Kiri Industries Limited — PPTs, 02-06-2025: Investor Presentation

1. Financial Highlights:

Kiri Industries posted consolidated revenue of INR 205 Cr in Q4 FY25, down 6.5% YoY but up 14.8% QoQ. EBITDA loss narrowed significantly to INR (5.2) Cr from INR (44.4) Cr last quarter. Full-year consolidated revenue rose 4.4% YoY to INR 740 Cr, with EBITDA losses improving by 9.2%. Consolidated net loss widened to INR (108.4) Cr, partly cushioned by a 45% jump in associate profits. Standalone Q4 revenue stood at INR 186.2 Cr with a net profit of INR 1.8 Cr, recovering from prior losses. Standalone FY25 net loss narrowed to INR (63.8) Cr. The balance sheet shows equity of INR 3,246.6 Cr and increased borrowings for strategic funding.

2. Strategic Initiatives & Growth Drivers:

Focus remains on operational cost control and growth through strategic acquisitions, helping sequential revenue and margin recovery. JV with Longsheng China strengthens dye manufacturing capacity. Dividend income from JV Lonsen Kiri Chemical boosted other income. Operating expenses declined 6-16% QoQ across segments, underscoring disciplined cost management.

3. Business Developments:

Kiri is progressing with the divestment of its 37.57% stake in DyStar through a Share Purchase Agreement with Zhejiang Longsheng Group for an initial USD 676 Mn, with additional consideration possible. This aligns with the company’s strategy to monetize investments and sharpen core focus.

4. Market Position & Competitive Advantage:

Present in over 50 countries with a diversified portfolio across dyes, intermediates, and chemicals, the company leverages scale, strategic partnerships, and a robust manufacturing base. Its ‘Zero Effluent’ manufacturing highlights environmental leadership, a strong differentiator in the sector.

5. Investor Implications:

EBITDA improvement and steady revenue growth indicate positive growth potential. The DyStar stake sale could unlock significant value if completed smoothly. Investors should watch for execution risks on divestment timing and standalone profitability trends. Cost control progress points to possible margin leverage ahead.