Kriti Industries (India) Limited (KRITI)
₹55.34 +0.51% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kriti Industries' revenue was ₹173 Cr (-22.7% year on year, +22.1% on the previous quarter), and net profit ₹-2.2 Cr (against a profit a year earlier); the operating margin was 3.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹173 | -22.7% | +22.1% |
| Operating profit | ₹5.3 | -64.7% | -71.0% |
| Net profit | ₹-2.2 | to loss | to loss |
| EPS (₹) | -0.42 | to loss | to loss |
| Operating margin | 3.1% | — | — |
KRITI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 78.07% of the KRITI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.82%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 95.2% · 92.7% · 91.5% · 96.6% · 78.1%
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
Kriti Industries (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Ankit Consultancy Pvt. Ltd. on October 5, 2026, confirms that securities received for dematerialisation were processed within 15 days. It further confirms that the physical certificates were mutilated, cancelled, and depositories were substituted as the registered owners. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the quarter ending September 30, 2026
- Confirmation received from RTA Ankit Consultancy Pvt. Ltd. dated October 5, 2026
- Securities confirmed for dematerialisation and processed within 15 days of receipt
Kriti Industries (India) Limited has announced the closure of its trading window starting October 1, 2026, pursuant to SEBI Insider Trading regulations. The window will remain closed until 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The specific date of the Board of Directors meeting to approve the results will be informed in due course.
- Trading window closes effective October 1, 2026
- Closure will last until 48 hours after financial results announcement
- Pertains to Unaudited Standalone & Consolidated Results for the quarter and half year ended September 30, 2026
- Board meeting date to approve results will be announced separately
Kriti Industries submitted the minutes of its 36th Annual General Meeting held on August 12, 2026. Shareholders approved resolutions including the re-appointment and remuneration revision of Shiv Singh Mehta as Chairman and Managing Director for a 3-year term from October 1, 2026, to September 30, 2029. Out of 11,430 eligible members as of August 5, 2026, 57 members attended via video conference, with ordinary and special resolutions receiving requisite majority approval. This filing is largely an administrative submission of past proceedings.
- AGM minutes submitted for the 36th AGM held on August 12, 2026
- CMD Shiv Singh Mehta re-appointed for a 3-year tenure effective October 1, 2026, to September 30, 2029
- 57 members attended through video conferencing out of 11,430 eligible members on the cut-off date of August 5, 2026
- Resolution 3 passed with 36,455,867 votes in favour (99.9962% of votes polled)
Shareholders of Kriti Industries approved the re-appointment of Mr. Shiv Singh Mehta as Chairman and Managing Director at the 36th Annual General Meeting on August 14, 2026. The re-appointment is approved for a 3-year term effective October 1, 2026, through September 30, 2029. Mr. Mehta is the founder of the Kriti Group, which has an approximate annual turnover of ₹1,500 crore across group entities. The move maintains executive continuity for the company, which generated ₹587.36 crore in revenue and ₹1.13 crore in net profit in FY26.
- Re-appointment of Mr. Shiv Singh Mehta as Chairman and Managing Director approved at the 36th AGM on August 14, 2026
- Term granted for 3 years starting October 1, 2026, until September 30, 2029
- Founder profile notes Kriti Group aggregate annual turnover of approximately ₹1,500 crore
- Director affirmed as not debarred from holding office by any SEBI or statutory order
Kriti Industries (India) Limited held its 36th Annual General Meeting on August 12, 2026, where shareholders approved all proposed resolutions. Key approvals included the adoption of FY26 audited financial statements, which reported a revenue of ₹587.36 Cr and a thin net profit of ₹1.13 Cr. Shareholders also passed a special resolution for the re-appointment and remuneration of Shri Shiv Singh Mehta as Chairman and Managing Director, ensuring leadership continuity. The company continues to operate with a low operating margin of 5.9% and is focused on geographical diversification to reach a ₹1,000 Cr revenue target.
- Adoption of FY26 financial statements with a total revenue of ₹587.36 Cr
- Special resolution passed for the re-appointment of Shri Shiv Singh Mehta as Chairman and Managing Director
- Ratification of remuneration for Cost Auditors for the Financial Year 2026-27
- The 36th AGM was conducted via Video Conferencing and concluded within 47 minutes
Kriti Industries (India) Limited concluded its 36th Annual General Meeting on August 12, 2026, with all resolutions passed by a requisite majority. Shareholders approved the FY26 financial statements and the re-appointment of Shiv Singh Mehta as Chairman and Managing Director through a special resolution. Voting was dominated by the promoter group, which holds 69.1% of the company, with over 99.99% of total votes cast in favor of all proposals. This routine filing confirms management continuity for the plastic products manufacturer.
