Transcript of the conference call
KIRLFER · price
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Kirloskar Ferrous Industries held its Q3 FY26 earnings call on 11 February 2026. Pig iron production at Koppal grew 21% YoY, but the Hiriyur plant was largely shut during the quarter due to negative contribution from weak prices. Casting production rose 10% to ~39,000 tons, while tube volumes at Ahmednagar grew 11%. Overall sales volume was up just 2% YTD, with pig iron prices down 9% YoY dragging value growth down 7%. Management guided that pig iron prices have risen from January (around ₹4,000/ton in North India, ~10%), and said Q4 should see margin improvement, calling the current level the 'bottom.' Pig iron EBITDA is running at ~9-10%. Volumes are guided to grow 14-16% CAGR, with next-year targets of ~190,000 tons castings, ~220,000 tons tubes, ~120,000 tons steel, and ~600,000 tons pig iron external sales. The 70 MW solar plant is fully operational, with another 70 MW solar and 25 MW wind expected to commission by Q2 FY27.
Near-term margin recovery in pig iron is the key positive, supported by price hikes and covered coking coal inventory. However, shareholders should note execution risks persist — Solapur casting ramp-up and steel plant commissioning (2-year timeline) are critical to hitting the 14-16% CAGR target.