KIRI INDUSTRIES LIMITED — Call Transcript 2025

Nov 14, 2025

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November 14, 2025

To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai- 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 532967 Scrip ID - KIRIINDUS

Dear Sir/Madam,

Sub: Submission of Transcript for Q2/H1-FY26 Earnings Conference call

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith the Transcript of Q2/H1-FY26 Earnings Conference Call held on Friday, November 07, 2025.

The Transcript of Q2/H1-FY26 Earnings Conference Call is also available on website of the Company at www.kiriindustries.com.

You are kindly requested to take note of the same.

Thanking You,

Yours faithfully,

For Kiri Industries Limited

GONDALIA SURESH SAVAJIBHAI Digitally signed by GONDALIA SURESH SAVAJIBHAI DN: c=IN, postalCode=380015, st=GUJARAT, street=21 BHAVI APARTMENT 156 NEHRU PARKAHMADABADVASTRAPURLAD SOCIETY ROAD 380015, l=AHMADABAD, o=Personal, title=6650, serialNumber=61ef2e945d9b4545361118485ed828d8e6a17a5394d0cc83c0083d7fae6378bf, pseudonym=665020231120160538755, 2.5.4.20=2ffb8407a32dbc76dc1756ccf827b5ded85b5aad67c9ece0e2e2eb8303f03eca, email=SURESH.GONDALIA@KIRIINDUSTRIES.COM, cn=GONDALIA SURESH SAVAJIBHAI Date: 2025.11.14 17:22:06 +05'30'

Suresh Gondalia Company Secretary M No. : F7306

Encl: As stated

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CIN No.: L24231GJ1998PLC034094

Kiri Industries Limited

Q2 and H1 FY’26 Earnings Conference Call November 07, 2025

Moderator:

Ladies and gentlemen, good day and welcome to Q2 and H1 FY’26 Earnings Conference Call of Kiri Industries Limited.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity to ask your questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing “*” then “0” on your touchtone phone.

I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you and over to you, ma'am.

Purvangi Jain:

Good evening everyone and a warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Kiri Industries Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the 2nd Quarter and first half of the financial year 2026.

Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by, and information currently available to management. Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review.

Now let me introduce you to the Management participating with us in today's Earnings Call and hand it over to them for opening remarks. We have with us Mr. Manish Kiri – Chairman and Managing Director, Mr. Jayesh Hirani – Vice President (Finance and Accounts), Mr. Suresh Gondalia – Company Secretary, and Mr. Ranjit Singh Chugh – CEO, Indo Asia Copper Limited.

Without any delay, I request Mr. Manish Kiri to start with his opening remarks. Thank you and over to you, sir.

Manish Kiri:

Good evening everyone and welcome to the Earnings Conference Call for the 2nd Quarter and First Half of the Financial Year 2026. I will begin with a brief overview of our Quarter 2 performance, followed by key operational highlights and strategic updates.

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On a stand-alone basis, revenue from operations for the quarter stood at Rs. 195 crores, reflecting a growth of about 34% year-on-year and 8% sequentially. The company reported an EBITDA loss of Rs. 10 crores and a net loss of Rs. 21 crores, primarily due to elevated legal expenses related to the DyStar case and higher operating costs. Despite these headwinds, the company maintained strong sales momentum and achieved improved capacity utilization across key product categories.

For the first half of 2026, stand-alone revenue from operations stood at Rs. 375 crores, registering a growth of 20% year-on-year. The company recorded an EBITDA of Rs. 7 crores and a net loss of Rs. 14 crores during the period. The profitability was impacted by continued legal costs associated with the ongoing litigation, which are non-operational and non-recurring in nature, leading to an adverse effect on overall earnings.

On a consolidated basis, revenue from operations during the quarter under review stood at Rs. 213 crores, a growth of 23% year-on-year and 6% sequentially. The company reported an EBITDA loss of Rs. 13 crores and a net loss of Rs. 80 crores before considering the state of profit from associates and other OCI. The consolidated performance was impacted by higher finance costs of Rs. 61 crores and elevated input costs during the quarter.

For the first half of FY’26, consolidated revenue from operations stood at Rs. 416 crores, higher by 17% year-on-year, while the company reported an EBITDA of Rs. 6 crores and a net loss of Rs. 131 crores before the share of profit from associates and other companies. The share of profit from associates and joint ventures during the first half of FY26 stood at Rs. 161 crores, compared to Rs. 203 crores in the corresponding period last year.

