Kore Digital Limited (KDL) was established with the objective of providing advanced communication solutions to corporates and telecom network operators. The Company is a growing passive telecommunication infrastructure provider in Maharashtra, primarily engaged in the installation and commissioning of poles, towers and optical fibre cable (OFC) systems.
Passive infrastructure refers to the telecommunication towers that support wireless services, while OFC enables the hosting and functioning of the active infrastructure required to transmit signals and carry voice and data traffic. As a passive communication infrastructure company, KDL provides infrastructure services to telecom network operators, broadband service operators and internet service providers (ISPs) across Maharashtra, particularly in and around Mumbai.
The Company holds an Infrastructure Provider (IP-I) licence granted by the Department of Telecommunications in 2009. Under this licence KDL is authorised to establish and maintain assets such as dark fibre, right of way, duct space and towers, which may be leased, rented or sold to telecom network operators, broadband service operators and ISPs.
In addition to infrastructure services, the Company offers project management for duct and optical fibre cable laying, construction of transmission and telecom utilities, dark fibre leasing, optical fibre network construction, maintenance services and turnkey solutions. KDL is also engaged in operations and maintenance activities, ensuring network uptime and preventing cuts to underground optical fibre caused by civic activity such as road repairs, digging and expansion projects.
Over the past fifteen years the Company has commissioned more than 600 pole-based cell sites in and around Mumbai, developed its own network of approximately 700 kilometres, and delivered an underground fibre optic backbone covering nearly 600 kilometres. Leveraging its long experience, KDL identifies strategic routes where telecom operators lack presence and builds networks that are subsequently leased either on a duct or on a fibre basis. Where operators face challenges such as high right-of-way costs, project viability issues or local constraints, they entrust KDL to execute projects on their behalf. While operators are granted the right to use such networks for a defined period, ultimate ownership remains with KDL.
The Companys key customers among telecom network operators include Bharti Airtel, Vodafone Idea, Reliance Jio and Tata Teleservices. In the broadband and ISP segment its customers include Dvois SSV, Intech, Trunet, Star, Sterlite, Lio Ducts / Duct Rove and Usha Martin.
The financial year 2025-26 was the first complete financial year in which the results of the Companys three subsidiaries - Franken Telecom Private Limited, KDL Realinfra Private Limited and Wolter Infratech Private Limited, each acquired on 31st December, 2024 - were consolidated for the full twelve months. Consolidated total income for the year was ? 40,838.36 lakhs as against ? 32,781.63 lakhs in the previous year.
The Company added ? 3,250.25 lakhs to its gross block during the year, of which ? 2,362.84 lakhs was invested in plant and machinery - duct and ? 3,210.00 lakhs was recognised as a right-of-use asset, while the capital work-in-progress of ? 2,358.34 lakhs carried forward from the previous year was capitalised. The gross block of property, plant and equipment and intangible assets consequently increased from ? 6,848.32 lakhs to ? 10,098.57 lakhs.
On 8th December, 2025 the Company announced the completion of Stage 1 of the Samruddhi Mahamarg Optic Fibre Cable Network, delivering a fully functional high-capacity fibre corridor from Amne Toll Plaza to Mumbai. All major civil works, ducting and fibre activation for that stage are complete and the corridor has been opened to telecom operators for Radio Frequency survey operations, under which tower locations, signal contours and BTS requirements along the route are mapped. Field activity during the year was delayed by approximately forty-five days on account of an extended monsoon, without compromise to build quality. Stage 2 commenced in the third week of December 2025 and moves the project from passive fibre readiness to active telecom enablement, comprising hardware installation, site commissioning and integration across a longer span of the expressway. The Company expects the corridor to contribute progressively to revenue as operators complete their surveys and take up capacity along the route.
The Company has received an order from Indian Oil Corporation Limited, Panipat Refinery, for three-dimensional modelling, development of drawings, and the fabrication and supply of spares by the 3D printing method, which has been intimated to the National Stock Exchange of India Limited under Regulation 30 of the Listing Regulations. The Company proposes to develop additive manufacturing as an engineering-led adjacent line of business serving the refining, petrochemical and heavy-engineering sectors. The activity is at an early stage.
Since the date of the audited accounts as at 31st March, 2026, the Board confirms that there have been no material developments that could adversely affect the Companys trading, profitability, asset value or its ability to meet its liabilities in the near term.
The telecom sector continues to undergo significant transformation. Traditional customer touchpoints are disappearing while new digital-first engagement models emerge. Adapting to this evolving customer journey remains one of the industrys principal challenges, and companies that align themselves with the shift will be best positioned to capture the opportunities that follow.
