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KOTHARIPRO - Kothari Products

📊 NSE: KOTHARIPRO 🏢 Trading 📅 Last Updated: 12/14/2025 9:01

📢 Recent Corporate Announcements

Kothari Products Opens Special Window for Physical Share Transfer and Demat

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 09 Mar 2026, 01:28 PM

Kothari Products Limited has announced a special one-year window for the transfer and dematerialization of physical securities, effective from February 5, 2026, to February 5, 2027. This move follows a SEBI circular aimed at assisting investors whose transfer deeds were lodged before April 1, 2019, but were rejected or returned due to documentation deficiencies. Eligible shareholders must submit corrected documents to the company's Registrar, Alankit Assignments Ltd. All shares processed under this window will be issued strictly in dematerialized form to ensure regulatory compliance.

Special window for physical share transfer is open from February 5, 2026, to February 5, 2027.
Applies to transfer requests lodged prior to April 1, 2019, that were previously rejected or returned.
All shares processed through this special window will be issued only in dematerialized form.
Investors must coordinate with Registrar and Transfer Agent, Alankit Assignments Ltd, for documentation.
Notice published across multiple national and regional newspapers including Business Standard and Hindustan.

💡 Shareholders holding physical certificates or those with legacy transfer rejections from before April 2019 should use this window to dematerialize their holdings. No action is required for investors who already hold shares in electronic form.

Kothari Products Q3 Standalone PAT up 14% YoY to ₹18.3 Cr; Aided by ₹24.5 Cr Exceptional Gain

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 08:55 PM

Kothari Products reported a standalone revenue of ₹63.18 crore for Q3 FY26, marking a 70% increase YoY but a decline from ₹89.30 crore in Q2. The standalone PAT rose to ₹18.30 crore, supported by a significant exceptional gain of ₹24.48 crore related to stake changes in a component. On a consolidated basis, the performance is impacted by the Singapore subsidiary's loss of ₹15.62 crore for the quarter. For the nine-month period, standalone total income is down significantly to ₹278.93 crore from ₹377.21 crore in the previous year.

Standalone revenue from operations grew 70% YoY to ₹63.18 crore in Q3 FY26.
Recorded a one-time exceptional gain of ₹24.48 crore from stake changes in a component during the quarter.
Standalone Net Profit increased to ₹18.30 crore compared to ₹16.00 crore in the previous year's corresponding quarter.
The Singapore subsidiary reported a net loss of ₹15.62 crore on revenue of ₹98.73 crore for the quarter.
Total standalone income for the nine-month period ended Dec 2025 fell to ₹278.93 crore from ₹377.21 crore YoY.

💡 Investors should look past the standalone profit which was inflated by a one-time gain and focus on the consolidated losses from international operations. Monitor the stability of core revenue which has seen a sharp sequential decline and a year-to-date drop.

Kothari Products Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 05:03 PM

Kothari Products Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Alankit Assignments Ltd, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that physical share certificates received were duly mutilated and cancelled after listing on stock exchanges. This is a standard administrative procedure ensuring the integrity of the company's electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar & Share Transfer Agent (RTA) M/s. Alankit Assignments Ltd.
Confirms dematerialization of equity shares and substitution of depository as registered owner.
Verification and cancellation of physical certificates completed as per SEBI norms.

💡 No action is required as this is a routine regulatory filing. Investors should focus on upcoming quarterly financial results for performance assessment.

Kothari Products Reports Retail Shareholding Data for Quarter Ended Dec 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Jan 2026, 05:00 PM

Kothari Products Limited has disclosed its non-promoter retail shareholding details as of December 31, 2025, in compliance with SEBI guidelines. The company reported that 11,599 retail individual investors holding shares up to Rs. 2 Lac are currently on the register. These retail investors collectively hold 4,074,080 shares of the company. This filing is a standard regulatory update and does not indicate any change in the company's operational fundamentals.

Total number of retail individual shareholders (up to Rs. 2 Lac holding) is 11,599
Total shares held by the retail individual category amounts to 4,074,080 shares
Disclosure is as per the status on December 31, 2025
Filing submitted in accordance with SEBI letter No. CFD/DIL/NB/SM/61159/06

💡 No action is required as this is a routine regulatory disclosure. Investors should focus on upcoming quarterly financial results for a better understanding of the company's performance.

Kothari Products to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Dec 2025, 04:39 PM

Kothari Products Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the official declaration of the financial results. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure effective from January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
Restriction applies to Promoters, Directors, KMPs, and Designated Employees.
Window will reopen 48 hours after the financial results are declared to the exchanges.

💡 No action is required as this is a standard regulatory filing. Investors should look out for the future announcement of the board meeting date to evaluate the company's quarterly performance.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 reached INR 531.27 Cr, representing a 3.45% growth compared to INR 513.54 Cr in H1 FY25. The Trading segment revenue grew 12.31% YoY to INR 530.34 Cr from INR 472.20 Cr. Conversely, the Real Estate and Other segment revenue declined 24.92% to INR 39.94 Cr from INR 53.20 Cr in the same period.

Geographic Revenue Split

The company operates through international trading hubs, specifically via Kothari Products Singapore Pte. Ltd., which reported a standalone revenue of INR 362.62 Cr for H1 FY26, contributing approximately 68% to the consolidated revenue.

