KIRIINDUS
Kiri Industries share price & financials
- Price
- ₹394.65
- Market cap
- ₹2.7k Cr
- Sector
- Chemicals
- Calls analysed
- 7
Kiri Industries Limited Q1 FY27
What went well
- Consolidated revenue grew 55% YoY to INR 312 crores, driven by improved price realizations.
- Standalone revenue grew 63% YoY to INR 295 crore.
- Consolidated EBITDA (including JVs) stood at INR 37 crores with a margin of 7.84%, reflecting improved operating performance.
What to watch
- Input cost pressures persisted due to increases in crude oil prices, impacting operating costs.
- Demand trends remained mixed across various product categories in the Dyes and Dyes Intermediates industry.
What Kiri Industries Limited does
Kiri Industries manufactures and exports dyes, dye intermediates, and basic chemicals from vertically integrated plants in Ahmedabad and Vadodara, Gujarat, earning revenue as an accredited key business partner to global dyestuff companies across Asia-Pacific, Europe and the Americas. Its Basic Chemicals -> Dye Intermediates -> Dyes value chain gives it control over inputs, cost and quality, with Zero Effluent manufacturing operations. Following the monetisation of its DyStar stake, the company is building an integrated copper smelting-refining complex and a fertilizer (NP/NPK, phosphoric acid) complex at Jafrabad, Gujarat through wholly owned subsidiaries Indo Asia Copper Limited and IndoAsia Agrotech Fertilizers Limited.
Segments
- Dyes
- Dye Intermediates
- Basic Chemicals
- Manufacturing facilities
- 5 units (Unit I, II, IV and V in Ahmedabad; Unit III in Vadodara), Gujarat
- Countries served
- 50+ countries across seven continents
- Installed dyes capacity
- 44,000 MTPA (Reactive Dyes 36,000 MTPA + Disperse Dyes 8,000 MTPA)
- Installed dye-intermediates capacity
- 53,200 MTPA (Commodity Intermediates 25,200 MTPA incl. Vinyl Sulphone 18,000 MTPA & H-Acid 7,200 MTPA; Specialty Intermediates 16,000 MTPA; Acetanilide 12,000 MTPA)
- Installed basic-chemicals capacity
- 500 TPD / 182,500 MTPA (Sulphuric Acid, Oleum, Chloro-sulphonic Acid, Thionyl Chloride)
- Captive power plant
- 3.3 MW steam-based power plant at Unit V, Vadodara
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 2 delivered 3 missed 12 open- DyStar Sale Closure Date delivered said Q3 FY25 Promised: April to June 2025 (Q1 FY26) Q1 FY27: Not mentioned; event concluded in prior quarters.
- Copper Project Phase 1 Annual Revenue revised down said Q3 FY25 Promised: INR 45,000 crores Q1 FY27: Management explicitly retracted previous revenue guidance for FY28, stating the numbers no longer hold due to dynamic timelines.
- Copper Project Phase 1 Commercial Operations delayed said Q3 FY25 Promised: 2028 Q1 FY27: Timelines for phased commissioning reiterated, with full complex (smelter, fertilizer) by Q1 2029, consistent with previous delay.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 54.5%, net profit up 2810.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173 | 179 | 205 | 202 | 213 +23% | 174 −3% | 250 +22% | 312 +54% |
| EBITDA | -5 | -44 | -5 | -16 | -14 −180% | -49 −11% | -142 −2740% | 16 +200% |
| Net profit | 80 | 177 | -85 | 10 | 20 −75% | 5,023 +2738% | 514 +705% | 291 +2810% |
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 −2.2% 1Y
1Y: ₹549.2 on 10 Sept 2025 → ₹537.35. High ₹725.3 (31 Dec 2025), low ₹338.3 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.6%
- 13 Aug
- Q4 FY26
- −5.5%
- 1 Jun
- Q3 FY26
- −2.2%
- 11 Feb
- Q2 FY26
- +2.4%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 3.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to -26.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹945 Cr | ₹887 Cr | ₹740 Cr | ₹839 Cr |
| Operating profit | ₹-38 Cr | ₹-24 Cr | ₹-54 Cr | ₹-221 Cr |
