KRISHNADEF - Krishna Defence
📢 Recent Corporate Announcements
Krishna Defence and Allied Industries Limited has appointed Mr. Manish Shah as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective April 11, 2026. Mr. Shah is a Chartered Accountant and CPA (Australia) with over 28 years of extensive experience in finance leadership across India, Europe, the USA, and Australia. He previously served as a Finance Transformation Leader at Tata Consultancy Services, focusing on strategic initiatives and profit acceleration. This high-profile appointment is expected to strengthen the company's financial governance and operational frameworks as it scales.
- Appointment of Mr. Manish Shah as CFO and Key Managerial Personnel effective April 11, 2026
- Over 28 years of experience in finance leadership across multi-billion dollar global organizations
- Former Finance Transformation Leader at Tata Consultancy Services (TCS)
- Expertise in profit acceleration, cost optimization, and process transformation across international markets
- Dual qualifications as a Chartered Accountant (ICAI) and Certified Public Accountant (Australia)
Krishna Defence and Allied Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar, Bigshare Services, confirmed that the entire shareholding of the company is already in dematerialized form. No requests for dematerialization or rematerialization were received during the quarter ended March 31, 2026. This is a standard administrative filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended March 31, 2026.
- 100% of the company's shares are currently held in demat form.
- Zero requests for dematerialization or rematerialization were processed during the period.
- Confirmation provided by Registrar & Share Transfer Agent, Bigshare Services Private Limited.
Krishna Defence and Allied Industries Limited has announced the resignation of Mr. Piyush Harjibhai Patel from the position of Chief Financial Officer (CFO). The resignation was effective as of the close of business hours on April 7, 2026. Mr. Patel also steps down as a Key Managerial Personnel (KMP) of the company. The company has not yet announced a successor for the role, which is a critical position for financial oversight and reporting.
- Mr. Piyush Harjibhai Patel resigned as Chief Financial Officer and Key Managerial Personnel.
- The resignation became effective from the close of business hours on April 7, 2026.
- The filing was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The company must now initiate the process of appointing a new CFO to ensure leadership continuity.
Krishna Defence and Allied Industries Limited (KDAIL) has incorporated a new subsidiary, Krishna Vabo Defence Composites Private Limited, as a joint venture with Vabo Netherlands. KDAIL holds a 51% controlling stake in the JV, which has an initial paid-up capital of Rs. 1,00,000. The venture is dedicated to manufacturing advanced composite solutions, such as ship doors and hatches, specifically for the defence and maritime sectors. This strategic move aims to capture market share in ASEAN countries by leveraging specialized composite technology.
- Acquired 51% controlling stake in the newly incorporated JV with an investment of Rs. 51,000.
- Partnered with Vabo Netherlands to manufacture cutting-edge composite solutions for maritime and defence industries.
- The JV will focus on the production and distribution of ship doors, hatches, and masts for ASEAN markets.
- Initial authorized and paid-up capital of the new subsidiary is set at Rs. 1,00,000.
- The incorporation follows through on previous strategic agreements dated January 2026 and July 2024.
Krishna Defence and Allied Industries Limited has announced its participation in the Kaptify Supernovas Investor Conference scheduled for April 8, 2026, in Mumbai. The management will engage with institutional investors and analysts in both group and one-to-one formats between 09:00 am and 06:00 pm. The company has clarified that no unpublished price sensitive information will be shared, and discussions will be limited to publicly available data. This event is part of the company's routine investor relations engagement facilitated by Kaptify Consulting.
- Investor conference scheduled for April 8, 2026, in Mumbai.
- Interaction window set between 09:00 am and 06:00 pm.
- Meetings to be conducted in both Group and One-to-One formats.
- Facilitated by Investor Relations firm Kaptify Consulting.
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Krishna Defence and Allied Industries Limited has appointed Mr. Mayur Chaudhari as the Chief Executive Officer of its Dairy Division, effective April 1, 2026. Mr. Chaudhari brings 13 years of specialized experience in the dairy sector, having previously worked with reputable organizations such as NDDB Dairy Services and Banas Dairy (Amul). This appointment strengthens the company's senior management team as it manages its diversified business portfolio. The move is expected to bring professional expertise to the company's non-defence operations.