- All 4 resolutions passed with over 99.99% of votes in favor
- Special resolution approved for the re-appointment and remuneration of CMD Shiv Singh Mehta
- Total of 11,430 shareholders were on record for the meeting held via video conferencing
- Promoter group cast 3,63,97,146 votes, representing nearly 100% of their holding
- Public non-institutional participation was low, with only 60,098 votes cast out of 1.63 Cr shares
Kriti Industries held its 36th Annual General Meeting on August 12, 2026, with 57 members attending via video conferencing. The meeting focused on the adoption of FY26 financial statements and the re-appointment of Mr. Shiv Singh Mehta as Chairman and Managing Director for a three-year term. A key special resolution was proposed to revise the CMD's remuneration, which may exceed 5% of the company's net profits. This comes at a time when the company's TTM PAT stands at a thin Rs 1 Cr on revenue of Rs 587 Cr.
- 36th Annual General Meeting concluded on August 12, 2026, with 57 members present via VC
- Proposed re-appointment of Mr. Shiv Singh Mehta as CMD for a 3-year term from October 1, 2026, to September 30, 2029
- Special resolution moved to allow CMD remuneration to exceed 5% of net profits under Section 198
- Total shareholder base stood at 11,430 members as of the August 5, 2026, cut-off date
- Voting results to be communicated within 2 working days following the Scrutinizer's Report
Kriti Industries (India) Limited has reported its unaudited financial results for the quarter ended June 30, 2026. The auditor's report confirms a consolidated net loss for the period, a sharp decline from the ₹7.26 Cr profit recorded in the same quarter of the previous year (June 2025). The results include a ₹5.70 lakh share of loss from its associate, FP Elite Energy Private Limited. This performance reflects ongoing volatility, following a FY26 where TTM PAT was just ₹1 Cr on ₹587 Cr revenue.
- Reported a consolidated net loss for the quarter ended June 30, 2026, compared to a ₹7.26 Cr profit in Q1 FY26.
- Recorded a share of net loss after tax of ₹5.70 lakhs from associate company FP Elite Energy Private Limited.
- Consolidated results incorporate the performance of subsidiary Kriti Auto and Engineering Plastics Pvt. Ltd.
- Board meeting for result approval concluded at 2:45 P.M. on August 11, 2026.
- TTM revenue stands at ₹587 Cr with a thin operating margin of 5.9% as of the latest full-year data.
Kriti Industries has appointed Shri Pradeep Shastri Vedula as Chief Executive Officer (CEO) effective August 11, 2026. Vedula brings over 20 years of experience, most recently serving as President of Sales & Marketing and Supply Chain at Finolex Industries, a major industry peer. This leadership change is significant as the company seeks to scale revenue from the current TTM level of 587 Cr toward its 1,000 Cr target, following a period of weak profitability (TTM PAT of just 1 Cr).
- Appointed Pradeep Shastri Vedula as CEO and Key Managerial Personnel effective August 11, 2026
- New CEO brings 20+ years of experience from leadership roles at Finolex Industries, Asian Paints, and Accenture Strategy
- Vedula holds a PGDM from IIM Bangalore and a B.E. from Delhi College of Engineering
- Appointment coincides with the grant of ESOPs under the Kriti Industries Employee Stock Option Plan 2024
- Company is currently operating at a low OPM of 5.9% with a TTM PAT of 1 Cr
Kriti Industries has appointed Pradeep Shastri Vedula as its new Chief Executive Officer (CEO) and Key Managerial Personnel, effective August 11, 2026. Vedula brings over 20 years of experience, most recently serving as President of Sales & Marketing and Supply Chain at Finolex Industries, a major industry peer. This leadership change is significant for a company with a market cap of Rs 321 Cr that is currently struggling with thin margins (TTM OPM 5.9%) and volatile profitability (TTM PAT of Rs 1 Cr). The appointment aligns with the company's stated goal of scaling revenue beyond Rs 1,000 Cr.
- Appointed Pradeep Shastri Vedula as CEO and Key Managerial Personnel effective August 11, 2026
- New CEO brings over 20 years of experience from leadership roles at Finolex Industries, Asian Paints, and Accenture Strategy
- Educational credentials include a PGDM from IIM Bangalore and an Engineering degree from Delhi College of Engineering
- Company aims to leverage this leadership to reach a revenue scale of over Rs 1,000 Cr from current TTM revenue of Rs 587 Cr
- Appointment comes at a time when the stock has seen a 56.8% price decline over the last 12 months
Kriti Industries has appointed Pradeep Shastri Vedula as its new Chief Executive Officer effective August 11, 2026. Mr. Vedula brings over 20 years of experience, having previously served as President of Sales & Marketing and Supply Chain at Finolex Industries, a major industry peer. This leadership change is significant as the company seeks to scale its TTM revenue of ₹587 Cr toward its long-term target of ₹1,000 Cr. The appointment of a senior leader from a much larger competitor suggests a focus on professionalizing management and improving distribution efficiency.