On the operational front, the dyes and intermediates industry continued its gradual recovery during Q2 FY’26, supported by improving downstream textile demand and normalized global freight conditions. Reactive dyes maintained positive momentum, aided by firm export enquiries and steady consumption across key geographies. However, intermediates such as vinyl sulphone and H. Acid remained affected by intermittent raw material volatility, particularly fluctuations in naphthalene-based feedstocks and other petrochemical derivatives. Despite these challenges, the company continued to demonstrate operational discipline and strategic focus, building upon the resilience exhibited in previous quarters. We remained focused on margin protection, cost optimization and operational efficiency across our manufacturing operations, ensuring stable performance amid a volatile external environment. As part of our value-focused strategy, we continue to rationalize the product mix within the specialty and dye intermediate segments while enhancing our export competitiveness. Our continued focus on cost control, liquidity prudence and long-term value creation helped mitigate the impact of external volatility during the quarter.

Our joint venture, Lonsen Kiri Chemical Industries Limited, sustained healthy operational performance, supported by improved capacity utilization and steady domestic demand. The

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joint venture continued to deliver strong profitability metrics, contributing positively to the consolidated results.

Now moving to the DyStar case update, as you are all aware, under the share purchase agreement dated May 29, 2025, executed between the court-appointed receiver and Zhejiang Longsheng Group Company Limited, who is the purchaser, agreed to acquire our entire 37.57% stake in DyStar for a valuation of the company at $1.9 billion. For a base consideration for Kiri of USD 676.26 million, an additional USD 20.29 million was also agreed to be paid by the purchaser to cover any shortfall or specific obligations under the SPA, taking the total potential consideration to approximately USD 696 million. The completion of the transaction was subject to customary closing conditions and necessary regulatory approvals. The long-stop date initially set for October 2, 2025, and later extended to November 3, 2025, has now been further extended to December 1, 2025, as the purchaser could not obtain the required approvals, mainly from NDRC and Ministry of Commerce, within the stipulated time. The extension was granted subject to an additional US$5.11 million being deposited into the escrow account, over and above USD 3.48 million already paid earlier. The company resisted and objected the first extension, which was given on October 2, 2025, and the company also strongly resisted and again objected the extension, which was given on November 3, 2025. So now, till December 1, 2025, the company is going to continue to liaise and coordinate with the receiver to review the situation on a daily basis and try to understand how the movements and developments of the approval take place till December 1, 2025. The en bloc sale process of DyStar continues to be managed by the court-appointed joint receivers, in accordance with the directions of the Singapore International Commercial Court.

Turning now to our strategic diversification initiatives, Kiri Industries' step-down subsidiary, Indo-Asia Copper Limited, is advancing the development of its integrated copper and fertilizer complex at Jafrabad, Amreli District in Gujarat, strategically located near Pipavav Port, for efficient logistics and proximity to key industrial corridors. The project is designed with a very high ESG profile as a zero-liquid discharge, fully integrated facility, with advanced systems for effluent recycling, desalination, waste recovery, underscoring our commitment to sustainability. The copper smelter with a capacity of 5 lakh tonnes per annum will produce copper cathodes, rods, tubes, along with other by-products such as gold, silver, and selenium. The integrated fertilizer plant will utilize sulfuric acid, a by-product of the smelting process, to manufacture phosphoric acid and NPK-DAP fertilizers. Significant milestones have been achieved, including receipt of environment clearances, completion of basic engineering, initiation of site development and foundation work, while detailed engineering and procurement activities are currently underway. The IACL project represents Kiri's strategic move into high-potential sectors that align with India's industrial and agricultural growth ambitions. It embodies our philosophy of responsible diversification, combining technological excellence, sustainability, and long-term value creation.

With that, we can now begin the question-and-answer session. Thank you.

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Moderator:

Thank you. We will now begin with the question and answer session. The first question is on the line of Khem, an individual investor. Please go ahead.

Khem:

Yes, hi sir. Can you hear me?

Manish Kiri:

Yes, can hear you well. Go ahead.

Khem: So basically, my question was that on what basis the receiver has given this extension if the longstop date earlier was 2nd November. So did they disclose any reasons why this extension has been given? And also, if Longsheng does not pay by 1st December also, then as per the court directions, what would be the next step? And can the receiver even in that case also extend it further? Thank you.

