NSE: KIRLOSIND · BSE: 500243
KIRLOSKAR INDUSTRIES LTD
Acts as a Core Investment Company, holding stakes in operating businesses rather than running its own factories. In FY26, standalone segment revenue of ₹130.32 cr came 97.5% from Investments (Securities & Properties) at ₹127 cr, with the remainder from a held-for-sale discontinuing operation; wind-power generation is also listed as a segment. The company's main industrial exposure sits in its listed material subsidiary Kirloskar Ferrous Industries (KFIL), in which it holds 45.93%; KFIL reported FY26 revenue of ₹6,889 cr, profit after tax of ₹505 cr, and earnings per share of ₹30.63, with castings volume of 1,53,000 MT and seamless tubes volume of 1,88,700 MT. KFIL is executing a ₹900 cr expansion and has activated the Bharath iron ore mine. KIL also owns 100% of Avante Spaces, which has launched Infinia, a 2 million sq ft Grade A+ office project in Kothrud, Pune, and holds IGBC Platinum green-building certification. Standalone headcount is 22 employees, and standalone revenue from operations grew to ₹109.6 cr from ₹98.7 cr the prior year. The standalone board has recommended a dividend of ₹13 per share (130%) for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Investments (Securities & Properties) (98%), Held for sale (Discontinuing operation) (3%), Windpower generation. Holding / Core Investment Company with industrial operations housed in a listed subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,783 | 6,466 | 6,368 | 6,608 | 6,939 |
| EBITDA (ex other income) | 657 | 861 | 877 | 781 | 839 |
| margin % | 17.4 | 13.3 | 13.8 | 11.8 | 12.1 |
| Owners' profit | 194 | 224 | 192 | 308 | 159 |
| EPS, as reported (₹) | 198.68 | 228.49 | 193.67 | 146.41 | 151.92 |
| ROE % · ROCE % | 7.8 · — | 9.3 · — | 5.4 · — | 3.8 · — | 4.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 333 | 760 | 576 | 598 | 871 |
| Capex | (435) | (482) | (499) | (509) | (451) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,688 | 1,614 | 1,748 | 1,705 | 1,782 | 1,624 | 1,827 | 1,779 |
| Profit before tax | 129 | 80 | 142 | 133 | 145 | 75 | 163 | 105 |
| Net profit | 92 | 53 | 97 | 95 | 98 | 49 | 110 | 79 |
| EPS (₹) | 49.94 | 23.09 | 44.94 | 42.11 | 49.55 | 19.36 | 41.00 | 32.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Investments (Securities & Properties) | 127 | 1.5 |
| Real Estate (Refer Note 2 below) | 9 | 0.1 |
| Iron Casting (Refer Note 3 below) | 4,279 | 50.1 |
| Tube (Refer Note 3 below) | 2,318 | 27.1 |
| Steel (Refer Note 3 below) | 1,697 | 19.9 |
| Unallocable | 111 | 1.3 |
| Held for Sale (Discountining operation) (Refer Note 1 below) | 2 | 0.0 |
| Asset held for sale (Refer Note 1 below) | 1 | 0.0 |
| Total, before eliminations | 8,544 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 15.4 | 65 of 105 | 39% |
| P/B | 0.4 | 1.5 | 11 of 101 | 90% |
| ROE | 4.3 | 8.6 | 70 of 103 | 32% |
| EBITDA margin | 11.5 | 11.0 | 46 of 100 | 55% |
| Revenue growth | 4.3 | 13.7 | 62 of 97 | 37% |
| Profit growth | (17.5) | 29.3 | 79 of 105 | 25% |
| Market cap | 3271 | 216 | 21 of 122 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Kirloskar Industries to review Q2 and half-year results on 6 November 2026 | compliance | minimal | — | — |
| 28 Oct 2026 · Board to review September 2026 quarterly and half-year results | results | low | — | — |
| 17 Oct 2026 · Kirloskar Industries subsidiary KFIL resumes Hiriyur Mini Blast Furnace operations | regulatory legal | medium | — | — |
| 16 Oct 2026 · Material subsidiary KFIL publishes demat transfer window notice | business updates | medium | — | — |
| 14 Oct 2026 · Certificate under SEBI Regulation 74(5) for quarter ended Sept 2026 | compliance | minimal | — | — |
| 7 Oct 2026 · Material subsidiary KFIL postal ballot for new Joint MD appointment | general | medium | — | — |
| 6 Oct 2026 · Subsidiary KFIL postal ballot for new Joint MD appointment | compliance | low | — | — |
| 5 Oct 2026 · Kirloskar Industries files 5th notice for special window to demat physical shares | compliance | minimal | — | — |
| 5 Oct 2026 · Kirloskar Industries: Members approve Sandeep Gokhale as Independent Director | general | medium | — | — |
| 5 Oct 2026 · Sandeep Gokhale appointed Independent Director via postal ballot | board shareholder meetings | medium | — | — |
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.