- Appointment of Mr. Mayur Chaudhari as CEO - Dairy Division effective April 1, 2026
- Mr. Chaudhari possesses 13 years of industry experience in dairy and animal husbandry
- Professional background includes roles at NDDB Dairy Services and Banas Dairy (Amul)
- The appointment is categorized under Senior Management Personnel as per SEBI regulations
Krishna Defence and Allied Industries Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is mandatory ahead of the declaration of the company's audited financial results for the fiscal year ending March 31, 2026. The restriction applies to promoters, directors, and designated persons, preventing them from trading in the company's equity shares. The window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure effective from Wednesday, April 1, 2026
- Closure is for the purpose of finalizing Audited Financial Results for the year ended March 31, 2026
- Restriction applies to Promoters, Directors, Designated Persons, and their Immediate Relatives
- Trading window to remain closed until 48 hours after the financial results are announced
Krishna Defence and Allied Industries Limited has allotted 1,196 equity shares of ₹10 face value each following the exercise of options under its ESOP 1 scheme. The shares were issued at an exercise price of ₹304 per share, which includes a premium of ₹294. This allotment increases the company's total issued share capital to 1,49,33,388 shares. The new shares are identical to existing equity shares and will be listed on the National Stock Exchange.
- Allotment of 1,196 equity shares under the ESOP 1 scheme on March 30, 2026
- Exercise price set at ₹304 per share, including a premium of ₹294
- Total issued share capital increased to ₹14,93,33,880 post-allotment
- Total number of equity shares outstanding stands at 1,49,33,388
- The issuance results in a negligible equity dilution of approximately 0.008%
Krishna Defence and Allied Industries Limited has reported the unfortunate passing of Mr. Sandeep Ramrao Kadam on March 27, 2026. Mr. Kadam served as a Whole-Time Director and had been a key part of the company's leadership since 2014. Having been associated with the firm for over 11 years, he played a significant role in the organization's growth and development. The company has formally notified the exchange under SEBI Regulation 30 regarding this sudden change in management.
- Demise of Whole-Time Director Mr. Sandeep Ramrao Kadam occurred on March 27, 2026.
- Mr. Kadam had been a core member of the management team since 2014.
- The company acknowledged his significant contributions to its growth over his 11-year tenure.
- Notification submitted to NSE in compliance with SEBI Listing Obligations and Disclosure Requirements.
Krishna Defence reported a stellar Q3 FY26 with revenue growing 23.4% YoY to ₹636.6 million and Net Profit jumping 163.9% to ₹101.8 million. The company achieved its highest-ever quarterly performance with significant margin expansion, as EBITDA margins improved by 1,077 bps to 22.2%. The order book remains robust at ₹1,423 million, supported by strategic moves like the migration to the NSE Main Board and technology acquisitions for underwater vehicles. Management has guided for a 30%+ CAGR over the next 3-5 years, driven by new product developments and international collaborations.
- Q3 FY26 Net Profit grew by 163.9% YoY to ₹101.8 million, while 9M FY26 PAT rose 77.4% to ₹258.2 million.
- EBITDA margins saw a massive expansion of 1,077 bps YoY to reach 22.2% in Q3 FY26.
- The closing order book stands at ₹1,423 million as of December 31, 2025.
- Acquired Transfer of Technology (ToT) for Autonomous Underwater Vehicles (AUV) and signed a PLI MoU for Specialty Steel.
- Management targets a 30%+ CAGR for the next 3 to 5 years through indigenization and new product launches.
Krishna Defence and Allied Industries Limited has revised its Q3 FY26 financial results to correct a typographical error in the consolidated EPS. The board approved a new Joint Venture with Vabo Composites B.V. with an initial nominal investment of Rs. 51,000 for 5,100 shares. Additionally, 13,166 equity shares were allotted under the ESOP scheme at an exercise price of Rs. 304 per share. Managing Director Ankur Ashwin Shah has been re-appointed for a five-year term starting April 1, 2026, ensuring leadership continuity.
