Kiri Industries Ltd(KIRIINDUS)

NSE: KIRIINDUSBSE: 532967

₹ 472.25+0.77%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,078 crWebsite: www.kiriindustries.comUpdated: 24 Oct 2026

About

Kiri Industries is an Indian manufacturer of dyes, dye intermediates, and basic chemicals, with standalone FY26 revenue of ₹839.65 crore, and holds a 40% equity stake with management control in the Lonsen Kiri Chemical Industries joint venture in China. The company is undertaking a large-scale diversification into copper and fertilizers through its subsidiary Indo Asia Copper Limited (IACL), targeting a 5 LTPA greenfield copper smelter and refinery in Gujarat at an estimated project cost of approximately ₹8,100 crore. DyStar, a global dyes business in which Kiri held a 37.57% stake, was monetised in December 2025 for USD 689 million, transforming the group's balance sheet.^{[1][2][3][4][5]}

Business segments

Dye Intermediates was the largest revenue contributor at 52% of standalone revenue in FY26, followed by Dyes at 33% and Basic Chemicals at 15%.^[4]
In FY25, the mix was Dye Intermediates 56%, Dyes 37%, and Basic Chemicals 7% of standalone turnover.^[3]
Dyes, Dye Intermediates, and Basic Chemicals are reported as a single segment. FY25 standalone domestic sales were ₹553.46 crore and export sales were ₹175.53 crore.^[3]

Key operating numbers

Standalone Q1 FY27 revenue reached ₹295 crore, up 63% YoY, driven primarily by higher average selling prices across dyes, dye intermediates, and basic chemicals rather than volume growth.^[6]
Standalone material margin expanded to 31.9% in Q1 FY27, from 23.5% in Q1 FY26 and 20.4% in Q4 FY26, as average selling prices rose faster than raw material costs.^[6]
H-Acid prices approximately doubled to ₹800 - 900 per unit in Q1 FY27 vs ₹350 - 400 previously; Vinyl Sulphone prices rose 70 - 80%.^[6]
Lonsen Kiri JV (40% stake) delivered sales of approximately ₹1,100 crore in FY26, contributing ₹58 crore share of profit to Kiri.^[4]
Lonsen Kiri share of profit rose 30% QoQ to ₹21 crore in Q1 FY27; analyst-cited JV Q1 revenue was approximately ₹368 crore with ~₹71 crore EBITDA.^[6]

Capacity and utilisation

Average dyes and chemicals capacity utilisation was approximately 60% in Q1 FY27, with 40% still unutilised across plants; management is targeting 70 - 75% average utilisation for FY27.^[6]
Standalone capacity utilisation stood at 42% as of FY25, with the company projecting annual revenues of approximately ₹1,200 crore at higher utilisation.^[3]
The company is pursuing backward integration into manufacturing of intermediates and basic chemicals at large-scale facilities.^[5]

Customers and distribution

US tariffs on Indian dye and chemical exports were sharply raised in 2025; an interim trade framework in early 2026 reduced key duties to 18%, easing export headwinds.^[2]
China's supply of key dye intermediates has tightened due to environmental compliance measures, expected to support pricing and improve realisations for Indian producers going into FY27.^[4]

Copper and fertilizer project (IACL)

IACL, a step-down subsidiary (Claronex Holdings 75.36%, Kiri Industries 10.92%), is building a 5 LTPA greenfield copper smelter and refinery near Lunsapur Taluka Jafrabad, District Amreli, Gujarat; total project cost ~₹8,100 crore, estimated IRR ~25%.^[5]
₹1,400 crore of equity capital had been deployed in the copper project as of Q1 FY27; civil construction includes piling and foundations with approximately 1,000 workers on site.^[6]
Phase-wise commissioning targets: copper tube plant (35 KT) by June 2027; copper rod plant (CCR, 2.25 lakh tonnes, 8mm) by August - September 2027; part refinery (1.75 lakh tonne cathode) by Q3 FY29; full smelter and fertilizer complex by Q1 CY2029.^[6]
Copper foil plant (Phase 1: 10 KT) targeted approximately March 2028; trial production at 5,000 KT; Phase 2/3 scaling to 40 KT targeted under ECMS scheme.^[6]
Total copper Phase 1 project capital requirement is approximately ₹12,000 crore to be deployed over the next two years from Q1 FY27; total including fertilizer and other infrastructure approximately ₹12,000 - 13,000 crore over FY27 - FY28.^[6][2]
KIPL is building a captive jetty integrated with a 33 MLD desalination plant and 14 km tube conveyor belt near Vadhera Village, Taluka Jafrabad, District Amreli, Gujarat to serve the copper and fertilizer complexes.^[5]
Gujarat state incentives of ₹3,000 - 3,500 crore (30 - 35% of eligible capex) to be received over 10 years from commissioning; approvals in final stage for both copper and fertilizer entities as of Q4 FY26.^[4]
First copper business revenues to be recorded in Q1 - Q2 FY28 from downstream tube and rod plants operating on imported LME-grade cathodes; majority of full complex revenues expected in FY2029 - 30.^[6]

Raw material sourcing for copper

Kiri has structured 70% offtake from the MCB Copper-Gold mine (Celsius Resources/Makilala), but Celsius is litigating against Kiri's entitlement; the matter is sub-judice and mine development has not commenced as of Q1 FY27.^[6]
Rock phosphate for the fertilizer complex is fully secured (100%) as of Q4 FY26.^[4]

Recent developments

On 31 December 2025, Kiri received USD 689.03 million (including USD 603.80 million for its DyStar shares plus legal costs and discretionary payments) following the conclusion of an 11-year Singapore court dispute; accounted at approximately ₹5,854 crore as an exceptional gain.^[2]
Consolidated finance costs fell 97.6% YoY to ₹14 million in Q1 FY27 from ₹595 million in Q1 FY26, following full repayment of Claronex Holdings borrowings from DyStar proceeds.^[6]
The company proposed a preferential issue of 60.83 lakh warrants to promoters at ₹475 per warrant, raising up to ₹288.92 crore for working capital, financial assistance to group companies, and general corporate purposes.^[5]
Borrowing limits are being raised to ₹10,000 crore and loan/guarantee/investment limits to ₹15,000 crore (Section 185) and ₹25,000 crore (Section 186) to fund copper, fertilizer, and infrastructure projects.^[5]
Financial closure for the copper and fertilizer project is targeted within a few months of Q1 FY27, with more than 50% of debt commitments already secured; no debt drawdown taken as of Q1 FY27.^[6]
Fertilizer trading under the Indo-Asia Fertilizer brand commenced in Q1 FY27 (all licences received, port arrangements made); the FY26 Q4 call stated a target of 1 lakh tonnes NPK in CY2026 to build the brand ahead of plant commissioning.^[4][2]

Market Cap

₹3,078 Cr

High / Low

₹778 / 334

Stock P/E

0.5

Price / Book

0.5

Book Value

₹988

EPS

₹854.2

No. of Shares

6.52 Cr

ROCE

1.8%

ROE

115.0%

OPM

-9.0%

Debt / Equity

0.01

Sales

₹840 Cr

Net Profit

₹5,567 Cr

Promoter holding

41.7%

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