🔍

KRITI - Kriti Industries

📊 NSE: KRITI 🏢 Plastics Products 📅 Last Updated: 12/14/2025 9:04

📢 Recent Corporate Announcements

Kriti Industries Announces E-Voting Schedule for EGM on March 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 06:33 PM

Kriti Industries (India) Limited has announced the schedule for its Extraordinary General Meeting (EGM) to be held on March 20, 2026. The company is providing remote e-voting facilities through CDSL for its shareholders. The cut-off date to determine eligibility for voting is set for March 13, 2026. The e-voting window will remain open from March 17 to March 19, 2026.

Extraordinary General Meeting (EGM) scheduled for March 20, 2026.
Cut-off date for determining e-voting eligibility is March 13, 2026.
Remote e-voting window open from March 17 (9:00 AM) to March 19 (5:00 PM).
CDSL designated as the electronic voting platform provider.

💡 Shareholders should review the specific resolutions in the EGM notice to understand the proposed corporate actions. Ensure shares are held by the March 13 cut-off date to participate in the voting process.

Kriti Industries to Seek Shareholder Approval for Entry into Power Generation Sector

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Feb 2026, 05:44 PM

Kriti Industries has scheduled an Extraordinary General Meeting (EGM) on March 20, 2026, to seek shareholder approval for amending its Memorandum and Articles of Association. The proposed changes will enable the company to enter the power generation, transmission, and distribution business, focusing on both conventional and renewable sources like solar and wind. This move allows the company to establish power plants for captive consumption to reduce costs or for commercial sale to diversify revenue. The expansion indicates a strategic shift towards the energy sector and infrastructure development.

EGM scheduled for March 20, 2026, to pass special resolutions for altering the company's business objects.
Proposed amendment to MOA to include generation and distribution of power from solar, wind, biomass, and hydrogen fuel cell technology.
New Article 92 to be inserted in AOA authorizing the Board to manage electricity generation facilities.
The scope covers both captive consumption and commercial sales to external parties.
The company aims to develop infrastructure including power sub-stations, workshops, and repair shops for energy projects.

💡 Investors should monitor the EGM outcome and subsequent management updates regarding the planned capital expenditure for these new energy ventures. Successful diversification into renewable energy could provide long-term cost benefits and a new growth vertical.

Kriti Industries Q3 Revenue Drops 35% YoY to ₹135.79 Cr; Reports Net Loss of ₹2.51 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 11:22 AM

Kriti Industries reported a weak Q3 FY26 with consolidated revenue declining 35% YoY to ₹135.79 crores, largely due to extended rainfall in its core Central Indian markets impacting Agri sales. While EBITDA improved to ₹6 crores from a loss in the previous year, the company still posted a net loss of ₹2.51 crores, including an exceptional labor code charge. Management expects a recovery in Q4 FY26, citing lower raw material prices and high water levels in reservoirs which should spur irrigation demand. The company is intentionally limiting its Industrial segment exposure to ₹100-150 crores to avoid long payment cycles.

Q3 FY26 revenue fell 35% YoY to ₹135.79 crores, with 9M FY26 revenue down 24% to ₹445.58 crores.
Agri segment sales declined by 30% in Q3 and 17% in the first nine months of the fiscal year.
Reported a net loss of ₹2.51 crores for the quarter, impacted by a ₹77 lakh exceptional item for new labor codes.
9M FY26 EBITDA margin remains thin at 3.73% with a total EBITDA of ₹17.82 crores.
Management is pivoting towards Building Products and retail markets to reduce reliance on the volatile Industrial segment.

💡 Investors should stay cautious and monitor if the projected Q4 recovery materializes to offset the significant 9-month revenue decline. The stock remains highly sensitive to regional monsoon patterns and raw material price fluctuations.

