KKV Agro Powers Limited (KKVAPOW)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, KKV Agro's revenue was ₹616 Cr (+17.8% year on year, +77.0% on the previous half-year), and net profit ₹-1.0 Cr (against a profit a year earlier); the operating margin was -0.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹616 | +17.8% | +77.0% |
| Operating profit | ₹-1.0 | to loss | to loss |
| Net profit | ₹-1.0 | to loss | to loss |
| EPS (₹) | -22.13 | to loss | to loss |
| Operating margin | -0.2% | — | — |
KKVAPOW delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the KKVAPOW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 100.0%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
KKV Agro Powers submitted voting results for its 14th AGM held on September 22, 2026, where all resolutions passed with 100% majority. Key approvals include a 100% equity dividend of Rs 10 per share on Rs 10 face value and a 3% dividend on preference shares. Shareholders also approved material related-party transactions with group entities Gajaananda Jewellery Mart, Shivam Traders, and Sathy Silks, alongside an alteration to the Memorandum of Association's Object Clause.
- Declared 100% equity dividend of Rs 10 per equity share (face value Rs 10) for FY26
- Approved 3% dividend on preference shares of face value Rs 100
- Material related-party transactions approved with Gajaananda Jewellery Mart, Shivam Traders, and Sathy Silks (45,916 disinterested public votes cast in favour, 100%)
- Special resolution passed to alter the Object Clause in the Memorandum of Association
- Total 481,757 votes polled representing 77.26% of outstanding shares on ordinary items
KKV Agro Powers reported the proceedings of its 14th Annual General Meeting held on September 22, 2026. Key agenda items tabled for shareholder approval included a 100% equity dividend of Rs 10 per share (Rs 3 per share on preference shares) and the sale of its 'Cumbum' retail jewellery division to related party The KTM Jewellery Limited. Additionally, shareholders voted on multiple material related-party transactions across group entities and an alteration to the Object Clause of the Memorandum of Association. Scrutinizer voting results are awaited to confirm final adoption.
- Proposed declaration of 100% dividend of Rs 10 per equity share (face value Rs 10) for FY26.
- Proposed declaration of 3% dividend (Rs 3 per share) on preference shares (face value Rs 100).
- Approval sought for the sale of the 'Cumbum' retail jewellery division to The KTM Jewellery Limited.
- Total of 13 shareholders attended the meeting held via video conferencing.
- Multiple material related-party transaction resolutions tabled spanning 7 group entities.
KKV Agro Powers Limited has set September 15, 2026, as the record date for determining shareholder entitlement to the dividend for FY 2025-26. The record date will also determine voting rights for the company's 14th Annual General Meeting, which is scheduled for September 22, 2026. The company currently reports a market capitalization of Rs 27 Cr on TTM revenue of Rs 1,926 Cr.
- Record date set for September 15, 2026, for FY 2025-26 dividend entitlement
- Record date also establishes voting eligibility for the 14th Annual General Meeting
- 14th Annual General Meeting scheduled to be held on September 22, 2026
KKV Agro Powers Limited has published newspaper notices regarding its 14th Annual General Meeting (AGM) and e-voting arrangements. The 14th AGM is scheduled to be held on Tuesday, September 22, 2026, at 11:00 AM IST through video conferencing and other audio-visual means. The dispatch of the AGM Notice and the Annual Report for FY 2025-26 was completed on August 30, 2026. Advertisements were published in Trinity Mirror (English) and Makkal Kural (Tamil).
- 14th Annual General Meeting scheduled for September 22, 2026, at 11:00 AM IST via video conferencing.
- Dispatch of Notice and Annual Report for FY 2025-26 completed on August 30, 2026.
- Newspaper advertisements published on August 30, 2026, in Trinity Mirror (English) and Makkal Kural (Tamil).
KKV Agro Powers Limited has issued a communication to shareholders who have not registered their email addresses, providing the web link to the Annual Report for FY 2025-26. The company announced that its 14th Annual General Meeting (AGM) will be held on Tuesday, September 22, 2026, at 11:00 AM IST via video conferencing. The cut-off date identifying relevant shareholders for this postal dispatch was August 21, 2026. Additionally, the intimation reminds physical shareholders to complete mandatory KYC updates and dematerialisation.
