Company Overview

Kisan Mouldings Limited (KML) reported its Annual Report for FY 2025-26, disclosing significant financial deterioration and corporate governance changes. The company, engaged in manufacturing PVC Pipes and Fittings, operates primarily within a single business segment with Apollo Pipes Limited holding 61.94% promoter stake.

Financial Performance FY2025-26

Standalone Financials (₹ in Lakhs):

  • Revenue from operations: ₹25,007.37 (FY25: ₹27,335.35) - decline of 8.52%
  • Profit/(loss) before tax: (₹738.35) (FY25: ₹346.62 profit)
  • Profit/(loss) after tax: (₹738.35) (FY25: ₹346.62 profit)
  • Earnings per share: (₹0.62) (FY25: ₹0.29)

Key Financial Position:

  • Total Assets: ₹21,547.65 lakh
  • Property, Plant & Equipment: ₹14,057.10 lakh
  • Inventories: ₹6,975.90 lakh
  • Trade Receivables: ₹4,268.35 lakh (with ₹2,807.83 lakh doubtful)
  • Borrowings: ₹3,155.47 lakh
  • Trade Payables: ₹7,272.29 lakh

Financial Ratios:

  • Current Ratio: 1.12 (FY25: 1.24)
  • Debt Equity Ratio: 0.15 (FY25: 0.11)
  • Return on Equity: (3.70)% (FY25: 1.70%)

Management and Governance Changes

Resignations (effective May 05, 2026):

  • Mr. Sanjeev Aggarwal, Chairman & Managing Director
  • Mr. Sunil Agarwal, Non-Executive Independent Director

Appointments:

  • Mr. Ranveer Kumar as Company Secretary & Compliance Officer
  • Mr. Arun Agarwal recommended as Managing Director for 3 years from June 01, 2026

Auditor Changes

Statutory Auditors:

  • M/s. Sen & Ray, Chartered Accountants resigned effective May 06, 2026
  • M/s. AKGVG & Associates appointed to fill casual vacancy and proposed for 5-year term starting FY27

Secretarial Auditors:

  • M/s. Nidhi Bajaj & Associates resigned on April 29, 2026
  • M/s. Kuldeep Dahiya & Associates recommended for appointment

Related Party Transactions

Significant transactions with Apollo Pipes Limited (Holding Company) requiring shareholder approval:

  • Purchase of raw materials, goods, equipment: ₹75.00 crore
  • Sale of goods: ₹30.00 crore
  • Loan/guarantee transactions: ₹200.00 crore
  • Total material RPTs aggregating ₹305.24 crore

37th Annual General Meeting

Date: July 17, 2026 at 11:00 AM via Video Conferencing

Business Items:

  • Adoption of audited financial statements for FY2025-26
  • Re-appointment of Mr. Ajay Kumar Jain as director
  • Appointment of M/s. AKGVG & Associates as statutory auditors
  • Approval of material related party transactions with Apollo Pipes
  • Change in designation of Mr. Arun Agarwal to Managing Director

Contingent Liabilities

Total contingent liabilities of ₹1,894.17 lakh comprising:

  • Sales Tax/VAT disputes: ₹580.33 lakh
  • Excise Duty disputes: ₹564.50 lakh
  • Income Tax disputes: ₹92.86 lakh
  • GST disputes: ₹393.32 lakh
  • Provident Fund disputes: ₹65.43 lakh

Subsequent Events and Corporate Actions

  • Shareholders approved shifting registered office from Maharashtra to Delhi via postal ballot
  • Investment of ₹125.99 lakh in Sunsure Solarpark Thirty One Private Limited
  • No dividend recommended for FY 2025-26 to conserve resources
  • CARE rating reaffirmed at "CARE A Stable" for long-term bank facilities of ₹50 crore