**1. Business Performance:** Kiri Industries saw a challenging Q3 with subdued demand in Dyes & Chemicals, leading to a slight revenue dip and ongoing EBITDA losses.

Despite this, 9M-FY26 consolidated revenue grew 10.1% YoY to ₹589.1 Cr. **2. Growth Drivers or Strategy:** A major strategic shift is underway!

Kiri is diversifying into integrated copper smelting & fertilizer through its subsidiary, Indo Asia Copper Ltd. This move aims to create a cost-efficient, closed-loop value chain, leveraging India's self-reliance initiatives. **3. Recent Developments:** Progress on the new copper-fertilizer project is strong: environmental clearances, substantial land acquisition, major equipment orders, and raw material tie-ups are all advancing.

Construction for this ambitious project commenced in October 2025. **4. Key Financial Metrics:** Net Profit for Q3 and 9M-FY26 jumped to ₹5,011.7 Cr and ₹4,880.9 Cr respectively (9M EPS ₹824.52), largely due to an exceptional ₹5,854.4 Cr gain from selling its DyStar stake.

The copper-fertilizer project, a ~₹13,300 Cr investment, targets a ~25% IRR. **5. Management Commentary / Outlook:** Management acknowledges current chemical market headwinds but is bullish on the copper-fertilizer venture as a key future growth engine, aligning with India's industrial demand and projected strong returns.