- 14th Annual General Meeting scheduled for September 22, 2026 at 11:00 AM IST via VC/OAVM
- Cut-off date for dispatching physical communication was August 21, 2026
- Annual Report 2025-26 available at company website under designated investor path
- Shareholders reminded to update KYC and dematerialise physical shares per SEBI circular dated February 6, 2026
KKV Agro Powers Limited has issued its Notice for the 14th Annual General Meeting scheduled for September 22, 2026. The company reported FY26 turnover of ₹963.60 crore and a PAT of ₹3.28 crore (up 94% from ₹1.69 crore in FY25), while recommending a 100% dividend. Key strategic proposals include a business reorganization involving the slump sale of the Cumbum retail jewellery division (which generated ₹91.89 crore revenue and ₹4.91 crore PBT in FY26) and the acquisition of the 'Ocean Sapphire' lightweight diamond jewellery brand from promoter group entity The KTM Jewellery Limited.
- Board recommended a 100% equity dividend for FY2025-26.
- Proposed slump sale of Cumbum retail division (FY26 revenue of ₹91.89 crore and PBT of ₹4.91 crore).
- Proposed acquisition of 'Ocean Sapphire' lightweight diamond jewellery brand from promoter group entity The KTM Jewellery Limited.
- FY26 consolidated PAT increased 94% year-on-year to ₹3.28 crore on revenue of ₹963.60 crore.
- AGM is scheduled to be held on September 22, 2026 via video conferencing.
KKV Agro Powers Limited has submitted copies of newspaper advertisements published in 'Makkal Kural' and 'Trinity Mirror' on August 25, 2026. The notices provide information to shareholders regarding the 14th Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026. The meeting will be held virtually via Video Conference (VC) / Other Audio Visual Means (OVAM). This filing is standard statutory compliance with no immediate operational or financial impact.
- 14th Annual General Meeting scheduled for September 22, 2026
- AGM to be conducted via Video Conference (VC) / Other Audio Visual Means (OVAM)
- Notices published in Makkal Kural (Tamil) and Trinity Mirror (English) on August 25, 2026
KKV Agro Powers Limited's Board of Directors approved an alteration to sub-clause 8 of the Main Object Clause III(A) of its Memorandum of Association (MOA) on August 21, 2026. The amendment aims to make the main object clause more comprehensive and concise regarding bullion dealing, refining, purification, assaying, and jewellery manufacturing or retail. The alteration is subject to shareholder approval. This aligns the corporate charter with the company's ongoing precious metals trading and processing business.
- Board meeting held on August 21, 2026 (commenced at 11:00 AM and concluded at 5:30 PM)
- Approved alteration in sub-clause 8 of the Main Object Clause III(A) of the MOA
- Clause explicitly covers refining, purification, melting, and wholesale/retail dealing in bullion and jewellery
- Amendment remains subject to approval by the company's shareholders
KKV Agro Powers has approved the transfer of its 'Cumbum' retail jewellery division to promoter group entity The KTM Jewellery Limited on a slump sale basis. The division contributed Rs 91.89 crore in revenue (9.54% of FY26 turnover) and Rs 9.55 crore of net worth (35.32% of company's total net worth). Consideration comprises Rs 1.11 crore in cash plus the acquisition of the 'Ocean Sapphire' lightweight jewellery brand from the buyer. The transaction is subject to shareholder approval under Regulation 37A and is targeted to close by September 30, 2026.
- Slump sale of 'Cumbum' retail jewellery division to promoter entity The KTM Jewellery Limited
- Transferred division contributed Rs 91.89 crore revenue (9.54% of FY26 turnover) and Rs 9.55 crore net worth (35.32% of total)
- Consideration structured as Rs 1.11 crore cash plus transfer of 'Ocean Sapphire' brand and IP to the company
- Expected closing date is on or before September 30, 2026, subject to shareholder approval
KKV Agro Powers Limited announced that its Board of Directors approved the sale of its 'cumbum' unit as a slump sale on a going concern basis. The board also fixed September 15, 2026, as the record date for e-voting and dividend entitlement ahead of the 14th AGM on September 22, 2026. Additionally, the company approved an alteration to the object clause of its Memorandum of Association. Financial terms and consideration for the unit sale were not disclosed in the filing.
- Approved sale of 'cumbum' unit as a slump sale on a going concern basis (transaction value not disclosed)
- Fixed September 15, 2026, as the Record Date for e-voting and dividend
- Scheduled the 14th Annual General Meeting for September 22, 2026
- Approved alteration of the Object Clause of the Memorandum of Association
Financial Performance
Revenue Growth by Segment
Total revenue declined 38.1% YoY from INR 1,554.78 Cr to INR 962.23 Cr. Bullion trading revenue was INR 902.80 Cr (93.8% of total), Jewellery Retail was INR 51.79 Cr (5.4%), and Renewable Energy was INR 1.59 Cr (0.16%).
Geographic Revenue Split
Operations are concentrated in Tamil Nadu (Tirunelveli, Thoothukudi, Pollachi, Tirupur, Karur) and Andhra Pradesh (Anantapur), contributing 100% of revenue.