Kriti Industries Q3 FY26: Revenue Drops 35% YoY to ₹1,358 Mn; EBITDA Turns Positive

🔵 WATCH ⭐ 7/10

EARNINGS 📅 07 Feb 2026, 04:56 PM

Kriti Industries reported a challenging Q3 FY26 with revenue declining 35.3% YoY to ₹1,358 Mn, primarily due to a 29% drop in sales volumes across its core agriculture segment. Despite the revenue contraction, the company achieved a positive EBITDA of ₹56 Mn compared to a loss in the previous year, driven by lower raw material costs and better expense management. The net loss for the quarter narrowed significantly to ₹5 Mn from ₹109 Mn in Q3 FY25. For the 9M-FY26 period, the company remains in a net loss position of ₹29 Mn.

Total sales volumes fell 29% YoY to 13,992 MT, with the Agriculture segment contributing 11,790 MT.
EBITDA margins improved to 4.12% from -0.67% YoY due to reduced cost of materials and disciplined cost control.
Finance costs decreased by 45.8% YoY to ₹32 Mn, reflecting improved working capital management.
9M-FY26 revenue stands at ₹4,456 Mn, a 23.8% decline compared to the same period last year.
The company maintains a strong distribution network of 490+ dealers across 16 states with a total capacity of 1,49,400 TPA.

💡 Investors should monitor the company's ability to recover sales volumes in the Agriculture segment, which accounts for 79% of revenue. While margin improvement and loss narrowing are positive signs, the sharp revenue de-growth warrants a cautious outlook.

Kriti Industries Q3 FY26 Revenue at ₹135.8 Cr; Net Loss Narrows Significantly to ₹46.6 Lakhs

🔵 WATCH ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 07:57 PM

Kriti Industries reported a consolidated revenue of ₹135.79 crore for Q3 FY26, a 35.3% decline compared to ₹209.88 crore in the same quarter last year. Despite the revenue drop, the company successfully narrowed its net loss to ₹46.6 lakhs from a substantial loss of ₹10.89 crore in Q3 FY25. On a sequential basis, the company showed strong recovery with revenue growing 58.4% from ₹85.73 crore in Q2 FY26. However, the nine-month performance remains weak with a total net loss of ₹2.88 crore compared to a loss of ₹0.62 crore in the previous year.

Consolidated Revenue from Operations fell 35.3% YoY to ₹135.79 crore in Q3 FY26.
Net Loss narrowed to ₹46.6 lakhs in Q3 FY26 from a loss of ₹10.89 crore in the year-ago period.
Finance costs significantly reduced to ₹3.18 crore from ₹5.86 crore YoY, aiding the bottom line.
Sequential revenue grew by 58.4% compared to Q2 FY26, indicating a recovery from the previous quarter.
9M FY26 consolidated revenue stands at ₹445.58 crore, down from ₹584.40 crore in 9M FY25.

💡 Investors should maintain a watch on the company's ability to sustain the sequential recovery in revenue and further reduce losses. While the narrowing of losses is a positive sign, the significant year-on-year decline in top-line growth needs to be addressed for long-term stability.

Kriti Industries Schedules Q3 & 9M FY26 Earnings Conference Call for February 10, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 05 Feb 2026, 03:58 PM

Kriti Industries (India) Limited has announced its earnings conference call to discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. The call is scheduled for Tuesday, February 10, 2026, at 2:30 PM IST. Senior management, including the Chairman & MD and the CFO, will be present to address queries. This event provides a platform for investors to understand the company's recent operational performance and future guidance.

Earnings call scheduled for February 10, 2026, at 2:30 PM IST.
Discussion will cover financial performance for Q3 and 9M FY26.
Management representation includes Chairman & MD Shiv Singh Mehta and CFO Rajesh Sisodia.
The call is being hosted by Arihant Capital Markets Ltd with DiamondPass access available.

💡 Investors should attend the call or review the transcript to gain insights into volume growth trends and the impact of raw material price fluctuations on margins.

