Integrated Filing — IndAS



General information about company

Scrip Code 502937
NSE Symbol KESORAMIND
MSEI Symbol NOTLISTED
ISIN INE087A01019
Name of company Kesoram Industries Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 12-11-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 06-11-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Others
Start date and time of board meeting 12-11-2026   12:55:00
End date and time of board meeting 12-11-2026   14:20:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 8,448.75 16,214.82
Other income 748.43 806.36
Total income 9,197.18 17,021.18
2 Expenses
(a) Cost of materials consumed 6,373.47 11,781.27
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (134.24) (572.06)
(d) Employee benefit expense 1,590.11 3,379.65
(e) Finance costs 794.84 1,455.41
(f) Depreciation, depletion and amortisation expense 469.18 942.11
(f) Other Expenses
1 Power and Fuel 861.68 1,833.73
2 Other Expenses 937.92 1,959.68
Total other expenses 1,799.60 3,793.41
Total expenses 10,892.96 20,779.79
3 Total profit before exceptional items and tax (1,695.78) (3,758.61)
4 Exceptional items 5,940.83 5,940.83
5 Total profit before tax 4,245.05 2,182.22
6 Tax expense
7 Current tax 970.34 926.44
8 Deferred tax 0.00 0.00
9 Total tax expenses 970.34 926.44
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 3,274.71 1,255.78
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 3,274.71 1,255.78
17 Other comprehensive income net of taxes 129.38 111.16
18 Total Comprehensive Income for the period 3,404.09 1,366.94
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0.00 0.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0.00 0.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 31,066.37 31,066.37
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.05 0.4
Diluted earnings (loss) per share from continuing operations 1.05 0.4
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.05 0.4
Diluted earnings (loss) per share from continuing and discontinued operations 1.05 0.4
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1.The unaudited financial results for the quarter and six months ended September 30, 2026 the financial results comprise the standalone results of Kesoram Industries Limited the Company and the consolidated results of the Company including its subsidiary collectively referred to as the Group and joint venture. These financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 Ind AS 34 prescribed under Section 133 of the Companies Act, 2013 the Act read with the Companies Indian Accounting Standards Rules 2015 as amended and is in compliance with the presentation and disclosure requirements of Regulations 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations 2015 (as amended). 2. Certain erstwhile members of the Promoter and Promoter Group of the Company had entered into a Share Purchase Agreement dated December 04, 2025, SPA with Frontier Warehousing Limited Acquirer for the sale of 132969279 equity shares of the Company representing 4280 of its equity share capital having a face value of Rs10 each in accordance with the Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011 as amended SEBI SAST Regulations. Pursuant to the SPA on September 12, 2026 the Acquirer acquired the aforesaid shares from the erstwhile members of the Promoter and Promoter Group resulting in a change in the promoterscontrol and management of the Company. The acquirer has continued its commitment to the Company by way of letter of support issued to the Company to provide financial assistance to cover all liabilities falling due in foreseeable future. Accordingly, these financial results have been prepared on the basis that the Company will continue as a going concern. 3. During the quarter ended September 30, 2026, the Company had initiated legal proceedings against Kesoram Textiles Mill Limited for recovery of certain outstanding receivables together with interest thereon. Subsequent, to the quarter end an arbitral award dated November 09, 2026 was issued in favour of the Company awarding an aggregate amount of Rs. 5,989.35 lakhs comprising principal of Rs. 955.00 lakhs and interest thereon of Rs. 5,034.35 lakhs up to November 08, 2026. The principal receivable had been written off in earlier years Based on the aforesaid award and acceptance from the party the Company has recognised the principal amount and interest accrued thereon up to September 30, 2026 aggregating to Rs. 5,940.83 lakhs as an exceptional item in the financial results for the quarter and half year ended September 30, 2026. 4. The Company had performed an impairment assessment in the previous year in respect of its investment in and loan to its wholly owned subsidiary Cygnet Industries Limited. Based on the assessment impairment provisions were recognized as exceptional items in the Standalone Statement of Profit and Loss of a) Rs. 10,810.32 lakhs comprising Rs.5, 291 lakhs towards investment and Rs. 5,519.32 lakhs towards loan for the quarter ended September 30, 2025 and b) Rs. 15, 619.32 lakhs comprising Rs. 10,100.00 lakhs towards investment and Rs. 5,519.32 lakhs towards loan for the six month period ended September 30, 2025 and the year ended March 31, 2026. 5. During the previous year the Board had approved the waiver of outstanding interest on loan given to subsidiary for earlier years of Rs 442406 lakhs The same had been recognised and presented as an exceptional item in the standalone statement of profit and loss for the six month period ended September 30, 2025 and year ended March 31, 2026. The Board has also waived the interest for the current financial year. 6. During the previous year the expected realization value of the Company’s factory land comprised in its Kesoram Spun Pipes and Foundries KSPF unit was estimated to be lower than its carrying value The provision of Rs. 4,172.11 lakhs on such remeasurement had been recognised and presented as an exceptional item in the standalone and consolidated statement of profit and loss for the six month period ended September 30, 2025, and year ended March 31, 2026. 