Kirloskar Brothers Limited (KIRLOSBROS)

Capital Goods · Industrial Products · NSE · Updated 16 July 2026

₹1,871 ↓ 15.83% (1Y)

🎯 Key Takeaways

Kirloskar Brothers Limited is in a strategic transition phase marked by margin recovery and international expansion, emerging from a period of domestic stagnation. Management is prioritizing order book execution, service business revival, and participation in high-growth sectors like nuclear energy and data center infrastructure to drive sustainable growth.
Revenue grew 10.5% QoQ to ₹1,144 in Q3FY25.
⚠️ Domestic revenue declined 3% in full-year FY'26 despite Q4 growth, indicating underlying weakness in the core market.

Market Cap

₹12,764

P/E Ratio

29.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Kirloskar Brothers Limited is in a strategic transition phase marked by margin recovery and international expansion, emerging from a period of domestic stagnation. Management is prioritizing order book execution, service business revival, and participation in high-growth sectors like nuclear energy and data center infrastructure to drive sustainable growth.

📰 What's Happening

In Q4 FY'26, the company reported consolidated revenue of ₹14.151 billion (10% YoY growth), with international revenue growing 25% and order books reaching ₹24.680 billion domestically and ₹14.808 billion internationally. A final dividend of Rs.7 per share (350% payout) was recommended amid margin recovery efforts, supported by 14.8% EBITDA margin. Management highlighted robust order execution, 30% YoY growth in domestic orders, and 21% in international orders, while targeting double-digit growth in FY27 and margin recovery by Q3. Participation in Bharat Small Modular Reactor tenders and modular pump solutions for US data centers underscores strategic diversification.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,125	900	913	965	1,224	1,031	1,036	1,144
Operating Profit	158	121	97	140	227	127	157	177
OPM %	12.9%	12.2%	10.4%	12.8%	15.6%	10.8%	13.7%	14.5%
Net Profit	101	64	51	82	153	66	97	119
EPS	₹12.62	₹8.02	₹6.35	₹10.31	₹19.16	₹8.20	₹12.06	₹14.76

Revenue trends show sequential improvement from Q1FY25’s ₹1,031 billion to Q4FY24’s ₹1,224 billion, with Q4 FY'26 achieving ₹14.151 billion consolidated revenue (10% YoY), driven by international expansion. Despite flat full-year revenue growth of 1%, margins improved to 14.8% EBITDA in Q4, reflecting operational efficiency and cost management. Profitability rose with Q4 PAT at ₹1.121 billion and full-year PAT at ₹3.772 billion, supported by strong order book execution and exceptional item adjustments related to Labour Code implementation.

🔮 Management Outlook & What's Next

Management expressed confidence in double-digit growth for FY27 and margin recovery by the third quarter, attributing it to service business revival and execution of strategic initiatives. They highlighted participation in Bharat Small Modular Reactor tenders and modular pump solutions for US data centers as key growth vectors. The service business is expected to drive margins to FY25 levels, indicating a focus on higher-margin offerings amid broader industrial recovery and infrastructure investment cycles.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1. Domestic revenue declined 3% in full-year FY'26 despite Q4 growth, indicating underlying weakness in the core market. 2. Margin recovery is contingent on service business revival and execution in competitive sectors like nuclear and data centers, which carry execution and regulatory risks. 3. Reliance on exceptional items for PAT support (₹389 million related to Labour Code) may not be sustainable. 4. International growth, while strong at 25%, remains concentrated in emerging markets and new sectors with geopolitical and commercial uncertainties.

📋 Recent Filings

🧠 Analyst's Read

Kirloskar Brothers is transitioning from domestic stagnation to a growth phase driven by international expansion and margin recovery, supported by a healthy order book and strategic diversification. Investors should monitor execution in high-growth segments like nuclear and data centers, as well as the pace of margin improvement and sustainability of international momentum in the upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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