we submit herewith the Transcript of Earnings call held on 11th February 2026 to discuss the un-audited financial results for the third quarter and nine months ended 31st December 2025.
KLBRENG-B · price
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Kilburn Engineering's Q3 FY26 standalone revenue came in at ₹105 crores (+15% YoY) with EBITDA margin of 25%, while consolidated revenue was ₹157 crores with 24% EBITDA margin. Group order backlog stood at ₹495 crores at quarter-end, with an additional ₹70 crores in new orders/LOIs received since January 1. Management maintained its FY26 revenue guidance of ₹625-650 crores (50% growth) with EBITDA margins of 22-23%. The inquiry pipeline remains robust at ₹4,000+ crores across sectors like petrochemicals, chemicals, fertilizers, nuclear, and metals. The company has set multiyear targets of ₹800 crores for FY27 and ₹1,000 crores for FY28, implying a 25% CAGR with 20%+ EBITDA margins. Capacity expansion is underway at Saravalli and M.E Energy Pune (₹40-45 crores capex over 12 months), and a new JV 'Kilburn East End' has been formed for EPC fabrication services targeting ₹50 crores in first-year orders. A credit rating upgrade is expected to lower the current ~11.5% cost of funds.
Strong execution with consistent 50% growth trajectory, healthy order pipeline, and clear multiyear scaling roadmap to ₹1,000 crores by FY28 should support positive investor sentiment. Credit rating upgrade and capacity expansion position the company well for the next leg of growth, though near-term margin guidance of 20%+ (below current 22-23%) suggests modest dilution as scale increases.