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Kirloskar Electric Company Limited (KECL)

₹118.31 -0.08% last close, 16 Oct

📊 NSE: KECL 🏢 Electric Equipment 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kirloskar Electric's revenue was ₹104 Cr (-21.5% year on year, -36.5% on the previous quarter), and net profit ₹-6.0 Cr (against a profit a year earlier); the operating margin was -0.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹104	-21.5%	-36.5%
Operating profit	₹-0.4	to loss	to loss
Net profit	₹-6.0	to loss	loss widened
EPS (₹)	-0.90	to loss	loss widened
Operating margin	-0.4%	—	—

Full quarterly financials → Results calendar →

KECL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 59.55% of the KECL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.98%. That is close to its usual level.

59.55%Delivery, 16 Oct

50.98%Own 20-session average

0.8×Volume vs its average

₹118.31NSE close · -0.08%

Delivery in the last 5 sessions: 53.2% · 53.0% · 52.5% · 64.0% · 59.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Kirloskar Electric Seeks Central Govt Approval to Appoint Janaki Kirloskar as Joint MD

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 16 Oct 2026, 05:47 PM

Kirloskar Electric Company Limited has issued a newspaper notice under Section 201(2) of the Companies Act, 2013, regarding its proposal to apply to the Central Government for approval to appoint Ms. Janaki Kirloskar (DIN 00309238) as Joint Managing Director. The statutory notice is scheduled for publication on October 17, 2026, across Vishwavani and Business Standard (Bangalore editions). The appointment is being sought pursuant to Section 196 and Schedule V of the Act, which governs terms and conditions of managerial appointments.

Notice issued under Section 201(2) of the Companies Act, 2013, dated October 16, 2026
Newspaper publication scheduled in Vishwavani and Business Standard on October 17, 2026
Application to be submitted to Central Government under Section 196 and Schedule V
Proposed appointment is for Ms. Janaki Kirloskar (DIN 00309238) as Joint Managing Director

💡 Track the outcome of the Central Government approval and subsequent disclosures on Ms. Janaki Kirloskar's proposed tenure and remuneration terms.

Kirloskar Electric Submits Depository Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 05:37 PM

Kirloskar Electric Company Limited has submitted its confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent Integrated Registry Management Services Private Limited on October 8, 2026. It confirms that securities received for dematerialization during the period were duly verified, mutilated, and registered with the depositories. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Depositories and Participants Regulations, 2018
Pertains to the quarter and half-year ended September 30, 2026
Confirmation issued by RTA Integrated Registry Management Services Private Limited dated October 8, 2026

💡 No investor action required as this is a procedural filing; investors should track upcoming Q2 FY27 financial results for operational performance.

Kirloskar Electric Receives GST Demand Notice of ₹12.57 Lakh

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 30 Sep 2026, 05:47 PM

Kirloskar Electric Company Limited has received a Show Cause Notice in Form DRC-01 from the Deputy Commissioner of Commercial Taxes (Audit)-6.4. The notice demands an aggregate sum of ₹12,56,693, which includes ₹7,61,000 in tax and ₹4,95,693 in interest for the audit period April 2022 to March 2023. Allegations pertain to reduction of outward liability, excess claims, and ITC reversals under KGST/CGST/IGST Acts. Given the company's TTM revenue of ₹561 Cr, the financial magnitude of this demand is negligible (<0.01% of revenue), and the company plans to explore options to contest it.

Received DRC-01 notice demanding ₹12,56,693 on September 29, 2026
Demand comprises tax of ₹7,61,000 and interest of ₹4,95,693
Audit period relates to FY 2022-23 (April 2022 to March 2023)
Company stated there is no material operational or financial impact and intends to contest

💡 Track whether the company files a formal reply or appeal against the demand order, though no material financial fallout is anticipated.

Kirloskar Electric Closes Trading Window from October 1, 2026 for Q2 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Sep 2026, 09:44 AM

Kirloskar Electric Company Limited has announced the closure of its trading window effective October 01, 2026, pursuant to SEBI Insider Trading Regulations. The closure applies to Directors, Promoters, Designated Employees, and Connected Persons ahead of the declaration of unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The window will reopen 48 hours after the financial results are published. The exact date of the board meeting to approve the results will be intimated separately.