In line with the evolving industry landscape, KDL is actively pursuing geographical expansion beyond its current markets. The capacity created through the years capital expenditure is expected to be converted progressively into contracted revenue, strengthening the Companys presence in the telecom infrastructure sector and creating sustainable value for all stakeholders.
The operational and financial performance of the Company is influenced by a number of external and internal factors, including:
general economic and demographic conditions; fluctuations in Indian and foreign currency exchange rates; depreciation, repair and maintenance requirements of equipment; significant developments in Indias economic and fiscal policies; the ability to obtain necessary licences and approvals in a timely manner; the ability to attract and retain customers; the expansion of the Companys infrastructure network; the ability to maintain strong relationships with distributors, wholesalers and service operators; demand, supply and pricing dynamics of telecom and allied equipment; the age, quality and condition of deployed infrastructure and machinery; changes in laws, regulations or government policies affecting the use of telecom infrastructure; and shifts in the segment-wise contribution to revenue.
The Company operates in a single business segment, namely telecommunication infrastructure services. Accordingly, separate segment reporting under Accounting Standard 17 is not applicable.
The Company has established a framework of internal control systems and processes to ensure the efficient conduct of business operations and compliance with applicable laws and regulations:
a comprehensive delegation of authority enables timely and effective decision-making; detailed guidelines for financial reporting and accounting ensure uniform compliance; all critical functional areas are governed by structured operating manuals; independent internal audits are conducted regularly by an experienced firm of chartered accountants in close coordination with designated officials of the Company; and the internal auditors periodically review the adequacy and effectiveness of the internal financial controls, including operational processes, and have confirmed that such controls are appropriate and functioning effectively.
Industrial relations at the head office and across operational locations remained cordial throughout the year. The Company places strong emphasis on aligning human capital with organisational objectives, fostering teamwork and promoting skill enhancement, leadership development and functional excellence.
As on 31st March, 2026 the Company had sixteen (16) full-time employees on its payroll.
The financial statements have been prepared in accordance with the requirements of the Companies Act, 2013 and the applicable accounting standards. A summary of the financial performance is set out below.
| Particulars | Consolidated Year ended 31-03-2026 | Consolidated Year ended 31-03-2025 | Standalone Year ended 31-03-2026 | Standalone Year ended 31-03-2015 |
| Revenue from operations | 40,830.16 | 32,774.44 | 6,271.36 | 13,197.52 |
| Other income | 8.20 | 7.19 | 8.20 | 7.19 |
| Total revenue | 40,838.36 | 32,781.63 | 6,279.56 | 13,204.71 |
| Total expenses | 35,888.59 | 28,563.42 | 5,743.19 | 11,997.12 |
| Profit before tax | 4,978.74 | 4,218.21 | 565.33 | 1,207.60 |
| Tax expense | 1,287.46 | 1,003.01 | 173.41 | 245.24 |
| Profit for the year | 3,691.28 | 3,215.20 | 391.92 | 962.36 |
| Earnings per share \u2014 Basic (\u20b9) | 29.89 | 26.37 | 3.26 | 8.00 |
On a consolidated basis, revenue from operations for the financial year 2025-26 was ? 40,830.16 lakhs as against ? 32,774.44 lakhs in the previous year, an increase of 24.58%. On a standalone basis, revenue from operations was ? 6,271.36 lakhs as against ? 13,197.52 lakhs, a decrease of 52.48%. Standalone revenue from operations for the year comprised the sale of services of ? 4,110.36 lakhs and the sale of goods of ? 2,161.00 lakhs.
During the financial year 2025-26 the Companys total expenses on a standalone basis comprised the purchase of goods, cost of operations, changes in inventories of finished goods and work in progress, employee benefit expenses, finance costs, depreciation and amortisation and other expenses. Standalone total expenses decreased to ? 5,743.19 lakhs from ? 11,997.12 lakhs in the previous year. On a consolidated basis total expenses were ? 35,888.59 lakhs as against ? 28,563.42 lakhs.
Expenditure on directors remuneration, employee remuneration and employee welfare stood at ? 203.67 lakhs on a standalone basis during the financial year 2025-26, as against ? 160.82 lakhs in the previous year. The increase is
largely on account of salaries and wages and the recognition of a gratuity expense of 6.84 lakhs following an actuarial valuation; directors remuneration was unchanged at 105.00 lakhs.
