Kiri Industries Limited has released the transcript of its Q4 FY26 and full FY26 earnings conference call, which was held on June 01, 2026. The call featured discussions led by Chairman and Managing Director, Mr. Manish Kiri, along with other management team members and representatives from investor relations. The company highlighted the successful conclusion of the DyStar matter as a significant milestone, allowing a focus on future growth opportunities, particularly the integrated copper and fertilizer project. Significant progress was reported on the copper and fertilizer project, with advancements in engineering, procurement, and infrastructure development. Key procurement milestones were achieved, and construction activities have gained momentum. On a standalone basis, Kiri Industries reported a strong Q4 FY26 performance with revenue from operations increasing by 29% year-on-year to ₹241 crore, and an adjusted EBITDA of approximately ₹35 crore. For the full year FY26, standalone revenue grew by 19% to ₹778 crore, with an adjusted EBITDA of ₹79 crore. The company noted certain non-cash closing adjustments that impacted reported EBITDA. On a consolidated basis, Q4 FY26 revenue increased by 22% to ₹251 crore, with an adjusted consolidated EBITDA of ₹33 crore. Full-year FY26 consolidated revenue rose by 14% to ₹840 crore, and adjusted consolidated EBITDA was ₹127 crore. The share of profit from associate and joint ventures for FY26 stood at ₹188 crore, boosted by the monetization of the DyStar investment. The Dye and Dyes Intermediates business showed recovery in Q4 FY26 with improved volumes. The company anticipates a more constructive outlook for Dyes Intermediates due to tightening supply from China. Regarding the copper and fertilizer project, the management confirmed that the first phase of the plant would be operational from the financial year 2027-28, with phased operations unit by unit. The projected revenue for the operational phase is estimated to be around ₹40,000 crore plus. Debt is expected to increase, with CAPEX debt potentially reaching ₹4,000-5,000 crore by FY27-28, and working capital debt also being availed. The company anticipates total debt to reach ₹8,000-9,000 crore by FY27-28, with a moratorium on principal repayment for three years and interest rates around 8.5% to 9%. The company plans to start fertilizer trading and distribution from the next quarter of FY27. The total CAPEX for the copper and fertilizer project is estimated to be around ₹13,000 crore, with significant portions planned for FY27 and FY28. The company is also eligible for government incentives from Gujarat State, estimated at ₹3,000 to ₹3,500 crore over 10 years. Civil construction for the project is approximately 25-30% complete.