Trading window closes with effect from October 01, 2026
Closure covers quarter and half-year ended September 30, 2026 financial results
Window to reopen 48 hours after the declaration of standalone and consolidated results
Board meeting date to approve the financial results will be announced separately

💡 Track the upcoming board meeting date intimation and subsequent Q2 and H1 FY27 financial performance.

KECL raises ₹40 Cr via promoter allotment and exits Master Restructuring Agreement

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 23 Sep 2026, 07:05 PM

Kirloskar Electric Company's board approved the allotment of 34,68,007 equity shares on a preferential basis to promoter group entity Kirloskar Power Equipments Limited at ₹115.34 per share, raising ₹40 crore (~5% of market cap). This increases the promoter entity's stake from 1.73% to 6.60%. Additionally, the board approved the closure and successful exit from its Master Restructuring Agreement (MRA) dated June 30, 2015, with Bank of India and SBI consortium. This exit marks a major milestone in normalizing the company's banking and credit profile.

Preferential allotment of 34,68,007 shares at ₹115.34 each, raising ₹39,99,99,927.38
Allotment made to promoter group entity Kirloskar Power Equipments Limited, raising its stake from 1.73% to 6.60%
Approval for formal closure and successful exit from the Master Restructuring Agreement (MRA) executed on June 30, 2015
Consortium lenders involved in the MRA closure include Bank of India (Lead Lender) and State Bank of India

💡 Track the utilization of the ₹40 crore capital injection and observe whether MRA closure leads to improved credit ratings and reduced finance costs in upcoming quarterly results.

KECL Gets In-Principle Approval for ₹40 Cr Preferential Equity Issue to Promoter Entity

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 21 Sep 2026, 05:35 PM

Kirloskar Electric Company Limited (KECL) has received in-principle approval from BSE and NSE for the preferential issue of 34,68,007 equity shares to promoter group company Kirloskar Power Equipments Limited. The shares will be issued at a floor price of ₹115.34 per share, translating to an infusion of approximately ₹40 crore. Relative to KECL's market cap of ₹782 crore, this fundraise represents ~5.1% of equity and will bolster net worth (₹132 crore) by roughly 30%. The capital infusion will help support working capital and improve debt-to-equity metrics.

Received in-principle approval from NSE and BSE on September 21, 2026
Preferential issue of 34,68,007 equity shares of face value ₹10 each
Issued to promoter group entity Kirloskar Power Equipments Limited at a floor price of ₹115.34 per share
Implies a capital raise of approximately ₹40 crore (~5.1% of market cap)

💡 Track the formal allotment date and final listing approval from the exchanges, alongside deployment of proceeds toward working capital or debt reduction in upcoming quarterly filings.

Kirloskar Electric Discloses Resignation Letter of VP - HR Sukanya Reddy

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Sep 2026, 12:06 PM

Kirloskar Electric Company Limited has submitted the detailed resignation letter for Mrs. Sukanya Reddy, Vice President – Human Resources and Senior Management Personnel, citing personal reasons. This filing serves as a follow-up to their earlier intimation dated September 08, 2026, pursuant to SEBI Listing Regulations. The departure is an executive HR-level exit and does not directly alter core operations or manufacturing capabilities.

Resignation of Mrs. Sukanya Reddy from the post of Vice President – Human Resources.
Categorized under Senior Management Personnel pursuant to SEBI circular dated January 30, 2026.
Reason stated for the departure is personal reasons.
Follows earlier communication vide letter Sect./31/2026-27 dated September 08, 2026.

💡 Track the appointment of a successor to head human resources and monitor upcoming quarterly operational performance.

Kirloskar Electric Announces Cessation of VP - Human Resources Sukanya Reddy

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Sep 2026, 11:20 AM

Kirloskar Electric Company Limited has informed the exchanges regarding the cessation of Mrs. Sukanya Reddy, Vice President – Human Resources and Senior Management Personnel. She was relieved from the services of the company effective close of business hours on September 07, 2026, following her resignation. This is an administrative leadership departure in the HR department and does not impact operations or revenue. The company reported TTM revenue of ₹561 Cr and a net loss of ₹5.99 Cr in its latest quarter (Q1 FY27/Jun 2026).

