Kabra Extrusiontechnik Ltd

Kabra Extrusion FY26: Revenue Declines, Battery Division Losses Offset by New Order ⚙️🔋

- The 43rd Annual General Meeting (AGM) of Kabra Extrusiontechnik Limited (KET) is scheduled for Wednesday, August 12, 2026, at 02:00 p.m., to be held through Video Conferencing (VC) / Other Audio Visual Means (OAVM).

- The cut-off date for determining member eligibility to vote is Tuesday, August 4, 2026.

- The company reported revenues of ₹ 451 crores for FY 2025-26, with a revenue mix of 70:30 between the Extrusion Business and Battery Division (Geon).

- EBITDA for FY 2025-26 stood at ₹ 10 crores.

- The company's Battery Division, Geon, has an installed manufacturing capacity of approximately 7 GWh and has deployed over 400,000 battery packs.

- Ordinary Business includes adopting the audited standalone and consolidated financial statements for FY 2025-26 and re-appointing Mr. Anand Kabra, who retires by rotation.

- Special Business includes re-appointing Mr. Utpal Sheth as an Independent Non-Executive Director for a second term of five years and ratifying the remuneration of Cost Auditors for FY 2026-27 at Rs. 1,32,000 plus applicable taxes.

- The remote e-voting period is from Sunday, August 9, 2026, at 09:00 a.m. IST to Tuesday, August 11, 2026, at 05:00 p.m. IST.

- The global plastic extrusion machinery market is projected to grow from USD 8.24 billion in 2026 to USD 12.22 billion by 2032, at a CAGR of 6.7%.

- India's EV retail sales reached approximately 2.45 million units during FY26.

- Key management changes include Mr. Daulat Jain as CFO until April 27, 2026, and Mr. Bhavin Sheth as CFO from June 20, 2026. Mr. Shreevallabh Kabra is Chairman Emeritus from September 15, 2025.

- Appointed M/s. Urvashi Kamal Mehta & Co. as Cost Auditors for FY 2026-27 at a remuneration of Rs. 1,32,000/- plus applicable taxes and out-of-pocket expenses.

- Standalone financial performance for FY 2025-26: Revenue from operations Rs. 45,099.83 lakhs, Net Loss of Rs. (244.28) lakhs (vs. Net Profit of Rs. 3,387.21 lakhs in FY 2024-25).

- Consolidated financial performance for FY 2025-26: Revenue from operations Rs. 45,105.11 lakhs, Net Loss of Rs. (536.59) lakhs (vs. Net Profit of Rs. 3,220.20 lakhs in FY 2024-25).

- No dividend recommended for FY 2025-26 due to the loss incurred.

- Authorized Share Capital remains Rs. 20,00,00,000; Paid-up capital is Rs. 17,48,64,180 as of March 31, 2026.

- Funds raised through preferential issue of convertible warrants (Rs. 101.02 crores approx.) fully utilized as of March 31, 2026.

- Directors changes: Mr. Bajrang Lal Bagra ceased as Independent Director, appointed as Non-Executive Non-Independent Director. Mr. Munjal Nikunj Kapadia appointed as Independent Director.

- Re-designation: Mr. Anand Kabra to Chairman & Managing Director, Mrs. Ekta Kabra to Vice-Chairperson & Managing Director from August 01, 2025.

- Re-appointment proposed for Mr. Utpal Sheth as Independent Director for a second term of 5 years from August 20, 2026.

- Mr. Anand Kabra retires by rotation and is proposed for re-appointment at the AGM.

- Statutory Auditors: M/s. Kirtane & Pandit LLP continue their term.

- Secretarial Audit by M/s. Bhandari & Associates noted a delay in transferring unpaid dividend shares to IEPF for FY 2017-18, now completed.

- CSR obligation for FY 2025-26: Rs. 78.60 lakhs; Amount spent: Rs. 69.66 lakhs; Unspent Rs. 8.94 lakhs transferred to Unspent CSR Account.

- Subsidiaries performance: Kabra Mecanor Belling Technik Pvt. Ltd (Net Loss Rs. 0.891 lakhs), Varos Technology Pvt. Ltd (Net Loss Rs. 291.49 lakhs), Kabra Energy Private Limited (Net Loss Rs. 0.19 lakhs).

- No material changes or commitments affecting the financial position post-year end.

- No public deposits accepted; no significant material orders from regulators/court impacting operations.