Finance and interest costs increased to 64.52 lakhs in the financial year 2025-26 from 36.77 lakhs in the previous year, reflecting higher utilisation of working capital facilities and unsecured borrowings during the year.
Depreciation and amortisation expense increased to 685.31 lakhs in the financial year 2025-26 from 499.77 lakhs in the previous year, following the capitalisation of capital work-in-progress of 2,358.34 lakhs and additions to the gross block of 3,250.25 lakhs during the year, including the recognition of a right-of-use asset of 3,210.00 lakhs.
Profit after tax on a standalone basis was 391.92 lakhs for the financial year 2025-26 as against 962.36 lakhs in the previous year. Consolidated profit for the year was 3,691.28 lakhs as against 3,215.20 lakhs, of which 3,594.26 lakhs is attributable to the equity shareholders of the parent and 97.02 lakhs to minority interest.
Pursuant to Schedule V, Part B of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of significant changes in key financial ratios, being changes of 25% or more as compared to the immediately preceding financial year, are given below. The ratios are computed on the standalone financial statements.
| Ratio | FY 2025-26 | FY 2024-25 | Change | Explanation for a change of 25% or more |
| Current ratio | 1.01 | 1.23 | (17.87%) | Not applicable |
| Debt-equity ratio | 0.07 | 0.08 | (13.62%) | Not applicable |
| Debt service coverage ratio | 20.38 | 47.43 | (57.02%) | Decrease in profit and increase in debt service |
| Return on equity | 0.05 | 0.12 | (62.47%) | Decrease in profit and increase in shareholders equity |
| Inventory turnover ratio | 44.28 | 9.26 | 378.08% | Decrease in turnover and in average inventory |
| Trade receivables turnover ratio | 0.67 | 1.77 | (62.00%) | Decrease in turnover and increase in average trade receivables |
| Trade payables turnover ratio | 0.23 | 1.13 | (79.59%) | Decrease in purchases and increase in average trade payables |
| Net capital turnover ratio | 43.69 | 5.98 | 630.65% | Decrease in turnover and in working capital |
| Net profit ratio | 0.06 | 0.07 | (14.30%) | Not applicable |
| Return on capital employed | 0.07 | 0.14 | (51.15%) | Decrease in profit and increase in capital employed |
| Return on investment | 0.03 | 0.07 | (54.93%) | Decrease in profit and increase in total assets |
The return on net worth of the Company on a standalone basis was 4.54% for the financial year 2025-26 as against 12.09% for the financial year 2024-25, computed on the average shareholders funds for each year. The decrease is attributable to the lower profit for the year read together with the increase in shareholders funds arising from the retention of profits and the transfer of the forfeited warrant application money of ? 125.01 lakhs to Capital Reserve.
Statements in this Report, particularly those relating to the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions, may be considered to be forward-looking statements within the meaning of applicable securities laws and regulations.
Actual results may differ materially from those expressed or implied on account of various factors including, but not limited to, global and domestic demand and supply dynamics, the availability and pricing of key inputs, cyclical trends in the Companys principal markets, changes in government policies, regulations and tax regimes, economic developments in India and abroad, and other factors such as litigation outcomes, labour negotiations and unforeseen business contingencies.
For and on behalf of the Board of Directors Kore Digital Limited
Sd/- RAVINDRA DOSHI Managing Director and Promoter
We have reviewed the financial statements and the cash flow statement of Kore Digital Limited for the financial year ended 31st March, 2026 and, to the best of our knowledge and belief, (a) these statements do not contain any materially untrue statement, omit any material fact or contain statements that might be misleading; and (b) these statements together present a true and fair view of the Companys affairs and are in compliance with the existing accounting standards, applicable laws and regulations.
To the best of our knowledge and belief, no transaction entered into by the Company during the year is fraudulent, illegal or violative of the Companys Code of Conduct.
We accept responsibility for establishing and maintaining internal controls for financial reporting. We have evaluated the effectiveness of the Companys internal control systems pertaining to financial reporting and have not come across any reportable deficiency in the design or operation of such controls.
We have indicated to the Auditors and to the Audit Committee that there have been no significant changes in internal control over financial reporting during the year; that there have been no significant changes in accounting policies during the year and that the same have been appropriately disclosed in the notes to the financial statements; and that there have been no instances of significant fraud of which we are aware.
Sd/- CHAITANYA RAVINDRA DOSHI Chief Executive Officer
Sd/- KASHMIRA RAVINDRA DOSHI Chief Financial Officer
Date: 4th September, 2026 Place: Navi Mumbai
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