- Correction of typographical error in EPS for consolidated results of the quarter ended December 31, 2025
- Allotment of 13,166 equity shares under ESOP at Rs. 304 per share, increasing total issued shares to 1,49,32,192
- Approval of Rs. 51,000 investment to form a Joint Venture with Vabo Composites B.V.
- Re-appointment of Mr. Ankur Ashwin Shah as Managing Director for a 5-year term effective April 2026
- Total paid-up share capital increased to Rs. 14,93,21,920 following the ESOP allotment
Krishna Defence and Allied Industries Limited has approved its Q3 FY26 financial results and announced a strategic joint venture with Vabo Composites B.V. with an initial investment of ₹51,000. The board also approved the allotment of 13,166 equity shares under the ESOP scheme at an exercise price of ₹304 per share, bringing the total issued share capital to approximately ₹14.93 crore. Leadership continuity is secured with the re-appointment of Mr. Ankur Ashwin Shah as Managing Director for a five-year term starting April 2026. These developments indicate a focus on operational stability and collaborative expansion.
- Approved Unaudited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025.
- Allotted 13,166 equity shares under ESOP at ₹304 per share, increasing total shares to 1,49,32,192.
- Authorized ₹51,000 investment in a new Joint Venture with Vabo Composites B.V. for 5,100 equity shares.
- Re-appointed Mr. Ankur Ashwin Shah as Managing Director for a 5-year term effective April 1, 2026.
Krishna Defence and Allied Industries Limited has signed a Memorandum of Understanding (MoU) with the Ministry of Steel under the Production Linked Incentive (PLI) scheme. The agreement, finalized on February 9, 2026, covers specialty steel grades including Alloy and Stainless Steel Rolled – Long Products for the strategic sector. This approval is expected to provide financial incentives that will enhance operational efficiency and support significant production growth. The move aligns the company with the Government of India's push for domestic manufacturing in critical industrial segments.
- Signed MoU with the Ministry of Steel on February 9, 2026, under the PLI scheme.
- Approval specifically targets Alloy steel and Stainless Steel Rolled – Long Products for strategic sectors.
- Incentives are expected to boost production capacity and improve overall operational efficiency.
- Strategic collaboration strengthens the company's position in the domestic defence and industrial supply chain.
Krishna Defence and Allied Industries Limited has executed a definitive Joint Venture Agreement with Netherlands-based VABO Composites to manufacture advanced composite solutions for the defence and maritime sectors. The company will hold a 51% majority stake in the new JV entity, while VABO will hold 49%. The partnership aims to combine VABO's technical expertise in composites with Krishna Defence's infrastructure to target the Indian and ASEAN markets. The JV will initially focus on manufacturing composite ship doors and hatches with a starting paid-up capital of Rs. 1,00,000.
- KRISHNADEF to hold 51% majority stake in the new Joint Venture company with VABO Composites B.V.
- Focus on manufacturing cutting-edge composite ship doors, hatches, and maritime solutions.
- Strategic expansion targeting high-growth defence markets in India and the ASEAN region.
- Initial paid-up capital of the JV set at Rs. 1,00,000 divided into 10,000 equity shares.
- The JV entity will operate as a subsidiary of Krishna Defence and Allied Industries Limited.
Krishna Defence and Allied Industries Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The company's Registrar, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during this quarter. This is primarily because 100% of the company's shares are already held in electronic (demat) form. This filing is a standard administrative requirement for all listed companies in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar confirms that 100% of the company's shares are currently in demat form.
- Zero requests for dematerialization or rematerialization were received during the reporting period.
Financial Performance
Revenue Growth by Segment
Defence segment revenue grew 102.4% YoY from INR 91.8 Cr in FY24 to INR 185.8 Cr in FY25. Dairy segment revenue decreased 38.4% YoY from INR 14.6 Cr in FY24 to INR 9.0 Cr in FY25. For H1FY26, Defence revenue reached INR 111.1 Cr and Dairy reached INR 9.3 Cr.
Geographic Revenue Split
Not disclosed in available documents, though manufacturing facilities are located in Kalol and Halol, Gujarat, with headquarters in Mumbai.