Resignation and cessation of Mrs. Sukanya Reddy, Vice President – Human Resources
Effective cessation date: September 07, 2026, at close of business hours (06:00 PM)
Filing submitted pursuant to Regulation 30 of SEBI LODR on September 08, 2026
Successor or replacement appointment: not disclosed

💡 Watch for subsequent filings regarding the appointment of a new Head of Human Resources, alongside upcoming Q2 FY27 earnings to monitor operational turnaround.

KECL Consolidates ₹40.00 Cr Preferential Issue Objects for Working Capital

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 02 Sep 2026, 12:32 PM

Kirloskar Electric Company Limited (KECL) has modified and consolidated the objects of its proposed preferential issue of equity shares following observations from the National Stock Exchange (NSE) during in-principle approval processing. The entire proposed issue proceeds of ₹39,99,99,927.38 (approx. ₹40 Cr) will now be utilized under a single consolidated head: working capital utilization, including repayment or prepayment of existing working capital borrowings. The company confirmed there are no changes to the aggregate fundraise amount, issue price, or number of securities approved by shareholders on August 13, 2026.

Preferential issue proceeds consolidated to ₹39,99,99,927.38 (~₹40 Cr)
Proceeds dedicated exclusively to working capital funding and repayment/prepayment of working capital borrowings
Modification executed pursuant to observations from the National Stock Exchange (NSE)
No change to terms, issue price, or share volume approved by shareholders on August 13, 2026

💡 Track receipt of final In-Principle Approval (IPA) and listing approval from stock exchanges, followed by allotment details and subsequent debt reduction.

KECL Shareholders Approve Preferential Issue to Promoter Group and Key Management Appointments

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 14 Aug 2026, 05:40 PM

Kirloskar Electric Company Limited (KECL) shareholders have approved a preferential issue of equity shares to Kirloskar Power Equipments Limited, a promoter group entity. The 79th AGM also confirmed the reappointment of Vijay R Kirloskar as Executive Chairman and the appointment of Janaki Kirloskar as Joint Managing Director. Total voting participation was 50.1% (33,273,085 votes), with nearly unanimous approval for all eight resolutions. This capital infusion aligns with the company's strategy to improve its financial risk profile and address its Rs 100 Cr debt.

Preferential issue to promoter group (Resolution 8) passed with 32,125,798 votes in favour (100% of votes polled for this item)
Total voting participation reached 50.1% of the 6,64,14,071 total shares
Vijay R Kirloskar reappointed as Executive Chairman with 99.99% shareholder approval
Janaki Kirloskar appointed as Joint Managing Director to lead the management team
Audited standalone financial statements for FY26 were formally adopted by shareholders

💡 Watch for the specific allotment price and total capital raised in the preferential issue to assess the impact on book value and the current debt-to-equity ratio of 0.76.

KECL Shareholders Approve Preferential Issue to Promoters and New Joint MD Appointment

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 14 Aug 2026, 04:07 PM

Kirloskar Electric Company Limited (KECL) held its 79th AGM on August 13, 2026, where shareholders approved a fundraise via preferential issue of equity shares to the promoter group entity, Kirloskar Power Equipments Limited. The meeting also confirmed the promotion of Ms. Janaki Kirloskar to Joint Managing Director, signaling a leadership transition. These moves come as the company reported a FY26 revenue of ₹589.34 Cr and a PAT of ₹13.87 Cr, though the most recent June 2026 quarter saw a loss of ₹5.99 Cr. The capital infusion is critical given the company's ₹100 Cr debt and low operating margins of 5.5%.

Shareholders approved a preferential issue of equity shares to promoter group entity Kirloskar Power Equipments Limited for cash.
Ms. Janaki Kirloskar promoted to Joint Managing Director and appointed as a Director.
Mr. Vijay R Kirloskar re-appointed as Executive Chairman (Whole-time Director).
Adoption of FY26 audited consolidated financial statements showing revenue of ₹589.34 Cr and PAT of ₹13.87 Cr.
Appointment of BMS Auditing as the branch auditor for the UAE (Ajman) operations.

