KD Green Industries Limited (KDGREEN) share price
₹48.76 on NSE as of 2026-10-08. +0.47% on the day. market cap ₹495 Cr. P/E 16.5. 52-week range ₹46.76 to ₹60.33. Consumer Durables.
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KD Green Industries Q1 FY27: Revenue ₹34.18 Cr, Four Pole Orders, and a Merger Awaiting Its Swap Ratio
At a glance
KD Green Industries sells galvanised steel poles and aerated concrete blocks. Consolidated revenue for the three months to June 2026 was ₹34.18 crore. That is 49.7% above the ₹22.83 crore recorded in the three months to March 2026. Operating profit was ₹5.57 crore, a margin of 16.30%. Profit attributable to owners came to ₹1.76 crore, against ₹1.02 crore in the previous quarter. Earnings per share went the other way, from ₹0.18 to ₹0.17. Profit can rise while per-share earnings fall when the number of shares grows.
The registered object clause is the list of businesses a company is permitted to enter. That clause still names ketchup, custard powder, gelatin and veterinary medicines. Ice cream sits on the list as well. The revenue came from steel poles and concrete blocks. The menu runs to several cuisines and the kitchen is currently making steel.
The quarter and the weeks after it were busy. There was a share allotment, a merger approval, four pole orders and a chief financial officer appointment. The company also put ₹15 crore into a subsidiary. The market values the company at ₹490 crore. The market pays ₹115 for every ₹1 of yearly profit.
The segment note splits the quarter's ₹34.18 crore across two lines. Structured steel, which covers the pipes and poles, contributed ₹23.22 crore. Construction material, which covers the blocks, contributed ₹10.97 crore.
Introduction
KD Green Industries was incorporated in 1992 under the name Manbro Industries. The website and email address on its letterhead still answer to "unimodeoverseas". That leaves the company with more former identities than a spy novel, and comparable paperwork.
The modern story starts in the financial year to March 2024. The company raised its authorised capital from ₹5.25 crore to ₹10.25 crore. It then made a preferential allotment of 53 lakh shares to its proposed promoters and to non-promoters. A preferential allotment is a sale of new shares to chosen buyers rather than the open market. In December 2024 a block of 72.40% sat in a preferential-allotment escrow account. An escrow account is held by a third party until the agreed conditions are met. By March 2025 the Goenka family appeared as promoters. Convertible warrants had been issued on 7 December 2024. Those warrants became 4.35 crore equity shares on 30 May 2026.
The new promoters bring a group history with them. Management describes KD Group as starting in 2003 as an industrial partnership between Kailash Chandra Lohia and Dilip Goenka. That partnership spanned coke, cement and steel. The group split in 2017, with the Goenka family taking the steel business. Since then the group has used river silt, high-sulphur coal and scrapped vehicles as raw materials. It is a procurement policy that looks around the Northeast first and orders second.
The listed company now consolidates three subsidiaries. They are Shivam Pipe Industries at 51%, K D Infrastructures Private Limited at 99.84% and Green AAC Block and Mortar Private Limited at 50.04%. KD Ecosystem is held at 26% as an associate.
On 9 June 2026 the board approved in principle a merger with KD Iron & Steel Private Limited. That is the group's TMT-bar entity, TMT bars being the ribbed steel rods used to reinforce concrete. The approval is subject to due diligence and regulatory clearances, and the swap ratio is still pending. Management says it intends KD Green to become the group's flagship and sole entity for these businesses. The registered office is on the sixth floor of Sri Kamakhya Tower, G S Road, Guwahati.
Business model
The company makes heavy things for a region that needs a lot of them, in four parts.
Pipes and poles sit in Shivam Pipes, held at 51%. The unit makes MS pipes, galvanised pipes, steel tubes and electric steel poles. They are sold under the "XTECH Pipes & Poles" brand, with capacity of 3,000 tonnes a month. Management says the unit is a registered approved supplier with northeastern electricity boards. That registration includes supply under the Revamped Distribution Sector Scheme. In practice the unit sells long hollow steel to organisations that plant it and hang wires from it. Few products have a more literal relationship with rural electrification.
Building blocks sit in Green AAC, held at 50.04%. Autoclaved aerated concrete blocks are lightweight precast foam concrete, a brick that went to the gym and came back lighter. Management says the blocks use sand dredged from the Brahmaputra rather than excavated red clay. The company presents that choice as preserving topsoil and helping river flow.
Fabrication sits in K D Infrastructures, held at 99.84%. This is a steel fabrication facility being set up with a planned capacity of 25,000 tonnes a year. Its product list covers solar mounts, transmission towers, crash barriers and high masts. Cable trays and street-lighting columns are on the list too. So are photonic components, which sit beside crash barriers the way a violin sits in a hardware catalogue. The filing records the last three years of turnover as nil. The company was incorporated on 5 August 2024, which makes that figure easier to reach.
Vehicle scrapping sits in KD Ecosystem, a 26% associate. It runs a registered vehicle scrapping facility at Rangiya in Assam. Capacity runs to 42,500 end-of-life vehicles a year, from two-wheelers up to buses and dumpers. Management calls it backward integration for the group's steel business, since dismantled vehicles yield metal scrap. An old truck goes in one gate and its metal can in principle come back as a pole.
The TMT business sits in KD Iron & Steel, the proposed merger partner, and is outside the consolidated figures. Management describes a 90,000 tonne furnace and 99,000 tonne rolling capacity there. It also describes a planned ₹325 crore expansion, including a 25 MW captive solar plant. Management adds that the Government of Assam has approved incentives of about ₹600 crore over 15 years.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for KD Green Industries Limited.
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