Kriti Industries Forfeits Rs 25.24 Crore as 63.69 Lakh Promoter Warrants Lapse

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Jan 2026, 11:12 AM

Kriti Industries has announced the cancellation of 63,69,000 convertible warrants as the Promoter Group failed to exercise their conversion option within the stipulated 18-month period. Consequently, the company has forfeited the 25% upfront payment amounting to Rs 25.24 crore, which will be added to the company's reserves. While this represents a significant one-time cash gain and prevents equity dilution, it also means the company will not receive the remaining 75% of the capital infusion originally planned at Rs 158.50 per share.

63,69,000 convertible warrants lapsed and were cancelled effective January 26, 2026
Company forfeited Rs 25,23,71,625 (25% of the warrant issue price)
The warrants were originally issued to the Promoter Group at a price of Rs 158.50 per share
No equity shares were allotted for these specific warrants, preventing potential dilution
The forfeiture follows the expiry of the mandatory 18-month conversion window

💡 Investors should view the Rs 25.24 crore forfeiture as a positive non-dilutive cash addition to the balance sheet. However, the promoters' decision not to convert warrants at Rs 158.50 warrants a review of the current market valuation versus the warrant strike price.

Kriti Industries Files Q3 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jan 2026, 03:34 PM

Kriti Industries (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent Ankit Consultancy Pvt. Ltd., covers the quarter ended December 31, 2025. It confirms that securities received for dematerialization were processed, mutilated, and cancelled within the mandated 15-day period. This filing is a standard procedural requirement to ensure the integrity of shareholding records between the company and depositories.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were handled within 15 days of receipt.
Registrar and Share Transfer Agent (RTA) is M/s Ankit Consultancy Pvt. Ltd.
Securities comprised in certificates are listed on the Stock Exchanges (NSE and BSE).

💡 No action is required as this is a routine regulatory filing confirming administrative compliance regarding share dematerialization.

Kriti Industries to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 11:41 AM

Kriti Industries (India) Limited has notified the exchanges that its trading window will be closed starting January 1, 2026. This action is taken in accordance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The restriction applies to all designated persons, including promoters and directors, whose PANs will be frozen by NSDL. The trading window will reopen 48 hours after the financial results are declared.

Trading window closure effective from January 1, 2026
Relates to financial results for the quarter and nine months ended December 31, 2025
Window to remain closed until 48 hours post-result declaration
Compliance with SEBI Prohibition of Insider Trading Regulations 2015

💡 No immediate action is required as this is a standard regulatory procedure. Investors should monitor for the upcoming board meeting date to assess the company's Q3 performance.

View All KRITI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the Agriculture segment volume declined by 33% YoY to 4,842 MT, while the Building Material segment sales value dropped by 33% YoY. Total sales volumes for the company fell 26% YoY to 7,472 MT, leading to a 27% decline in consolidated revenue to INR 85.7 Cr (INR 857 Mn). For H1 FY26, total revenue stood at INR 309.8 Cr (INR 3,098 Mn).

Geographic Revenue Split

Not disclosed in exact percentages, but the company identifies its 'main Agri sales areas' (likely Central India/MP given its Indore HQ) as the primary revenue driver, where weather patterns significantly dictate quarterly performance.

Profitability Margins

For Q2 FY26, the PAT margin was -11.32% (Net Loss of INR 9.7 Cr), and for H1 FY26, it was -0.77% (Net Loss of INR 2.4 Cr). In FY25, the company reported a Total Comprehensive Loss of INR 4.35 Cr compared to a profit of INR 21.55 Cr in FY24, representing a significant downturn in annual profitability.

EBITDA Margin

The EBITDA margin for Q2 FY26 was -4.90%, representing a loss of INR 4.2 Cr. For H1 FY26, the EBITDA margin stood at 3.55% (INR 11 Cr), reflecting the impact of high fixed expenses per unit of sales during the low-volume second quarter.

Capital Expenditure

In FY25, the company spent INR 31.14 Cr on the purchase of Property, Plant & Equipment (PPE) including Capital Work-in-Progress (CWIP), compared to INR 40.12 Cr in FY24, indicating a 22.4% reduction in annual investment in physical infrastructure.

