Kisan Mouldings FY26 Net Loss ₹741.89 Lakhs; CMD Resigns
Kisan Mouldings Limited reported a consolidated net loss of ₹741.89 lakhs for the fiscal year ended March 31, 2026, compared to a net profit of ₹339.16 lakhs in the previous year. Revenue from operations declined to ₹25,007.37 lakhs in FY26 from ₹27,335.35 lakhs in FY25. The Board approved the audited financial results on May 05, 2026, and the company published these results in newspapers on May 06 and May 07, 2026. Additionally, the company underwent a major leadership overhaul, with the resignation of the Chairman and Managing Director and the appointment of new statutory and secretarial auditors.
*this image is generated using AI for illustrative purposes only.
Kisan Mouldings Limited reported a consolidated net loss of ₹741.89 lakhs for the year ended March 31, 2026, reversing a net profit of ₹339.16 lakhs recorded in the previous year. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on May 05, 2026. The company has since published these audited results in newspapers on May 06 and May 07, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting also witnessed significant leadership and governance changes, including the resignation of the Chairman and Managing Director and the appointment of new auditors.
Financial Performance: Consolidated Results
Kisan Mouldings recorded a decline in consolidated revenue from operations and swung to a loss in FY26. The following table summarises the key consolidated financial metrics:
| Metric: | Q4 FY26 (Mar 31, 2026) | Q3 FY26 (Dec 31, 2025) | Q4 FY25 (Mar 31, 2025) | FY26 (Full Year) | FY25 (Full Year) |
|---|---|---|---|---|---|
| Sale of Products (₹ lakhs): | 8,043.58 | 6,028.96 | 8,313.88 | 24,932.65 | 27,301.01 |
| Total Revenue from Operations (₹ lakhs): | 8,055.72 | 6,056.88 | 8,330.04 | 25,007.37 | 27,335.35 |
| Other Income (₹ lakhs): | 20.71 | 0.46 | 5.64 | 343.67 | 47.30 |
| Total Income (₹ lakhs): | 8,076.43 | 6,057.34 | 8,335.68 | 25,351.04 | 27,382.65 |
| Total Expenses (₹ lakhs): | 8,407.29 | 6,417.87 | 8,286.06 | 26,092.93 | 27,043.49 |
| Profit/(Loss) Before Tax (₹ lakhs): | (330.86) | (360.53) | 49.62 | (741.89) | 339.16 |
| Net Profit/(Loss) (₹ lakhs): | (330.86) | (360.53) | 49.62 | (741.89) | 339.16 |
| Total Comprehensive Income (₹ lakhs): | (300.13) | (355.68) | 42.80 | (703.95) | 328.08 |
| Basic EPS (₹): | (0.28) | (0.30) | 0.04 | (0.62) | 0.28 |
| Diluted EPS (₹): | (0.28) | (0.30) | 0.04 | (0.62) | 0.28 |
Total consolidated expenses for FY26 stood at ₹26,092.93 lakhs against ₹27,043.49 lakhs in FY25. The cost of materials consumed was ₹15,553.39 lakhs in FY26 compared to ₹17,948.33 lakhs in FY25. Finance costs rose to ₹330.02 lakhs in FY26 from ₹179.82 lakhs in FY25. The company recognised a provision of ₹103.37 lakhs towards incremental liability for past periods following the Government of India notifying substantial provisions of the four Labour Codes on November 21, 2025. Tax expense for both FY26 and FY25 was nil on a consolidated basis.
Standalone Financial Performance
The standalone results closely mirrored the consolidated performance. Standalone total revenue from operations for FY26 was ₹25,007.37 lakhs, compared to ₹27,335.35 lakhs in FY25. Standalone net loss for FY26 was ₹738.35 lakhs, against a net profit of ₹346.62 lakhs in FY25. Standalone total comprehensive income for FY26 was a loss of ₹700.42 lakhs, compared to a gain of ₹335.54 lakhs in FY25. Standalone basic and diluted EPS for FY26 stood at ₹(0.62), versus ₹0.29 in FY25.
