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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,40,540 | 59.4 | 16.58 | 46.2 | 27.9 | 31.8 | 22.7 | 22.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · KOEL schedules virtual meet with Morgan Stanley on 16 Sep 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · KOEL and DEUTZ announce strategic cooperation on 1.6L engine platform | compliance | low | — | — |
| 28 Aug 2026 · KOEL investor meeting held with Franklin Templeton; ICICI Pru meet cancelled | investor communications | low | — | — |
| 28 Aug 2026 · KOEL holds 1x1 investor meeting with Franklin Templeton Mutual Fund | investor communications | low | — | — |
| 26 Aug 2026 · KOEL holds investor call with global funds, no UPSI shared | investor communications | low | — | — |
| 25 Aug 2026 · KOEL to meet ICICI Pru and Franklin Templeton on 28 Aug | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Investor meetings scheduled with ICICI Pru MF and Franklin Templeton MF | board shareholder meetings | low | — | — |
| 22 Aug 2026 · KOEL seeks shareholder approval for ESOP 2019 amendments via postal ballot | compliance | minimal | — | — |
| 21 Aug 2026 · Kirloskar Oil Engines to host virtual investor meeting on 26 Aug 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Postal ballot for ESOP pool increase by 1 lakh stock options | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| KIRLOSKAR OIL ENG LTD ◆ |
| 31,552 |
| 57.8 |
| 8.83 |
| 24.8 |
| 15.7 |
| 10.9 |
| 18.5 |
| 15.8 |
| ELGI EQUIPMENTS LTD | 19,591 | 43.5 | 8.78 | 29.1 | 19.3 | 24.3 | 15.5 | 15.9 |
| INGERSOLL-RAND INDIA LTD | 14,428 | 53.9 | 23.43 | — | 41.6 | 54.7 | — | 26.4 |
| KIRLOSKAR BROTHERS LTD | 14,231 | 38.1 | 5.75 | 24.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| KSB LIMITED | 13,955 | 56.9 | 8.22 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 6,085 | 28.6 | 3.57 | 13.7 | 15.1 | 19.6 | 23.7 | 10.9 |
| KIRLOSKAR PNEUMATIC COM L | 4,674 | 17.8 | 3.71 | 12.3 | 20.2 | 26.4 | — | 17.7 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 57.8 | 44.6 | 13 of 15 | 14% |
| P/B | 8.8 | 5.2 | 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 | 31552 | 4674 | 2 of 15 | 93% |
| 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 |
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.
