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KAUSHALYA - Kaushalya Infra.

📊 NSE: KAUSHALYA 🏢 Hotels 📅 Last Updated: 12/14/2025 8:50

📢 Recent Corporate Announcements

Kaushalya Infrastructure Board Approves Q3 FY26 Unaudited Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 04:35 PM

Kaushalya Infrastructure Development Corporation Limited has approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The statutory auditors, KASG & Co., issued a limited review report with an unmodified conclusion, indicating no material misstatements were found. The consolidated results incorporate two subsidiaries and three associates, providing a broader view of the group's performance. However, the KIDCO NACC Consortium joint venture remains excluded from consolidation due to discontinued operations.

Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
Statutory auditors KASG & Co. issued an unmodified limited review report for both standalone and consolidated statements.
Consolidated results include 2 subsidiaries (Bengal KDC Housing and KDC Nirman) and 3 associates.
Operations of the KIDCO NACC Consortium joint venture remain discontinued and were not consolidated.
The board meeting commenced at 02:00 P.M. and concluded at 04:15 P.M. on February 13, 2026.

💡 Investors should review the detailed profit and loss tables once published to evaluate revenue and margin trends, as the current report only confirms regulatory compliance and auditor sign-off.

Kaushalya Infrastructure Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jan 2026, 02:32 PM

Kaushalya Infrastructure Development Corporation has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing pertains to the quarter ended December 31, 2025, and confirms the processing of dematerialization requests. The certificate was issued by the company's Registrar and Share Transfer Agent, M/s. CB Management Services Private Limited. This is a standard administrative filing to ensure that physical share certificates are properly handled and updated in depository records.

Compliance with SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025.
Confirmation received from Registrar and Share Transfer Agent, CB Management Services Private Limited.
Verification and cancellation of physical share certificates received for dematerialization.
Substitution of depository names in the company's records as registered owners.

💡 No action is required from investors as this is a routine regulatory filing confirming administrative compliance.

Kaushalya Infrastructure Reports 100% Compliance with SEBI SDD Regulations for Q3 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Jan 2026, 02:28 PM

Kaushalya Infrastructure Development Corporation Limited has filed its compliance certificate for the Structured Digital Database (SDD) for the quarter ended December 31, 2025. The company confirmed that it maintains an internal, non-tamperable database to track Unpublished Price Sensitive Information (UPSI) as per SEBI Insider Trading regulations. During this period, the company identified and successfully captured 1 UPSI event in its system. This filing confirms the company's adherence to mandatory governance protocols designed to prevent insider trading.

Confirmed 100% compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ended Dec 31, 2025
Successfully captured 1 out of 1 required UPSI event in the Structured Digital Database
Maintains an internal, non-tamperable database with an audit trail capability of 8 years
Verified that controlled access exists for the database to ensure data integrity

💡 This is a routine regulatory filing indicating standard corporate governance compliance. No immediate investment action is required as this does not impact the company's financial fundamentals.

Kaushalya Infrastructure to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Dec 2025, 12:58 PM

Kaushalya Infrastructure Development Corporation Limited has announced the closure of its trading window starting January 1, 2026. This action is a standard regulatory requirement under SEBI Prohibition of Insider Trading Regulations ahead of the announcement of quarterly financial results. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the declaration of the Un-audited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025. The specific date for the Board Meeting to approve these results will be communicated in due course.

Trading window closure commences on January 1, 2026, for all designated persons.
Closure is related to the review of Un-audited Standalone and Consolidated Financial Results for the quarter ending December 31, 2025.
The window will reopen 48 hours after the financial results are officially declared to the exchanges.
Compliance is maintained under Clause 4 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations.

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should monitor for the upcoming board meeting date to review the Q3 FY26 financial performance.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 was INR 2.52 Lakhs, a 30.58% decrease from INR 3.63 Lakhs in Q2 FY25. The Construction segment contributed 100% of standalone revenue (INR 2.52 Lakhs), while the Hotel segment generated zero revenue. Consolidated revenue for the half-year ended September 30, 2025, was INR 5.83 Lakhs, down 55.8% from INR 13.19 Lakhs in the previous year's corresponding period.