Manish Kiri:

Right. So on November 3rd when the extension was given, the reason which was explained to us was not being able to obtain NDRC approval and Ministry of Commerce approval which Longsheng was supposed to obtain to conclude the transaction. So these are the reasons explained and indicated by the receiver. Now there is no guarantee that by December 1st these approvals would be obtained. And today we are not privy to the information and documents which pertain to the exchange of correspondence which is taking place between the receiver and Longsheng and the regulatory authorities in China. So all these documents belong to the receiver which means they belong to the court and it is receiver's assessment on which we are relying that they would be able to obtain the necessary approvals by December 1st. So in case if the approvals are not obtained by December 1st, we are going to continue to strongly recommend the receiver to discard and terminate Longsheng from the process and terminate SPA which the receiver can very well do now. We pleaded and we requested the same to the receiver on November 3rd not to give any extension and terminate Longsheng from the process with immediate effect. So against the recommendation and request from the company, receiver with their own knowledge and the information available to them decided to give this extension which is very much within the discretion of the receiver and we hope that receiver has taken a prudent and sensible decision to give this extension. At the same time, in case if it is defaulted on December 1st, the company's efforts today are to make sure that no more extension is being given. If necessary, company is going to exercise all its rights to approach the Singapore courts to make sure that the court is sensitized and the court is intervening if required to ensure that the next bidder can be given a chance. So our request to the court as well as to the receiver will be to select the next bidder and try to give the chance to the next bidder to conclude the transaction. So that would be our strategic move. Of course, we will take all actions based on the legal advice from our Singapore Counsel.

Khem:

And just one follow-up question, sir. So in that case, let us say when you do approach the Singapore court, will the receivers have to explain their logic to them in terms of because you may not be privy to what you know the reasons why they have done it now, but then when the court puts the same question to them, they need to show some credible evidence that why they

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think that this extension should be given to them considering that already it has been more than six plus months. And so is that something that the court will basically pull them up for? Manish Kiri: Exactly. What you said is the reason and today we are not able to see the evidences based on which the receiver has taken the decision, but court very well can ask receiver to provide and to prove that the evidences based on which the decisions were taken for two extensions were reliable evidences, the evidences which they trusted on. So all this explanation, of course, would need to be given to court by the receiver. Khem: Okay. All the best, sir. Thank you very much for your time. Manish Kiri: Thank you. Moderator: Thank you. The next question is on the line of Manoj Bhura from Adinath Financial Services Private Limited. Please go ahead. Manoj Bhura: Good evening Manish ji. Manish Kiri: Good evening, Manoj bhai. Good to see you post Diwali. Manoj Bhura: My question was, since I have seen on AI and other platforms also, NDMC and Ministry of Commerce, they require mostly maximum 45 days for any approval. Manish Kiri: Right. So I thank you for doing this, sir. Thank you for spending your time. And we have received your email, by the way. Manoj Bhura: So I have given all the inputs in my email. You just can throw light on that. Manish Kiri: Yes, you have given your inputs in your email, and I will address those. Part I have already explained earlier. Manoj Bhura: Yes. You have covered many items. Manish Kiri: Many items which you raised. So particularly for NDRC and Ministry of Commerce at China, we are not able to get this 45 days’ timeline in which they have given the historical approvals based on what we have been informed by the Chinese Counsel and also the Chinese Counsel of the receiver and coming inputs from the receiver, it appears that NDRC responds within 45 days or within 30 days, but then the queries can continue and the questions and answers along with the scrutiny can continue for six months, year or two years. Not necessarily they would need to complete within 45 days. They may raise query and questions and then it further continues. So that is what we understood and we were informed that is happening with Longsheng. But that said, it is their problem. Correct? And whatever is the reason, if there is a stipulated timeline by the court within this timeline, if you are able to get the approvals and if you are able to conclude

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the transaction, good luck for you. But if you are not able to get your approvals within this timeframe, rightly it is not possible to wait for them. So it is interpretation of order is a very time-bound process. If you are able to execute within that time-bound timeframe, you are welcome. You finish it. You have been chosen. If not, bad luck for you. So then you get out of the process. So that is what we are saying. So that is what we are requesting to the court that throw these guys out. They have not been able to do it. Not only the approval which we are talking now, they could have taken this approval long ago they had seven years to do so.

Manoj Bhura:

Right sir. My next question will be sir, who is the second bidder and what is the bid amount and how much time they will take? Because Longsheng has taken six months. The other bidder might also ask for similar timeline.

Manish Kiri:

So, here are a few inputs for your consideration. Number one, the court is not expected to give much time to the second bidder. We would not be able to disclose who is the second bidder because we also are bound by confidentiality agreement not to disclose the name of the second bidder. But I can only tell you that the second bidder is financially very strong. Commitment of proof of funds has been given, accepted, approved by the receiver. And as we speak today, the second bidder has already been inducted into the process. So on November 3rd, good thing which receiver has done has already inducted the second bidder. Second bidder has been now receiving the answers of their questions. The confirmatory due diligence of the second bidder parallelly has already started. So on November 3rd, Longsheng does not have exclusivity anymore. Now you will be happy to hear and credit to the receiver that receiver has already started exchanging draft sale-purchase agreement with the new bidder. So the process is already on as we speak. And I am sure that the receiver is going to ensure and try its best to still conclude transaction before 31st of December 2025. And all the inputs which receiver is trying to give us, trying to expedite this process, work on daily basis with expanded team, receiver is doing its best to conclude this transaction within the court stipulated timeline.

