Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith transcript of the earnings conference call held on 27th May, 2026 ....
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Kilburn Engineering reported Q4 FY26 standalone revenue of INR134 crores (EBITDA margin 25.1%) and full-year FY26 standalone revenue of INR448 crores (EBITDA 25.9%). Consolidated FY26 revenue stood at INR629 crores with EBITDA margin of 25.13%, while order backlog was INR467 crores and inquiry pipeline was INR4,000+ crores. Management guided FY27 revenue growth of 20–25% (INR750–800 crores) and order intake of INR800–1,000 crores, with a multi-year target of INR1,000 crores revenue by FY28. EBITDA margin guidance reiterated at 20%+ (typically 22–23%), warrant conversions confirmed as complete (no further dilution), and capacity expansions at Saravali (Kilburn) and Pune (M.E. Energy Phase 2) targeted for end of Q2 FY27. Working capital has stretched due to large dispatches in the last two months, with collections expected from June; some order closures have shifted by a quarter due to the Middle East crisis.
Strong FY26 delivery and a robust INR4,000+ crore inquiry pipeline support the growth story, but near-term watch points include working capital normalization, a quarter's delay in order closures, and management's cautious 20%+ margin guidance versus current ~25% consolidated EBITDA. Expansion completion in H1 FY27 is a key catalyst for scaling toward the INR1,000 crore FY28 target.