💡 Investors should monitor the upcoming disclosure regarding the specific size and pricing of the preferential issue to assess equity dilution. Additionally, track whether the fresh capital is utilized to reduce the ₹100 Cr debt or to fund working capital for the EV and Defense segments.

KECL 79th AGM: Approves Preferential Issue to Promoter Group and Management Changes

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 13 Aug 2026, 05:16 PM

Kirloskar Electric Company Limited (KECL) held its 79th AGM on August 13, 2026, where shareholders voted on eight key resolutions. The most significant item was a special resolution for raising funds through a preferential issue of equity shares to Kirloskar Power Equipments Limited, a promoter group entity. Additionally, the company approved the promotion of Janaki Kirloskar to Joint Managing Director and the re-appointment of Vijay R Kirloskar as Executive Chairman. These moves come as the company reported FY26 revenue of ₹589.34 Cr and continues to focus on debt reduction and EV sector growth.

79th Annual General Meeting held on August 13, 2026, via video conferencing.
Special Resolution proposed for a preferential issue of equity shares to promoter group entity Kirloskar Power Equipments Limited.
Janaki Kirloskar promoted to Joint Managing Director via Special Resolution.
Formal adoption of FY26 audited financial statements showing revenue of ₹589.34 Cr and PAT of ₹13.87 Cr.
Re-appointment of Vijay R Kirloskar as Executive Chairman approved via Special Resolution.

💡 Monitor the upcoming disclosure of voting results to confirm the approval of the preferential issue. Investors should watch for the specific pricing and quantum of the fundraise, as it will impact the company's debt-to-equity ratio (currently 0.76) and working capital position.

KECL Reports ₹184 Cr Record Q1 Order Intake Despite ₹5.99 Cr Net Loss in Q1 FY27

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:26 PM

Kirloskar Electric Company Limited (KECL) reported a weak Q1 FY27 with revenue declining 21.5% YoY to ₹103.85 Cr, leading to a net loss of ₹5.99 Cr compared to a profit of ₹0.45 Cr in Q1 FY26. However, the company achieved its highest-ever Q1 order intake of ₹184 Cr, up 28% YoY, resulting in a strong book-to-bill ratio of 1.79x. Management cited customer-deferred dispatches as the primary reason for the revenue dip and expects normalization in the coming quarters. The company is also in advanced stages of monetizing its Hubballi property to address net worth erosion and improve working capital.

Record Q1 order intake of ₹184 Cr, representing a 28% YoY increase and 36% QoQ growth.
Revenue from operations fell to ₹103.85 Cr from ₹132.24 Cr in the corresponding quarter of the previous year.
Net loss of ₹5.99 Cr for the quarter, compared to a net profit of ₹0.45 Cr in Q1 FY26.
Finance costs decreased by 17.3% YoY to ₹5.25 Cr, reflecting improved working capital utilization.
Material costs as a percentage of revenue improved to 69.1% from 71.9% YoY despite commodity volatility.

💡 Watch for the conversion of the ₹184 Cr order book into revenue in Q2 and Q3, and monitor the completion of the Hubballi property monetization to stabilize the balance sheet.

KECL Q1 FY27: Order Bookings Surge 28% to ₹184 Cr Despite Net Loss of ₹5.99 Cr

🔵 WATCH ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:26 PM

Kirloskar Electric Company Limited (KECL) reported a challenging Q1 FY27 with revenue declining 21.5% YoY to ₹103.85 Cr, resulting in a net loss of ₹5.99 Cr compared to a profit of ₹0.45 Cr in the previous year. However, the company achieved its highest-ever Q1 order booking of ₹184 Cr, representing approximately 31% of its TTM revenue. The book-to-bill ratio stands at a healthy 1.79x, driven by the transformer segment and data center demand. Management attributed the revenue dip to customer deferrals and expects normalization in the coming quarters.

Order booking for Q1 FY27 reached ₹184 Cr, a 28% increase YoY and 36% increase QoQ.
Revenue from operations fell to ₹103.85 Cr from ₹132.24 Cr in the corresponding quarter last year.
Net loss stood at ₹5.99 Cr, down from a profit of ₹0.45 Cr in Q1 FY26.
Finance costs reduced by 17.3% YoY to ₹5.25 Cr due to improved working capital utilization.
Material costs improved to 69.1% of revenue compared to 71.9% in the previous year's quarter.

