KD Green Industries reported a consolidated net profit of ₹51.8 crore for the fiscal year ended March 31, 2026, on revenue of ₹633.4 crore. The company, formerly known as Manbro Industries Limited, completed its rebranding and strategic pivot toward steel manufacturing and green infrastructure during the period.

Financial Performance

The holding company’s standalone results showed a net profit of ₹5.76 crore on revenue of ₹3.74 crore, a sharp decline from the previous year's standalone revenue of ₹19.57 crore. This contraction reflects the transition of operational activities into newly acquired subsidiaries.

Consolidated expenses totaled ₹565.7 crore, driven primarily by cost of material consumed at ₹481.2 crore. Finance costs stood at ₹3.0 crore, while depreciation and amortization amounted to ₹10.65 crore.

Strategic Acquisitions and Expansion

During FY26, the company executed four strategic acquisitions to build a diversified industrial platform:

• Acquired a 51% stake in Shivam Pipe Industries, making it a subsidiary focused on galvanized steel pipes and poles.
• Acquired a 99.84% stake in KD Infrastructures Private Limited for ₹6.25 crore.
• Acquired a 50.04% stake in Green AAC Block and Mortar Private Limited for ₹3.75 crore.
• Acquired a 26% stake in KD Ecosystem, an associate engaged in vehicle scrappage and recycling.

The Board has proposed merging KD Iron & Steel Private Limited with the listed entity. This flagship manufacturing unit is undertaking a ₹325 crore expansion program aimed at doubling furnace capacity to 1,80,000 MT per annum and rolling capacity to 2,00,000 MT per annum. The project also includes a proposed 25 MW captive solar power plant.

What the Numbers Show

The divergence between standalone and consolidated figures highlights the structural shift in the company's business model. While standalone revenue fell by approximately 81% compared to the previous year, consolidated revenue reflects the integration of significant manufacturing operations. The consolidated balance sheet shows total assets of ₹1,095.6 crore, including ₹192.2 crore in capital work-in-progress, signaling heavy investment in future capacity. Non-controlling interest accounted for ₹242.1 crore of total equity, reflecting the minority stakes in acquired subsidiaries.

Corporate Governance and Capital Structure

The company increased its authorized share capital to ₹20.25 crore and sub-divided equity shares from ₹10 face value to ₹1 each. It did not declare any dividend for FY26. The Board approved related-party transaction limits of up to ₹100 crore each with its subsidiaries for manufacturing services and financial assistance.

KD Green Industries has scheduled its 34th Annual General Meeting (AGM) for September 30, 2026. The board also approved related party transactions with four entities for manufacturing services and financial assistance.

The company, formerly known as Manbro Industries Limited, held its board meeting on September 3, 2026, at its registered office in Guwahati. The session commenced at 4:00 pm and concluded at 5:00 pm. During the meeting, the directors finalized the AGM date and approved several related party transactions requiring shareholder consent under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Agenda Items

The AGM will be held via Video Conferencing or Other Audio-Visual Means (VC/OAVM) at 12:30 pm from the company's registered office. Shareholders will vote on the adoption of audited standalone financial statements for FY26 and the re-appointment of Non-Executive Director Binod Kumar Goenka, who retires by rotation.

The most significant agenda items involve omnibus approvals for related party transactions with three subsidiaries and one associate. These transactions cover manufacturing services, recycling services, loans, and financial assistance.

Related Party Transactions

The Board seeks approval for transactions with the following entities. Each transaction is capped at ₹100 crore for services and ₹100 crore for financial assistance:

Green AAC Block & Mortar Private Limited was formerly known as Gotripily Travel Services Private Limited. The approvals are valid until the next AGM. The transactions are intended to support operational requirements and provide flexibility for deploying or obtaining funds on an arm's length basis.

E-Voting Details

The company has enabled remote e-voting through National Securities Depository Limited (NSDL). Ritika Wasson & Co., Company Secretaries, have been appointed as scrutinizer for the e-voting process and voting at the AGM.

The cut-off date for determining voting eligibility is September 23, 2026. The e-voting window opens on September 27, 2026, at 9:00 am and closes on September 29, 2026, at 5:00 pm. Shareholders holding securities in demat mode can vote via their depository participants or directly through the NSDL e-voting portal. Physical shareholders must use their folio numbers and EVENs to access the system. Proxy appointments are not permitted for this virtual meeting.