Profitability Margins
Standalone PAT margin improved from 9.20% in FY24 to 11.25% in FY25. Consolidated net profit margin reached 15.3% in H1FY26, up 383 bps YoY from 11.4% in H1FY25.
EBITDA Margin
EBITDA margin was 15.6% in FY25, up from 14.5% in FY24. In H1FY26, EBITDA margin surged to 17.9%, a 291 bps YoY improvement driven by operational leverage and yield efficiencies.
Capital Expenditure
Fixed assets increased from approximately INR 11 Cr to INR 22 Cr over the past two years. Capacity expansion is ongoing as of November 2025 to support scaling operations.
Credit Rating & Borrowing
Credit rating upgraded to 'CRISIL BBB/Stable/CRISIL A3+' from 'CRISIL BBB-/Stable/CRISIL A3'. Interest coverage ratio is robust at 21.72 times in FY25, up from 9.92 times in FY24.
Operational Drivers
Raw Materials
Special steel and shipbuilding steel sections (bulb bars) represent the primary raw materials. COGS accounted for 62.2% of total revenue in FY25 (INR 121.22 Cr) compared to 59% in FY24.
Capacity Expansion
Fixed assets doubled to INR 22 Cr to support revenue growth. Management indicated capacity expansion is still undergoing 'high patients' (refinement) as of H1FY26.
Raw Material Costs
Raw material costs (COGS) were INR 121.22 Cr in FY25, an 83.1% increase YoY in line with revenue growth. Procurement strategies focus on stable profitability during contract bidding.
Manufacturing Efficiency
Efficiency gains and improved product yields from larger production volumes contributed to the 291 bps EBITDA margin expansion in H1FY26.
Strategic Growth
Expected Growth Rate
28.10%
Growth Strategy
Growth is driven by operational leverage as fixed costs are divided over larger quantities, product yield improvements, and a strong order book of INR 196 Cr as of March 2026. The company is also benefiting from indigenization efforts in the defense sector.
Products & Services
Special steel shipbuilding sections (bulb bars) for warship hull construction and dairy equipment.
Brand Portfolio
Krishna Defence & Allied Industries Limited.
New Products/Services
Continued product additions in the defense segment contributed to the 83.1% revenue growth in FY25.
Market Expansion
Plans include diversifying market presence in both domestic and overseas markets to reduce dependence on specific regions.
Market Share & Ranking
Not disclosed, but the company operates in a niche segment with fewer players offering similar specialized products.
Strategic Alliances
Associate company Waveoptix Defence Solution Pvt Ltd contributed INR 2.76 Cr to consolidated profit in H1FY26.
External Factors
Industry Trends
The defense industry is evolving toward indigenization (Make in India), with KRISHNADEF positioned as a niche provider of specialized steel sections for warships.
Competitive Landscape
Operates in a specialized segment of the defense and dairy equipment industries; listed on the NSE Emerge SME platform.
Competitive Moat
Moat is built on niche, specialized product baskets (bulb bars) with high entry barriers and fewer competitors, supported by an internal R&D team.
Macro Economic Sensitivity
Sensitive to government defense spending and overall economic stability which dictates budget allocations.
Consumer Behavior
N/A as the company primarily serves government defense and industrial dairy sectors.
Geopolitical Risks
Geopolitical instability can disrupt supply chains and impact contract execution timelines.
Regulatory & Governance
Industry Regulations
Operations are subject to government defense regulations, tax laws, and other statutes affecting the defense and dairy sectors.
Taxation Policy Impact
Effective tax rate is approximately 26% based on FY25 PBT of INR 29.66 Cr and PAT of INR 21.93 Cr.
Risk Analysis
Key Uncertainties
Fluctuations in commodity prices (steel) and potential reductions in government defense budgets are key uncertainties.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Kalol and Halol).
Third Party Dependencies
Dependency on steel suppliers for raw materials; geopolitical risks to the supply chain.
Technology Obsolescence Risk
Low risk currently as shipbuilding steel sections are fundamental to hull construction, but yield efficiency is a key monitorable.
Credit & Counterparty Risk
Working capital intensive with 183 days GCA, reflecting large receivables and inventory typical of defense contracts.