- No complaints received under the Sexual Harassment Policy or Vigil Mechanism during the year.

- Energy conservation measures taken, including process optimisation and use of 73,796 kwh units from solar energy.

- R&D expenditure: Extrusion Division spent Rs. 367 Lakhs; Geon Division spent Rs. 185.18 Lakhs in FY 2025-26.

- Foreign exchange earnings were ₹5751.82 Lakhs and outgo was ₹10767.5 Lakhs in FY 25-26.

- Median employee remuneration increased by 8.53% in FY 25-26; total permanent employees: 665.

- Company revenue declined 5.45% to INR 451 crores in FY26; PAT was a loss of INR (2.44) crores.

- EBITDA margin declined to 2.9% in FY26 from 10.9% in FY25.

- Geon division has deployed over 400,000 battery packs and has ~7 GWh manufacturing capacity.

- Geon secured a ~INR 150 Crore order for execution in the upcoming year.

- Board changes: Mr. Shreevallabh Kabra and Mr. Satyanarayan G. Kabra resigned; Mr. Anand Kabra appointed Chairman.

- Plastic Extrusion Machinery Market projected to grow from USD 8.24 billion in 2026 to USD 12.22 billion by 2032.

- India's EV market projected to grow from USD 20.2 billion in 2025 to USD 178.2 billion by 2033.

- FY26 EV retail sales in India reached 2.5 million units, a 24.6% YoY growth.

- No Whole Time Director serves as an Independent Director in more than 3 listed companies.

- Directors are not members of more than 10 committees or chairmen of more than 5 committees across public companies.

- Inter-se relationships exist among the Kabra family directors: Shreevallabh Kabra, Satyanarayan Kabra, Anand Kabra, and Ekta Kabra.

- Mr. Shreevallabh Kabra and Mr. Satyanarayan Kabra resigned from the board effective September 15, 2025, and July 25, 2025, respectively.

- Mr. Anand Kabra and Mrs. Ekta Kabra's designations changed to Chairman & Managing Director and Vice-Chairperson & Managing Director, respectively, from August 01, 2025.

- Audit Committee met 4 times in FY 2025-26. Total sitting fees paid to Non-Executive Directors were ₹ 20,70,000.

- Total remuneration paid to key directors in FY 2024-25: Mr. Anand Kabra ₹ 218.64 Lakhs, Mrs. Ekta Kabra ₹ 118.89 Lakhs, Mr. Shreevallabh Kabra ₹ 58.38 Lakhs.

- The company raised ₹ 101.02 crore through a preferential issue of equity shares (warrant conversion).

- Credit rating was downgraded: Long-term to 'CRISIL A-/Stable' and Short-term to 'CRISIL A2+' effective May 13, 2026.

- Total fees paid to the Statutory Auditor and its network for FY 2025-26 were ₹ 14.96 Lakhs.

- The company invested ₹ 318 Lakhs in CCDs of its wholly-owned subsidiary Varos Technology Private Limited during the year.

- Unclaimed dividend of ₹ 2,94,906.00 and 9,563 shares for FY 2017-18 were transferred to the IEPF.

- 99.61% (3,48,37,336 shares) of the total equity shares are held in dematerialized form.

- No penalties or strictures were imposed by stock exchanges, SEBI, or statutory authorities in the last three years.

- No complaints of sexual harassment were received during the year.

- The company received 2 investor complaints via SEBI's SCORES platform during the year and resolved them within the stipulated 15-day timeframe.

- The company has complied with SEBI Listing Regulations (Regulations 17 to 27 and 46) and has a Code of Conduct for its Board and Senior Management.

- CEO and CFO have certified the financial statements for FY ended March 31, 2026, affirming their accuracy, fair view, and the effectiveness of internal financial controls.

- Independent auditors (Kirtane & Pandit LLP) issued an unmodified (clean) audit opinion on the standalone financial statements.

- A certificate confirms none of the 7 listed directors have been disqualified by SEBI, MCA, or other statutory authorities.

- Key audit matters identified were: Revenue Recognition, Valuation of Inventory, and Assessment of Contingent Liabilities.

- The company has an outstanding undisputed statutory due: Rs. 33,520 for Reverse Charge Mechanism (RCM) liability from July 2025.

- Multiple disputed statutory dues are pending, including GST disputes totalling ₹182.24 lakhs and Income Tax disputes totalling ₹321.90 lakhs.

- The company has not defaulted on any loan repayments or interest payments.

