KOTYARK - Kotyark Indust.
📢 Recent Corporate Announcements
Kotyark Industries has announced the successful passage of two key resolutions via postal ballot. Shareholders approved the appointment of Mr. Viral Mukeshbhai Mamtora as a Non-Executive Independent Director for a one-year term. Additionally, M/s. Mittal V. Kothari & Associates was appointed as the Secretarial Auditor for a five-year period starting from FY 2025-26. Both resolutions received 100% 'in favor' votes from the 61.22 lakh shares polled, representing a 59.56% turnout.
- Appointment of Mr. Viral Mukeshbhai Mamtora as Non-Executive Independent Director for 1 year approved.
- M/s. Mittal V. Kothari & Associates appointed as Secretarial Auditor for 5 years (FY 2025-26 to 2029-30).
- Both resolutions passed with 100% of polled votes (6,122,596 votes) in favor.
- Total voter turnout was 59.56% of the total 1,02,79,116 outstanding shares.
Kotyark Industries Limited has successfully passed two key resolutions via postal ballot with unanimous shareholder approval. Mr. Viral Mukeshbhai Mamtora has been appointed as a Non-Executive Independent Director for a one-year term. Additionally, M/s. Mittal V. Kothari & Associates was appointed as the Secretarial Auditor for a five-year period from FY 2025-26 to FY 2029-30. The voting process saw a turnout of 59.56% of the total outstanding shares, with all 61.22 lakh votes cast in favor of the proposals.
- Appointment of Mr. Viral Mukeshbhai Mamtora as Independent Director approved for a 1-year term.
- M/s. Mittal V. Kothari & Associates appointed as Secretarial Auditor for 5 consecutive years starting FY 2025-26.
- Total of 61,22,596 votes were polled, representing 59.56% of the company's 1,02,79,116 outstanding shares.
- Both resolutions passed with 100% of polled votes in favor and zero votes against.
Kotyark Industries Limited has announced the successful passage of two key resolutions via postal ballot. Shareholders unanimously approved the appointment of Mr. Viral Mukeshbhai Mamtora as a Non-Executive Independent Director for a one-year term. Additionally, M/s. Mittal V. Kothari & Associates was appointed as the Secretarial Auditor for a five-year period spanning FY 2025-26 to FY 2029-30. The voting saw a turnout of 59.56%, with 61.22 lakh votes polled out of a total 1.02 crore shares, all of which were in favor of the proposals.
- Appointment of Mr. Viral Mukeshbhai Mamtora as Independent Director for a 1-year term approved.
- M/s. Mittal V. Kothari & Associates appointed as Secretarial Auditor for a 5-year tenure starting FY 2025-26.
- Total of 61,22,596 votes were polled, representing 59.56% of the total 1,02,79,116 equity shares.
- Both resolutions passed with 100% of polled votes in favor, indicating strong shareholder alignment with management.
Kotyark Industries' Board has recommended a final dividend of Rs 5 per equity share (50% of face value) for the financial year ended March 31, 2026. The company approved its audited standalone and consolidated financial results for FY26, receiving an unmodified audit report. While the dividend is a positive development, the auditors highlighted an ongoing legal matter in Rajasthan involving the seizure of raw material storage tanks. Management maintains that operations are unaffected and expects a favorable outcome in court.
- Recommended a final dividend of Rs 5 per equity share, representing 50% of the face value of Rs 10.
- Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
- Auditors issued an unmodified opinion on the financial statements for the fiscal year.
- Legal proceedings in Rajasthan regarding seized storage tanks are ongoing, but operations continue under High Court orders.
- Management confirms no loss of production or disruption in supplies despite the pending legal matter.
Kotyark Industries has approved its audited financial results for the fiscal year ended March 31, 2026, and recommended a final dividend of ₹5 per share (50% of face value). The audit report is unmodified but contains an 'Emphasis of Matter' regarding legal proceedings in Rajasthan involving the seizure of four storage tanks and raw materials. Despite these legal challenges and criminal proceedings against a director, management reports that operations for Oil Marketing Companies continue under High Court orders. The company remains confident of a favorable legal outcome and maintains that production has not been disrupted.
