KIRLOSENG · Capital Goods
Kirloskar Oil Eng Ltd. reported revenue of ₹2,000 cr for April to June 2026, +13.5% on the year and −5.5% on the quarter. That is faster than this quarter has grown in recent years (+6.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹7,939 cr, +22.7% on the four before.
Operating profit (EBITDA) was ₹301 cr, a margin of 15.0%, −353 bps on the year and −274 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 15.0% to 19.8%). Operating costs grew +18.4%, faster than revenue at +13.5%, so operating profit grew less than sales.
Net profit was ₹111 cr, −20.1% on the year and −28.3% on the quarter, with earnings per share of ₹7.82. Profit before other income, one-offs and tax grew faster, at −8.0%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹534 cr, +16.4% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹37.57 over the last four quarters, the stock at ₹2,025.60 trades at 53.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 15.0%, −353 bps on the year (−274 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| B2B Segment Revenue (₹ crore) | 1,488 | 1,457 |
| B2C Segment Revenue (₹ crore) | 301 | 258.42 |
| Financial Services Segment Revenue (₹ crore) | 210.43 | 235.57 |
| Operating Margin | 7.79% | 11.09% |
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,391 cr | ₹1,660 cr | ₹1,632 cr | ₹1,505 cr | ₹1,454 cr | ₹1,749 cr | ₹1,762 cr | ₹1,951 cr | ₹1,873 cr | ₹2,116 cr | ₹2,000 cr | ₹2,284 cr |
| YoY | — | — | +6% | +15% | +5% | +5% | +8% | +30% | +29% | +21% | +13% | +17% |
| EBITDA margin | 18.5% | 18.3% | 19.9% | 19.8% | 17.5% | 17.8% | 18.6% | 19.6% | 17.7% | 17.8% | 15.0% | 14.8% |
| Other income, % of PBT | −20% | 12% | 9% | 11% | 12% | 20% | 21% | 6% | −9% | 1% | 10% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 26% | 25% | 28% | 29% | 26% | 26% | 26% | 26% | 26% | 26% |
| Net profit | ₹89.0 cr | ₹147 cr | ₹156 cr | ₹125 cr | ₹68.0 cr | ₹127 cr | ₹139 cr | ₹159 cr | ₹109 cr | ₹155 cr | ₹111 cr | ₹130 cr |
| YoY | — | — | +24% | +60% | −24% | −14% | −11% | +27% | +60% | +22% | −20% | −18% |
| Core profit YoY | — | — | +18% | +52% | −42% | −18% | −23% | +39% | +92% | +45% | −8% | −19% |
| EPS | ₹6.20 | ₹10.25 | ₹10.98 | ₹8.79 | ₹4.91 | ₹9.03 | ₹9.77 | ₹11.18 | ₹7.66 | ₹10.91 | ₹7.82 | ₹9.04 |
| Flags | · | · | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Kirloskar Oil Eng Ltd. reported revenue of ₹2,000 cr (+13.5% on the year) and net profit of ₹111 cr (−20.1% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −8.0% on the year, against −20.1% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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