KELTECH ENERGIES LTD.

Manufactures industrial explosives and perlite products, with explosives being the dominant line. In Q1 FY27, the explosives segment generated Rs 164.23 crore of the Rs 183.28 crore quarterly revenue from operations. The explosives business supplies the mining, quarrying and infrastructure sectors, and uses inputs such as ammonium nitrate — the subject of a recent CESTAT ruling that overturned a Rs 13.75 crore customs penalty. Perlite products (a volcanic glass used in construction, filtration and insulation) make up a smaller share of revenue. The biggest cost is raw materials at 66.6% of revenue in FY26, followed by other operating expenses at 15.6% and employee cost at 7.1%. Capital expenditure jumped sharply to Rs 8,563.29 lakhs in FY26 from Rs 1,193.72 lakhs in FY25, partly funded by a rise in non-current borrowings to Rs 4,212.61 lakhs from Rs 1,089.75 lakhs. Operating cash flow swung to Rs 4,850.02 lakhs positive from Rs 1,757.03 lakhs negative in the prior year. A final dividend of Rs 1.50 per share was recommended for FY26.