Scans

Tools

Home

Charts

Watchlist

Products

KD Green Industries Ltd

KDGREEN

NSE

₹49.49+0.49%19 Oct 2026

Reports

Trading

KD Green Industries Ltd

KDGREEN

NSE

₹49.49

+0.49%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Trading

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Manbro Industries - now KD Green Industries - is a publicly listed shell that was taken over in early 2025 by the Guwahati-based Goenka family and repurposed as the holding company for their KD Group, an integrated building-materials and infrastructure conglomerate that calls itself the largest in North-East India. The company was originally incorporated in 1992 as a textiles trader, spent years cycling through leather exports and food-and-pharma ambitions with negligible revenue, and was acquired through a preferential share issue and open offer that gave the Goenkas 72.4% control. The recurring approach is to buy established, promoter-owned operating businesses - a steel mill, a pipe plant, a fabrication unit, an AAC-block maker, a vehicle-scrapping yard - fold them under the listed entity, and pursue a merger with the flagship steel company to create a single, vertically integrated platform.

Business segments

Four engines at different stages - a steel-manufacturing cash cow, a fabrication unit under construction, an eco-friendly building-materials bet, and a vehicle-recycling associate - all stitched together by a single family’s control and a shared North-East India footprint.

1. Iron and steel manufacturing: where the group’s cash comes from

The flagship KD Iron & Steel melts scrap into branded TMT bars and pipes, sells them under the XTECH label to government utilities and construction buyers, and is doubling capacity with a ₹325-crore expansion backed by state incentives.

Melts scrap, not ore - the furnace at KD Iron & Steel runs on recycled scrap metal, with a present melting capacity of 90,000 tonnes a year and a rolling capacity of 99,000 tonnes, producing TMT bars that carry the XTECH brand.
Government-approved vendor - Shivam Pipe Industries, a 51%-owned subsidiary acquired for ₹25 crore, makes MS pipes, galvanized pipes, steel tubes and electric poles under the XTECH PIPES brand and is registered as an approved supplier to north-eastern state electricity boards, BSNL and the PWD.
Doubling the furnace - a ₹325-crore expansion will lift furnace capacity to 1,80,000 tonnes and rolling capacity to 2,00,000 tonnes a year, alongside a 25 MW captive solar plant.
Merger will bring it in-house - the board has approved in principle a merger of the listed company with KD Iron & Steel, which reported turnover of about ₹316 crore for the year to March 2026, so the mill becomes part of the listed entity rather than a sister concern.
Bollywood for brand pull - actor Sanjay Dutt and Assamese actress Nishita Goswami have been signed as brand ambassadors for XTECH to build visibility across the region.

2. Steel fabrication and infrastructure: the turnkey workshop under construction

A newly acquired subsidiary is setting up a 25,000-tonne-a-year fabrication plant that will cut, bend, galvanize and coat steel into crash barriers, transmission towers, solar frames and smart poles - and it already holds a government registration that unlocks capital subsidies.

One plant, many end-products - the product range spans galvanized gratings and crash barriers, transmission towers and monopoles, rooftop and ground-mounted solar structures, high masts and smart street-lighting columns, plus industrial frames, brackets and machine-ready units.
In-house finishing - K D Infrastructures, which Manbro is acquiring, is equipped with CNC laser cutting, hydraulic bending, 3D CAD/CAM design, hot-dip galvanizing and powder coating, so it can deliver finished, export-ready components without relying on outside processors.
UNNATI registration lowers the cost - the unit has been registered under the central government’s UNNATI-2024 scheme for the North-East, making it eligible for capital investment incentives, manufacturing-linked incentives and interest subvention.

3. Eco-friendly building materials: the AAC-block bet

Through a subsidiary that itself controls a block-making unit, the company sells autoclaved aerated concrete blocks under the Green Block brand - a lightweight alternative to clay bricks aimed at green-construction demand.

Acquired directly - the company bought 50.04% of Green AAC Block and Mortar Private Limited (formerly Gotripily Travel Services) for about ₹3.75 crore in cash, and that subsidiary in turn holds 75% of BR Metallics, which actually manufactures the AAC blocks.
Lighter than brick, marketed as green - AAC blocks are an eco-friendly building material, and the group sells them under the Green AAC Block brand, positioning them for sustainable construction.
Still small, but part of the stated core - the listed company’s own turnover for FY26 was about ₹22.8 crore, and its described area of business is “manufacturing of Iron & Steel and AAC Blocks,” signalling that blocks are meant to be a second pillar alongside steel.