- No fraud was reported or detected during the year.

- Auditors found the company's internal financial controls over financial reporting to be adequate and operating effectively.

- The company transferred Rs. 8,94,000 to a special account for unspent CSR funds related to an ongoing project.

- The company reported a net loss of ₹ (244.28) lakhs for the year ended 31 March 2026, compared to a net profit of ₹ 3,387.21 lakhs in the previous year.

- Revenue from operations decreased to ₹ 45,099.83 lakhs in FY26 from ₹ 47,684.69 lakhs in FY25.

- Total comprehensive income for the year was a loss of ₹ (923.28) lakhs, compared to a profit of ₹ 2,722.04 lakhs in the prior year.

- Basic and diluted earnings per share (face value ₹ 5) were ₹ (0.70) for FY26, down from ₹ 9.69 in FY25.

- Total assets stood at ₹ 77,371.83 lakhs as of 31 March 2026, slightly lower than ₹ 78,954.58 lakhs the previous year.

- Total equity decreased to ₹ 44,737.69 lakhs from ₹ 46,535.29 lakhs year-on-year.

- Current borrowings increased to ₹ 14,102.70 lakhs from ₹ 12,561.75 lakhs.

- The company paid dividends of ₹ 874.32 lakhs for FY 2024-25.

- The financial statements were audited by Kirtane & Pandit LLP (Firm Reg. No. 105215W), with partner CA. Akshay Purandare (Membership No. 141984).

- The report includes a standard disclaimer on the inherent limitations of internal financial controls over financial reporting.

- Property, Plant & Equipment (PPE) gross carrying amount increased from ₹31,376.49 lakhs (Mar 2025) to ₹38,141.45 lakhs (Mar 2026).

- Capital Work in Progress (CWIP) decreased from ₹5,034.55 lakhs (Mar 2025) to ₹912.27 lakhs (Mar 2026), with ₹4,412.03 lakhs transferred out.

- Intangible assets carrying amount decreased from ₹293.14 lakhs (Mar 2025) to ₹174.66 lakhs (Mar 2026).

- Right of Use Assets increased significantly, with gross carrying amount rising from ₹277.61 lakhs (Mar 2025) to ₹688.09 lakhs (Mar 2026).

- Total non-current investments decreased from ₹3,694.02 lakhs (Mar 2025) to ₹3,101.87 lakhs (Mar 2026).

- Key investment includes equity in Plastiblends India Ltd. (FVOCI) valued at ₹1,673.43 lakhs (Mar 2026) vs. ₹2,583.58 lakhs (Mar 2025).

- Trade receivables (net) decreased from ₹9,091.70 lakhs (Mar 2025) to ₹7,998.99 lakhs (Mar 2026), with a provision for expected credit losses of ₹1,053.44 lakhs.

- Notable exposure: ₹3,039 lakhs due from Hero Electric Vehicle Pvt. Ltd. (HEVPL), which is under corporate insolvency resolution process (CIRP).

- Inventories decreased slightly from ₹29,014.77 lakhs (Mar 2025) to ₹28,538.08 lakhs (Mar 2026).

- Current investments (Mutual Funds) decreased from ₹5,349.26 lakhs (Mar 2025) to ₹2,258.74 lakhs (Mar 2026).

- Equity share capital remained unchanged at ₹1,748.64 lakhs (3,49,72,836 shares of ₹5 each).

- Promoter shareholding stands at 60.49% as of March 2026. Key promoters include Anand Kabra (18.20%), Kolsite Corporation LLP (10.89%), and Ekta Anand Kabra (9.34%).

- Retained Earnings decreased from ₹28,767.96 lakhs (Mar 2025) to ₹26,970.36 lakhs (Mar 2026), impacted by a net loss of ₹244.28 lakhs for the year and dividend payment of ₹874.32 lakhs.

- Other Comprehensive Income reserve decreased from ₹2,414.56 lakhs (Mar 2025) to ₹1,613.46 lakhs (Mar 2026).

- The company has significant accounting judgments and estimates related to useful life of PPE, contingent tax liabilities, defined benefit obligations, and deferred tax assets.

- Revenue from operations decreased to ₹45,099.83 lakhs in FY26 from ₹47,684.69 lakhs in FY25, driven by a decline in product sales.

- The company reported a net loss of ₹244.28 lakhs for FY26, compared to a profit of ₹3,387.21 lakhs in FY25. Basic EPS was negative ₹0.70, down from ₹9.69.

