KIRIINDUS Q3 FY26 earnings call.
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Revenue
₹174 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
₹58 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Kiri Industries reported Q3 FY26 standalone revenue of ₹162 crores (3% YoY), with consolidated revenue at ₹174 crores. The quarter was dominated by the landmark $689 million (₹5,854 crores) DAR resolution received on December 31, 2025, concluding an 11-year legal battle. Core dye/chemical operations faced subdued global demand and pricing pressures, prompting margin-over-volume prioritization. The 9-month standalone revenue stood at ₹537 crores (14% YoY growth). Management emphasized capital deployment into the greenfield copper and fertilizer project (targeting April 2027 first phase), committing ₹12,000-13,000 crores capex over FY27-28 with 65:35 debt-equity structure. No dividends were declared despite shareholder pressure, citing tax liabilities and reinvestment priorities. Financial closure is targeted by March 2026. Near-term risks include challenging core business conditions and execution risk on the transformative copper/fertilizer projects.
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Guidance to track
- 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).
- 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.
- 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.
- 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.
Risks flagged
- Copper smelter and fertilizer plant are complex greenfield projects with delivery timelines and technology integration challenges. While TCE appointed as owner's engineer and 100+ staff deployed, any delays in equipment delivery or construction could impact the April 2027 and Q4 FY28 timelines.
- Final financial closure for the project had not been achieved as of the call date, though management indicated active progress with commitments from financial institutions. Full debt funding of ₹12,000-13,000 crore capex remains contingent on closure, expected by March 2026.
- Material capital gains tax liability from the DAR transaction must be discharged before March 15, 2026, which will reduce the available proceeds for project deployment.
- Analyst raised concerns about prolonged subdued demand and pricing pressure in core dye/chemical segment. Management acknowledged challenging environment and focus on margin protection over volume, but gave no specific recovery timeline for this business.
Key quotes
- The company has fought this court battle without any external equity funding and it has been a very long tedious and expensive battle for the company. So we sincerely hope that everyone understands that the first thing the company must do is to put the current state of affairs of the company in order, improve the financial and operational health and finally secure its future endeavors.
- India would still continue to import at least 7 to 8 million ton even after our capacity. So there still ample room just even more. The dependency for the copper project is not on Celsius at all. It is only the addition if it happens and when it happens. If it doesn't happen also doesn't affect our project at all. Zero no impact at all.
- We are adding approximately 0.35 to 0.5 lakh from smelting route with scrap group we are adding up to 0.9. So we will be at 1.7 million ton by 2028 and by that time our requirement I'm pretty confident will have crossed 3 million more than 3 million.
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