Kross Limited will hold its 35th Annual General Meeting (AGM) on Wednesday, September 16, 2026, at 11:00 am through video conferencing or other audio-visual means. The meeting aims to transact ordinary and special business, including the adoption of audited standalone financial statements for the fiscal year ended March 31, 2026.

Board Composition Changes

The most significant agenda items involve substantial changes to the company's independent director slate. Shareholders are asked to approve the re-appointment of three existing independent directors for a second term of three years each, commencing from October 26, 2026, to October 25, 2029:

• Mr Sanjiv Paul (DIN: 00086974), former Vice President at Tata Steel and Managing Director at Tata Metaliks.
• Mr Gurvinder Singh Ahuja (DIN: 08132223), a Chartered Accountant with prior experience at Tata Motors Limited and TML Drivelines Limited.
• Ms Deepa Verma (DIN: 10359047), former Chief Human Resource Business Partner at Tata Steel.

Additionally, the Board seeks approval for the appointment of Mr Sharat Chandra Kumar (DIN: 10223173) as an Independent Director for his first term of three years. His tenure will run from July 24, 2026, to July 23, 2029. Mr Kumar brings over 35 years of leadership experience in maintenance, project execution, and strategic sourcing from Tata Steel.

Under ordinary business, shareholders will also consider the re-appointment of Mr Sumeet Rai (DIN: 02304257), who retires by rotation and offers himself for re-appointment.

Cost Auditor Ratification

The AGM will also address the ratification of remuneration payable to cost auditors for FY27. The Board recommends approving remuneration of ₹70,000 plus applicable taxes and out-of-pocket expenses for M/s Sohan Lal Jalan and Associates, Cost Accountants (Firm Registration No. 000521). This firm was appointed by the Board based on the Audit Committee's recommendation to audit cost records maintained under the Companies (Cost Record and Audit) Rules, 2014.

Voting and Logistics

The cut-off date for determining voting rights is September 9, 2026. Remote e-voting facilities are available from September 13, 2026, at 9:00 am to September 15, 2026, at 5:00 pm, via the NSDL e-voting system. Members holding shares as of the cut-off date can vote electronically or join the virtual meeting. Physical attendance is dispensed with in compliance with Ministry of Corporate Affairs circulars permitting virtual AGMs.

Kross Limited reported a robust first quarter of FY27, with revenue from operations rising 32% year-on-year to ₹1,843.39 million and net profit after tax (PAT) increasing 24% to ₹133.12 million for the period ended June 30, 2026. The growth was driven by strong volume traction across the medium and heavy commercial vehicle (M&HCV), trailer, and tractor segments, alongside improved operational efficiency that expanded EBITDA margins to 12.23%, up 63 basis points year-on-year.

The Board of Directors approved the unaudited standalone financial results on July 24, 2026, followed by an earnings conference call on July 27, 2026, where management detailed the drivers behind the performance. Statutory Auditors issued an unmodified review opinion on the quarterly results. Kross operates as a single reporting segment under Ind AS-108.

Financial Performance

Kross Limited’s financial results for Q1FY27 reflect significant top-line and bottom-line expansion compared to the corresponding period last year. While revenue declined sequentially from Q4FY26, likely due to seasonal monsoon impacts, the year-on-year trajectory remains strong.

EBITDA grew by 39.5% year-on-year to ₹225.54 million. The profit before tax stood at ₹178.27 million, while PAT margins held at 7.2%. Revenue contribution was split between the trailers, axles, suspensions, and tipping segment at 41%, and the component business at 59%.

Capacity Expansion and Product Launches

Management highlighted several strategic capacity enhancements aimed at driving future growth. The company has commissioned its extrusion line for axle beams, which is now in production. This technology allows for single-piece beam manufacturing, offering performance benefits over traditional welded beams. Volumes on axles and suspensions increased 30% year-on-year, with total axle volumes reaching approximately 9,500 units and suspension volumes around 3,200–3,300 units in Q1.

Additionally, the ramp-up of tipping jacks has been successful, with 226 units sold in Q1FY27. The facility has a monthly capacity of 800 units, and management expects utilization to reach 65–70% by Q4FY27. Other ongoing initiatives include:

• A high-pressure mold line for the foundry, expected to start in Q3FY27, doubling foundry capacity.
• An axle shaft production facility using press forging technology, targeted for commissioning by September 2026.
• A seamless tube facility, with the piercing mill received and other mills en route. Commissioning is planned for Q4FY27, supported by a term loan of approximately ₹100 million.

Export Growth and Market Outlook

Exports recorded a 45% year-on-year growth, contributing approximately 4–4.5% of total revenue. Management stated a target to increase export contribution to at least 8% within the next two years. This growth is supported by existing supplies to a European Tier 1 manufacturer and new validations underway with another Tier 1 player, with orders expected from H2FY27.

Domestically, the M&HCV segment momentum from Q4FY26 continued into Q1FY27, despite subdued demand in June and July due to monsoons. OEMs have indicated strong schedules for September onwards, supported by healthy order books. The government’s Parivartan scheme, effective October 30, 2026, which restricts BS4 vehicles in Delhi NCR and offers tax holidays for replacements, is viewed positively for the commercial vehicle segment.

What the Numbers Show

The divergence between sequential revenue decline and strong year-on-year margin expansion highlights Kross’s pricing power and cost management capabilities. With steel price settlements retrospective to July 15, 2026, and conversion cost increases expected to be passed on, management anticipates further margin improvement in subsequent quarters. The reduction in top-five customer concentration from ~63% in FY22 to ~58–59% currently indicates successful diversification across CV, trailer, and tractor segments, reducing dependency risk while maintaining stable revenue streams.