Manoj Bhura: Sir, to summarize, you are still very much confident that the total transaction can get completed within 31st of December, even if Longsheng deal fails. The second bidder will be able to complete it by 31st of December, although last week of December is a holiday in Singapore.

Manish Kiri:

Correct. So that is the reason that the receiver has given at least eight weeks to the new bidder who is already in process. But saying so, let me be conservative. And if the extension is required, let us say for the second bidder, and if that extension receiver is not able to legally grant without permission of the court. So the receiver has to approach the court with sound reasons. Receiver has to explain to court why the extension is needed. And receiver will need to document that it was Longsheng who wasted this much of time and because of which we need this extension. Correct? So receiver will have to do convincing to the court and also the new timeframe that the receiver is asking why that is required. So court in all certain terms when gave this judgment, court said, the judges mentioned and it is documented in the order that beyond 31st 2025, court and the judges will exercise the nuclear option. Nuclear option discussed was to liquidate DyStar

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and pay Kiri in the end. So we do not think that is going to be outcome. But even if extension is required, there might be a short extension if that can be. That is what we can expect, but nothing much beyond that.

Manoj Bhura: Thank you, Mr. Kiri. Thank you for allaying our apprehension, doubts and suspicions and coming out with all these answers. Thank you once again.

Manish Kiri:

Thank you.

Moderator: Thank you. The next question is from the line of Aditya Sahay from Fusion Capital. Please go ahead.

Aditya Sahay: Yes. Hi, sir. My question was in the situation of this litigation, in any case, can the Deloitte go to the court and say we want to give an extension to Longsheng Group itself for let us say 31st January? Or is it the case that after 31st December, Longsheng is sure removed from the process? So any clarity?

Manish Kiri:

So it is up to the discretion of the receiver based on the documentary evidence that the receiver would have at a particular time when receiver files to the court for an extension. The order of the court clearly states that receiver needs to apply within reasonable time frame before the end of longstop date. Correct? So as soon as receiver comes to a kind of opinion that they are expecting 31st December to extend, they will have to approach to the court. And that extension can only be approached by the receiver. Neither Longsheng nor Kiri can go to the court for applying that extension. And I am sure when receiver goes to the court for such kind of an extension, whether that is an extension to Longsheng to complete or whether that is for the new bidder to give the sufficient timeline to the new bidder, it all depends on what is the situation that the receiver is evaluating to conclude the transaction at the earliest. So either of these two is possible. It is logically possible. Correct? And that we would need to rely on the decision of the receiver. As far as Kiri stand is concerned, we have conveyed in very certain terms and a strong appeal has been made to the receiver to discard and to terminate Longsheng now on November 3rd itself. And against the request of Kiri, receiver has taken its own judgment, its own decision to give more time to Longsheng. Let us see what receiver decides on December 1st or before that.

Aditya Sahay: Okay, got it. But after 31st December, can Kiri Industries go to Singapore court and claim for that liquidation option? Because timeline is over, right?

Manish Kiri:

Well, yes, that eventually may not arise because at certain level, Kiri itself is a bidder. Then give it to Kiri and finish this off. There is no need for liquidation.

Aditya Sahay:

Okay. So yes, I read on that $1.1 billion, we have put a bid, right? So how like our planning is for to arrange the funds in short time?

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Manish Kiri: Well, as you have asked the question, everything has been arranged. Everything was arranged on November 1st. Let me put it this way. Aditya Sahay: Okay, great. That sounds great. Moderator: Sorry to interrupt, sir, but I may request you to rejoin the question queue. Aditya Sahay: Yes, sure. Thank you. Manish Kiri: Welcome. Moderator: Thank you. The next question is from the line of Yash Dantewadia from Dante Equity. Please go ahead. Yash Dantewadia: Yes. Hi, Manish ji. So just a couple of questions needed some clarity on. One thing is very clear. As far as Longsheng is concerned, it is kind of Chinese related. So we do not know the regulatory environment, how it kind of works, because it is all very opaque. But the second buyer or the second bidder who you said you cannot disclose, you said they would close the process much sooner, right? And none of DyStar's manufacturing facilities are in China, right? I think both are in US, if I am not mistaken, right? Manish Kiri: So there is no manufacturing facility in China, but DyStar has 16 plants in 12 countries. Yash Dantewadia: Right. So I just wanted to understand the Singapore Courts, how eager are they to close this? And also, because Deloitte is the receiver, who is paying the receiver? Who is paying Deloitte in this case? And is it possible that Deloitte is acting in the interest of Longsheng? Manish Kiri: So the second question first, the Deloitte is getting paid or will be paid from the sale proceeds. So court order says that whenever the funds are received, the sale proceed is received, the first payment would be made to the receiver. The second payment will be made to Kiri, and then whatever is left goes to Senda. So that is your answer how this payment will follow. But before the sale proceeds come, Kiri and Longsheng both are paying to receiver right half and half, 5050. And whenever the sale proceeds will be realized, Kiri's payment to receiver would be paid back along with interest. So for last, Kiri and Senda both are paying half-half, to the receiver. Receiver would then pay back to Kiri along with the court stipulated interest when the sale proceeds will arrive. So this is how the payment mechanism is. Now your first question with regards to the Singapore jurisdiction. Now Singapore jurisdiction pertains to DyStar Global Holding Shares, the shares of DyStar which belongs to Singapore. All the subsidiaries globally including China, outside China, I think there are more than 25 subsidiaries as on today, all of them are subsidiaries of holding company in Singapore. Correct? So when Singapore holding company shares are sold to the new buyer, automatically everything, the entire conglomerate is sold to the new buyer.