7. During the quarter ended June 30, 2026 based on valuation of assets the Company’s wholly owned subsidiary Cygnet Industries Limited initially recognised an impairment provision relating to its land amounting to Rs480932 lakhs and presented it as an exceptional item in the consolidated statement of profit and loss for the six month period ended September 30, 2025. During quarter ended March 31, 2026 the Company’s wholly owned subsidiary reversed the impairment provision recognised earlier resulting in no financial impact for the year ended March 31, 2026. 8. The Group has a single reportable segment ie Rayon Transparent Paper and Chemicals in accordance with IndAS Accordingly no separate segment information has been presented for the quarter and six months ended September 30, 2026. 9. Share of profit or loss from the joint venture Gondkhari Coal Mining Limited is Rs Nil for all the periods presented in consolidated financial results 10. The unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2026, have been reviewed by the Audit Committee and recommended for adoption to the Board of Directors. The Board has considered and approved the same at its meeting held on November 12, 2026, The standalone and consolidated financial results have been subjected to review by the statutory auditors of the Company as required under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations 2015 (Listing Regulations). The statutory auditor has expressed an unmodified report on these unaudited standalone and consolidated financial results.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 53,124.45
Capital work-in-progress 714.24
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 955.47
Trade receivables, non-current 0.00
Loans, non-current 324.84
Other non-current financial assets
1 Other Financial Assets 484.86
Total of other non-current financial assets 484.86
Total non-current financial assets 1,765.17
Deferred tax assets (net) 0.00
Other non-current assets
1 Income Tax Assets (Net) 38.62
Total of other non-current assets 38.62
Total non-current assets 55,642.48
2 Current assets
Inventories 3,545.02
Current financial asset
Current investments 0.00
Trade receivables, current 2,197.54
Cash and cash equivalents 38.28
Bank balance other than cash and cash equivalents 629.33
Loans, current 0.00
Other current financial assets
Total of other current financial assets 7,045.87
Total current financial assets 9,911.02
Current tax assets (net) 92.20
Other current assets
1 Other current assets 2,268.36
Total of other current assets 2,268.36
Total current assets 15,816.60
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 71,459.08
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 31,066.37
Other equity 7,313.42
Total equity attributable to owners of parent 38,379.79
Non controlling interest 0.00
Total equity 38,379.79
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 10,491.13
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Lease Liabilities 11.12
Total of other non-current financial liabilities 11.12
Total non-current financial liabilities 10,502.25
Provisions, non-current 329.49
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 10,831.74
Current liabilities
Current financial liabilities
Borrowings, current 14,749.50
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 55.59
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 3,058.50
Total Trade payable 3,114.09
Other current financial liabilities
1 Lease Liabilities 14.62
2 Other Financial Liabilities 2,376.67
Total of other current financial liabilities 2,391.29
Total current financial liabilities 20,254.88
Other current liabilities 312.79
1 Other current liabilities 312.79
Total of other current liabilities 312.79
Provisions, current 710.90
Current tax liabilities (Net) 968.98
Deferred government grants, Current
Total current liabilities 22,247.55
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 33,079.29
Total equity and liabilites 71,459.08
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement of post employement benefit obligation 129.38 111.16
Total Amount of items that will not be reclassified to profit and loss 129.38 111.16
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 129.38 111.16



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 2,182.22
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,455.41
Adjustments for decrease (increase) in inventories (324.64)
Adjustments for decrease (increase) in trade receivables, current (5,674.46)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 0.00
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (425.52)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 942.11
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 63.93
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (1.84)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (666.78)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (4,759.65)
Net cash flows from (used in) operations (2,577.43)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) (37.53)
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (2,539.90)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 6.68
Purchase of property, plant and equipment 587.46
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.05
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 78.06
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 506.04
Net cash flows from (used in) investing activities 3.37
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 20,046.55
Repayments of borrowings 16,546.43
Payments of lease liabilities 12.21
Dividends paid 0.00
Interest paid 1,198.98
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 2,288.93
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (247.60)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (247.60)
Cash and cash equivalents cash flow statement at beginning of period 285.88
Cash and cash equivalents cash flow statement at end of period 38.28