Profitability Margins
Net Profit Ratio improved 908.8% from 0.02% to 0.18%. Operating Profit Margin increased 563.3% from 0.0398% to 0.264%. Retail Jewellery exhibited the highest segment margin at 2.57%, while Bullion was razor-thin at 0.07%.
EBITDA Margin
Interest coverage ratio improved 49.3% YoY to 3.90x from 2.61x, indicating stronger core profitability relative to debt servicing obligations.
Capital Expenditure
Incremental capex is expected to be minimal as the company has no major debt-funded expansion plans; focus is on resuming the Purification Business at full capacity using existing infrastructure.
Credit Rating & Borrowing
Rating reaffirmed at [ICRA]BB+ (Stable) in February 2025. Borrowing costs are linked to a sanctioned fund-based working capital facility of INR 12.5 Cr with ~80% average utilization.
Operational Drivers
Raw Materials
Bullion (Gold and Silver) represents over 99% of total procurement costs, with purchases totaling INR 904.18 Cr in FY2024-25.
Import Sources
Sourced primarily from domestic market participants and Group companies within Tamil Nadu and Andhra Pradesh.
Key Suppliers
The Chennai Silks Group companies are the primary suppliers and operational partners for bullion procurement.
Capacity Expansion
Current capacity includes 1 MW and 2 MW solar plants and multiple wind assets in TN and AP. Planned expansion focuses on resuming the Purification Business at full capacity.
Raw Material Costs
Raw material costs (purchases) for the bullion segment were INR 904.18 Cr, representing 94% of total revenue. Procurement strategies involve leveraging Group synergies to manage thin margins.
Manufacturing Efficiency
Renewable energy segment achieved steady plant load factors (PLF) despite seasonal variability; solar generation benefited from operational improvements.
Logistics & Distribution
Distribution and other operational costs in the energy segment were INR 14.48 lakhs, approximately 0.015% of total company revenue.
Strategic Growth
Growth Strategy
Growth will be driven by resuming the Purification Business at full capacity and shifting focus toward the higher-margin Retail Jewellery segment (2.57% margin) to offset the razor-thin margins of the high-volume Bullion trading segment (0.07% margin).
Products & Services
Bullion (Gold/Silver), Retail Jewellery, Wind Power, and Solar Power.
Brand Portfolio
The Chennai Silks Group (Promoter Group brand).
New Products/Services
Resumption of the Purification Business is expected to provide new revenue streams in precious metal processing.
Market Expansion
Focusing on evolving customer preferences towards certified and sustainable sourcing in the precious metals segment.
Strategic Alliances
Operational synergies with The Chennai Silks Group for customer networks and management expertise.
External Factors
Industry Trends
The industry is seeing a policy push towards renewable energy and ESG consciousness, alongside a consumer shift towards less gold-intensive fashion jewellery.
Competitive Landscape
Intense competition from larger integrated renewable energy players and established bullion traders.
Competitive Moat
Moat is derived from the 50-year legacy of The Chennai Silks Group, providing established customer networks and cost leadership through scale in bullion trading.
Macro Economic Sensitivity
Highly sensitive to global gold price inflation, which hampers trade volumes and pricing strategies.
Consumer Behavior
Shifting towards certified sourcing and daily-wear fashion jewellery, which offers higher margins than traditional heavy jewellery.
Geopolitical Risks
Global precious metals market volatility and changes in international trade regulations impact procurement costs.
Regulatory & Governance
Industry Regulations
Operations are governed by gold import duties, GST regulations, Renewable Purchase Obligation (RPO) norms, and power sector tariff changes.
Environmental Compliance
Exposure to environmental risks is low, though physical climate change (flooding) poses indirect risks to retail store operations.
Taxation Policy Impact
Effective tax rate was approximately 17.8% based on PBT of INR 2.05 Cr and PAT of INR 1.687 Cr.
Legal Contingencies
No Key Audit Matters or significant pending court cases were reported by the auditors for the 2024-25 financial year.
Risk Analysis
Key Uncertainties
Volatility in bullion prices and currency rates (Market Risk), and variability in weather patterns affecting power generation (Operational Risk).
Geographic Concentration Risk
100% of physical assets and operations are located in Tamil Nadu and Andhra Pradesh.
Third Party Dependencies
Significant dependency on Group companies for bullion sourcing and power purchase agreements.
Technology Obsolescence Risk
Risk of lower efficiency in older wind assets; solar generation is being optimized through operational improvements.
Credit & Counterparty Risk
Debtors turnover ratio of 388.28 indicates high receivables quality, though it declined 48.5% YoY in line with market conditions.
