Kiri Industries Limited has informed the Exchange about Transcript
KIRIINDUS · price
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Kiri Industries reported Q1 FY26 standalone revenue of Rs. 181 crores (8% YoY growth) and EBITDA of Rs. 17.3 crores, with a PAT of Rs. 7.2 crores versus a loss of Rs. 1.7 crores a year ago, boosted by dividends from its Lonsen Kiri joint venture. Consolidated revenue stood at Rs. 202 crores (10% YoY) with EBITDA of Rs. 18.6 crores. The company gave a major update on the DyStar stake sale to Zhejiang Longsheng at a base value of $676 million (total $696 million including a $20.29 million buffer), with a long-stop date of October 2, 2025, extendable to November 3. Management revised its full-year revenue guidance sharply lower — standalone to Rs. 800-900 crores and consolidated to Rs. 1,200-1,300 crores (about 20% below earlier targets) — citing textile sector weakness, US tariffs, and low capacity utilization of just 48% in the core dyes business. On the copper project at Pipavav, Gujarat, management outlined multi-year targets of Rs. 12,000 crores revenue from FY27 at 25% capacity, scaling to Rs. 40,000-45,000 crores by 2029-30, with Rs. 8,000 crores project cost funded by Rs. 3,000 crores equity from DyStar proceeds and Rs. 5,000 crores debt, with financial closure targeted by December.
Near-term, shareholders face continued margin pressure in the core dyes business and a ~20% cut to revenue guidance, which is negative. However, the imminent DyStar deal (potentially Rs. 5,500+ crores post-tax) is a major near-term catalyst, with management hinting at possible shareholder rewards once proceeds arrive, alongside a transformative copper project that could multiply revenue 5-10x by 2030 if execution stays on track.