Geographic Revenue Split

Not disclosed in available documents; however, the company is headquartered in Kolkata, West Bengal, and listed on Indian exchanges (BSE/NSE).

Profitability Margins

Standalone Net Profit Ratio for Q2 FY26 was -687.11%, significantly worsening from -249.51% in Q2 FY25. Return on Equity (ROE) was -0.51% and Return on Capital Employed (ROCE) was -0.32% for the quarter ended September 30, 2025.

EBITDA Margin

Core profitability remains negative; the Construction segment reported a loss of INR 16.67 Lakhs in Q2 FY26 compared to a loss of INR 18.83 Lakhs in Q2 FY25. The Hotel segment reported a loss of INR 0.98 Lakhs in Q2 FY26.

Capital Expenditure

Standalone Property, Plant and Equipment (PPE) was valued at INR 72.07 Lakhs as of September 30, 2025, a slight decrease from INR 73.35 Lakhs as of March 31, 2025, suggesting minimal new capital investment.

Credit Rating & Borrowing

The company faced finance costs of INR 69.81 Lakhs for FY25, up 13.46% from INR 61.53 Lakhs in FY24. Debt Equity Ratio stood at 0.25 as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Construction materials (unspecified types) accounted for INR 0.17 Lakhs in Q2 FY26, representing 6.7% of standalone revenue.

Capacity Expansion

Current operations are focused on infrastructure and hotel segments; however, specific capacity metrics in MT or units are not disclosed.

Raw Material Costs

Cost of materials consumed was INR 0.17 Lakhs in Q2 FY26. For the full year FY25, total expenditure was INR 177.66 Lakhs, a 43.9% decrease from INR 316.98 Lakhs in FY24, reflecting reduced operational scale.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth through the resolution of legal disputes to unlock liquidity, maintaining high standards of corporate governance to attract investors, and leveraging its ISO 9001-2008 certification to secure infrastructure projects. It also maintains a diversified leadership team to navigate complex regulatory environments.

Products & Services

Infrastructure development services, construction of civil engineering projects, and hotel/hospitality services.

Brand Portfolio

Kaushalya Infrastructure Development Corporation Limited.

Strategic Alliances

The company operates through subsidiaries (Bengal KDC Housing Development Ltd, KDC Nirman Ltd) and associates (Kaushalya Nirman Pvt Ltd, Kaushalya Township Pvt Ltd, Orion Abasaan Pvt Ltd). The KIDCO NACC Consortium JV is currently discontinued.

🌍 External Factors

Industry Trends

The infrastructure and real estate industry is facing a tightening credit environment from banks. Kaushalya is positioning itself by focusing on 'out-of-court settlements' to resolve long-standing disputes that tie up critical funds.

Competitive Landscape

Operates in the competitive Indian infrastructure and construction sector, competing with both regional and national players for government and private contracts.

Competitive Moat

The company's moat includes its ISO 9001-2008 certification and a diversified board with experience in government and non-government organizations. Sustainability is challenged by accumulated losses and high litigation dependency.

Macro Economic Sensitivity

Highly sensitive to real estate lending policies and general economic conditions affecting infrastructure spending.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to SEBI (LODR) Regulations 2015, Ind AS accounting standards, and real estate/construction regulatory frameworks.

Taxation Policy Impact

No provision for current taxes was required for Q2 FY26 due to accumulated losses and unabsorbed depreciation exceeding taxable income under normal Income Tax Act provisions.

Legal Contingencies

The company is involved in ongoing litigation and is actively pursuing out-of-court settlements. A significant past event was the settlement of a loan with Indian Overseas Bank (IOB) in FY24, which resulted in a one-time gain that previously inflated profits.

⚠️ Risk Analysis

Key Uncertainties

Litigation outcomes and industrial relations pose significant risks to financial stability. Liquidity risk is high, with total income dropping from INR 1,664.37 Lakhs in FY24 to just INR 32.63 Lakhs in FY25 (a 98% decrease).