KIRIINDUS Q1 FY27 Guidance vs Delivery (KIRIINDUS Management Mirror)

Integrated Copper and Fertilizer Project Construction Hits Phased Targets for Apr'27-Mar'29 Start

In the Dec'25 Qtr concall, management guided that the first phase of the greenfield copper project (Indo Asia Copper Limited) was targeted to start operations on 1st Apr'27, generating revenues between INR 20,000 crore and INR 25,000 crore. The fertilizer plant was expected to be fully operational between Sep'28 and Dec'28. In the Mar'26 Qtr concall, guidance was updated to state that commercial operations would start unit-by-unit over a two-year period from Apr'27 to Mar'29. Project revenues were guided at Rs.40,000 crores plus in FY27-FY28 once operational. By the Jun'26 Qtr concall, management detailed the phased commissioning timeline: the copper tube plant is targeted for Jun'27 (Q1 FY28), continuous copper rod plant in Aug'27/Sep'27 (Q2 FY28), part-refinery by Jan'28, scrap melting furnace by Dec'27/Jan'28, copper ball and foil around Mar'28, and balance of plant facilities (including sulfuric acid and fertilizers) targeted for Q1 FY29. Management expects the majority of operational revenues to be captured in FY29-FY30.