Kirloskar Oil Engines shares hit 20% upper circuit. JM Financial sees more upside

Kirloskar Oil Engines (KOEL) shares hit the 20% upper circuit, settling at about ₹2,390, after securing a 192 MW order from data centre hyperscaler HyperNext for 96 units of its 2,500 kVA Optiprime Dual Core power systems. JM Financial upgraded the stock to 'Buy' with a target price of ₹2,430, while Motilal Oswal raised its target to ₹2,350 from ₹1,900, citing KOEL's narrowing technological gap with market leader Cummins (which holds over 80% share). The company has committed around ₹14 billion in capex to expand capacity at its Kagal facility by 20,000 engines per annum, with potential additional annual sales of about ₹5-6 billion at peak utilisation by FY30.