Kiri Industries Approves Q3FY26 Results; Plans Major Copper & Fertilizer Projects
Kiri Industries reported Q3FY26 results, including an exceptional gain of Rs. 5,854.37 Crore from the DyStar stake sale. The company plans major greenfield projects in copper and fertilizer sectors with a total capex of Rs. 13,300 Crore. Phase 1 commissioning is targeted for Q3 FY28, with Phase 2 by Q3 FY29.
The approval of quarterly results, coupled with the substantial financial inflow from the DyStar stake sale and the announcement of significant greenfield projects in the copper and fertilizer sectors requiring substantial capital expenditure, are material events that will significantly impact the company's financial and strategic direction.
The announcement is positive due to the approval of financial results, a significant exceptional gain from the sale of a foreign associate's stake, and the strategic decision to invest in large-scale copper and fertilizer projects, indicating future growth prospects.
Kiri Industries Limited announced the approval of its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors, in their meeting on February 10, 2026, also reviewed the limited reports from statutory auditors M/s Pramodkumar Dad & Associates. The meeting commenced at 11:00 AM and concluded at 1:45 PM.
The company has detailed significant progress on its strategic transformation, including the development of major greenfield projects in the copper and fertilizer sectors. The company has obtained Environmental Clearance for manufacturing 1,000,000 MTPA of Copper and 1,650,000 MTPA of Fertilizers. Phase 1 includes an integrated Copper Smelter and Refining Project with a capacity of 500,000 MTPA and downstream facilities, undertaken through Indo Asia Copper Limited (IACL). Simultaneously, Indoasia Agrotech Fertilizers Limited (IAFL) is developing a fertilizer complex with a capacity of 1,050,000 MTPA of DAP and NPK fertilizers, supported by a 400,000 MTPA phosphoric acid plant. These projects are located in Amreli District, Gujarat, with logistical advantages. Supporting infrastructure, including a dedicated jetty and a 33 MLD desalination plant, is also being developed.
The total project cost for the copper complex is estimated at Rs. 8,100 Crore, and for the fertilizer project at Rs. 3,600 Crore. Additional infrastructure costs for renewable power and jetty are approximately Rs. 1,600 Crore. The total capex is around Rs. 13,300 Crore, with an expected internal rate of return of ~25%. The proposed equity contribution is around Rs. 4,000 Crore, with Rs. 1,036 Crore infused in September 2024. Phase 1 of the copper tube, rod plants, and fertilizer packing/distribution unit is targeted for commissioning in Q3 FY28, with Phase 2 (smelter, refineries, full fertilizer complex) expected by Q3 FY29.
Financially, the company reported an exceptional gain of Rs. 5,854.37 Crore on the disposal of its investment in a foreign associate, DyStar Global Holdings (Singapore) Pte. Ltd. This inflow marks the closure of an eleven-year legal battle, with the entire consideration of US$ 689,034,072.68 (equivalent to Rs. 6,195.78 Crore) remitted by December 31, 2025. This inflow has fundamentally reshaped the company's financial position, enabling a pivot towards long-term investments.
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Kiri Industries Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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