Credit Rating & Borrowing

The company holds a CARE BBB+; Stable rating for long-term bank facilities (reaffirmed Oct 2025) and CARE A2 for short-term facilities. Total rated bank facilities amount to approximately INR 256.33 Cr. Borrowing costs are influenced by these ratings, which were upgraded in early 2024 due to improved profitability and PVC price stabilization.

⚙️ Operational Drivers

Raw Materials

PVC resin is the primary raw material. While specific cost percentages are not disclosed, the company notes that profitability is highly susceptible to volatile raw material prices and foreign exchange fluctuations, as resin is often imported.

Import Sources

Not explicitly disclosed, but the company faces foreign exchange fluctuation risk, indicating significant imports from international markets.

Capacity Expansion

Current installed capacity is not explicitly stated in MT, but rating agencies suggest a positive rating sensitivity if the company significantly increases its scale of operations to over INR 1,000 Cr through greater geographical diversification.

Raw Material Costs

Raw material costs are a major driver of the PBILDT margin; stabilization of PVC prices in FY24 led to improved profitability, but subsequent volatility and seasonality in demand have constrained margins.

Manufacturing Efficiency

Manufacturing efficiency is currently challenged by high expenses per unit of sales during periods of low volume, such as the 26% volume decline seen in Q2 FY26.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by leveraging its established brand strength and market leadership in the plastic pipes industry. Strategic focus includes analyzing market data to optimize sales in core Agri regions and expanding its presence in the building materials segment. Rating agencies suggest a target of reaching over INR 1,000 Cr in revenue through greater geographical diversification and maintaining EBITDA margins above 10%.

Products & Services

The company sells PVC pipes, fittings, casing pipes, submersible pipes, telecom ducts, gas pipes, and industrial moldings.

Brand Portfolio

Kriti

Market Expansion

The company is targeting greater geographical diversification to reduce its dependence on its main Agri sales areas and to reach a revenue scale of over INR 1,000 Cr.

Strategic Alliances

The group includes an associate company, FP Elite Energy Private Limited.

🌍 External Factors

Industry Trends

The plastic pipes industry has a stable demand outlook driven by infrastructure and agricultural needs. However, the industry is evolving with a shift toward organized players who can manage raw material volatility and maintain widespread distribution networks. Kriti is positioned as an established player with over 40 years of experience.

Competitive Landscape

The industry is highly competitive, featuring both large organized players and numerous unorganized manufacturers, which limits the company's ability to maintain high margins during demand slumps.

Competitive Moat

Kriti's moat is built on the promoters' 40+ years of experience, a widespread distribution network, and a strong brand in the plastic pipes and fittings industry. These advantages are sustainable but require constant management of raw material price cycles.

Macro Economic Sensitivity

The company is highly sensitive to monsoon patterns, which dictate demand for its 65% volume-contributing Agri segment.

Consumer Behavior

Channel partners showed 'cautious channel stocking' in Q2 FY26 due to delayed monsoons, leading to reduced primary sales for the company.

Geopolitical Risks

Geopolitical risks affecting global PVC resin supply and pricing directly impact the company's input costs and margin stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to manufacturing standards for piping products and solutions, as well as local tax and regulatory frameworks in India.

Taxation Policy Impact

The company's effective tax rate is not disclosed, but it faces periodic challenges from local tax authorities on direct and indirect tax matters.

Legal Contingencies

The company has pending litigations related to direct and indirect tax positions, which are classified as Key Audit Matters due to the significant judgment required to determine potential outcomes.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the monsoon pattern; delayed or uneven rains can reduce Agri segment demand by over 30% in a single quarter. Secondary risks include the volatility of global PVC prices and forex risk, which can impact input costs by significant margins.

Geographic Concentration Risk

Revenue is heavily concentrated in its 'main Agri sales areas' in Central India, making the company vulnerable to regional weather and economic shifts.

Technology Obsolescence Risk

The company faces minimal risk of immediate tech obsolescence in basic piping but must keep pace with molding and material science advancements to remain competitive.