to ₹295 crore led by price realizations.
- Standalone material margins expanded to 31.9% in Q1 FY27 compared to 23.5% in Q1 FY26 and 20.4% in Q4 FY26.
- Consolidated PAT reached ₹270 crore, heavily supported by ₹286 crore in other income from treasury transactions.
- Share of profit from associates (mainly 40% stake in Lonsen Kiri) rose 30% QoQ to ₹21 crore.
- Copper project phased commissioning targets: copper tube by Q1 FY28, copper rod in FY28, and copper refinery by Q3 FY29.
Kiri Industries has published the audio recording of its Q1-FY27 earnings conference call held on August 13, 2026. The company currently operates with a TTM revenue of ₹839 Cr and a significantly high TTM PAT of ₹5,567 Cr, primarily due to the ongoing DyStar litigation and valuation adjustments. Investors typically monitor these calls for updates on the ₹9,100 Cr DyStar acquisition bid and the status of the USD 676.26 million stake sale. The company is also diversifying into copper and renewable energy to mitigate volatility in its core dyes business.
- Earnings conference call for Q1-FY27 held on August 13, 2026, at 10:30 AM IST
- TTM Revenue stands at ₹839 Cr against a massive TTM PAT of ₹5,567 Cr
- Company is pursuing a stake sale in DyStar for a base consideration of USD 676.26 million
- Legal expenses previously caused a standalone EBITDA loss of ₹10 Cr in Q2 FY26
- Promoter holding recently increased from 36.72% to 41.71% as of April 2026
Kiri Industries has successfully concluded its long-standing DyStar litigation, receiving USD 689 million (approx. ₹5,750 Cr) in proceeds, which is more than double its current market cap of ₹2,614 Cr. The company is pivoting into a massive integrated Copper and Fertilizer complex in Jafrabad, Gujarat, with a total planned investment of ₹11,700 Cr. Q1-FY27 consolidated revenue reached ₹312.4 Cr with an EBITDA margin of 5.09%. The expansion targets a 500,000 MTPA copper capacity, with the first phase (Copper Tube Plant) expected to commission in Q1 FY28.
- Received USD 689 million from DyStar resolution, significantly strengthening the balance sheet and liquidity.
- Announced a ₹11,700 Cr total capex for Copper (₹8,100 Cr) and Fertilizer (₹3,600 Cr) projects.
- Targeting 500,000 MTPA Copper capacity and 1,050,000 MTPA NP/NPK Fertilizer capacity.
- Phased commissioning timeline set: Copper Tube Plant in Q1 FY28, Copper Rod in Q2 FY28, and Refinery in Q3 FY29.
- Q1-FY27 consolidated revenue stood at ₹312.4 Cr, a significant jump from the ₹202 Cr reported in Q1-FY26.
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations for Q2 FY26 reached INR 195 Cr, a growth of 34% YoY and 8% sequentially. For H1 FY26, standalone revenue was INR 375 Cr, up 20% YoY. Consolidated revenue for Q2 FY26 stood at INR 213 Cr, reflecting a 23% YoY increase and 6% sequential growth, driven by strong sales momentum in the Dyes and Dye Intermediates segments.
Geographic Revenue Split
The company maintains a global footprint with subsidiaries in Dubai (Chemhub Trading DMCC), Singapore (Claronex Holdings), and the Cayman Islands. While specific regional percentages are not fully disclosed, two wholly-owned foreign subsidiaries contributed INR 101.59 Cr in revenue for FY25, representing approximately 13.7% of consolidated FY25 revenue.
Profitability Margins
Profitability is currently under significant pressure. In Q2 FY26, the company reported a standalone net loss of INR 21 Cr and a consolidated net loss of INR 80 Cr. This is primarily due to elevated legal expenses related to the DyStar litigation and higher operating costs. Consolidated net loss for FY25 was INR 110.69 Cr, compared to a loss of INR 91.18 Cr in FY24, a 21.4% increase in losses.
EBITDA Margin
Standalone EBITDA for H1 FY26 was INR 7 Cr, yielding a margin of approximately 1.87%. However, Q2 FY26 saw a standalone EBITDA loss of INR 10 Cr and a consolidated EBITDA loss of INR 13 Cr. Profitability was adversely impacted by non-operational legal costs and elevated input costs during the quarter.
Capital Expenditure
In FY25, the company undertook significant capital expenditure of INR 406.97 Cr for the purchase of Property, Plant, and Equipment (PPE), including Capital Work-in-Progress. This represents a massive increase from the INR 7.83 Cr spent in FY24, indicating a major phase of capacity building or asset acquisition.
Credit Rating & Borrowing
The company raised INR 492.02 Cr through a preferential issue of convertible warrants, monitored by CRISIL. Consolidated finance costs surged to INR 61 Cr in Q2 FY26, significantly impacting the bottom line. Total consolidated assets as of March 31, 2025, stood at INR 4,725.22 Cr.
