KIOCL Limited (KIOCL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

KIOCL Limited, a Government of India Mini Ratna CPSE under the Ministry of Steel, runs a 3.5 MTPA pellet plant at Mangaluru and has pivoted to a conversion-led model built on tolling iron ore fines for NMDC. The Q2 print will speak to whether the company returns to profit after Q1 FY27's (Rs. 15.48) Cr loss, and to the fate of the NMDC conversion and marketing agreements that expire on November 28, 2026.

KIOCL Limited Q2 Results Date and Time

KIOCL's board meets on November 06, 2026 to consider the Q2 FY 2026-2027 financial results; per the financial calendar, Q2 FY27 board results are scheduled on or before 13-11-2026.

What to expect from KIOCL Limited's Q2 FY27 results

The quarter's story is whether KIOCL swings back to profit after Q1 FY27's (Rs. 15.48) Cr loss, with Q4 FY26's Rs. 53.39 Cr profit showing the upside case when conversion volumes run high. The volume engine is the NMDC conversion arrangement: NMDC's pellet job-work transfers rose 46% YoY to 8.19 lakh tonnes in Q1, and its FY27 target of 3 to 3.3 million ton implies a step-up from FY26's 2.4 million ton.

The dominant cost signal is power, with the IEX day-ahead market averaging Rs. 5.7/unit for Q2, up 46% YoY, and spiking to Rs. 7.3/unit in September, up 105% YoY, against a tolling realisation CARE pegs at around Rs. 2,059/tonne, down 23.5%. Feedstock pressure eased as the quarter progressed, with NMDC Baila fines held at Rs. 4,500/t from 8 August through 30 September after cumulative cuts exceeding 7%.

Treasury income on the Rs. 825.83 Cr cash pile, with the repo rate unchanged at 5.25% and 10-year G-sec yields around 6.75-6.85%, is the most plausible bridge back toward profit versus Q1's other income of Rs. 22.45 Cr. The call is also expected to address the NMDC agreement renewal ahead of the November 28, 2026 expiry and DR-grade (67% Fe) pellet clarity that NMDC promised by Q2.

Key Things To Watch

Performance vs guidance tracking: Key markers management and NMDC have set for FY27:

• Devadari production commencement — statutory deadline January 1, 2028 (extended by Ministry of Mines order dated 27.11.2025)
• DIOM iron ore production within one year of forest-land handover and working permission — open-ended, contingent on permissions
• Coke Oven Plant (1.80 LTPA) commissioning — FY27 priority, open-ended within FY27
• NMDC conversion volumes of 3 to 3.3 million ton in FY27 and DR-grade (67% Fe) clarity at KIOCL by Q2 FY27 — NMDC management guidance

Profitability and tolling economics

• Whether Q2 FY27 returns to profit after Q1 FY27's (Rs. 15.48) Cr loss and Q4 FY26's Rs. 53.39 Cr profit
• Tolling realisation at ~Rs. 2,059/tonne, down 23.5% per CARE — watch for further pressure
• Whether own-pellet sales recover from 0.037 million tonnes in FY26 (down 92.6%)

NMDC conversion agreement renewal

• Conversion and Marketing & Sale Agreements expire November 28, 2026 — any extension, quantum or fee-revision disclosure is critical, as CARE's Stable outlook rests on sustained utilisation via this arrangement

Devadari mine and Coke Oven milestones

• Working permission pending for re-diversion of the 3.862 ha approach road; Stage-I forest approval was granted 1 July 2026 with statutory-payment directions issued 28 July 2026
• Karnataka HC writ WP 34073/2024 remains sub-judice; production/dispatch deadline extended to January 1, 2028 with Phase-I capex of Rs. 882.46 Crs (Rs. 545 crore incurred as of 31 March 2026)
• Coke Oven Plant at 76% physical progress as of March 31, 2026; KSPCB consent for the expansion was valid until June 2026

Risks and headwinds to monitor

• Power cost: IEX DAM averaged Rs. 5.7/unit in Q2, up 46% YoY, exiting September at Rs. 7.3/unit, up 105% YoY — a direct hit to the grinding/induration cost line
• Raw-material concentration: auditor's Key Audit Matter flags major dependence on a single vendor (NMDC) for iron ore fines; the company is exploring an alternative source from Odisha
• Governance: CARE flagged board-composition non-compliance (no woman director as of March 31, 2026); three independent directors were appointed July 14, 2026