- Recommended a final dividend of ₹5 per equity share (50% of face value) for the financial year 2025-26.
- Audited standalone and consolidated financial results for FY26 approved with an unmodified audit opinion.
- Legal dispute with Bio-Fuel Authority, Rajasthan, led to the seizure of four storage tanks containing Veg Ester raw material.
- Rajasthan High Court order dated August 26, 2025, allows the company to continue operations for OMC supply commitments.
- Management confirms no loss of production or disruption in supplies despite ongoing criminal proceedings against a director.
Kotyark Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFIN Technologies Limited, confirms the processing of dematerialization and rematerialization requests for the quarter ended March 31, 2026. This filing ensures that the company's share registry is accurately maintained and reported to the National Stock Exchange and BSE. Such filings are mandatory and indicate the company's adherence to standard regulatory procedures.
- Compliance certificate for the quarter ending March 31, 2026, submitted to NSE and BSE.
- Registrar and Share Transfer Agent (RTA) KFIN Technologies Limited verified the security details.
- Confirms that dematerialized and rematerialized security details were furnished to all relevant stock exchanges.
- Filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Kotyark Industries Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is in anticipation of the audited financial results for the quarter and full year ending March 31, 2026. The trading restriction applies to all designated persons and insiders of the company. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure starts from Wednesday, April 01, 2026.
- Closure is related to the audited financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the official declaration of financial results.
- All designated persons are prohibited from trading in company securities during this period.
- The specific date for the Board Meeting to approve results will be announced separately.
Kotyark Industries has initiated a Postal Ballot process to seek shareholder approval for two key resolutions. The first involves the appointment of Mr. Viral Mukeshbhai Mamtora as a Non-Executive Independent Director for a one-year term ending January 2027. The second resolution proposes the appointment of M/s. Mittal V. Kothari & Associates as Secretarial Auditors for a five-year tenure from FY 2025-26 to FY 2029-30. The e-voting window is scheduled from March 25 to April 23, 2026, with final results expected by April 27, 2026.
- Proposed appointment of Mr. Viral Mukeshbhai Mamtora as Independent Director for a 1-year term.
- Appointment of M/s. Mittal V. Kothari & Associates as Secretarial Auditor for a 5-year period starting FY 2025-26.
- E-voting period set from March 25, 2026, to April 23, 2026.
- Cut-off date for shareholder voting eligibility was March 20, 2026.
- Voting results to be declared on or before April 27, 2026.
Kotyark Industries Limited held a board meeting on March 24, 2026, primarily to address corporate governance and compliance matters. The board approved the appointment of M/s. Mittal V. Kothari & Associates as the Secretarial Auditor for a five-year term spanning FY 2025-26 to FY 2029-30. Additionally, the company approved a Postal Ballot notice for upcoming shareholder resolutions and appointed NSDL as the e-voting agency. These moves are standard regulatory procedures to ensure transparency and legal compliance.
- Appointment of M/s. Mittal V. Kothari & Associates as Secretarial Auditor for a 5-year term until FY 2029-30.
- Approval of Postal Ballot Notice and calendar of events for upcoming shareholder voting.
- Appointment of National Securities Depository Limited (NSDL) as the remote e-voting agency.
- Appointment of M/s. SCS and Co. LLP as Scrutinizer to oversee the postal ballot process.
- The board meeting was conducted and concluded within a 30-minute window (03:00 P.M. to 03:30 P.M.).
Kotyark Industries has successfully received final approval to migrate from the NSE Emerge (SME) platform to the Main Boards of both NSE and BSE, effective March 12, 2026. This transition is a significant milestone that is expected to enhance market visibility and improve share liquidity for the biodiesel manufacturer. The company currently operates a substantial production capacity of 1,600 KL of biodiesel per day across its units in Rajasthan and Gujarat. This move allows for greater participation from institutional investors who are often restricted from SME platforms.
- Received final listing and trading approval from both NSE and BSE for Main Board migration effective March 12, 2026.
- Total biodiesel production capacity stands at 1,600 KL per day (1,500 KL in Rajasthan and 100 KL in Gujarat).
