Kiri Industries Limited: Transcript of Q3/9M-FY26 Earnings Conference Call Released
Kiri Industries released its Q3/9M-FY26 earnings call transcript. The company received ₹5,854 crore from a settled DyStar legal battle, to be invested in new copper and fertilizer projects. The copper plant starts April 2027, targeting ₹20,000-25,000 crore revenue and ₹1200-1500 crore EBITDA in FY28. Fertilizer plant starts by Dec 2028. Total CAPEX: ₹12,000-13,000 crore.
The substantial inflow of funds from the DyStar settlement and the planned large-scale greenfield projects in copper and fertilizer represent a significant strategic shift and a major catalyst for future growth, impacting the company's financial structure and market position.
The resolution of a long-standing legal battle and the significant funds received provide a strong financial boost, enabling strategic investments in growth projects. The company's forward-looking plans for copper and fertilizer businesses indicate a positive outlook.
Kiri Industries Limited has released the transcript of its Q3 and Nine Months FY'26 Earnings Conference Call, which was held on February 11, 2026. The call detailed the company's financial performance and strategic initiatives.
A significant development highlighted was the resolution of an 11-year legal battle concerning DyStar shareholding on December 31, 2025. The company received USD 689.03 million (approximately ₹5,854 crore) from the Receiver, which includes sale proceeds and additional amounts for costs. The management emphasized that these funds will be prioritized for investment in long-term strategic initiatives, such as the greenfield copper and fertilizer projects, rather than immediate dividend distribution or share buybacks. This decision was made to strengthen the company's financial foundation, address a material capital gains tax liability due by March 15, 2026, and support the core dyes business.
Financially, on a standalone basis, Q3 FY'26 revenue was ₹162 crore (up 3% YoY) with an EBITDA of ₹58 crore. For the nine months ended FY'26, standalone revenue was ₹537 crore (up 14% YoY) with an EBITDA of ₹65 crore. On a consolidated basis, Q3 FY'26 revenue was ₹174 crore, with an EBITDA of ₹53 crore. For the nine months ended FY'26, consolidated revenue was ₹589 crore (up 10% YoY) with an EBITDA of ₹59 crore. The profit after tax for the quarter was significantly impacted by an exceptional gain of ₹5,854 crore from the DyStar transaction.
The company is progressing with its integrated copper and fertilizer project. The first phase of the copper plant is expected to commence operations by April 2027, with an estimated revenue of ₹20,000 crore to ₹25,000 crore for the fiscal year 2027-2028. The fertilizer plant is projected to be operational by September-December 2028. The projected EBITDA for the copper plant in FY 2027-28 is ₹1200 crore to ₹1500 crore, potentially reaching ₹4,500 crore to ₹5,000 crore within three to four years of full operation. The total CAPEX for both projects is estimated to be around ₹12,000 crore to ₹13,000 crore over FY'26-27 and FY'27-28. Financial closure for these projects is anticipated before the end of March 2026.
The company is actively discussing potential stakes in Makilala Mining Corporation, aiming for a stake between 20% to 40%. Discussions are ongoing with Celsius Resources Limited and Maharlika Mining Corporation, with a conclusion expected in about a month. The DyStar transaction's funds will be utilized for capital expenditure, with an anticipated equity and debt ratio of 70:30 or 65:35 for the projects. The company highlighted its commitment to advanced environmental and safety standards for the new facilities, focusing on zero liquid discharge and utilizing renewable energy.
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Kiri Industries Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. 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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