NSE: KECL · BSE: 533193
KIRLOSKAR ELECTRIC CO LTD
Manufactures heavy electrical equipment, primarily power generation and distribution products (49.6% of FY26 segment revenue at Rs 305.09 crore) and rotating machines (43.6% at Rs 268.12 crore), with an "others" category contributing 6.9% (Rs 42.36 crore). Power Generation/Distribution was the largest contributor to segment EBIT at Rs 48.39 crore in FY26, while rotating machines contributed Rs 13.28 crore. The Power Generation/Distribution segment grew 23% to Rs 30,509 lakhs in FY26, and Q4 FY26 quarterly revenue reached Rs 163.57 crore, up 26.67% year-on-year and the highest quarterly revenue in the company's recent history. Total FY26 revenue stood at Rs 589.34 crore with net profit of Rs 8.38 crore. Materials account for 70.7% of revenue, followed by employee costs at 13.3% and other operating expenses at 11.2%. The company operates a Mysore manufacturing unit and a separate Oil Filled Transformer (OFT) division, and completed an NCLT-approved merger of four wholly-owned subsidiaries into the parent effective April 1, 2024. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Generation / Distribution (50%), Rotating machines (44%), Others (7%). Asset-heavy, cyclical heavy electrical equipment manufacturer with an eroded standalone net worth of negative Rs 21,454 lakhs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 335 | 474 | 557 | 544 | 589 |
| EBITDA (ex other income) | (16) | 36 | 37 | 25 | 27 |
| margin % | (4.7) | 7.7 | 6.6 | 4.7 | 4.7 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 10.15 | 4.68 | 2.12 | 0.56 | 1.26 |
| ROE % · ROCE % | 88.6 · 65.8 | 33.8 · 29.8 | 17.1 · 20.4 | 3.3 · 14.3 | 6.4 · 15.4 |
| Debt / equity (x) | 1.87 | 1.45 | 1.54 | 1.01 | 0.76 |
| Cash from operations | 36 | 7 | 37 | 36 | 25 |
| Capex | (32) | (4) | (3) | (4) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 120 | 129 | 132 | 142 | 151 | 164 | 104 | 164 |
| Profit before tax | 1 | (4) | 0 | 10 | 4 | (1) | (6) | 6 |
| Net profit | 1 | (4) | 0 | 10 | 4 | (1) | (6) | 6 |
| EPS (₹) | 0.09 | (0.58) | 0.06 | 1.50 | 0.62 | (0.09) | (0.90) | 0.89 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power generation/ distribution | 305 | 49.6 |
| Rotating machines | 268 | 43.6 |
| Others | 42 | 6.9 |
| Total, before eliminations | 616 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Q2 revenue up 16%, net profit up 32%; H1 orders up 18% | compliance | minimal | — | — |
| 6 Nov 2026 · No deviation in use of Rs 40 crore preferential issue funds | compliance | minimal | — | — |
| 6 Nov 2026 · Consolidated Q2 FY27 revenue up 16%, profit up 32%; half-year cash flow negative | results | high | — | — |
| 6 Nov 2026 · Q2 FY27 unaudited profit rebounds, but weak H1 earnings and asset-sale delays persist | board shareholder meetings | low | — | — |
| 2 Nov 2026 · Board meeting set for September 2026 results | results | low | — | — |
| 26 Oct 2026 · KECL board approves two Kotak overdraft facilities of up to Rs 50 crore each | board shareholder meetings | low | — | — |
| 22 Oct 2026 · CRISIL upgrades Kirloskar Electric credit ratings on about Rs 115.63 Cr bank loans | credit debt | high | — | — |
| 17 Oct 2026 · Newspaper notice filed for JMD appointment approval | compliance | minimal | — | — |
| 16 Oct 2026 · Notice for appointment of Joint Managing Director under Section 201(2) | compliance | minimal | — | — |
| 12 Oct 2026 · RTA confirmation certificate under SEBI Depositories Regulations for Sep 2026 quarter | compliance | minimal | — | — |
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.