💰 Financial Performance

Revenue Growth by Segment

KICL operates in a single segment: Investments. Total income for FY25 was INR 782.20 Million, a 17.08% increase from INR 668.06 Million in FY24. Dividend income grew 11.85% to INR 597.59 Million, while interest on fixed deposits rose 47.98% to INR 159.73 Million.

Geographic Revenue Split

100% of revenue is derived from India-based operations and investments in Kalyani Group companies.

Profitability Margins

Consolidated PBT for H1 FY26 was INR 230.28 Million, a 59.51% decrease from INR 568.77 Million in H1 FY25. Standalone PBT for H1 FY26 was INR 440.91 Million, down 14.98% from INR 518.59 Million. FY25 Consolidated PBT margin was 124.6% of total income (INR 974.96 Million PBT on INR 782.20 Million Revenue) due to associate profit sharing.

EBITDA Margin

Not applicable for an investment holding company; however, FY25 Consolidated PBT grew 6.83% YoY to INR 974.96 Million.

Capital Expenditure

Minimal capital expenditure; depreciation and amortization was INR 0.87 Million in FY25, consistent with INR 0.98 Million in FY24.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company maintains a strong cash position with interest income of INR 159.73 Million in FY25.

⚙️ Operational Drivers

Raw Materials

Not applicable for an investment holding company.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

KICL aims to achieve growth by maximizing dividend yields and capital appreciation from its strategic stakes in Kalyani Group companies. The strategy involves long-term holding of industrial assets to benefit from the group's manufacturing expansion and market leadership in sectors like automotive and chemicals.

Products & Services

Investment holding and management services, primarily focused on Kalyani Group companies.

Brand Portfolio

Kalyani Investment Company Limited, Kalyani Group.

New Products/Services

Not applicable.

Market Expansion

Not disclosed.

Market Share & Ranking

Not disclosed.

Strategic Alliances

Associate relationship with Hikal Limited.

🌍 External Factors

Industry Trends

The investment holding sector is evolving with Ind AS 109, which introduces high volatility in reported equity due to fair value accounting. KICL is positioned as a strategic long-term holder within the growing Indian industrial landscape.

Competitive Landscape

Key dynamics involve the performance of other industrial holding companies and the relative valuation of the Kalyani Group versus other Indian conglomerates.

Competitive Moat

KICL's moat is its exclusive role as the primary holding vehicle for the multi-billion dollar Kalyani Group, providing stable dividend streams (INR 597.59 Million in FY25) and access to high-quality industrial assets that are sustainable due to the group's market dominance.

Macro Economic Sensitivity

High sensitivity to Indian industrial growth and equity market performance, which dictates the fair value of the investment portfolio.

Consumer Behavior

Not applicable.

Geopolitical Risks

Indirect exposure through the global supply chains and export markets of Kalyani Group companies.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with RBI regulations for investment companies and SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.

Environmental Compliance

Not disclosed; however, the company monitors environmental compliance at the associate level (Hikal Ltd).

Taxation Policy Impact

Standalone tax expense for H1 FY26 was INR 110.26 Million, representing an effective tax rate of 25.01%.

Legal Contingencies

The company reported no material developments regarding alleged environmental non-compliance or improper disposal of by-products at the associate level; specific case values in INR were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is market volatility impacting FVTOCI investments, which saw a gain reduction of INR 22,653.48 Million YoY in H1 FY26, and the financial performance of associate Hikal Ltd.

Geographic Concentration Risk

100% of investments and revenue are concentrated in India.

Third Party Dependencies

High dependency on Kalyani Group companies, which provided INR 597.59 Million in dividend income in FY25.

Technology Obsolescence Risk

Low risk as a holding company, though investee companies face sector-specific technology shifts.

Credit & Counterparty Risk

Exposure to group companies; other financial assets stood at INR 638.36 Million in FY25.