Kalind Ltd (formerly Arunis Abode) reported a sharp turnaround in FY26, posting a profit of Rs 27.30 crore following its pivot to infrastructure and heavy equipment. While revenue surged, the company faces auditor qualifications regarding documentation of machinery deployment and pending gratuity liabilities. Investors should note the upcoming Rs 316 crore capital raise and the recent management transition.
Kalind Ltd Posts Rs 27.30 Crore Profit After Strategic Business Pivot
Revenue from operations reached Rs 75.36 crore in FY 2025-26, compared to nominal figures in the previous year. Net profit stood at Rs 27.30 crore, a significant swing from the Rs 0.17 crore loss reported in FY 2024-25.
Reader Takeaway: Growth is strong following the move to heavy equipment, but auditor flags regarding documentation and liabilities require oversight.
What just happened
Kalind Ltd, formerly known as Arunis Abode Limited, has completed a major corporate transformation. Following a management change in May 2025, the company abandoned its legacy real estate business to focus on infrastructure and earth-moving machinery. This transition included the acquisition of Prasad Earth Movers Private Limited and the business of Kalind Earth Movers, supported by two separate rights issues totaling over Rs 180 crore.
Why this matters
The pivot has delivered immediate financial scale, with the company moving from negligible income to Rs 75.36 crore in revenue. However, the statutory auditor, P H H A D & Co LLP, has issued a qualified opinion. The auditor highlighted an inability to verify documentation linking machinery deployment—including overseas contracts—to recognized income and expenses. Additionally, the company has not yet accounted for gratuity liabilities as per Ind AS 19.
Fundraising and Capital Structure
The company is aggressively scaling its capital base. Beyond the rights issues conducted in September 2025 and February 2026, the Board has now approved a preferential issue of 27.48 crore fully convertible warrants. These will be issued to V9BIZ Business Solutions LLP and Areen Energy Solutions LLP at Rs 11.50 per warrant, representing a total capital injection potential of Rs 316.02 crore.
Management and Governance
Ayush Dharmendrabhai Jasani has taken the helm as Managing Director effective November 1, 2025. The company is also in the process of stabilizing its board composition, with several changes occurring throughout the fiscal year to ensure compliance with independent director requirements.
Risks to watch
Investors should closely track how management resolves the auditor’s observations. The lack of clear reconciliation for equipment hiring and deployment raises questions about operational oversight in the new business model. Furthermore, the company must address the missing actuarial valuation for employee benefits to ensure compliance with accounting standards.
What to track next
Watch for the successful conversion of the proposed warrants and management’s progress in standardizing its audit documentation to address the current qualifications.