4. Vehicle scrapping and metal recycling: the circular-economy associate

A 26% stake in K D Ecosystem gives the company a toehold in the first registered vehicle-scrappage facility in India’s eastern region, which dismantles end-of-life vehicles and recovers metals, e-waste and plastics.

First-mover in the East - K D Ecosystem, a partnership firm set up in 2021, operates the first registered vehicle-scrappage facility in the entire eastern region, with a scientific setup for collection, dismantling and disposal of condemned vehicles.
Feeds the furnaces - the scrappage yard recovers ferrous and non-ferrous metals, e-waste, lead and plastics, creating a potential source of scrap feedstock for the group’s steel-melting operations.
Minority stake, related party - the company invested ₹7.5 crore in cash for a 26% interest, making K D Ecosystem an associate rather than a subsidiary; the firm had turnover of about ₹21 crore in FY24.

Group structure and partners

The listed company is a Goenka-family holding vehicle that has been stuffed with four operating businesses - all acquired from related parties in cash - and is on track to merge with the flagship steel mill that generates the bulk of the group’s revenue.

72.4% promoter control - Dilip Kumar Goenka (Managing Director), his brother Binod Kumar Goenka, their father Mangi Lal Goenka and brother Sunil Kumar Goenka together hold nearly three-quarters of the equity, having entered through a preferential allotment of 53 lakh shares at ₹65 apiece and an open offer.
Four acquisitions, all related-party - Shivam Pipe Industries (51%, ₹25 crore), KD Infrastructures (99.84%, ₹6.25 crore), Green AAC Block and Mortar (50.04%, ₹3.75 crore) and K D Ecosystem (26%, ₹7.5 crore) were each bought with cash from entities linked to the promoter group.
The flagship sits outside - for now - KD Iron & Steel, with its 90,000-tonne furnace and ₹316-crore turnover, is not yet a subsidiary; the board has approved a merger in principle, but the swap ratio and regulatory clearances are still pending.
Name changes track the pivot - the company was Unimode Overseas until September 2023, became Manbro Industries, and was renamed KD Green Industries in April 2026 to align with the KD Group brand and signal its move into green building materials and iron-and-block industries.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹502Cr

Close Price

₹49.49

Industry

Trading

Price To Earnings

73.87

Price To Sales

4.31

Revenue

₹117Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	14	46	23	34
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	11	43	19	29
Operating Profit Operating ProfitCr	3	3	4	6
OPM OPM%	21.4	6.6	15.9	16.3
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	1	0	1
PBT PBTCr	3	2	3	5
Tax TaxCr	1	1	1	2
PAT PATCr	2	1	2	4
Growth YoY PAT Growth YoY%
NPM NPM%	12.6	2.5	8.9	10.7
EPS EPS₹	0.2	0.1	0.2	0.2

Quarter	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	14	46	23	34
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	11	43	19	29
Operating Profit Operating ProfitCr	3	3	4	6
OPM OPM%	21.4	6.6	15.9	16.3
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	1	0	1
PBT PBTCr	3	2	3	5
Tax TaxCr	1	1	1	2
PAT PATCr	2	1	2	4
Growth YoY PAT Growth YoY%
NPM NPM%	12.6	2.5	8.9	10.7
EPS EPS₹	0.2	0.1	0.2	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2026	TTM
Revenue RevenueCr	63	117
Growth Revenue Growth%
Expenses ExpensesCr	55	101
Operating Profit Operating ProfitCr	8	15
OPM OPM%	12.8	13.0
Other Income Other IncomeCr	1	1
Interest Expense Interest ExpenseCr	0	1
Depreciation DepreciationCr	1	2
PBT PBTCr	8	14
Tax TaxCr	3	5
PAT PATCr	5	9
Growth PAT Growth%
NPM NPM%	8.0	7.4
EPS EPS₹	0.5	0.7

