**(Formerly Manbro Industries Limited / Unimode Overseas Limited)** KD Green Industries Limited is an Indian listed entity undergoing a high-velocity strategic transformation. Following a change in management and control in **February 2025**, the company has pivoted from legacy trading operations toward a specialized, high-growth portfolio centered on **Iron and Steel infrastructure**, **Green Building Materials**, and the **Circular Economy**. Now headquartered in **Guwahati, Assam**, the company is strategically positioned to capitalize on the massive infrastructure push in North East India. --- ### **Strategic Pivot & The "KD Group" Integration** The company has executed a comprehensive restructuring to align its corporate identity with its new industrial focus. * **Management Change:** Following an open offer in **February 2025**, the **Goenka Group** assumed control. **Mr. Dilip Kumar Goenka** was appointed as **Managing Director** for a **5-year term**. * **Corporate Rebranding:** Effective **March 2026**, the company changed its name to **KD Green Industries Limited** to reflect its commitment to sustainable industrial activities. * **Geographic Realignment:** The registered office was shifted from **New Delhi** to **Guwahati** in **November 2025** to provide direct oversight of regional manufacturing assets and infrastructure projects. * **Expanded Mandate:** The Memorandum of Association (MOA) was altered in **June 2025** to include renewable energy, hospitality, healthcare trading, and IT solutions, though the primary focus remains steel and infrastructure. --- ### **Core Business Verticals & Subsidiary Ecosystem** The company operates through a hub-and-spoke model, utilizing specialized subsidiaries to dominate specific niches in the steel and construction value chain. #### **1. Infrastructure & Power Distribution (Shivam Pipe Industries - 51% Subsidiary)** * **Brand:** Operates under the established **'Xtech'** brand. * **Capacity:** Maintains a production capacity of **36,000 MT per annum** (**3,000 MT per month**). * **Products:** Specializes in **MS/Galvanized Steel Pipes** and **Galvanized Steel Tubular Poles**. * **Market Position:** A registered vendor for **BSNL**, **North Eastern State Electricity Boards**, and **PWD**. It is a primary beneficiary of the transition from underground to overground fiber deployment and rural electrification. #### **2. Sustainable Construction (Green AAC Block and Mortar Pvt Ltd - 50.04% Subsidiary)** * **Focus:** Manufacturing of **Autoclaved Aerated Concrete (AAC) blocks**. * **Value Proposition:** Positioned as an eco-friendly, lightweight, and cost-effective alternative to conventional red bricks, targeting the "Green Building" segment. #### **3. Industrial Fabrication (K D Infrastructures Pvt Ltd - 99.84% Subsidiary)** * **Capacity:** **25,000 MT** annual steel fabrication capacity. * **Portfolio:** Provides turnkey solutions including **Transmission Towers**, **Monopoles**, **Railway Crash Barriers**, and **Solar Structures** (rooftop and ground-mounted). #### **4. Circular Economy & Metal Recovery (KD Ecosystem - 26% Associate)** * **Facility:** Operates the **first Registered Vehicle Scrappage Facility** in the Eastern Region. * **Capacity:** Capable of processing **42,500 vehicles per annum**. * **Recovery:** Scientific dismantling of **End of Life (ELV)** vehicles to recover ferrous/non-ferrous metals, e-waste, plastics, and lead for industrial reuse. --- ### **Revenue Visibility & Order Book** As of **April 2026**, the company’s subsidiaries have secured significant contracts that provide strong short-term revenue tailwinds: | Client / Entity | Order Value (₹ Crore) | Product Category | Delivery Timeline | | :--- | :--- | :--- | :--- | | **NE State Electricity Boards** | **16.15** | Galvanized Steel Tubular Poles | 1 - 4 Months | | **BSNL** | **15.35** | Galvanized Steel Tubular Poles | 1 - 4 Months | | **Total Recent Orders** | **31.50** | | | --- ### **Financial Performance & Capital Structure** The company has seen a massive expansion in its balance sheet and operational scale following the 2024-2025 restructuring. #### **Comparative Annual Results** | Particulars (INR in '000) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Revenue from Operations** | **2,39,987.83** | **3,879.51** | | **Total Expenses** | **2,37,295.01** | **2,095.69** | | **Profit After Tax (PAT)** | **2,361.55** | **1,828.25** | | **Earnings Per Share (EPS)** | **₹4.71** | **₹3.65** | #### **Key Financial Ratios (as of Sep 2025)** * **Net Profit Margin:** **31.05%** * **Operating Profit Margin:** **6.65%** * **Current Ratio:** **27.96:1** * **Debt-Equity Ratio:** **0.01:1** (Near debt-free status) * **Debtors' Turnover:** **12.76** #### **Capital Management Actions** * **Stock Split:** Sub-divided **1** equity share (Face Value **₹10**) into **10** equity shares (Face Value **₹1**) on **March 25, 2026**, to enhance liquidity. * **Fund Raising:** Approved raising up to **₹100 Crore** via **Qualified Institutional Placement (QIP)** in September 2025. * **Authorized Capital:** Increased from **₹5.25 Crore** to **₹20.25 Crore** to support equity infusions. * **Borrowing Limits:** Enhanced to **₹500 Crore** to facilitate future large-scale infrastructure projects. --- ### **Operational Technology & Market Drivers** * **Smart Manufacturing:** The company is integrating **IoT and AI** to monitor production parameters such as temperature, pressure, and vibration, ensuring high-precision fabrication for specialized components like **Electro-Optical gratings** and **photonic components**. * **Regional Tailwinds:** High rainfall and challenging terrain in North East India make underground cabling difficult, driving sustained demand for the company’s **overhead galvanized poles** and **transmission towers**. * **Green Steel Initiative:** Utilizing recycled scrap from its associate scrappage facility to produce branded **TMT bars** and "green steel" products, aligning with global ESG trends. --- ### **Risk Management & Governance Framework** KD Green Industries operates under a structured risk mitigation framework overseen by a **Risk Management Committee (RMC)**. * **Market & Commodity Risk:** The company currently reports **no foreign exchange or commodity price hedging**. Fluctuations in raw steel prices remain a primary risk to margins. * **Concentration Risk:** Business is currently heavily concentrated in the **Iron and Steel** segment. * **Regulatory Compliance:** The company maintains a **Vigil Mechanism (Whistleblower Policy)** and strict internal controls to ensure compliance with **SEBI** and **RBI** regulations. * **Listing Compliance:** Following the change in control, the acquirers hold a significant stake. If public shareholding falls below **25%**, the company is committed to re-balancing within **12 months** to maintain its listing status. * **Cyber Security:** Continuous monitoring of digital infrastructure is in place to mitigate increasing cyber risks associated with automated manufacturing.