Kriti Industries (India) Limited has officially filed its amended Articles of Association (AOA) with stock exchanges following the overwhelming approval of its power generation business expansion at the 1/2025-26 Extraordinary General Meeting held on March 20, 2026. The company submitted the certified copy of the altered AOA on March 23, 2026, in compliance with Regulation 30 of SEBI (LODR) Regulations 2015.

Official Filing and Regulatory Compliance

The company formally notified BSE Limited and National Stock Exchange of India Limited about the adoption of the new AOA incorporating Article 92 after existing Article 91 of the Articles of Association. Company Secretary Aditi Randhar signed the official communication, confirming that the altered AOA is now available on the company's website at www.kritiindustries.com .

Constitutional Amendment for Power Generation

The newly inserted Article 92 significantly expands the company's business scope to include comprehensive power generation activities. The amendment authorizes the Board of Directors to establish, purchase, manage, and operate electricity generation plants and facilities through both conventional and non-conventional methods including hydel, thermal, nuclear, gaseous, solar, wind, and other non-conventional sources.

Meeting Participation and Overwhelming Approval

The EGM witnessed strong participation with 47 members attending virtually out of 11,311 total members as of the cutoff date of March 13, 2026. The meeting was chaired by Shri Shiv Singh Mehta, Chairman and Managing Director, with comprehensive representation from the board including six directors and key officials.

CS Ishan Jain, Practicing Company Secretary (FCS 9978, CP 13032), served as the scrutinizer and submitted the consolidated report covering both remote e-voting and e-voting at the EGM. Out of 52,696,000 total equity shares, 36,256,720 votes were polled, representing significant shareholder participation.

Enhanced Business Authorization

The special resolution amended the Articles of Association by inserting new Article 92, specifically authorizing the Board of Directors to establish, purchase, manage, and operate electricity generation plants and facilities. This comprehensive authorization covers various energy sources for both captive consumption and external sales.

The company implemented a robust e-voting mechanism through CDSL platform (EVSN: 260228002), with remote e-voting conducted from 9:00 A.M. on March 17, 2026, to 5:00 P.M. on March 19, 2026. The meeting was conducted in full compliance with Companies Act 2013, SEBI LODR Regulations 2015, and Secretarial Standard-2 on General Meetings.

Kriti Industries India Limited faced significant challenges in Q3 FY26 as extended rainfall across its key markets severely impacted agricultural pipe demand, leading to a substantial decline in financial performance. The company's consolidated revenue dropped 35% year-on-year to ₹135.79 crores during the quarter ended December 31, 2025.

Financial Performance Overview

Despite the revenue decline, the company demonstrated operational resilience by achieving EBITDA profitability during the quarter. The financial metrics highlight both the challenges faced and areas of improvement:

For the nine-month period ending December 2025, the company's performance reflected the sustained impact of adverse weather conditions:

Weather Impact on Agricultural Segment

The company's agricultural pipe business, which forms a significant portion of its revenue, experienced a sharp decline due to unprecedented weather conditions. Agricultural sales dropped 30% in Q3 and 17% for the nine-month period on a year-on-year basis. Chairman and Managing Director Shiv Singh Mehta explained that heavy and extended rains from May through October significantly reduced irrigation requirements, as most needs were met through natural rainfall.

The company's primary markets in Central India, including Madhya Pradesh, Rajasthan, and Maharashtra, were particularly affected by the sustained rainfall. Management noted that the impact was more severe for Kriti Industries compared to competitors due to its concentrated presence in these weather-affected regions.

Market Position and Strategy

Despite the challenging conditions, management expressed confidence in maintaining market share within their core territories. The company operates as a predominant brand in its key markets, enjoying strong brand recognition and distribution networks. Management indicated they have maintained or slightly improved market share during the period, ensuring adequate pipe availability despite reduced overall demand.

The company continues to focus on expanding its distribution network while maintaining its strategy of limiting industrial product exposure to ₹100-150 crores maximum. This approach aims to reduce dependency on EPC contractors and their associated payment cycle challenges.

Recovery Outlook and Future Plans

Management expressed optimism for Q4 FY26 recovery, citing several positive factors. Raw material prices have reached more affordable levels, making pipes more accessible to farmers. Additionally, adequate water levels in water bodies following the extended rainfall period are expected to support increased agricultural activity and corresponding pipe demand in the coming crop seasons.

The company maintains its long-term revenue target of reaching ₹1,000 crores by FY28-29, with management expressing intentions to potentially achieve this milestone earlier. However, they emphasized a cautious approach to capacity expansion, preferring to observe market recovery for one to two quarters before making significant investment decisions.

Building Products Segment

The building products division, including CPVC pipes, also faced challenges during the period as dealers engaged in this segment were similarly impacted by weather conditions. However, management reported early signs of recovery in recent months following implementation of revised strategies. The company expects quarter-on-quarter improvement in building materials performance going forward.