Financial Year	Mar 2026	TTM
Revenue RevenueCr	63	117
Growth Revenue Growth%
Expenses ExpensesCr	55	101
Operating Profit Operating ProfitCr	8	15
OPM OPM%	12.8	13.0
Other Income Other IncomeCr	1	1
Interest Expense Interest ExpenseCr	0	1
Depreciation DepreciationCr	1	2
PBT PBTCr	8	14
Tax TaxCr	3	5
PAT PATCr	5	9
Growth PAT Growth%
NPM NPM%	8.0	7.4
EPS EPS₹	0.5	0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	6
Reserves ReservesCr	35
Current Liabilities Current LiabilitiesCr	15
Non Current Liabilities Non Current LiabilitiesCr	22
Total Liabilities Total LiabilitiesCr	110
Current Assets Current AssetsCr	62
Non Current Assets Non Current AssetsCr	48
Total Assets Total AssetsCr	110

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	6
Reserves ReservesCr	35
Current Liabilities Current LiabilitiesCr	15
Non Current Liabilities Non Current LiabilitiesCr	22
Total Liabilities Total LiabilitiesCr	110
Current Assets Current AssetsCr	62
Non Current Assets Non Current AssetsCr	48
Total Assets Total AssetsCr	110

Consolidated

Standalone

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3
Investing Cash Flow Investing Cash FlowCr	14
Financing Cash Flow Financing Cash FlowCr	-13
Net Cash Flow Net Cash FlowCr	5
Free Cash Flow Free Cash FlowCr	2
CFO To PAT CFO To PAT%	64.3
CFO To EBITDA CFO To EBITDA%	39.9

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3
Investing Cash Flow Investing Cash FlowCr	14
Financing Cash Flow Financing Cash FlowCr	-13
Net Cash Flow Net Cash FlowCr	5
Free Cash Flow Free Cash FlowCr	2
CFO To PAT CFO To PAT%	64.3
CFO To EBITDA CFO To EBITDA%	39.9

Consolidated

Standalone

Financial Year	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	497	502
Price To Earnings Price To Earnings	16.6	73.9
Price To Sales Price To Sales	7.8	4.3
Price To Book Price To Book	1.2	7.3
EV To EBITDA EV To EBITDA	63.1	34.1
Profitability Ratios Profitability Ratios
GPM GPM%	18.1	18.1
OPM OPM%	12.8	13.0
NPM NPM%	8.0	7.4
ROCE ROCE%	13.5	13.5
ROE ROE%	12.4	12.4
ROA ROA%	4.6	4.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	497	502
Price To Earnings Price To Earnings	16.6	73.9
Price To Sales Price To Sales	7.8	4.3
Price To Book Price To Book	1.2	7.3
EV To EBITDA EV To EBITDA	63.1	34.1
Profitability Ratios Profitability Ratios
GPM GPM%	18.1	18.1
OPM OPM%	12.8	13.0
NPM NPM%	8.0	7.4
ROCE ROCE%	13.5	13.5
ROE ROE%	12.4	12.4
ROA ROA%	4.6	4.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TRANSCHEM	OSWALAGRO	SUSAN	KDGREEN	HPTL	RIDDHI	EVEXIA
Market CapitalizationMkt CapCr	510	507	505	502	500	499	468
Close PriceClose₹	416.75	37.78	248.50	49.49	420.00	700.00	2.11
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	75.91		27.70	73.87	19.64		50.00
Price To SalesPS		16,904.63	1.88	4.31	0.21	2.92	3.94
RevenueRevenueCr	0	0	269	117	2,392	171	119
Revenue Growth TTMRev Gr TTM%	-100.0%	-100.0%			49.8%	-38.0%	26.1%
PAT Growth TTMPAT Gr TTM%	47.7%	-103.8%			102.6%	38.4%	-7.0%

	TRANSCHEM	OSWALAGRO	SUSAN	KDGREEN	HPTL	RIDDHI	EVEXIA
Market CapitalizationMkt CapCr	510	507	505	502	500	499	468
Close PriceClose₹	416.75	37.78	248.50	49.49	420.00	700.00	2.11
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	75.91		27.70	73.87	19.64		50.00
Price To SalesPS		16,904.63	1.88	4.31	0.21	2.92	3.94
RevenueRevenueCr	0	0	269	117	2,392	171	119
Revenue Growth TTMRev Gr TTM%	-100.0%	-100.0%			49.8%	-38.0%	26.1%
PAT Growth TTMPAT Gr TTM%	47.7%	-103.8%			102.6%	38.4%	-7.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT

Transcript

Summary

Mar 26