Kama Holdings Limited reported a significant improvement in profitability for the first quarter of FY27, with consolidated net profit rising 74.3% year-on-year to ₹761.5 crore. The holding company’s results are primarily driven by its subsidiary SRF Limited, which contributed substantially to the group's financial performance.

Consolidated revenue from operations grew 31.5% to ₹5,070.9 crore from ₹3,856.7 crore in Q1FY26. This top-line expansion was accompanied by a robust rise in segment results, particularly within the chemicals and performance films divisions. The group also reported total comprehensive income of ₹968.0 crore, a sharp increase from ₹526.0 crore in the prior year period, aided by gains in other comprehensive income items such as fair value changes and hedging instruments.

In contrast, the standalone entity posted a net loss of ₹49.5 crore for the quarter, widening from a loss of ₹38.2 crore in Q1FY26. Standalone revenue was negligible at ₹0.2 crore, consisting mainly of interest income, as the parent company operates primarily as a core investment vehicle without significant operational revenues of its own.

Segment Performance

The group’s diversified business units showed varied performance metrics during the quarter:

The Chemicals Business remained the largest revenue contributor, accounting for approximately 45.6% of total segment revenue. However, the Performance Films & Foil Business demonstrated strong momentum, with segment results more than doubling to ₹349.7 crore from ₹140.2 crore in the same quarter last year. Revenue in this segment surged 42.2% to ₹2,016.7 crore.

What the Numbers Show

A notable divergence exists between the group’s operational profitability and its comprehensive income. While profit after tax stood at ₹761.5 crore, total comprehensive income reached ₹968.0 crore. The difference of roughly ₹206.5 crore is attributable to other comprehensive income items, including a gain of ₹97.4 crore on fair value changes of financial assets measured at FVTOCI and effective hedging gains of ₹143.7 crore. This indicates that a material portion of the group’s value creation in this quarter stemmed from financial instrument valuations and hedging strategies rather than purely operational cash flows.

Additionally, the impact of new labour codes, previously recognized as an exceptional item in FY26, did not affect Q1FY27 results. The group continues to monitor state rule finalizations regarding these codes, with no immediate one-time charges recorded in the current quarter.

Balance Sheet and Other Developments

SRF Limited, the key subsidiary, repaid all commercial papers due during the quarter. As of June 30, 2026, listed commercial papers aggregating to ₹200.0 crore were outstanding, rated CRISIL A1+ and IND A1+ by India Ratings. The group also noted a favourable order from the Income Tax Appellate Tribunal regarding carbon emission reduction certificates, leading to a write-back of tax provisions amounting to ₹99.1 crore in the previous fiscal year, though management continues to assess uncertain tax positions for other years.

KAMA Holdings Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 to BSE Limited on August 7, 2026, in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is prepared on a standalone basis and forms an integral part of the company's Annual Report for FY 2025-26. The filing was signed by Ekta Maheshwari, Whole-time Director, CFO & Company Secretary.

Company Overview and Financial Profile

KAMA Holdings is classified as a Core Investment Company under the Reserve Bank of India (Core Investment Companies) Directions, 2025, primarily engaged in investing and granting loans to group companies. Its sole business activity falls under "Activities of Holding Companies" (NIC Code: 642), contributing 100% of its turnover. The company operates 2 national offices and has no international presence or export revenues.

The following table summarises key financial and corporate parameters disclosed in the report:

Workforce Composition and Employee Well-Being

As at the end of FY 2025-26, KAMA Holdings had a total of 3 permanent employees — 2 male (66.67%) and 1 female (33.33%) — with no workers or differently abled employees on record. The company reported zero employee turnover across FY 2025-26, FY 2024-25, and FY 2023-24 for both permanent employees and workers.

All 3 permanent employees received 100% coverage across health insurance, accident insurance, and day care facilities. Maternity benefits covered 1 employee (33.33%) and paternity benefits covered 2 employees (66.67%). Provident Fund coverage stood at 100% for employees in both FY 2025-26 and FY 2024-25, with contributions duly deposited with the relevant authority.

All employees received training on health and safety measures as well as skill upgradation in both FY 2025-26 and FY 2024-25, with 100% coverage across all categories. Performance and career development reviews were conducted for 100% of employees in both years.

Board Composition and Remuneration

The Board of Directors comprised 6 members, of whom 2 (33.33%) were female. The sole Key Managerial Personnel (KMP) was female, representing 100% female representation at the KMP level.

Median remuneration details for FY 2025-26 are as follows:

Gross wages paid to female employees as a percentage of total wages increased from 46.04% in FY 2024-25 to 50.95% in FY 2025-26. All permanent employees were paid above the statutory minimum wage in both years.

Governance, Compliance, and Stakeholder Engagement

The Board of Directors holds oversight responsibility for the implementation of Business Responsibility policies. The company does not have a dedicated Board committee for sustainability-related decisions. Policies covering Principles 1, 3, 4, 5, 7, and 8 of the National Guidelines on Responsible Business Conduct (NGRBC) have been approved by the Board and translated into procedures. Principles 2, 6, and 9 were assessed as not material to the company's business given its nature as an Unregistered Core Investment Company.

No monetary or non-monetary penalties, fines, or disciplinary actions were reported in FY 2025-26. Shareholder complaints rose to 105 in FY 2025-26 from 21 in FY 2024-25, with all complaints resolved and none pending at year-end. Zero complaints were recorded across all other stakeholder categories, including employees, investors, customers, communities, and value chain partners.

The company reported that 100% of loans and advances and 100% of investments were transacted with related parties in both FY 2025-26 and FY 2024-25, consistent with its holding company structure. The number of days of accounts payables stood at 11.24 in FY 2025-26, compared to 9.66 in FY 2024-25.

Subsidiary Structure and CSR

KAMA Holdings holds a 50.21% stake in SRF Limited and its associated entities, and a 100% stake in SRF Transnational Holdings Limited, KAMA Realty (Delhi) Limited, Shri Educare Limited, Shri Educare Maldives Private Limited, and KAMA Real Estate Holding LLP, among others. None of the subsidiaries participate in the Business Responsibility initiatives of the listed entity.

CSR applicability under Section 135 of the Companies Act, 2013 has been confirmed. The company sourced 6.34% of input materials directly from MSMEs/small producers in FY 2025-26, up from 4.89% in FY 2024-25, with 100% of inputs sourced from within India in both years. Environmental disclosures related to energy, water, emissions, and waste were reported as Not Applicable, consistent with the company's non-manufacturing, office-based operations.