- Rajasthan unit also produces 210 KL of Crude Glycerine per day from multi-feedstock.
- Migration aims to broaden the investor base and support future growth initiatives in the renewable energy sector.
- Transition reflects the company's operational progress since its incorporation in 2016.
Kotyark Industries Limited has received final approval to migrate its 1,02,79,116 equity shares from the NSE Emerge (SME) platform to the Mainboard of both NSE and BSE. This transition is effective from March 12, 2026, marking a significant milestone in the company's growth since its SME listing in 2021. The migration to the mainboard typically leads to increased liquidity, higher visibility, and greater participation from institutional investors. Trading will commence in the 'B' group on BSE with a reduced market lot of just one share.
- Migration of 1,02,79,116 equity shares with a face value of Rs. 10 each to the Mainboard.
- Trading on NSE and BSE Mainboard platforms to commence effective March 12, 2026.
- Market lot size reduced to one (1) share from the previous SME lot size, enhancing retail accessibility.
- Assigned BSE Scrip Code 544726 and will trade under the 'B' Group category.
- The company was previously listed on the NSE Emerge platform since November 01, 2021.
Kotyark Industries Limited has submitted a formal response to the National Stock Exchange regarding a clarification sought on significant price movements. The company confirmed that it has consistently disclosed all material information in accordance with Regulation 30 of SEBI LODR Regulations. Management explicitly stated that no material events or information remain undisclosed that could influence the stock's price or trading volume. The company attributes the recent price fluctuations entirely to market sentiment and demand-supply dynamics among investors.
- Response submitted on March 11, 2026, following an NSE surveillance letter dated March 9, 2026.
- Company confirms full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Management clarifies that price movement is market-driven with no internal company connection.
- No undisclosed material information or events exist that would impact share price or volume.
Kotyark Industries Limited has received final approval to migrate its 10,279,116 equity shares from the NSE SME (EMERGE) platform to the NSE Mainboard. The transition is scheduled to take effect from March 12, 2026, under the symbol KOTYARK. This move is a significant milestone that usually enhances stock liquidity and allows for broader institutional investor participation. The market lot size will also be reduced to 1, making the shares more accessible to retail investors.
- Migration to NSE Mainboard effective from March 12, 2026
- Total 10,279,116 equity shares with face value of Rs. 10 each to be listed
- Market lot size reduced to 1 share from the previous SME lot size
- Approval received via NSE Circular Ref. No: 0404/2026 dated March 10, 2026
Financial Performance
Revenue Growth by Segment
Revenue from operations for H1FY26 was INR 147.32 Cr, representing a 25% YoY decline compared to INR 196.76 Cr in H1FY25. However, revenue showed a 61% sequential recovery from INR 91.34 Cr in H2FY25, driven by a resurgence in business operations and improved order execution.
Geographic Revenue Split
Not explicitly disclosed in available documents; however, the company operates from Vadodara, Gujarat, and recently expanded its footprint by forming Parth Renewable Energy LLP in Jhajjar, Haryana, in December 2025.
Profitability Margins
Net Profit After Tax (PAT) for H1FY26 was INR 6.65 Cr, a 63% YoY decrease from INR 17.83 Cr in H1FY25. PAT margins contracted to 4.5% in H1FY26 from 9.1% in H1FY25, primarily due to a 15% increase in depreciation and amortization expenses following major capacity expansions.
EBITDA Margin
EBITDA margin stood at 12.7% in H1FY26, a significant compression of 566 BPS compared to 18.3% in H1FY25. EBITDA (excluding other income) fell 48% YoY to INR 18.67 Cr, impacted by transitional factors and the cancellation of a major OMC order in March 2025.
Capital Expenditure
The company undertook significant capital expenditure to triple its plant capacity from 500 KL per day to 1,500 KL per day. Tangible assets grew from INR 6.13 Cr in FY22 to INR 67.18 Cr by FY25, reflecting aggressive investment in manufacturing infrastructure and logistics vehicles.
