Company Overview

KD Green Industries Limited (formerly Manbro Industries Limited, Scrip Code: 512595) published its FY25-26 annual report and received an unmodified audit opinion on its first consolidated financial statements. The company has transformed into a diversified sustainable manufacturing group with strategic acquisitions and expansion plans.

Financial Performance

Consolidated Results (₹ in millions):

  • Revenue: ₹633.44 (primarily from sale of traded goods)
  • Profit After Tax: ₹51.81
  • Total Assets: ₹1,095.55
  • Property, Plant and Equipment: ₹184.05
  • Capital work-in-progress: ₹192.22
  • Total Equity: ₹719.16
  • Borrowings: ₹216.99
  • Earnings Per Share: Basic ₹0.51, Diluted ₹0.29

Standalone Performance:

  • Income from Operations: ₹37.37 (Previous Year: ₹195.70)
  • Profit After Tax: ₹57.63 (Previous Year: ₹60.76)
  • Retained Earnings: ₹83.48 (Opening: ₹25.84)

Strategic Developments

Acquisitions Completed:

The company significantly expanded through multiple acquisitions:

  • 51% stake in Shivam Pipe Industries (subsidiary, turnover: ₹820.4 million)
  • 26% stake in KD Ecosystem (associate, vehicle scrappage capacity: 42,500 vehicles annually)
  • 50.04% of Green AAC Block and Mortar (subsidiary, 120,000 cubic meter capacity, ~90% utilization)
  • 99.84% of KD Infrastructures Private Limited for ₹625 million
  • 37.53% effective holding in BR Metallics Pvt. Ltd. (indirect)

Expansion Plans:

  • ₹325 Crore Expansion: Double steel capacity from 90,000 MT to 180,000 MT per annum and rolling capacity from 99,000 MT to 200,000 MT
  • 25 MW Captive Solar Plant: Supporting green manufacturing initiatives
  • Government Incentives: Approximately ₹600 crore package from Government of Assam over 15 years
  • Proposed Merger: Board approved merger with KD Iron & Steel Private Limited subject to due diligence

Audit and Compliance

V.N. Purohit & Co., Chartered Accountants issued an unmodified opinion on the consolidated financial statements, confirming compliance with Indian Accounting Standards and the Companies Act, 2013. The auditor expressed an unmodified opinion on the adequacy and operating effectiveness of the Group's internal financial controls over financial reporting as of March 31, 2026.

Corporate Governance

Board Composition:

  • Mr. Dilip Kumar Goenka: Managing Director
  • Mr. Binod Kumar Goenka: Director
  • Mr. Sunil Sharma: Independent Director
  • Ms. Varsha Bothra: Independent Director
  • Mr. Shalen Jain: Independent Director

Key Managerial Personnel:

  • Mr. Manoj Kumar Sharma: CFO (appointed May 13, 2026)
  • Mr. Sajan Jain: Company Secretary & Compliance Officer

Annual General Meeting Agenda

Date: September 30, 2026

Key Items:

  • Adoption of audited standalone financial statements
  • Re-appointment of Mr. Binod Kumar Goenka as director
  • Approval of related party transactions up to ₹100 crore each with subsidiaries Shivam Pipe, KD Infrastructures, Green AAC, and associate KD Ecosystem

Subsidiary Performance Highlights

  • Shivam Pipe Industries: ₹820.4 million turnover, ₹49.8 million PAT, significant orders from electricity utilities and BSNL
  • Green AAC Block and Mortar: Innovative use of river silt from Brahmaputra as raw material
  • KD Ecosystem: ₹161.1 million turnover, ₹6.2 million PAT, vehicle scrappage operations

Sustainability Initiatives

The company is building a comprehensive green manufacturing ecosystem including:

  • Green Steel Certification
  • Ladle Refining Furnace for improved steel quality
  • Vehicle scrappage and recycling operations
  • AAC blocks using industrial waste materials
  • Circular economy approach integrating recycling with manufacturing

Regulatory Status

  • Listed on BSE Limited and admitted to NSE trading from August 17, 2026
  • All applicable SEBI LODR regulations complied with
  • No material pending litigations or regulatory actions
  • No dividend recommended for FY25-26

Future Outlook

The company is positioned for significant growth through its expansion plans, government incentives, and diversified portfolio across galvanized steel pipes, fabricated infrastructure products, sustainable construction materials, and green manufacturing initiatives.