NSE: KIRLOSENG · BSE: 533293
KIRLOSKAR OIL ENG LTD
Makes diesel engines, gensets and pumps, earning the bulk of its money from business-to-business (B2B) customers in power generation, industrial applications and construction equipment. In FY26, the B2B segment contributed 73.8% of segment revenue at Rs 5,685.81 crore, with EBIT of Rs 592.02 crore. The B2C segment (now housed in subsidiary KOEL Fluid Dynamics following a hive-off in October 2025) contributed 14.8% at Rs 1,138.53 crore, selling products such as pumps to retail and farm customers. Financial services, run through subsidiary Arka Fincap, contributed 11.4% at Rs 876.67 crore from lending to small businesses and consumers. The company sold over 50,000 diesel gensets in FY26, growing 41% against an 18% industry growth, and ranks among the top 10 global Powergen manufacturers by volume. International gross sales crossed Rs 1,000 crore, up 37% YoY, and a new Netherlands subsidiary is being set up for gas turbines, transformers and energy storage. A Kagal capacity expansion of Rs 1,400 crore is underway over two years to add 20,000 high-horsepower engines, with a further Rs 700 crore capex for 50,000 engines coming online by April 2027; an Arka Fincap branch network expanded from 34 to 137 in FY26 with GNPA at 1.2% and NNPA at 0.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2B (74%), B2C (15%), Financial services (11%). Asset-heavy industrial manufacturer scaling diesel engines, gensets and pumps with an NBFC arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,022 | 5,024 | 5,898 | 6,349 | 7,701 |
| EBITDA (ex other income) | 412 | 734 | 1,012 | 1,227 | 1,383 |
| margin % | 10.2 | 14.6 | 17.2 | 19.3 | 18.0 |
| Owners' profit | 175 | 332 | 442 | 489 | 562 |
| EPS, as reported (₹) | 12.07 | 22.98 | 30.50 | 33.71 | 39.53 |
| ROE % · ROCE % | 8.2 · 10.4 | 14.4 · 15.7 | 16.5 · 19.5 | 15.6 · 16.1 | 15.7 · 18.4 |
| Debt / equity (x) | 0.94 | 1.41 | 1.56 | 1.90 | 1.49 |
| Cash from operations | (1,041) | (920) | (469) | (739) | 932 |
| Capex | (126) | (161) | (395) | (308) | (340) |
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 | 1,500 | 1,454 | 1,753 | 1,764 | 1,948 | 1,873 | 2,116 | 2,000 |
| Profit before tax | 166 | 95 | 179 | 182 | 216 | 148 | 210 | 151 |
| Net profit | 125 | 68 | 127 | 139 | 159 | 109 | 155 | 111 |
| EPS (₹) | 8.79 | 4.91 | 9.03 | 9.77 | 11.18 | 7.66 | 10.91 | 7.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| B2B | 5,686 | 73.8 |
| B2C | 1,139 | 14.8 |
| Financial services | 877 | 11.4 |
| Total, before eliminations | 7,701 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD ◆ | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.7 | 42.2 | 12 of 15 | 21% |
| P/B | 7.8 | 4.7 | 12 of 15 | 21% |
| ROCE | 10.9 | 16.9 | 12 of 15 | 21% |
| ROE | 15.7 | 15.2 | 7 of 15 | 57% |
| Debt / Equity | 1.5 | 0.1 | 15 of 15 | 0% |
| EBITDA margin | 15.8 | 15.8 | 8 of 15 | 50% |
| Revenue growth | 13.4 | 17.9 | 10 of 15 | 36% |
| Profit growth | (20.1) | 11.1 | 12 of 15 | 21% |
| Market cap | 27699 | 4228 | 2 of 15 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting for September 2026 results and trading window closure | compliance | minimal | — | — |
| 14 Oct 2026 · RTA submits quarterly demat confirmation certificate to exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Notice on SEBI special window for physical share demat | compliance | minimal | — | — |
| 1 Oct 2026 · KOEL sets up wholly owned subsidiary in Netherlands | strategic transactions | medium | — | — |
| 1 Oct 2026 · KOEL completes acquisition of South Africa arm KTSPL via UAE subsidiary | capex operations | medium | — | — |
| 30 Sept 2026 · KOEL unit KIME to acquire 100% in South Africa based Kirloskar Trading SA | capex operations | medium | — | — |
| 29 Sept 2026 · KOEL holds investor meeting with Valiant Capital | investor communications | low | — | — |
| 28 Sept 2026 · Kirloskar Oil informs exchange about regulatory action or order | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Kirloskar Oil allots 46,370 shares under ESOP 2019 | capital market events | 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.