KDL
Bharat Global Developers financials
- Market cap
- ₹112 Cr
- Sector
- Telecommunication
- Calls analysed
- 3
Kore Digital Q1 FY26
What went well
- Consolidated revenue reached ₹156.99 crores, marking a 2.09% year-on-year growth and 35% sequential growth over Q4 FY25.
- EBITDA grew significantly by 167% year-on-year to ₹119.93 crores.
- EPS showed a substantial improvement to ₹11.4, up from ₹4.40 in the prior year's quarter.
What to watch
- Ambiguity in net profit reporting, with the transcript stating 'net profit was Rs. 155 crores, Y-o-Y to Rs. 13.51 crores', which contradicts the overall positive growth narrative.
- Ongoing challenge with negative social media campaigns impacting investor sentiment and stock price, despite management's efforts to address it.
What Bharat Global Developers Limited does
Kore Digital Limited is a Navi Mumbai (Maharashtra) based telecom infrastructure company, licensed by the Department of Telecommunications as a Category-I Infrastructure Provider (IP-I), that deploys and maintains optical fiber networks, telecom towers/poles and underground ducts for operators such as Reliance Jio, Vodafone Idea, Bharti Airtel and Tata Teleservices. It earns revenue from network construction/deployment contracts, leasing dark fiber and tower space to telecom and broadband providers, and end-to-end network operation and maintenance services. The company has extended into road/expressway communication-corridor infrastructure works (e.g. the Samruddhi Mahamarg and Mumbai-Nagpur Expressway projects with Navayuga Engineering) and has recently diversified into defense manufacturing, producing 3D-printed (direct laser deposition) metal components. It has also acquired three subsidiaries — Franken Telecom, Wolter Infratech and KDL Realinfra — to broaden its telecom and civil-infrastructure capabilities.
Segments
- Telecom infrastructure deployment & maintenance
- Road/expressway communication-corridor infrastructure
- Defense manufacturing
- Optical fiber network built
- 700+ Km (Mumbai & adjoining districts)
- Underground fiber deployed
- 600 Km
- Cell poles/sites installed
- 600+
- Operating track record
- 15+ years
- Connectivity capacity supplied to clients
- 100+ Gbps
- Subsidiaries
- 3 (Franken Telecom, Wolter Infratech, KDL Realinfra; 98% stake each)
Guidance record · Q1 FY26
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- FY26 Revenue revised down said Q3 FY25 Promised: INR 1,000 crores Q1 FY26: Guidance adjusted to 700-800 cr. Management claimed 1000 cr was a 'miscommunication' and just an 'opportunity'.
- Defense Capex Raise open said Q1 FY26 Promised: Raise INR 150 crores in Q4 FY26 via debt or investors Q1 FY26: Planned for Jan-Feb-March quarter.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 75.7%, net profit down 88.4% against the same quarter last year.
| Line item | Q4 FY23 | Q2 FY24 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15 | 15 | 92 | 119 | 40 +166% | 157 +945% | 34 −63% | 29 −76% |
| EBITDA | 3 | 4 | 11 | 19 | 6 +94% | 20 +352% | 6 −41% | 6 −67% |
| Net profit | 2 | 3 | 8 | 13 | 2 −9% | 14 +350% | 2 −68% | 2 −88% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −56.9% 1Y
1Y: ₹216.8 on 10 Sept 2025 → ₹93.45. High ₹242.8 (24 Sept 2025), low ₹86.6 (10 Sept 2026).
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹4 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹71 Cr | ₹119 Cr | ₹76 Cr |
| Borrowings | ₹1 Cr | ₹6 Cr | ₹6 Cr |
| Other liabilities | ₹77 Cr | ₹175 Cr | ₹100 Cr |
| Total liabilities | ₹153 Cr | ₹312 Cr | ₹194 Cr |
| Fixed assets | ₹10 Cr | ₹36 Cr | ₹89 Cr |
| Capital work in progress | ₹0 Cr | ₹24 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹142 Cr | ₹252 Cr | ₹105 Cr |
| Total assets | ₹153 Cr | ₹312 Cr | ₹194 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +0.51 pp while the public trimmed −0.36 pp.
- Promoters
- 63.9%
- Public
- 36.1%
Since Jun 2025
- Promoters +0.51 pp
- Public −0.36 pp
- DIIs −0.16 pp
How it drifted, 11 quarters
Over this window promoters fell from 71.4% to 63.9% — −7.5 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 71.4%, Public 28.6%.Mar '24: Promoters 62.7%, Public 37.3%.Jun '24: Promoters 62.7%, Public 37.3%.Sep '24: Promoters 62.7%, FIIs 0.0%, Public 37.3%.Dec '24: Promoters 62.7%, FIIs 0.0%, Public 37.3%.Mar '25: Promoters 63.2%, FIIs 0.0%, Public 36.8%.Jun '25: Promoters 63.4%, DIIs 0.2%, Public 36.5%.Sep '25: Promoters 63.4%, DIIs 0.0%, Public 36.6%.Dec '25: Promoters 63.0%, DIIs 0.0%, Public 36.9%.Mar '26: Promoters 63.7%, Public 36.3%.Jun '26: Promoters 63.9%, Public 36.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ravindra Doshi +0.19 pp 40.16% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharat Global Developers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ravindra Doshi | 40.16% | +0.19 pp |
| Kashmira Ravindra Doshi | 12.39% | unchanged |
| Shashikant Anuprai Sheth | 9.37% | unchanged |
| Chaitanya Ravindra Doshi | 1.95% | unchanged |
| Manickam Ravichandran | 1.55% | unchanged |
| Akilandeswari Selvamurthy | 1.54% | unchanged |
| Amit R Agarwal | 1.31% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q1 FY26 call →Learn to analyse Bharat Global Developers Limited
Guides on how to read this kind of business and the numbers that matter.