NSE: KIRLPNU · BSE: 505283
KIRLOSKAR PNEUMATIC COM L
Designs and manufactures industrial compression systems — air compressors, refrigeration compressors, process-gas compressors, centrifugal compressors and newer oil-free, air-conditioning and biogas packages — sold to oil & gas, CGD, food/dairy, chemicals, power, textiles, pharma, electronics and automotive customers. Compression Systems is the dominant business, accounting for 93.4% of FY26 segment revenue at 1,643.7 crore with segment EBIT of 410.1 crore; the remaining 6.6% sits in non-reportable segments. The company is an asset-heavy industrial manufacturer — raw materials are 47.2% of revenue, employees 11.5%, and capex ran at 3.7% of revenue in FY26 — and it carries a debt-free balance sheet with a net cash position of 460 crore and an upgraded CRISIL AA rating. FY26 total income was 1,786.8 crore with PBT of 356 crore and a declared dividend of 600% (Rs 12/share), the highest in its history. Order intake crossed 2,000 crore in FY26 and the order board stood at 1,853 crore as of July 2026; FY27 revenue is guided at 2,100 crore with a sustainable EBITDA margin band of 18-20%. A new product pipeline (Tezcatlipoca centrifugal, Zephyros AC package with 320 crore committed capex, Tonalli containerised biogas, Khione, Tyche, Hydrino oil-free) is being pushed to shorten the order cycle, and a 99.49% stake in Kirloskar South East Asia (Thailand) was acquired to expand direct South-East Asia presence. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Compression Systems (93%), Other Non-Reportable Segments (7%). Asset-heavy, debt-free industrial compressor manufacturer with a long project cycle and a new shorter-cycle equipment push
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,640 | 1,787 |
| EBITDA (ex other income) | 288 | 343 |
| margin % | 17.6 | 19.2 |
| Owners' profit | 211 | 256 |
| EPS, as reported (₹) | 32.58 | 39.45 |
| ROE % · ROCE % | 19.1 · 24.7 | 20.2 · 26.4 |
| Debt / equity (x) | 0.01 | 0.00 |
| Cash from operations | 215 | 233 |
| Capex | (78) | (66) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 343 | 592 | 282 | 386 | 407 | 712 | 303 |
| Profit before tax | 49 | 104 | 34 | 57 | 59 | 188 | 45 |
| Net profit | 37 | 80 | 25 | 44 | 42 | 144 | 33 |
| EPS (₹) | 5.67 | 12.35 | 3.89 | 6.75 | 6.40 | 22.14 | 5.15 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| COMPRESSION SYSTEMS | 1,419 | 79.4 |
| OTHER NON REPORTABLE SEGMENTS | 86 | 4.8 |
| Compression Systems | 252 | 14.1 |
| Other Non Reportable Segments | 30 | 1.7 |
| Total, before eliminations | 1,787 | 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) | 13.4 | 42.2 | 2 of 15 | 93% |
| P/B | 2.8 | 4.7 | 4 of 15 | 79% |
| ROCE | 26.4 | 16.9 | 5 of 15 | 71% |
| ROE | 20.2 | 15.2 | 5 of 15 | 71% |
| Debt / Equity | 0.0 | 0.1 | 5 of 15 | 71% |
| EBITDA margin | 17.7 | 15.8 | 5 of 15 | 71% |
| Revenue growth | 7.6 | 17.9 | 13 of 15 | 14% |
| Profit growth | 31.2 | 11.1 | 3 of 15 | 86% |
| Market cap | 3530 | 4228 | 10 of 15 | 36% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Standalone September quarter profit falls 8% to Rs 39.8 crore | compliance | minimal | — | — |
| 27 Oct 2026 · Investor and analyst conference call held for September quarter results | investor communications | low | — | — |
| 27 Oct 2026 · KPCL and Kobe Steel partner on oil and gas opportunities | compliance | low | — | — |
| 27 Oct 2026 · H1 FY27 order book rises to Rs 2,040 crore; sales and profit before tax fall | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 net profit Rs 40 crore; H1 revenue and margins decline | results | high | — | — |
| 27 Oct 2026 · Q2 revenue and profit fall; 9,700 employee option shares allotted | capital market events | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue and profit decline despite Rs110m land gain | results | high | — | — |
| 27 Oct 2026 · Revenue falls 16%; half-year profit rises on exceptional land gain | results | high | — | — |
| 22 Oct 2026 · Kirloskar Pneumatic to hold Q2 FY27 post-result conference call on October 27 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Oct 27 2026 to consider Q2 FY26 results | results | 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.