- Appointed Pradeep Shastri Vedula as CEO and Key Managerial Personnel effective August 11, 2026
- New CEO brings 20+ years of experience from leadership roles at Finolex Industries, Asian Paints, and Accenture Strategy
- Company aims to reach a revenue scale of over ₹1,000 Cr, compared to the current TTM revenue of ₹587 Cr
- Mr. Vedula holds a PGDM from IIM Bangalore and an Engineering degree from Delhi College of Engineering
- The appointment comes as the company faces thin TTM PAT of only ₹1 Cr and a 5.9% OPM
Kriti Industries (India) Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group, led by Sakam Trading Private Limited and including five other entities/individuals, confirmed that no shares held by them were encumbered or pledged during the period. This is a routine annual compliance filing that provides transparency regarding the status of promoter-held equity.
- Declaration covers the full financial year ended March 31, 2026
- Involves 6 distinct promoter group entities and individuals
- Confirms compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011
- Disclosure submitted to both BSE and NSE on April 7, 2026
Kriti Industries (India) Limited has announced its 36th Annual General Meeting (AGM) to be held on August 12, 2026, at 3:00 PM IST. The company has established August 5, 2026, as the cut-off date for determining shareholder eligibility for e-voting. The remote e-voting period will run from August 9 to August 11, 2026. This is a standard regulatory procedure for the company, which currently has a market capitalization of Rs 315 Cr and TTM revenue of Rs 587 Cr.
- 36th Annual General Meeting scheduled for August 12, 2026, at 3:00 PM IST
- Cut-off date for e-voting entitlement set for August 5, 2026
- Remote e-voting window open from August 9, 2026 (9:00 AM) to August 11, 2026 (5:00 PM)
- CDSL appointed as the agency for providing the e-voting platform
- CS Ishan Jain appointed as the Scrutinizer for the voting process
Kriti Industries has scheduled its 36th Annual General Meeting (AGM) for August 12, 2026. The company is seeking shareholder approval to re-appoint Shiv Singh Mehta as Chairman and Managing Director for a 3-year term (2026-2029) with a proposed remuneration ceiling of ₹2.4 Cr per annum. This is significant as the company reported a standalone PAT of only ₹1.07 Cr for FY26, meaning the proposed ceiling is over 200% of the annual profit. The meeting will also cover the adoption of FY26 financial statements and the ratification of cost auditor fees.
- 36th AGM scheduled for August 12, 2026, via Video Conferencing
- Proposed MD remuneration ceiling of ₹240.00 Lakhs (₹2.4 Cr) per annum
- FY26 standalone Profit After Tax reported at ₹106.68 Lakhs (₹1.07 Cr)
- MD Shiv Singh Mehta holds 20,67,299 equity shares (3.92% stake)
- MD's FY26 actual salary was ₹73.20 Lakhs, up from a loss-making FY25
Kriti Industries (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all securities received for dematerialization were processed, mutilated, and cancelled. The company's Registrar and Share Transfer Agent, Ankit Consultancy Pvt. Ltd., verified that the name of the depository was substituted in the Register of Members as the registered owner. This is a standard administrative procedure to ensure the accuracy of electronic share records.
- Compliance certificate issued for the quarter ending 30th June, 2026
- Securities processed for dematerialization within the mandated 15 days of receipt
- Confirmation received from Registrar and Share Transfer Agent on 07/07/2026
- Verification confirms all physical certificates were mutilated and cancelled as per SEBI norms
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Agriculture segment volume declined by 33% YoY to 4,842 MT, while the Building Material segment sales value dropped by 33% YoY. Total sales volumes for the company fell 26% YoY to 7,472 MT, leading to a 27% decline in consolidated revenue to INR 85.7 Cr (INR 857 Mn). For H1 FY26, total revenue stood at INR 309.8 Cr (INR 3,098 Mn).
Geographic Revenue Split
Not disclosed in exact percentages, but the company identifies its 'main Agri sales areas' (likely Central India/MP given its Indore HQ) as the primary revenue driver, where weather patterns significantly dictate quarterly performance.
Profitability Margins
For Q2 FY26, the PAT margin was -11.32% (Net Loss of INR 9.7 Cr), and for H1 FY26, it was -0.77% (Net Loss of INR 2.4 Cr). In FY25, the company reported a Total Comprehensive Loss of INR 4.35 Cr compared to a profit of INR 21.55 Cr in FY24, representing a significant downturn in annual profitability.
