• The company is currently engaged in the business of contracting, leasing, hiring and renting equipments for infrastructural activities.
• This is the second RI from the company since August 2025.
• The company marked erratic and unbelievable financial data for the reported periods.
• Its interim dividend payment in August 2025 appears to be an eyewash.
• Based on its last traded price, the RI appears lucratively priced.
• Only well-informed investors may park moderate funds for medium term.
ABOUT COMPANY:
Arunis Abode Ltd., now Kalind Ltd. (KL) is presently engaged in the business of contracting, leasing, hiring and renting of earth moving equipment. Beyond equipment, the Company undertakes a wide range of civil projects, including but not limited to factory and refinery expansions and fabrication work. It further supports customers by providing essential materials like equipment, steel, cement, etc. ensuring their specific project needs are met comprehensively.
The company was originally incorporated as M.B. Parikh Finstocks Private Limited on April 8, 1994, and was involved in the business of stock broking. Shortly thereafter, it was converted into a public limited company and received a fresh certificate of incorporation on October 26, 1994. The Company was subsequently listed on BSE on May 3, 1995. On December 16, 2019, it underwent a significant change in ownership through a takeover and was renamed as “Arunis Abode Limited”. Following this transition, the Company shifted its focus from stock broking to real estate development and consulting.
A further takeover took place on February 02, 2024, after which the Company focused its operations into the leasing and renting of heavy earth-moving equipment as well as civil works. These strategic transitions have enabled the Company to adapt to evolving market opportunities and expand its business portfolio.
The Company provides on a contract, lease, hire and rental basis, a large and sophisticated fleet of earth-moving equipment such as excavators, dozers, backhoe loaders, loaders, skid loaders, industrial vacuum cleaners, road sweeper machines, all types of cranes and other related machineries. It provides licensed professionals and personnel for operating such machineries. The Company also offers comprehensive repair and maintenance for such machineries with its team of mechanics, alongside consultancy, support, and technical services. The Company also specializes in expansion and fabrication projects for a wide range of industrial facilities, including factories and refinery plants. Beyond such major undertakings, it also provides comprehensive mechanical works ranging from welding services to manpower supply.
The company also provides other materials for the civil works including equipment, steel, cement, etc. as per the needs of the customers. Its commitment extends to delivering various other tailored solutions, ensuring all customer needs are met with precision and excellence, reinforcing KL’s position as a versatile and reliable partner in industrial development. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 70890000 equity shares of Rs. 10 each at a fixed price of Rs. 17 per share to mobilize Rs. 120.51 cr. This is the 2nd RI from the company since August 2025. The RI has opened for subscription on February 09, 2026, and will close on February 16, 2026. The company is offering RI in the ratio of 139 for 100 to its eligible stakeholders as of the record date of January 30, 2026. The company is asking for full payment on application for the number of shares applied. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 0.50 cr. for this RI process, and from the net proceeds, it will utilize Rs. 119.91 cr. for acquisition of earth-moving and construction equipments including excavators, bulldozers and allied machinery for business expansion, and the rest for general corporate purposes.
The RI is solely lead managed by the company itself., and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 51.00 cr. will stand enhanced to Rs. 121.89 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 207.21 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, the company has posted total income / net profit/ – (loss), of Rs. 1.22 cr. / Rs. 0.43 cr. (FY24), Rs. 0.001 cr. / Rs. – (0.17) cr. (FY25). For Q1 of Y26 ended on June 30, 2025, it earned a net profit of Rs. 5.25 cr. on a total income of Rs. 13.60 cr., and for Q2 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 13.51 cr. on a total income of Rs. 30.14 cr. Thus, the company has posted erratic and unbelievable margins for recent working, that not only raise eyebrows but also concern over its sustainability, as it is operating in a highly competitive and fragmented segment.
DIVIDEND POLICY:
The company paid an interim dividend of 10% in August 2025. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 526935 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 170.70 on January 29, 2026, and opened on an ex-right basis at Rs. 77.20 on January 30, 2026. Since then, it has marked a high/low of Rs. 98.74 / Rs. 77.20. The scrip last closed at Rs. 96.04 as of February 09, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 98.74 / Rs. 6.43. The counter is currently under ESM: Stage 2.
The promoters’ holding has declined to NIL for the quarter ended December 31`, 2025, against 70.37% for the quarter ended June 30, 2025. The counter is currently rigged and well managed by the vested interest operators.
Conclusion / Investment Strategy
KL is currently engaged in the business of contracting, leasing, hiring and renting equipments for infrastructural activities.
This is the second RI from the company since August 2025. The company marked erratic and unbelievable financial data for the reported periods. Its interim dividend payment in August 2025 appears to be an eyewash. Based on its last traded price, the RI appears lucratively priced. Only well-informed investors may park moderate funds for medium term.
