Manbro Industries Ltd

KD Green Industries Limited – Trading Window closed from 1 October 2026 till 48 hours after the declaration and publication of unaudited financial results for the quarter ending 30 September 2026

Overview

• Standalone FY26: total income ₹171.95 lakh; PAT ₹57.63 lakh.
• Consolidated FY26: revenue ₹633.44 crore; PAT ₹51.81 crore.
• No dividend declared for FY26.
• Name changed to KD Green Industries Limited; MOA amended.
• Four strategic acquisitions: Shivam Pipe, KD Ecosystem, Green AAC Block & Mortar, KD Infrastructures.
• Consolidation with KD Iron & Steel planned; ₹325 crore expansion; 25 MW captive solar.
• AAC blocks capacity ~1.20 lakh m3/year; 90% utilisation.
• Vehicle scrappage capacity ~42,500 ELVs annually.

Growth & acquisitions

• Shivam Pipe Industries acquired 51%; becomes subsidiary.
• KD Ecosystem acquired 26%; becomes associate.
• Green AAC Block & Mortar Pvt Ltd acquired 50.04%; subsidiary.
• KD Infrastructures Pvt Ltd acquired 99.84%; subsidiary.
• Consolidation strengthens North-East manufacturing platform.

Capacities & expansions

• KD Iron & Steel expansion: furnace 180k MT; rolling 200k MT; ₹325 crore capex.
• Captive solar plant planned at 25 MW.
• KD Infra: 25,000 MT/year fabrication capacity.

Sustainability & ESG

• Green manufacturing: recycled steel, AAC blocks, vehicle recycling.
• Government incentives ~₹600 crore over 15 years.
• Circular economy focus; potential closed-loop material flows.

Governance & board

• Board: 5 directors; 3 independent; 4 board committees.
• Independent Directors: Sunil Sharma, Varsha Bothra, Shalen Jain.
• Board meetings: 7 in FY26; Audit Committee 6 meetings; NRC 3; SRC 4; RMC 1.
• Familiarisation program for independent directors.

Capital structure & markets

• Equity share capital ₹58.01 million; stock split 10:1; paid-up ₹58.01 million.
• Authorized capital ₹20.25 crore.
• Promoters hold 72.40% as of 31-03-2026.
• Listing: BSE; NSE listing effective 17 Aug 2026; 94.71% dematerialised.

Related party transactions

• RPTs with Shivam Pipe, KD Infrastructures, Green AAC Block & Mortar, KD Ecosystem.
• Aggregate RPT value up to ₹100 crore per contract; omnibus approvals valid to next AGM.

Outlook & risks

• Outlook: infrastructure spend supports pipes, poles, infra products demand.
• North-East focus to capture regional growth.
• Risks: execution, commodity price volatility, working capital needs, regulatory approvals.
• Management focuses on execution, integration, capacity utilisation and disciplined capital allocation.

Order win details

• Shivam Pipes, 51% subsidiary of KD Green, secured a ₹7.79 crore order.
• Order for GI Steel Tubular Poles to Star Infratech under RDSS; delivery in Sep 2026.
• Contract awarded through a contractor for Meghalaya MePDCL power distribution.
• Shivam Pipes is registered vendor for RDSS GI poles under brand Xtech.
• Delivery expected Sep 2026; revenue impact contingent on completion.

Meeting Details

• Date: 03 September 2026; Time: 4:00 PM; Location: Registered Office, Guwahati, Assam.

Key Agenda Items

• Fix date, time and venue for the 34th AGM.
• Consider other matters with permission of the Chair.

Investment in subsidiary

• Target: K D Infrastructures Private Limited, an infrastructure-focused company registered in Assam, India.
• Total consideration: ₹15 crore; cash infusion for 20,00,000 equity shares at ₹75 each.
• Form of consideration: cash; shares issued: 20,00,000.
• Nature: Investment by KD Green in its subsidiary; related party not involved.
• Industry/sector: Infrastructure; country: India (Assam).
• Purpose: Capital infusion to expand paid-up capital of the subsidiary.
• Regulatory approvals: not specified in filing.
• Timeline: not specified.
• Background: Infrastructure-focused private limited; CIN U24311AS2024PTC026814; incorporation year 2024.
• Shareholding details: percentage acquired not disclosed.

KD Infrastructures Private Limited acquisition

• Target: KD Infrastructures Private Limited, fabricates galvanized steel products.
• Size: Authorized ₹9.90 crore; paid-up ₹6.26 crore; incorporated 05/08/2024.
• Related party: KD Green Industries holds 99.84% stake; KDIPL is a subsidiary.
• Industry: Fabricated steel products.
• Rationale: funds expansion, capex, operations, debt repayment, general corporate purposes.
• Approvals: Not applicable.
• Timeline: Completion expected during FY 2026-27.
• Consideration: cash; up to ₹15 crore via further equity issue.
• Cost: ₹15 crore cash.
• Shareholding: Existing holding 99.84%; post-issue stake to be informed.
• Background: manufacturing of galvanized and metallic products; incorporated 05/08/2024; Nil turnover in last 3 years.

Financial results approved

• Unaudited standalone results for quarter ended 30 June 2026 approved.
• Unaudited consolidated results for quarter ended 30 June 2026 approved.
• Limited Review Report attached; results prepared under Ind AS.

Investment in KD Infrastructures Private Limited

• Investment in KDIPL up to ₹15 crore via further issue of capital.
• KDIPL is a subsidiary; related party; promoters have interest in target.
• Completion expected in FY 2026-27.

Fundraising via warrants

• Equity shares issued against warrants; ₹28.28 crore raised.
• Utilised ₹7.07 crore; ₹21.21 crore unutilised; funds kept in HSBC Overnight Fund.
• Raising via warrants for expansion and general corporate purposes.

Segment information

• Consolidated results include two segments: Structured Steel and Construction Material.