| Operating margin | -4.0% | -2.7% | -7.3% | -26.3% |
| Interest | ₹6 Cr | ₹23 Cr | ₹127 Cr | ₹196 Cr |
| Depreciation | ₹48 Cr | ₹47 Cr | ₹44 Cr | ₹48 Cr |
| Net profit | ₹108 Cr | ₹141 Cr | ₹264 Cr | ₹5.6k Cr |
| Net margin | 11.4% | 15.9% | 35.7% | 663.5% |
| Cash from operations | ₹89 Cr | ₹-61 Cr | ₹-342 Cr | ₹4.6k Cr |
| Free cash flow | ₹66 Cr | ₹-69 Cr | ₹-749 Cr | ₹4.3k Cr |
| ROCE | 5.0% | 6.0% | 10.0% | -2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹34 Cr | ₹52 Cr | ₹52 Cr | ₹52 Cr | ₹60 Cr | ₹60 Cr |
| Reserves | ₹2.1k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.2k Cr | ₹6.4k Cr |
| Borrowings | ₹152 Cr | ₹96 Cr | ₹49 Cr | ₹122 Cr | ₹1.2k Cr | ₹42 Cr |
| Other liabilities | ₹367 Cr | ₹406 Cr | ₹477 Cr | ₹478 Cr | ₹643 Cr | ₹561 Cr |
| Total liabilities | ₹2.7k Cr | ₹3.1k Cr | ₹3.2k Cr | ₹3.4k Cr | ₹5.1k Cr | ₹7.0k Cr |
| Fixed assets | ₹563 Cr | ₹546 Cr | ₹510 Cr | ₹470 Cr | ₹887 Cr | ₹1.1k Cr |
| Capital work in progress | ₹58 Cr | ₹63 Cr | ₹72 Cr | ₹73 Cr | ₹63 Cr | ₹42 Cr |
| Investments | ₹1.4k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹3.0k Cr | ₹3.3k Cr |
| Other assets | ₹634 Cr | ₹685 Cr | ₹630 Cr | ₹655 Cr | ₹1.2k Cr | ₹2.6k Cr |
| Total assets | ₹2.7k Cr | ₹3.1k Cr | ₹3.2k Cr | ₹3.4k Cr | ₹5.1k Cr | ₹7.0k 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 +9.99 pp while FIIs trimmed −7.04 pp. The shareholder count grew 7% to 40,252.
- Promoters
- 41.7%
- FIIs
- 16.8%
- DIIs
- 1.3%
- Public
- 40.3%
Since Jun 2025
- Promoters +9.99 pp
- FIIs −7.04 pp
- Public −3.00 pp
How it drifted, 12 quarters
Over this window FIIs fell from 46.4% to 16.8% — −29.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.7%, FIIs 46.4%, DIIs 0.5%, Public 26.4%.Dec '23: Promoters 26.7%, FIIs 45.7%, DIIs 0.6%, Public 27.0%.Mar '24: Promoters 26.7%, FIIs 24.6%, DIIs 0.5%, Public 48.2%.Jun '24: Promoters 26.7%, FIIs 39.7%, DIIs 0.3%, Public 33.2%.Sep '24: Promoters 26.7%, FIIs 33.4%, DIIs 1.1%, Public 38.8%.Dec '24: Promoters 31.7%, FIIs 26.0%, DIIs 1.2%, Public 41.1%.Mar '25: Promoters 31.7%, FIIs 25.9%, DIIs 1.2%, Public 41.1%.Jun '25: Promoters 31.7%, FIIs 23.8%, DIIs 1.3%, Public 43.3%.Sep '25: Promoters 36.7%, FIIs 22.3%, DIIs 0.8%, Public 40.2%.Dec '25: Promoters 36.7%, FIIs 19.7%, DIIs 0.4%, Public 43.3%.Mar '26: Promoters 36.7%, FIIs 18.3%, DIIs 1.3%, Public 43.7%.Jun '26: Promoters 41.7%, FIIs 16.8%, DIIs 1.3%, Public 40.3%.
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.
- Late Pravinchandra Amratlal Kiri newly disclosed 3.74% held
- Hemil Manishkumar Kiri +1.64 pp 4.91% held
- Manishkumar P Kiri +1.63 pp 8.26% held
- Arunaben Pravinbhai Kiri +1.32 pp 4.85% held
- Anupama Manishkumar Kiri +1.19 pp 14.58% held
- Durgion Defence Private Limited (Formerly Kiri Carbon Private Limited) newly disclosed 0.00% held
The same filing shows 4 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kiri Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anupama Manishkumar Kiri | 14.58% | +1.19 pp |
| Manishkumar P Kiri | 8.26% | +1.63 pp |
| Equinaire Chemtech Llp | 5.37% | −0.46 pp |
| Griffin Growth Fund Vcc FPI fund | 5.11% | −0.44 pp |
| Cresta Fund Ltd FPI fund | 4.98% | −0.42 pp |
| Hemil Manishkumar Kiri | 4.91% | +1.64 pp |
| Arunaben Pravinbhai Kiri | 4.85% | +1.32 pp |
| Vikasa India Eif I Fund FPI fund | 4.19% | −0.36 pp |
| Late Pravinchandra Amratlal Kiri | 3.74% | newly disclosed |
| Kiri Pravinbhai Amratlal Huf | 0.01% | unchanged |
| Parkin Auto Accessories Private Limited | 0.00% | unchanged |
| Chemhub Tradelink Private Limited | 0.00% | 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 (7)
Read the Q1 FY27 call →Learn to analyse Kiri Industries Limited
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