- Total borrowings increased to ₹14,108.53 lakhs as of 31 March 2026 from ₹12,578.64 lakhs a year earlier, with a significant rise in secured short-term borrowings.

- Trade payables decreased to ₹6,489.68 lakhs (31 Mar 2026) from ₹7,403.95 lakhs (31 Mar 2025), with MSME dues at ₹219.74 lakhs.

- Employee benefit expenses rose to ₹7,617.46 lakhs in FY26 from ₹6,328.67 lakhs in FY25, with a notable increase in gratuity provision.

- Other income increased significantly to ₹2,367.55 lakhs in FY26 from ₹1,298.45 lakhs in FY25, aided by provisions written back of ₹370.29 lakhs and other income of ₹1,668.41 lakhs.

- The company sold its investment in joint venture Penta Auto Feeding India Limited in the previous year, resulting in an exceptional gain of ₹848.98 lakhs in FY25.

- Provision for long-term warranty decreased to ₹423.28 lakhs (31 Mar 2026) from ₹662.35 lakhs (31 Mar 2025), with the warranty provision closing balance at ₹881.01 lakhs.

- Lease liabilities increased to ₹396.69 lakhs as of 31 Mar 2026 from ₹243.08 lakhs a year earlier.

- The company has a net foreign currency exposure (liabilities) of ₹3,820.64 lakhs as of 31 Mar 2026, primarily from USD, EUR, and CNH payables.

- Total Segment Revenue decreased to ₹45,099.83 lakhs for FY 2025-26 from ₹48,983.14 lakhs in the previous year.

- The company reported a Net Loss after tax of ₹(244.28) lakhs for FY 2025-26, a significant decline from a Net Profit of ₹3,387.20 lakhs in FY 2024-25.

- Segment Results show the Extrusion Machinery Division was profitable at ₹5,074.79 lakhs, while the Battery Division incurred a loss of ₹(4,334.64) lakhs.

- Total Assets stood at ₹77,371.83 lakhs as of 31 March 2026, with Total Liabilities at the same amount.

- Revenue from external customers was primarily from India (₹39,191.86 lakhs), with ₹5,751.82 lakhs from outside India.

- The company has one major customer accounting for 19.11% of revenue from operations in FY 2025-26.

- Key Management Personnel remuneration (short-term benefits) was ₹379.39 lakhs for the year.

- The Board of Directors has recommended a dividend of ₹0.00 per equity share for FY 2025-26, compared to ₹2.50 per share for the previous year.

- Contingent liabilities not provided for include Bank Guarantees of ₹2,188.87 lakhs and disputed tax demands of ₹127.76 lakhs.

- Capital commitments (net of advances) amounted to ₹3,177.38 lakhs as of 31 March 2026.

- Key financial ratios deteriorated: Return on Equity was -0.54%, Net Profit Ratio was -0.55%, and Debt-Equity Ratio increased to 0.32 from 0.27.

- The independent auditor's report provides an unmodified opinion, confirming the financial statements give a true and fair view.

- Auditor's report for Kabra Extrusiontechnik Limited for the year ended March 31, 2026, signed by Kirtane & Pandit LLP.

- Audit confirms the use of SAP and Tally accounting software with an operational and untampered audit trail feature throughout the year.

- No qualifications or adverse remarks found in the CARO reports for the Holding Company, its subsidiary, and joint ventures.

- Auditor's opinion states that the Holding Company, its subsidiary, and joint ventures have adequate and effective internal financial controls as of March 31, 2026.

- Consolidated Revenue from Operations decreased to ₹ 45,105.06 lakhs in FY 2026 from ₹ 47,684.75 lakhs in FY 2025.

- Consolidated Profit Before Tax (PBT) was a loss of ₹ 777.42 lakhs in FY 2026, compared to a profit of ₹ 3,926.76 lakhs in FY 2025.

- Profit for the year (after tax) was a loss of ₹ 536.59 lakhs in FY 2026, compared to a profit of ₹ 3,220.21 lakhs in FY 2025.

- Total Comprehensive Income for the year was a loss of ₹ 1,215.59 lakhs, compared to a profit of ₹ 2,555.03 lakhs in the previous year.

- Basic and Diluted Earnings Per Share (EPS) were negative at ₹ (1.53) for FY 2026, compared to ₹ 9.21 in FY 2025.