Operational Drivers
Raw Materials
Specific raw material names like H-Acid, Vinyl Sulphone, and other chemical intermediates are used in the production of Dyes and Dye Intermediates. Input costs are described as 'elevated' in recent quarters, though specific percentage breakdowns per material are not disclosed.
Import Sources
The company sources materials both domestically and internationally, with operations and subsidiaries in India, Dubai, and Singapore suggesting a diversified procurement strategy across Asia and the Middle East.
Capacity Expansion
The company reported improved capacity utilization across key product categories in Q2 FY26. A major investment of INR 406.97 Cr in PPE during FY25 suggests a significant expansion of the manufacturing base, though specific MTPA figures were not provided.
Raw Material Costs
Input costs were cited as a primary reason for the consolidated EBITDA loss of INR 13 Cr in Q2 FY26. The company is managing these through improved capacity utilization to achieve better economies of scale.
Manufacturing Efficiency
The company achieved improved capacity utilization in Q2 FY26, which helped mitigate some impact of external volatility and higher operating costs.
Strategic Growth
Expected Growth Rate
20-34%
Growth Strategy
Growth is targeted through the resolution of the DyStar litigation, which is expected to unlock significant value. The company has a Share Purchase Agreement (SPA) to sell its 37.57% stake in DyStar for a base consideration of USD 676.26 million (approx. INR 5,600 Cr). Additionally, Kiri has placed a bid of USD 1.1 billion to acquire DyStar entirely, with funds already arranged as of November 1, 2025.
Products & Services
The company manufactures and exports a wide range of Dyes and Dye Intermediates used primarily in the textile and pigment industries.
Brand Portfolio
Kiri Industries Limited (KIL), Lonsen Kiri Chemical Industries Limited (JV).
New Products/Services
The company is expanding into copper through Indo Asia Copper Limited and renewable energy via Kiri Renewable Energy Private Limited, though specific revenue contributions are not yet quantified.
Market Expansion
The company is targeting global markets through its Dubai and Singapore subsidiaries, focusing on expanding its export footprint for Dyes and Intermediates.
Strategic Alliances
Key alliances include a 40% stake in the Lonsen Kiri Chemical Industries Limited joint venture and a 37.57% stake in DyStar Global Holdings (Singapore) Pte. Ltd.
External Factors
Industry Trends
The Dyes and Pigments industry is currently facing 'external volatility' and 'elevated input costs.' Kiri is positioning itself to move beyond litigation toward becoming a larger global player through the potential full acquisition of DyStar.
Competitive Landscape
Key competitors include Zhejiang Longsheng Group, which is also the purchaser/bidder in the DyStar litigation.
Competitive Moat
Kiri's moat is built on its integrated manufacturing of Dyes and Intermediates and its strategic 40% stake in the Lonsen Kiri JV, which provides a stable profit stream. The potential resolution of the DyStar case is the primary catalyst for sustaining this advantage.
Macro Economic Sensitivity
The business is sensitive to global textile demand and chemical industry cycles. High finance costs (INR 61 Cr in Q2 FY26) indicate high sensitivity to interest rate environments and debt levels.
Consumer Behavior
Demand is driven by the textile industry's shift toward sustainable and high-quality dyes.
Geopolitical Risks
Operations in Dubai and Singapore, and litigation in Singapore courts, expose the company to international regulatory and geopolitical shifts.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and Indian Accounting Standards (Ind AS). The company must comply with environmental regulations for chemical manufacturing and international trade laws for its export business.
Environmental Compliance
The company operates in the chemical sector, which is subject to stringent pollution norms, though specific ESG spend was not disclosed.
Taxation Policy Impact
The company paid INR 0.21 Cr in taxes in FY25. The effective tax rate is low due to ongoing losses.
Legal Contingencies
The company is embroiled in the DyStar litigation in the Singapore International Commercial Court. The valuation of Kiri's stake is USD 676.26 million (approx. INR 5,600 Cr). Legal expenses are significant enough to impact quarterly profitability by over INR 20-30 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the final outcome of the DyStar litigation and the successful arrangement/deployment of USD 1.1 billion for the potential acquisition. Failure to resolve this could lead to continued high legal costs and liquidity strain.
Geographic Concentration Risk
While India is the primary manufacturing hub, a significant portion of assets (INR 1,093.68 Cr) and revenue are tied to foreign subsidiaries, particularly in Dubai and Singapore.
Third Party Dependencies
The company has a high dependency on the court-appointed receiver and the Singapore legal system for the resolution of its largest asset (DyStar).
Technology Obsolescence Risk
The company is investing in renewable energy (Kiri Renewable Energy) to mitigate technology risks and transition toward greener manufacturing processes.
Credit & Counterparty Risk
The company recorded an impairment loss under Expected Credit Loss (ECL) of INR 16.82 Lakhs in FY25, indicating relatively stable but monitored receivables quality.