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Yash Dantewadia: And just one more question sir. Moderator: Sorry to interrupt sir, but I may request you to rejoin the question queue for follow-up. Yash Dantewadia: No problem. Manish Kiri: There is no need to sell each subsidiary separately to a new buyer. Yash Dantewadia: Understood. I will come back in queue sir. Manish Kiri: Sure. Moderator: Thank you. The next question is from the line of Raj from Phillip Capital. Please go ahead. Raj: Yes. Hi, good evening. Manish Kiri: Good evening Raj ji. Raj: Actually, Kiri has also bidded in the process, so is Kiri the second bidder or how much is Kiri's position in the bidding? Manish Kiri: Well, I would not be able to say that at the moment Raj ji, but I can tell you one thing is you know, Kiri is the last stop. Okay? So if something is not working out, then Kiri is always there. But I would not be able to disclose at the moment where Kiri is in the ranking because again, it is part of the confidentiality that we have agreed to and we would not be able to disclose either the bid amount number or who is the second or a third bidder. But be reassured that we are solidly standing there. Raj: Okay. And since the first bidder is from China, can you tell the country of the second bidder? Manish Kiri: Well, second bidder, let me put it this way. It could be based on the market information, you know, the private equity company. Raj: Okay. From US or like the country? Manish Kiri: Global. Raj: Okay. Thank you. Moderator: Thank you. The next question is from the line of Ansh Palrecha from Tenx Ventures. Please go ahead. Ansh Palrecha: Yes, hi. I would like to congratulate you on such a hard-fought battle. I mean, I am sure you are much more eager than we are to wrap this up as investors.

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Manish Kiri: Of course, we have been for 11 years in the litigation. Thank you for recognizing that. Ansh Palrecha: Yes, I have two questions. Firstly, how did the investor meet on September 18th go and have mutual funds begun showing interest? That is my first question. And secondly, when do you see the copper project beginning? Because that would decide when the company starts getting valued as a rising copper company, right? That is when us investors would be the most beneficial. Because right now, it seems like the market is pricing it as a dyes company. But whenever the copper project begins, I guess then there will be a humongous value unlocking for all of us. Yes. Manish Kiri: So we presented ourselves to the funds, including mutual funds. And I think there was a lot of interest in understanding the current situation of the company. We very well explained our future growth plans also. And we see positive interest. And we also see a number of queries coming after our meetings. And that indicates there is ongoing interest in the company. And we are trying to educate to more and more funds about where we are today, what are our future plans, and how DyStar unlocking is expected in what timeframe. So I think these are the main areas and concerns where we updated them. Ansh Palrecha: And once the DyStar thing goes through, there will be an inflow from mutual funds. In effect, mean that? Manish Kiri: We do not know when would be the inflow, but I can see the increasing interest coming up right now. So they will have to decide on their side when they want to invest. But from our side, we are trying to continuously engage them with us and trying to update them and trying to also appraise as we are approaching near end to the process. That is what is happening today. So that regards to our activities to update the funds and the market. Now, when the copper project will be operational, I will hand over to Mr. Ranjit Singh Chugh, who is the CEO of Indo Asia Copper Limited. And based on the request of the market and the investors, he will now be joining the conference calls with us. And he will be happy to answer your questions. He would be leading, along with our key management team, the copper business. Over to you, Chugh sir.