- Total Assets stood at ₹ 76,714.58 lakhs as of March 31, 2026, a slight decrease from ₹ 78,708.98 lakhs the previous year.

- Total Equity decreased to ₹ 44,148.25 lakhs from ₹ 46,238.15 lakhs, primarily due to the year's loss and dividend payments.

- Dividend of ₹ 874.32 lakhs was paid for FY 2024-25.

- Net cash flow from operating activities was positive at ₹ 896.49 lakhs.

- The company operates in plastic extrusion machinery and lithium-ion battery packs, with subsidiaries Varos Technologies and Kabra Energy, and joint ventures.

- Financial statements are presented in Indian rupees. Foreign currency transactions are recorded at transaction date rates, with exchange differences recognized in profit and loss.

- Employee benefits include defined contribution plans (Superannuation, Provident Fund, National Pension Scheme) and a defined benefit gratuity plan managed by Life Insurance Corporation of India.

- Deferred tax assets and liabilities are recognized on temporary differences. Carrying amount of deferred tax assets reviewed annually.

- Property, Plant & Equipment (PPE) gross carrying amount as at 31 March 2026 is ₹38,193.31 Lakhs, with a net carrying amount of ₹23,544.00 Lakhs.

- Capital Work-in-Progress (CWIP) as at 31 March 2026 is ₹912.27 Lakhs, down from ₹5,034.55 Lakhs at the start of the year due to transfers.

- Intangible assets gross carrying amount as at 31 March 2026 is ₹3,694.95 Lakhs, with a net carrying amount of ₹647.08 Lakhs.

- Right-of-Use (ROU) assets gross carrying amount as at 31 March 2026 is ₹688.09 Lakhs, with a net carrying amount of ₹371.48 Lakhs.

- Non-current investments total ₹1,733.17 Lakhs (31 March 2026), including ₹1,673.43 Lakhs in quoted equity of Plastiblends India Ltd.

- Other non-current financial assets include security deposits of ₹172.34 Lakhs and bank deposits of ₹383.72 Lakhs.

- Net deferred tax liability position is ₹(562.02) Lakhs as at 31 March 2026.

- Inventories as at 31 March 2026 total ₹28,615.94 Lakhs (Raw materials: ₹16,528.80 Lakhs, Work-in-progress: ₹12,087.14 Lakhs).

- Current investments in mutual funds valued at ₹2,258.74 Lakhs as at 31 March 2026.

- Trade receivables net of allowance for expected credit losses is ₹7,998.99 Lakhs as at 31 March 2026. Provision for doubtful debts is ₹1,053.44 Lakhs.

- Significant exposure noted: Trade receivables of ₹3,039 Lakhs from Hero Electric Vehicle Pvt. Ltd. (HEVPL), which is under corporate insolvency resolution process (CIRP). Full provision recognized.

- Revenue from operations decreased to ₹45,105.06 lakhs in FY26 from ₹47,684.75 lakhs in FY25.

- The company reported a net loss of ₹(536.59) lakhs for FY26, compared to a profit of ₹3,220.20 lakhs in FY25.

- Basic Earnings Per Share (EPS) was ₹(1.53) for FY26, down from ₹9.21 in FY25.

- Total borrowings increased to ₹14,108.53 lakhs as of 31 March 2026 from ₹12,578.64 lakhs as of 31 March 2025.

- Cash and cash equivalents decreased to ₹204.03 lakhs as of 31 March 2026 from ₹241.23 lakhs as of 31 March 2025.

- Trade receivables decreased to ₹7,998.99 lakhs as of 31 March 2026 from ₹9,091.36 lakhs as of 31 March 2025.

- Total equity share capital remained unchanged at ₹1,748.64 lakhs, with 3,49,72,836 equity shares of ₹5 each issued and fully paid up.

- Promoter holding (Anand Kabra, Kolsite Corporation LLP, etc.) stood at 60.49% as of 31 March 2026.

- The company received a government incentive of ₹17.07 crores under the 'Modified Special Incentive Package' Scheme.

- An exceptional item of ₹(24.12) lakhs was recorded for FY26 related to additional gratuity provision under the new labour code.

- Provision for warranty decreased to ₹259.91 lakhs (non-current) and ₹621.10 lakhs (current) as of 31 March 2026.

- The company's CSR expenditure for FY26 was ₹69.66 lakhs against a requirement of ₹78.59 lakhs, resulting in a shortfall of ₹8.93 lakhs.