Kiri plans ₹13,000 cr bet on copper; standalone revenue guided above ₹1,000 cr
The dyes business recovered in FY26, but the call's real payload was the Gujarat project's scale and the debt to fund it.
— 1 earlier story on Kiri Industries Ltd. →What's new
- FY26 standalone revenue rose 19% to ₹778 cr; adjusted EBITDA was ₹79 cr (~10% margin).
- Management guided FY27 standalone revenue above ₹1,000 cr, citing tighter Chinese supply of key intermediates.
- Gujarat copper-fertiliser project civil works are 25-30% complete; first downstream units are targeted for April 2027.
Why this matters
Kiri's core business is growing, but the scale of the copper bet dwarfs it. A ₹13,000 crore capex plan, funded by a combination of DyStar settlement proceeds and ₹8,000-9,000 crore of debt by FY28, will transform the company's balance sheet. The non-binding copper concentrate agreements for 1 million tonnes are a first step, but financial closure is still pending.
What we're watching
- The timeline and terms for finalising project debt of ₹8,000-9,000 cr.
- Whether the April 2027 start-up for downstream units holds.
- Progress on converting non-binding copper concentrate agreements to binding contracts.
The full read
Kiri Industries' FY26 numbers are solid. Standalone revenue grew 19% to ₹778 crore, with adjusted EBITDA of ₹79 crore. The core dyes business is on the mend, and management is confident enough to guide FY27 standalone revenue above ₹1,000 crore, citing tighter Chinese supply. But the earnings call was really about the future. The integrated copper and fertiliser project in Gujarat has civil works 25-30% done, with first downstream units targeted for April 2027. The capex envelope is ₹13,000 crore over three years. That money will come from a mix of DyStar settlement cash and debt, with management targeting financial closure soon. The debt alone could reach ₹8,000-9,000 crore by FY28. Non-binding agreements for 1 million tonnes of copper concentrate are in place, but the project's fate hinges on turning those into contracts and locking in the financing.
Questions answered
- How will Kiri fund the ₹13,000 crore Gujarat project?
- The company plans to use internal accruals from the DyStar settlement proceeds and raise debt. Management stated it is aiming for financial closure in the coming months, with debt projected to reach ₹8,000-9,000 crore by FY28.
- What is the current progress on the ground for the Gujarat project?
- Civil construction is 25-30% complete. The company's stated target is to begin operations from the first downstream units in April 2027.
- How significant is the core dyes business recovery?
- Standalone revenue from the dyes and intermediates business grew 19% to ₹778 crore in FY26, with improved volumes and realisations. The company expects this momentum to continue, guiding for FY27 revenue to cross ₹1,000 crore.
- What are the copper concentrate arrangements?
- Management confirmed it has tied up 1 million tonnes of copper concentrate through non-binding agreements. These are not yet final contracts, which remains a key step before the project's upstream operations can begin.
Story so far
All notes on KIRIINDUS →- 3 Jun 2026 · 10:43 AM IST Kiri plans ₹13,000 cr bet on copper; standalone revenue guided above ₹1,000 cr
- 4d ago Kiri Industries turns ₹5,881 cr profit on DyStar settlement