Ranjit Singh Chugh: Good evening, Mr. Ansh and everyone who is part of this session. While the proceedings related to DyStar are in progress, notwithstanding that, the copper project is going at its own pace. Meaning that we have completed and the selection of technology was done in June from Chinese, let us say, company who were interested to give basic engineering and detailed engineering of the complete smelter project. Right now, I will be more focused on the smelter and copper-related downstream products. On the by-product and fertilizer, I think so. I will give you better feedback the next time. Because fertilizer, the downstream is sulfuric acid being a coproduct and downstream NPK fertilizers, which we are putting up 1 billion as a complete setup. Typically, that project requires around 26 to 28 months. For that, we have sufficient time to do the complete detailing, etc. On the copper front project, the basic engineering partners were signed off. We have got the basic engineering package in the last week of October. Obviously, for such a large project, the package is to the tune of 500 plus documents, drawings, everything.

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And in the meanwhile, for the last two months, we were continuously trying to engage TCE, TATA Consulting Engineers, their metal group stationed at Calcutta. The background of TCE is that they have been the owner’s engineer for Kutch Copper Plant. And at the same time, they were also part of PT Amman's 4 lakh tons of copper smelter, which has just started a few months back, seven, eight months back. So, they are afresh from being an owner's engineer, being EPC contractor for two copper smelters. That was one of the underlying reasons we went to them. And in both the cases, the technologies have come from China, the detail engineering, all the partners. And let us say 60% of equipment sourcing also has been done from China for both the projects. In fact, for Adani, it could be around 60 odd percent, but for PT Amman, it was 80 plus percent. So, that was the USP. And that is how it is. So, right now, we have completed basic engineering. TCE is on board. And let us say next week onwards, we will have a kickoff meeting with TCE. And from that point onwards, we will embark upon detail engineering as a process.

Ansh Palrecha:

So, when do you see the copper project beginning?

Moderator: Sorry to interrupt, sir, but I may request you to rejoin the question queue for follow-up questions.

Ansh Palrecha:

But my question was that

Ranjit Singh Chugh: Yes, I will continue. Let me continue, finish it off. Typically, copper project requires 36 odd months, not withstanding anything after detail engineering. So, that is why the reason we are working on detail engineering, and we expect, let us say, the 60 odd percent of detail engineering completed by February 2026. And our internal target, as of now it is an internal target, that from January 2026 to by December 2028, we will be on to trial productions in copper. And when we say in copper plant trial production, that essentially means wet, dry run, testing, wet run, dry run of all the sections and packages will be operational. And trial run basically means start of operations. After that, of course, it will be stabilization and going up beyond 60% of productivity. So, 36 months starting January 2026.

Ansh Palrecha: Okay, understood.

Moderator: Thank you. The next question is on the line of Sanjeev from Sarre. Please go ahead. Sanjeev: My question is regarding the legal cost. In your discussion after December 24 results, you said that the legal cost would go down now, but they continue to be high in spite of there being no legal cases. Can you please?

Manish Kiri: Yes, the legal cost is still continuing. And legal cost, in fact, is still at a similar level, not reduced. And the reason legal cost is continuing because there is a continuous dealing with the receiver, with the court, with the developments which you have seen in the last two months, and also dealing with the other parties, all are happening through the lawyers and through the counsels.

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For example, every correspondence among all the parties involved are getting done and are continuing through their lawyers. So, the engagement of lawyers and legal team is still going at the same pace. And until the case is ending, that when the case is ending, is when we receive money in our account. So, the day we get funds and sell proceeds in our account, we can expect the legal cost should drastically drop.

Sanjeev: Okay. Thank you.

Moderator: Thank you. The next question is from the line of Vignesh Iyer from Sequent Investments. Please go ahead.

Vignesh Iyer: Thank you for the opportunity, sir. My first question is on the money borrowed to be invested in the copper project. If I remember it right, in the last quarter, you said only half of that money has been utilized and half still remains. And the interest part is ticking almost on every quarter basis now. So, I wanted to understand at what level do we stand today in terms of utilization of that money borrowed?

Manish Kiri: So, in this quarter, I would say we have reached around more than 70% utilization of the borrowed funds. And the areas in which these funds are being deployed are, for example, land procurement, land acquisitions, part of it has gone to the vendors, to the technology providers. There are certain machinery equipment orders already been placed. So, some funds have been used for advance for the machinery. Some funds have also been used for the site development and the construction activities at the site. So, we are diligently, carefully using these funds in a way that the sale proceeds from Singapore comes and by that time we are still continuing our deployment of the funds. So, we are utilizing accordingly.

Vignesh Iyer: So, at this time, would it be fair to say that, I mean, we have deployed almost 70%, so this 100% of the money could be deployed in like another three, four months?

Manish Kiri: Yes, another two, three months, exactly. Correct.

