Kalind Ltd is a business built on heavy machinery - it rents out excavators, dozers and cranes to the companies that build India’s roads, ports and factories, and it also takes on the civil works itself. The company was originally a stock-trading firm, then a real-estate consultancy, before a new promoter group with over 40 years in earthmoving equipment took control in early 2025 and refocused it entirely on infrastructure. The recurring approach is to acquire fleets and client relationships that already exist - buying operating businesses rather than building them from scratch - so that the company can deploy machines and win contracts from day one. # Business segments Two engines at different stages - a core equipment-rental and civil-works business built through acquisitions, and a newly approved renewable-energy and EPC venture that is still being set up - each funded by the cash flows and share capital of the parent. ## 1. Earthmoving equipment rental and civil works: the group’s operating engine **The company puts heavy machines and the people to run them onto customer sites, earning rental fees and project payments - it is an asset-backed service business, not a manufacturer.** - **Rents the machines, not just the iron** - it supplies excavators, dozers, backhoe loaders, cranes, skid loaders, road sweepers and industrial vacuum cleaners on hire, lease or rental, and provides licensed operators to run them, so the customer gets a working machine rather than a piece of equipment to manage itself. - **Maintains at the customer’s doorstep** - all repair and maintenance is done by the company’s own mechanics at the site where the equipment is working; it does not own a workshop, which keeps the service close to the job and avoids the cost of a central repair facility. - **Also executes the civil work itself** - beyond renting equipment, the company takes on site development, factory and refinery expansion, fabrication projects, welding and manpower supply, and it provides materials like steel and cement as the project needs, making it a contractor as well as a hirer. - **The fleet was bought, not built** - the company acquired the Kalind Earth Movers business, which brought 51 machines including Bobcat skid loaders, JCBs, excavators and sweepers, plus diesel tankers and utility vehicles, giving it immediate deployment capacity without waiting to buy equipment piece by piece. A second acquisition, of Prasad Earth Movers, delivered long-standing client relationships with names like Adani Hazira Port Limited, Tata Projects Limited, Adani Renewable Energy Fifty Six Limited, Adani Green Energy Twenty Four Limited and Ambuja Cement Limited, along with ongoing service contracts. - **Competes in a fragmented market** - the Indian equipment-rental industry has grown because construction and mining firms prefer to rent rather than own expensive machinery for short-term projects, but the company faces intense price competition from unorganised players who undercut on rates without matching quality standards. ## 2. Renewable energy and EPC services: the greenfield bet **The company has secured shareholder approval to enter power-plant construction, solar generation and electricity trading - but this is a permission to play, not yet an operating business.** - **From generation to the grid** - the new objects also cover generating, transmitting, distributing and trading electricity from solar and other renewable sources, manufacturing solar modules, panels, windmills and turbines, and dealing in renewable energy certificates and carbon credits, giving the company the legal scope to operate across the full electricity value chain. - **An agricultural sideline was added at the same time** - the same shareholder resolution permits the company to cultivate, process, store and package agricultural produce and to run dairy operations, though no activity has been reported yet. # Group structure and partners **The company is a listed entity with a clean structure after shedding legacy subsidiaries, and it has been raising capital through rights issues and warrant placements to fund its infrastructure pivot.** - **Legacy entities have been cut away** - as of March 2025 the company had one associate and one wholly owned subsidiary, both from its real-estate past; it sold its entire stake in both in April 2025, leaving a standalone listed company focused solely on the new business. - **Capital raised for the acquisitions** - a rights issue of 48 million shares at ₹12.60 each was approved in July 2025, with the proceeds earmarked to buy Prasad Earth Movers and the Kalind Earth Movers business, the two acquisitions that built the equipment fleet. - **Further funding and a UAE subsidiary planned** - the board has approved raising up to ₹50 crore through a preferential issue of warrants and incorporating a wholly owned subsidiary in the United Arab Emirates, signalling an intent to expand both the capital base and the geographic footprint. - **A large acquisition was considered and dropped** - in February 2026 the board approved a ₹310 crore share-swap deal to acquire DBJ Multi Services Private Limited, but reversed the decision a week later after an internal review of commercial and strategic fit.