Kiri Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • The company is a leading manufacturer and exporter of dyes, dye intermediates, and basic chemicals from India, operating a vertically integrated manufacturing model.
  • It has a global footprint across 50+ countries, serving end-use industries including apparel, hosiery, automotive textiles, carpets, leather, paper, home furnishings, and industrial fabrics.
  • The key driver of the new strategic phase is the successful conclusion of the prolonged legal dispute relating to the investment in DyStar, resulting in a capital realization of USD 689 million.

Segment-wise Performance

  • Standalone Q4 FY26 revenue was driven by the Dyes Intermediates segment (52% of revenue), followed by Dyes (33%) and Basic Chemicals (15%).
  • The significant growth in segments was driven by improved business volumes and higher operational activity.

Financial Highlights

Consolidated Q4 FY26:

  • Revenue from operations: INR 2,505 Mn (22.2% YoY growth, 44.3% QoQ growth)
  • EBITDA: INR (1,424) Mn (impacted by a non-cash closing-period measurement adjustment of INR 1,137 Mn)
  • Finance Cost: INR 82 Mn (84.8% YoY decline)
  • Profit After Tax: INR 4,985 Mn
  • Diluted EPS: INR 80.64 per share

Standalone Q4 FY26:

  • Revenue from operations: INR 2,409 Mn (29% YoY growth, 49% QoQ growth)
  • Adjusted EBITDA: INR 133 Mn (Reported EBITDA: INR (1,329) Mn)
  • Other Income: INR 326 Mn
  • Finance Cost: INR 9 Mn
  • Profit After Tax: INR 5,131 Mn
  • Diluted EPS: INR 81.13 per share

Annual Standalone FY26:

  • Revenue from operations: INR 7,779 Mn (18.7% YoY growth)
  • EBITDA: INR (2,111) Mn
  • Profit After Tax: INR 55,809 Mn
  • Diluted EPS: INR 914.00 per share

Annual Consolidated FY26:

  • Revenue from operations: INR 8,396 Mn
  • EBITDA: INR (2,209) Mn
  • Profit After Tax: INR 53,793 Mn
  • Diluted EPS: INR 900.91 per share

Drivers of financial performance: Improved business volumes, substantial deleveraging enabled by DyStar monetization proceeds, and exceptional income of INR 58,812 Mn in FY26.

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

Standalone FY26:

  • Equity: INR 63,803 Mn
  • Equity Share Capital: INR 600 Mn
  • Non Current Liabilities: INR 548 Mn
  • Current Liabilities: INR 4,750 Mn
  • Current Assets: INR 44,483 Mn (including Cash and Cash Equivalents: INR 3,445 Mn, Bank balances: INR 5,026 Mn)
  • Investments: INR 30,340 Mn

Consolidated FY26:

  • Equity: INR 64,452 Mn
  • Non Current Liabilities: INR 552 Mn
  • Current Liabilities: INR 5,386 Mn
  • Current Assets: INR 46,977 Mn (including Cash and Cash Equivalents: INR 5,511 Mn, Bank balances: INR 5,039 Mn)
  • Investments: INR 30,559 Mn

Financial Health Insights: Materially strengthened balance sheet following receipt of DyStar monetization proceeds, resulting in minimal debt and significant cash reserves.

Capex & Cash Flow Health

  • The integrated copper complex entails a total project cost of approximately INR 8,100 crore.
  • The fertilizer project is estimated at around INR 3,600 crore.
  • Capital expenditure for renewable power project and jetty is expected to be approximately INR 1,600 crore.
  • The proposed equity contribution is around INR 4,000 crore, of which INR 1,036 crore was infused in September 2024.
  • The project is projected to deliver an IRR of ~25%.
  • Construction work has commenced with a 36-month completion timeline commencing from 1st October 2025.

Strategic & R&D Initiatives

  • Diversifying into copper smelting, refining, and manufacturing of downstream products (copper tubes, copper foil, copper rods) through subsidiary Indo Asia Copper Limited.
  • Expanding into fertilizer production by utilizing sulfur dioxide gases from the smelter to produce sulfuric acid through subsidiary IndoAsia Agrotech Fertilizers Limited.
  • The copper smelter capacity is 5,00,000 MTPA.
  • The fertilizer unit includes a phosphoric acid plant (3,50,000 MT) and NP/NPK fertilizer unit (10,50,000 MT).
  • Strategic engagements with global trading houses and mining companies progressed for long-term sourcing of copper concentrate and rock phosphate.

Industry Trends & Business Environment

  • Copper is essential for power transmission, renewable energy, electric vehicles, and industrial infrastructure, with structural demand growth.
  • India has a structural supply gap of ~1 Mn Tonnes with domestic refined output of ~0.8 Mn Tonnes.
  • Global supply is constrained by long mine development timelines and declining ore grades.

Management Commentary & Growth Outlook

  • With the DyStar matter concluded, the company is entering a new phase focused on long-term growth through diversification.
  • Copper was identified as the most suitable sector for large-scale, long-term capital deployment after evaluating 16+ industrial opportunities.
  • The copper business is expected to deliver ROE of ~22%-30% based on conservative assumptions.
  • Expected strong EBITDA supported by integration and byproduct economics.