Kiri Industries reported Q4 stand-alone revenue at INR 186.22 Cr, up 19% QoQ, with EBITDA turning positive at INR 8.4 Cr and PAT at INR 1.8 Cr. FY25 stand-alone revenue grew 4% YoY to INR 655 Cr, with narrowing losses and PAT improving to INR 4.4 Cr. Consolidated Q4 revenue fell 6.5% YoY to INR 205 Cr, EBITDA loss reduced but net loss higher due to DyStar’s share. The company is selling its 37.57% DyStar stake for a base of $676.3 million, proceeds (~INR 5,200-5,300 Cr net) to fund investments and shareholder returns. The INR 8,000 Cr greenfield copper-fertilizer project targets INR 45,000 Cr revenue with 8-12% margins, backed by global supply tie-ups. Legal costs remain but expected to halve, aiding margin recovery, with capacity utilization at 42% and consolidated revenue target of INR 1,500 Cr next year. Management remains focused on standalone growth, DyStar monetization, and project execution, highlighting the importance of timely DyStar fund realization.