Vignesh Iyer: Okay. And in case of any further delay, would be the borrowing more to ensure that the copper project is in the timeline

Manish Kiri: No, we do not intend to, because we do not see that would delay our timeline. We can still withdraw more if we want, but it would cost the company and we do not want to do that. Correct? Okay. We could still, we still had headroom till $200 million, up to $200 million, we withdrew 130. We still do not want to take further borrowing and then we will try to manage in a way that we do not need to.

Vignesh Iyer: Got it. That is all from my side and all the best.

Manish Kiri:

Thank you.

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Moderator: Thank you. The next question is on the line of Saket from Sagari Capital. Please go ahead. Saket: Am I audible? Manish Kiri: Yes, Saket bhai. Go ahead, please. Saket: Thanks for the opportunity, sir. So, sir, regarding the additional 5 million security that has been demanded from DyStar. So, any color on, has that been already, say, deposited in the escrow account? Because 3 million was there, but I think 5 million additional is the disclosure. And second, has any security amount been, say, requested from the second bidder for you because you are also a bidder? This is the first question.

Manish Kiri: So, the first question, Longsheng based on the agreement with the receiver has a deadline of November 17 to pay this 5.11 something million, right? So, that is to be paid before November 17. So, that is about next week. Then, so that is number one. Number two, there is no requirement currently for the second bidder to put any deposit at the moment. When the second bidder or the next bidder executes an SPA, when the sale-purchase agreement with the second bidder is executed and signed between the receiver and the second bidder, at that time the second bidder would need to put a deposit if receiver requires at that time.

Saket: Got it. And sir, my second question would be that, given that the deadline for this deal was 31st December, so are you sure that by 31st December all the pending bidders will get a crack at DyStar? Because now we have only, say, three or four weeks remaining, right, given the festivities and 1st December being the Longsheng stop date. So, even for you or the second bidder or if there is any other person in the, any other company in the pipeline, then how does everybody get a crack? Is it like, you know, can you explain further on that?

Manish Kiri: Yes, everybody does not get a crack. Only the second one has already been selected. Second one has already been active. Second one is already dealing with the receiver on a regular basis. So, only the second one gets a chance. And second one has given the commitment, proof of funds and also a binding commitment to conclude the transaction. So, receiver cannot deal with three other guys. So, they are dealing with one more second preferred bidder in addition to Longsheng as on today.

Saket: So, then you talked about your confidence that, you know, that you are Moderator: Sorry to interrupt, sir, but I may request you to rejoin the question queue for follow-up questions. Saket: Sure.

Moderator: Thank you. The next question is from the line of Yash Dantewadia from Dante Equity. Please go ahead.

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Yash Dantewadia: Yes. Hi again, sir. So, just elaborating on my previous question, the private equity or whoever the second player may be in this particular context, what is the best case scenario of them sort of finishing the purchase within what specified timeline? Do we have any data on that? Manish Kiri: Well, according to our own assessment, right, it is more than 85% to 90% chances to conclude before the court stipulated long-stop date.

Yash Dantewadia: And you said you might be there in the bidding of last option in terms of bidding, right? But if we are, let us assume, I mean, I know the probability is very low, but let us assume we get the bid. We are also doing the copper project and we are also going to get this and we have to pay for it, right? So, you said you have a plan. I just want to understand, does your plan also consider it the copper plant and investment that will go into it? We will be super levered, right? Manish Kiri: No, nothing like that. I would not be able to disclose the capital structure at the moment but all the requirements, including equity requirement of copper project, very, very minimalistic leverage at certain level, everything has been arranged and in place. So, for you, the copper project will continue as it is, where it is going right now, maybe expedited and all other DyStar related matters are also taken care. So, it has been very prudently worked out. So, no need to work on sacrificing anywhere, anything. At the same time, leverage will not be heavy.

Yash Dantewadia: In the last conference call, you said you would give updates, right? On the copper project, in terms of presentation and how much has been done and what is exactly happening and the management of the copper plant also would be joining. So, just wanted an update on that.

Manish Kiri: I think Mr. Chugh, who is the CEO of the copper business just addressed, he explained in detail the status, where we are, what activities have been done. He has joined already and before a few questions. Yash Dantewadia: I think I missed it. I am sorry. Manish Kiri: I think you missed it. He was there. He is there. We have given update and disclosed on the website also. We have on the management note and he will be there for any of your questions every call now onwards. So, he did address.

Yash Dantewadia: Perfect. I am sorry. I missed it for a bit.

Manish Kiri: Feel free to send us questions by email. We will be pleased to answer you. No worries.

Yash Dantewadia: Yes. Thank you so much.

Manish Kiri: Thank you.

