Earning Presentation for Q4-FY26/FY26.
KIRIINDUS · price
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Kiri Industries reported FY26 consolidated revenue of INR 7,779 Mn (up 13.5% YoY) but a negative EBITDA of INR (2,111) Mn due to elevated raw material costs and a non-cash INR 1,137 Mn adjustment in Q4. Net profit surged to INR 55,809 Mn in FY26 (vs a loss of INR 1,084 Mn in FY25) entirely due to an exceptional income of INR 58,812 Mn from the final DyStar settlement — USD 689 Mn in proceeds received. The balance sheet was dramatically transformed, with equity growing from INR 7,203 Mn to INR 63,803 Mn following the capital injection. Construction is underway on a large integrated copper smelting and fertilizer complex at Jafrabad, Gujarat, with a total project cost of ~INR 13,300 crore (copper ~INR 8,100 crore + fertilizer ~INR 3,600 crore + power/jetty ~INR 1,600 crore), targeting ~25% IRR and phased equity infusion of INR 4,000 crore. The company also became debt-free following the DyStar proceeds, with finance costs falling sharply to INR 30 Mn standalone.
The DyStar windfall has transformed Kiri's balance sheet and funded a strategic pivot into copper and fertilizers — a high-growth sector given India's ~1 Mn tonne structural copper deficit. However, the core dyes business continues to burn cash at the operating level, and the company now faces a massive capex cycle of ~INR 13,300 crore over 36 months. Shareholders should monitor execution of the copper/fertilizer project and the pace of capital deployment, as the current stock price (INR 336.80, M-cap INR 20,215 Mn) reflects significant optimism priced into the new strategy.