First Phase Operations: April 2027
Downstream copper products (tubes, rods) to become operational first via PLI scheme. Smelter and fertilizer plant to be fully operational by Q4 FY28 (September-December 2028).
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Kiri Industries · forward-looking guidance across the available source record.
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expansion
Revenue Guidance: ₹20,000-25,000 Crore in FY27-28
Copper operations (first phase) expected to generate 20,000-25,000 crore topline. Fertilizer revenue to commence from Q4 FY28 alongside precious metal refineries and other smelter facilities.
EBITDA Trajectory: ₹4,500-5,000 Crore Long-term Target
FY27-28 targeting EBITDA of ₹1,200-1,500 crore, ramping up to ₹4,500-5,000 crore within 3-4 years of full operations as utilization improves year-on-year.
Capex Plan: ₹12,000-13,000 Crore Over FY27-28
Combined capex for copper and fertilizer projects to be deployed over two years, funded at 65:35 to 70:30 debt-equity ratio. No equity dilution or rights issue planned.