Credit Rating & Borrowing
Finance costs for H1FY26 were INR 3.43 Cr, a 16% YoY reduction from INR 4.07 Cr in H1FY25, suggesting improved debt management or lower interest rates despite the heavy capital expenditure phase.
Operational Drivers
Raw Materials
Biodiesel feedstocks (implied as used cooking oil or vegetable oils) represent the primary cost; operating expenses, which include raw materials, were INR 128.65 Cr in H1FY26, accounting for 87.3% of total revenue.
Capacity Expansion
Current installed capacity is 1,500 KL per day, following a 200% expansion from the previous 500 KL per day capacity. This expansion is intended to capture larger volumes from Oil Marketing Companies (OMCs).
Raw Material Costs
Operating expenses decreased 20% YoY to INR 128.65 Cr in H1FY26, trailing the 25% revenue decline, which indicates a slight increase in the relative cost of production per unit of revenue.
Manufacturing Efficiency
The company is transitioning to a more streamlined procurement mechanism where OMCs issue Letters of Intent (LOIs) directly, which is expected to improve the pace and clarity of order execution and plant utilization.
Logistics & Distribution
The company is investing in its own fleet of commercial vehicles to enhance distribution efficiency and maintain competitive delivery timelines for its biodiesel products.
Strategic Growth
Expected Growth Rate
200%
Growth Strategy
Growth will be achieved through the 3x capacity expansion to 1,500 KL/day, the formation of Parth Renewable Energy LLP for geographic diversification, and capitalising on the formalised OMC procurement process (LOIs) which replaces the less transparent allocation sheet system.
Products & Services
Biodiesel and related biofuels sold primarily to Oil Marketing Companies (OMCs).
Brand Portfolio
Kotyark Industries.
New Products/Services
Formation of Parth Renewable Energy LLP in December 2025 suggests a move into broader renewable energy segments, though specific revenue contribution percentages are not yet disclosed.
Market Expansion
Expansion into Haryana through the Jhajjar-based LLP and targeting increased procurement volumes from national OMCs.
Strategic Alliances
Formed Parth Renewable Energy LLP with other designated partners in December 2025 to expand renewable energy operations.
External Factors
Industry Trends
The biodiesel industry is shifting toward more transparent procurement, with OMCs replacing allocation sheets with direct Letters of Intent (LOIs). This transition is expected to stabilize order flow for large-scale producers like Kotyark.
Competitive Landscape
The company competes in the biodiesel sector, primarily vying for tenders issued by major Indian Oil Marketing Companies.
Competitive Moat
The company's moat is based on its significant scale (1,500 KL/day capacity) and its established relationship with OMCs. This scale provides a cost advantage in a tender-driven market where volume and execution capability are critical.
Macro Economic Sensitivity
Highly sensitive to government and OMC policies regarding biodiesel blending mandates and procurement transparency.
Consumer Behavior
Demand is driven by regulatory mandates for biofuel blending rather than direct consumer behavior shifts.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI Listing Obligations, and OMC procurement policies. The company must adhere to specific biodiesel quality standards for OMC acceptance.
Environmental Compliance
The company maintains a CSR policy focused on sustainable development and environmental positive changes, though specific ESG compliance costs were not disclosed.
Taxation Policy Impact
The effective tax rate for H1FY26 was approximately 25.5%, with a tax provision of INR 2.28 Cr on a PBT of INR 8.92 Cr.
Legal Contingencies
The company reported a compliance deviation regarding SEBI Regulation 29, failing to give a prior intimation of at least two working days for a board meeting. No major pending court cases or case values were disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the consistency of OMC procurement activity; the cancellation of a major order in March 2025 led to a 63% decline in PAT for the following half-year.
Geographic Concentration Risk
Historically concentrated in Gujarat, now diversifying into Haryana through a new LLP.
Third Party Dependencies
High dependency on OMCs for revenue and government policy for biodiesel blending mandates.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in modern plant capacity and logistics to maintain operational efficiency.
Credit & Counterparty Risk
Trade receivables stood at INR 9.62 Cr in FY25, a significant reduction from INR 34.44 Cr in FY24, indicating improved collection efficiency and lower counterparty credit risk.