EBITDA Margin
The EBITDA margin for Q2 FY26 was -4.90%, representing a loss of INR 4.2 Cr. For H1 FY26, the EBITDA margin stood at 3.55% (INR 11 Cr), reflecting the impact of high fixed expenses per unit of sales during the low-volume second quarter.
Capital Expenditure
In FY25, the company spent INR 31.14 Cr on the purchase of Property, Plant & Equipment (PPE) including Capital Work-in-Progress (CWIP), compared to INR 40.12 Cr in FY24, indicating a 22.4% reduction in annual investment in physical infrastructure.
Credit Rating & Borrowing
The company holds a CARE BBB+; Stable rating for long-term bank facilities (reaffirmed Oct 2025) and CARE A2 for short-term facilities. Total rated bank facilities amount to approximately INR 256.33 Cr. Borrowing costs are influenced by these ratings, which were upgraded in early 2024 due to improved profitability and PVC price stabilization.
Operational Drivers
Raw Materials
PVC resin is the primary raw material. While specific cost percentages are not disclosed, the company notes that profitability is highly susceptible to volatile raw material prices and foreign exchange fluctuations, as resin is often imported.
Import Sources
Not explicitly disclosed, but the company faces foreign exchange fluctuation risk, indicating significant imports from international markets.
Capacity Expansion
Current installed capacity is not explicitly stated in MT, but rating agencies suggest a positive rating sensitivity if the company significantly increases its scale of operations to over INR 1,000 Cr through greater geographical diversification.
Raw Material Costs
Raw material costs are a major driver of the PBILDT margin; stabilization of PVC prices in FY24 led to improved profitability, but subsequent volatility and seasonality in demand have constrained margins.
Manufacturing Efficiency
Manufacturing efficiency is currently challenged by high expenses per unit of sales during periods of low volume, such as the 26% volume decline seen in Q2 FY26.
Strategic Growth
Growth Strategy
The company aims to achieve growth by leveraging its established brand strength and market leadership in the plastic pipes industry. Strategic focus includes analyzing market data to optimize sales in core Agri regions and expanding its presence in the building materials segment. Rating agencies suggest a target of reaching over INR 1,000 Cr in revenue through greater geographical diversification and maintaining EBITDA margins above 10%.
Products & Services
The company sells PVC pipes, fittings, casing pipes, submersible pipes, telecom ducts, gas pipes, and industrial moldings.
Brand Portfolio
Kriti
Market Expansion
The company is targeting greater geographical diversification to reduce its dependence on its main Agri sales areas and to reach a revenue scale of over INR 1,000 Cr.
Strategic Alliances
The group includes an associate company, FP Elite Energy Private Limited.
External Factors
Industry Trends
The plastic pipes industry has a stable demand outlook driven by infrastructure and agricultural needs. However, the industry is evolving with a shift toward organized players who can manage raw material volatility and maintain widespread distribution networks. Kriti is positioned as an established player with over 40 years of experience.
Competitive Landscape
The industry is highly competitive, featuring both large organized players and numerous unorganized manufacturers, which limits the company's ability to maintain high margins during demand slumps.
Competitive Moat
Kriti's moat is built on the promoters' 40+ years of experience, a widespread distribution network, and a strong brand in the plastic pipes and fittings industry. These advantages are sustainable but require constant management of raw material price cycles.
Macro Economic Sensitivity
The company is highly sensitive to monsoon patterns, which dictate demand for its 65% volume-contributing Agri segment.
Consumer Behavior
Channel partners showed 'cautious channel stocking' in Q2 FY26 due to delayed monsoons, leading to reduced primary sales for the company.
Geopolitical Risks
Geopolitical risks affecting global PVC resin supply and pricing directly impact the company's input costs and margin stability.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards for piping products and solutions, as well as local tax and regulatory frameworks in India.
Taxation Policy Impact
The company's effective tax rate is not disclosed, but it faces periodic challenges from local tax authorities on direct and indirect tax matters.
Legal Contingencies
The company has pending litigations related to direct and indirect tax positions, which are classified as Key Audit Matters due to the significant judgment required to determine potential outcomes.
Risk Analysis
Key Uncertainties
The primary uncertainty is the monsoon pattern; delayed or uneven rains can reduce Agri segment demand by over 30% in a single quarter. Secondary risks include the volatility of global PVC prices and forex risk, which can impact input costs by significant margins.
Geographic Concentration Risk
Revenue is heavily concentrated in its 'main Agri sales areas' in Central India, making the company vulnerable to regional weather and economic shifts.
Technology Obsolescence Risk
The company faces minimal risk of immediate tech obsolescence in basic piping but must keep pace with molding and material science advancements to remain competitive.
Credit & Counterparty Risk
The company maintains an efficient collection period, mitigating credit risk from its distribution network.
