NSE: KLBRENG-B · BSE: 522101
KILBURN ENGINEERING LTD.
Designs, engineers and manufactures process equipment for industrial customers, with FY26 consolidated revenue of ₹629 cr. Sells into fertilizer, petrochemicals, steel, chemicals, nuclear, oil & gas and offshore verticals, with recent orders of ₹70.2 cr from Casale SA (Switzerland) for fertilizer applications and domestic fertilizer wins past ₹170 cr in the trailing 12 months from Coromandel, RCF, FACT and Hindustan Zinc. Operations run from the Saravali (Bhiwandi, Thane) plant, with capacity expansion underway for Saravali and ME Energy Phase 2 (Pune) targeted by end of Q2 FY27. Subsidiaries widen the offering: ME Energy handles thermal and waste-heat-recovery systems, Monga Strayfield supplies RF drying equipment, and a new JV Kilburn East End has been set up to provide specialised site and shop fabrication services to EPC companies in refineries, petrochemicals, steel and chemicals. Order backlog stood at ₹467 cr at end-Q4 FY26 against an inquiry pipeline of ₹4,000+ cr, and exports made up about 30% of FY26 standalone revenue. Materials at 42.5% of revenue and other operating expenses at 22.1% are the largest cost lines. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Process equipment for fertilizer, petrochemicals, chemicals, steel and other industrial verticals, Thermal and waste-heat-recovery systems (ME Energy), RF drying equipment (Monga Strayfield), Site and shop fabrication services for EPCs (Kilburn East End JV). Cyclical, project-driven capital goods manufacturer with growing EPC fabrication and subsidiary lines
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 424 | 629 |
| EBITDA (ex other income) | 0 | 101 | 147 |
| margin % | — | 23.8 | 23.4 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.00 | 13.94 | 19.02 |
| ROE % · ROCE % | 0.0 · 0.0 | 13.2 · 18.1 | 14.7 · 21.6 |
| Debt / equity (x) | 0.33 | 0.19 | 0.12 |
| Cash from operations | (41) | (10) | (18) |
| Capex | (16) | (35) | (16) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 85 | 104 | 108 | 127 | 129 | 154 | 157 | 189 |
| Profit before tax | 15 | 19 | 20 | 29 | 30 | 37 | 32 | 37 |
| Net profit | 12 | 15 | 15 | 20 | 21 | 27 | 23 | 25 |
| EPS (₹) | 2.77 | 3.57 | 3.46 | 4.56 | 4.44 | 5.45 | 4.63 | 4.91 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 26.7 | 56 of 130 | 57% |
| P/B | 3.5 | 3.1 | 60 of 112 | 47% |
| ROCE | 19.4 | 11.3 | 30 of 142 | 79% |
| ROE | 14.7 | 9.8 | 29 of 113 | 75% |
| Debt / Equity | 0.1 | 0.2 | 46 of 113 | 60% |
| EBITDA margin | 23.9 | 12.4 | 21 of 110 | 82% |
| Revenue growth | 49.0 | 20.6 | 25 of 114 | 79% |
| Profit growth | 21.8 | 17.1 | 53 of 109 | 52% |
| Market cap | 2255 | 273 | 29 of 141 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to consider capacity expansion for data centre and BESS enclosures | capex operations | medium | — | — |
| 7 Oct 2026 · Compliance certificate filed under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Promoter Group creates pledge on 2.5 lakh shares (2.68%) | ownership changes | medium | — | — |
| 7 Oct 2026 · Promoter group pledges 2.5 lakh shares of Kilburn Engineering | ownership changes | high | — | — |
| 1 Oct 2026 · Kilburn Engineering to meet Mahindra Manulife MF on 6 Oct 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Kilburn Engineering 38th AGM: all 10 resolutions passed, Rs 3 dividend approved | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 38th AGM: all items approved, Rs 3 dividend declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed for insiders ahead of Q2 and half-year results | compliance | minimal | — | — |
| 11 Sept 2026 · Kilburn Engineering to meet 360 ONE Asset Management on 15 Sep 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Kilburn Engineering to hold one-on-one analyst meet on 15 Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.