Balance Sheet and Cash Flow Highlights
The consolidated balance sheet as at March 31, 2026, reflected total assets of ₹30,866.94 lakhs, compared to ₹31,185.84 lakhs as at March 31, 2025. Total equity declined to ₹19,375.61 lakhs from ₹20,579.62 lakhs over the same period. Key balance sheet movements are summarised below:
| Parameter: | Mar 31, 2026 (Consolidated, ₹ lakhs) | Mar 31, 2025 (Consolidated, ₹ lakhs) |
|---|---|---|
| Total Assets: | 30,866.94 | 31,185.84 |
| Total Equity: | 19,375.61 | 20,579.62 |
| Total Non-Current Liabilities: | 594.43 | 561.65 |
| Total Current Liabilities: | 10,896.90 | 10,044.57 |
| Cash and Cash Equivalents: | 192.91 | 795.80 |
| Inventories: | 6,975.90 | 5,490.74 |
| Trade Receivables: | 4,268.35 | 4,895.73 |
Consolidated net cash flow from operating activities was ₹(277.85) lakhs in FY26, compared to ₹(4,254.19) lakhs in FY25. Net cash flow from investing activities was ₹77.35 lakhs in FY26 versus ₹(763.41) lakhs in FY25. Net cash flow used in financing activities was ₹(402.39) lakhs in FY26 against an inflow of ₹2,403.95 lakhs in FY25. Cash and cash equivalents at the end of FY26 stood at ₹192.91 lakhs, down from ₹795.80 lakhs at the beginning of the year.
Leadership and Governance Changes
The Board meeting on May 05, 2026, resulted in a comprehensive overhaul of the company's leadership and audit functions. The following key changes were approved or noted:
Resignations:
- Mr. Sanjeev Amarnath Aggarwal, Chairman and Managing Director, resigned with effect from close of business hours on May 05, 2026, citing pre-occupation in other assignments.
- Mr. Sunil Agarwal, Independent Director, resigned with effect from close of business hours on May 05, 2026, citing other professional commitments. He also ceased to be a member of the Audit Committee.
- M/s. Sen & Ray, Chartered Accountants (Firm Registration No. 303047E), Statutory Auditors, resigned with effect from May 06, 2026.
- M/s. Nidhi Bajaj & Associates, Company Secretaries, Secretarial Auditors, resigned vide letter dated April 29, 2026.
Appointments and Changes:
| Role: | Appointee/Entity: | Effective Date / Term: |
|---|---|---|
| Managing Director (Change in Designation): | Mr. Arun Agarwal (DIN: 10067312) | June 01, 2026; 3-year term, subject to member approval |
| Company Secretary & Compliance Officer (KMP): | Mr. Ranveer Kumar (ACS No. 76084) | May 05, 2026; Full-time employment |
| Statutory Auditors: | M/s. AKGVG & Associates, CA (Firm Reg. No. 018598N) | Till conclusion of ensuing AGM; further appointment from 37th to 42nd AGM (year 2031), subject to member approval |
| Secretarial Auditors: | M/s. Kuldeep Dahiya & Associates | FY2026-27 to FY2030-31 (5 years), subject to member approval |
| Cost Auditor: | M/s. HMVN & Associates | FY2026-27 |
| Internal Auditor: | M/s. Alok Mittal & Associates, CA | FY2026-27 |
Mr. Arun Agarwal, a Chartered Accountant, joined the company as a Non-Executive Director on March 26, 2024, and also serves on the Board of Apollo Pipes Limited as Joint Managing Director. He brings over 25 years of experience in business operations. Mr. Ranveer Kumar is a qualified Company Secretary and Commerce graduate from the University of Delhi with over three years of experience in corporate secretarial and compliance functions. The company has declared that the Statutory Auditors have furnished their reports with unmodified opinions in respect of both standalone and consolidated financial results for the year ended March 31, 2026. The company operates in a single segment — manufacturing and trading of plastic pipes, fittings and allied products.
Historical Stock Returns for Kisan Mouldings
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.03% | -2.53% | +21.37% | +33.68% | -16.77% | +131.27% |
How might the simultaneous resignation of the Chairman & Managing Director, Independent Director, and Statutory Auditors impact investor confidence and Kisan Mouldings' ability to secure credit or financing in the near term?
Given Mr. Arun Agarwal's concurrent role as Joint Managing Director at Apollo Pipes Limited, a direct competitor in the plastic pipes segment, what governance safeguards will Kisan Mouldings implement to manage potential conflicts of interest?
With finance costs nearly doubling to ₹330 lakhs in FY26 and cash equivalents falling sharply to ₹192.91 lakhs, what debt restructuring or liquidity management strategies could the company pursue to avoid a financial distress situation?
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