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Moderator:	Thank you. The next question is from the line of Aditya Sahay from Fusion Capital. Please go
	ahead.
Aditya Sahay:	Yes. Hi, sir. So, due to this incredibly long battle and considering the copper plant investment, is
	there any possibility of dividend, whether small or amount, but as a gesture of holding?
Manish Kiri:	Yes. Correct. And that is what we mentioned earlier. I would also confirm to you the same. Yes,
	there will be. Correct.
Aditya Sahay:	Okay. All the best.
Manish Kiri:	Thank you.
Moderator:	Thank you. The next question is on the line of Manoj Bhura from Adinath Financial Services
	Limited. Please go ahead.
Manoj Bhura:	Manish ji, one question, one last question. This was regarding financial closure of the copper
	project. Have we achieved the financial closure?
Manish Kiri:	It is already there. It has been achieved, let me say, more than 95%. Just waiting for the proceeds
	to come. That is it.
Manoj Bhura:	Okay. And what is the applicable rate of interest? Can you just elaborate?
Manish Kiri:	Yes. It is a mix of dollar and rupee, but in rupee terms, we are trying to be around 8.5% to 9%,
	somewhere around there.
Manoj Bhura:	Fantastic. Thank you, Manish ji.
Manish Kiri:	Thank you.
Moderator:	Thank you. The next question is on the line of Sunil Nangalia from Arena Textiles and Industries
	Limited.
Sunil Nangalia:	Good evening, Manish ji.
Manish Kiri:	Good evening. Thank you.
Sunil Nangalia:	Manish ji, I would like to know one thing. You are the best person to answer my question, and
	this is also for the benefit of all the investors who have invested in your company. So what is the
	probable reasons for Longsheng not being able to take necessary approvals from the
	government of China? Can you elaborate on this as you are the best person to answer this
	question?

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Manish Kiri:

See, it is very difficult for us looking at the systems in China, whether it is a genuine delay or whether it is engineer delay. Okay, whatever it could be. Today, we are relying on the receivers of assessment that it is a genuine delay by NDRC and also by MOFCOM, and it could be genuine delay. But looking at our history with Longsheng, mistrust with Longsheng, we are weighing 5050% on whether it is a genuine delay or whether it is an engineer delay. Our point is whatever is the reason, it is their reason, it is their problem, it is their bad luck if they do not get it. If they get it, it is their good luck. What we are concerned with is the timeline. There is a fixed stipulated timeline. Entire process is driven by court, not to keep reserve price for sale of the company is to ensure that the definitive timeline is met. And that is what we are concerned with. So rather than going into reason for them, whether it is a genuine delay or whether it is an engineer delay, it is very difficult for us, to be honest with you, to come to that conclusion. Our focus is, time is up, already up, you have defaulted, get out now. So that is what we are trying to tell the receiver and the court.

Sunil Nangalia: Sir, my next question. Sir, we as an investor have been waiting since last three years. The price of Kiri industry was Rs. 680 three years back. And the SENSEX and NIFTY has just gone up like anything during the last three years. But investors are still, you know, very doubtful regarding this deal. So my final question is, I have examined the balance sheet of Longsheng and they are standing on a very good cash and bank balances. So what is the probability of Longsheng getting the necessary approvals by 1st December or by the extended time of 31st December? And if they are not able to get the necessary approval

Moderator: Sorry to interrupt you but due to time constraints we would

Sunil Nangalia: Just one last question, sir. One last question. Just it is a very small question, if you can consider, sir. I have examined the balance sheet of Longsheng, they are standing on a very good cash and bank balances. So what is the probability of Longsheng getting the necessary approvals by 1st December or by 31st of December? And if they are not able to get the necessary approvals within 31st December, what will happen to the money transferred in the escrow account?

• Manish Kiri: So the money transferred in the escrow account would be confiscated, would not be returned back based on our understanding, that is it. And the probability of there getting on 1st of December, based on our own opinion, and again, this opinion could be a biased opinion, because we are very bitter. We say 50-50, I do not give more than 50-50 to them.

Sunil Nangalia:

And that 31st December?

Manish Kiri: 31st December, if the receiver chooses another the second bidder, the chances of 31st December is more than 90%.

Sunil Nangalia:

Okay. Thank you, Manish ji. Thank you very much.

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Manish Kiri: I hope I answered your question. Thank you. Moderator: Thank you. Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the conference over to the management for closing comments. Ladies and gentlemen, we seem to have lost the connection with the management. Please hold. Ladies and gentlemen, we have the management back online with us. So you may proceed with your closing remarks. Manish Kiri: Thank you to all for participating in this Earnings Conference Call. I hope we were able to answer your questions satisfactorily. At the same time, offer insights into our business and unlocking of DyStar litigation ending. If you have any further questions or would like to know more about the company, please reach out to our investor relations managers at Valorem Advisors. Thank you and wishing you all a great day. Thank you. Thanks a lot.

Moderator: Thank you. On behalf of Kiri Industries Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.

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