Profitability Margins

Net Profit Margin for H1 FY26 stood at 3.69% (INR 21.05 Cr profit on INR 570.28 Cr total income), a significant recovery from a net loss of INR 95.19 Cr in H1 FY25. Historical PAT margins in FY19 were 2.13%, improving from 0.87% in FY18 due to decreased costs of traded goods.

EBITDA Margin

PBILDT margin was reported at 3.83% in FY19, an improvement from 1.86% in FY18. This 106% increase in core profitability was driven by better procurement pricing and a shift in the traded product mix.

Capital Expenditure

Property, Plant, and Equipment (Standalone) stood at INR 13.33 Cr as of September 30, 2025, up from INR 10.73 Cr in March 2025, indicating a modest capital outlay of INR 2.60 Cr during the half-year.

Credit Rating & Borrowing

The company previously held a CARE BBB-; Negative (Long Term) and CARE A3 (Short Term) rating, which were reaffirmed and subsequently withdrawn in August 2019 at the company's request after repaying bank limits. Consolidated borrowings stood at INR 143.02 Cr as of September 2025.

⚙️ Operational Drivers

Raw Materials

Traded goods including Coal, Steel, Polyvinyl Chloride (PVC), Edible Oil, Metals, and Agro-based commodities. The cost of stock-in-trade represents 99.57% of operational revenue, amounting to INR 529.00 Cr in H1 FY26.

Import Sources

International markets including Singapore (via Kothari Products Singapore Pte. Ltd.) and various global origins for commodities like coal and steel.

Key Suppliers

Not specifically named in the financial results, but the company maintains established relationships with global commodity suppliers for back-to-back trading arrangements.

Capacity Expansion

Not applicable as the company is primarily a trading entity; however, Investment Property (Real Estate) was valued at INR 31.23 Cr as of September 2025.

Raw Material Costs

Cost of traded goods was INR 529.00 Cr in H1 FY26, a slight decrease of 1.86% from INR 539.03 Cr in H1 FY25, despite higher revenue, indicating improved procurement efficiency.

Manufacturing Efficiency

Not applicable for trading; however, inventory management is efficient with an inventory holding period of approximately 12 days as of FY19.

Logistics & Distribution

Distribution costs are integrated into the cost of traded goods and other expenses, which totaled INR 128.02 Cr in H1 FY26.

📈 Strategic Growth

Growth Strategy

Growth is pursued through the expansion of the international trading portfolio (Coal, PVC, Steel) and leveraging the 40+ years of experience of promoter Mr. Deepak Kothari. The company is also diversifying into real estate development and leasing through subsidiaries like Viren Ventures and Subhadra Realtors to create stable rental income streams.

Products & Services

International trading of Coal, Agro-commodities, Storage devices, Transformers, Edible oil, Steel, Tiles, PVC, and Metals; Real estate leasing and development.

Brand Portfolio

Pan Parag (Historical association/legacy brand).

New Products/Services

The company has expanded into specialized trading of transformers and storage devices, though specific revenue contribution percentages for these new lines are not disclosed.

Market Expansion

Focus on Singapore as a global trading hub to facilitate international commodity movements.

Strategic Alliances

Operates through various subsidiaries and associates including Kothari Products Singapore Pte. Ltd., Viren Ventures Pvt. Ltd., and Savitry Hotels Pvt. Ltd.

🌍 External Factors

Industry Trends

The wholesale trading industry is moving toward tighter margins and higher volume requirements. KPL is positioning itself by maintaining low inventory (12 days) and diversifying into real estate to offset the volatility of the trading business.

Competitive Landscape

Competes with other large-scale international merchant traders and domestic commodity houses.

Competitive Moat

The moat is built on the 'long track record' (since 1973) and 'extensive experience' of the promoters, which facilitates access to credit lines and established supplier-buyer networks. This is sustainable as long as the company maintains its creditworthiness and relationship capital.

Macro Economic Sensitivity

Highly sensitive to global commodity price cycles (Coal, Steel) and international trade policies. A slowdown in global GDP would reduce demand for industrial inputs like PVC and Steel, impacting trading volumes.

Consumer Behavior

Shift toward sustainable energy may impact the long-term demand for coal trading, which is a key product for the company.

Geopolitical Risks

Trade barriers or sanctions on commodity-exporting nations could disrupt the supply of coal and agro-products, affecting the company's ability to fulfill back-to-back contracts.

⚖️ Regulatory & Governance

Industry Regulations

Subject to international trade regulations, import/export duties on commodities like coal and steel, and RERA regulations for its real estate segment.

Taxation Policy Impact

The company maintains current tax liabilities of INR 9.96 Cr as of September 2025. It is subject to standard Indian corporate tax rates and Singaporean tax laws for its foreign subsidiary.

Legal Contingencies

The company is involved in various legal matters as part of its business; however, the statutory auditors (G.M. Kapadia & Co.) provided an unmodified opinion for the H1 FY26 results, suggesting no immediate material financial threats from litigation.

⚠️ Risk Analysis

Key Uncertainties

The 'Negative' outlook from credit agencies (prior to withdrawal) was due to 'subdued operational performance' and 'high exposure to group entities' in the form of loans, advances, and corporate guarantees.