Presentation for the Conference Call
KIRLFER · price
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Kirloskar Ferrous Industries posted Q3 FY26 standalone revenue of ₹1,589.9 Cr, down about 8% from the previous quarter (₹1,728 Cr) and 1% lower YoY. EBITDA came in at ₹182.7 Cr (11.5% margin) versus ₹213.6 Cr (12.4%) in Q2 FY26, while PAT fell sharply to ₹57.5 Cr from ₹92.3 Cr, impacted by a ₹17.57 Cr exceptional item. For nine months FY26, revenue grew to ₹5,002.9 Cr and EBITDA margin improved to 12.2% from 11.6% a year ago. Management highlighted that pig iron and steel realisations hit a five-year low due to oversupply and weak demand, though early recovery signals emerged in January 2026. Cost optimisation moves (pulverised coal injection with oxygen enrichment, 30 MW solar project, tube plant debottlenecking) drove margin gains, and a large tubes order is slated for execution in the coming quarter.
Short-term results were weak on the back of poor realisations and an exceptional charge, but improving YTD margins and an emerging demand recovery, combined with cost-saving projects coming on stream, offer some comfort for investors looking ahead.