💡 Investors should monitor the execution timeline of the ₹184 Cr order book and the progress of the Hubballi property monetization, which is critical for improving the company's eroded net worth.

₹40 Cr Preferential Issue: KECL Clarifies Use of Proceeds for Debt and Working Capital

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 04 Aug 2026, 04:26 PM

Kirloskar Electric Company Limited (KECL) has issued a corrigendum to its 79th AGM notice regarding a ₹39.99 Cr preferential issue. The company clarified that ₹25 Cr (62.5% of proceeds) will be used for debt repayment or prepayment, while the remaining ₹14.99 Cr is allocated exclusively to working capital. Notably, the allocation for 'General Corporate Purposes' has been revised to Nil to ensure compliance with SEBI (ICDR) Regulations. This fundraise represents approximately 4.4% of the company's current market capitalization of ₹906 Cr.

Total preferential issue size fixed at ₹39,99,99,927.38
₹25,00,00,000.00 earmarked for repayment or prepayment of existing borrowings
₹14,99,99,927.38 allocated for funding working capital requirements
General corporate purposes allocation reduced to Nil to meet regulatory standards
79th Annual General Meeting scheduled for August 13, 2026

💡 Watch for the shareholder approval of this preferential issue at the AGM on August 13, 2026, and subsequent updates on debt reduction and capacity utilization improvements.

View All KECL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY24 reached INR 557.35 Cr, representing a 17.7% growth from INR 473.55 Cr in FY23. By FY25, segment performance showed Power Generation/Distribution at INR 294.94 Cr, Rotating Machines at INR 235.80 Cr, and Other segments at INR 15.53 Cr.

Geographic Revenue Split

The company maintains a diversified regional presence across India with overseas customers; however, specific percentage splits by region are not disclosed in available documents.

Profitability Margins

Operating Profit Margin significantly declined from 1.30% in FY24 to 0.10% in FY25. Net Profit Margin showed a slight improvement from 2.68% in FY24 to 3.08% in FY25, primarily aided by exceptional items and asset monetization.

EBITDA Margin

PBILDT margin stood at 6.21% in FY24 (INR 34.62 Cr on INR 557.35 Cr revenue). Standalone PBILDT for the period ending December 2024 was INR 29.33 Cr.

Capital Expenditure

The company has focused on debt reduction rather than heavy CAPEX, utilizing INR 98.20 Cr from the Hubballi land sale and INR 2.98 Cr from Hyderabad asset sales to clear term loan dues.

Credit Rating & Borrowing

Long-term bank facilities of INR 38.00 Cr are rated CARE B+; Stable, and short-term facilities of INR 77.63 Cr are rated CARE A4. Interest coverage ratio was 1.41x in FY24 but dropped to 0.07x on a standalone basis in FY25.

⚙️ Operational Drivers

Raw Materials

Key raw materials include copper, iron, and steel, which collectively account for more than 70% of the total cost of production.

Capacity Expansion

The company operates 6 manufacturing units. Specific capacity in units or MT is not disclosed, but the company is focusing on increasing capacity utilization which was previously hindered by working capital shortages.

Raw Material Costs

Raw material costs exceed 70% of revenue. The high volatility in global copper and steel prices directly impacts the cost of manufacturing motors and transformers, requiring frequent pricing adjustments.

Manufacturing Efficiency

The company is working to improve capacity utilization by addressing historical working capital shortages caused by the INR 224.47 Cr impairment of its German subsidiary, LDW.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the monetization of non-core assets to improve the financial risk profile and reduce debt. The company is focusing on high-growth sectors like Defense, Railways, and Electric Vehicles, where it supplies specialized motors and customized electrical equipment.

Products & Services

AC motors, DC motors, transformers, switchgear, alternators, generators, diesel generator sets, and electronics including motors for electric vehicles.

Brand Portfolio

Kirloskar Electric (KECL).

New Products/Services

The company is a leading Indian manufacturer of motors specifically designed for Electric Vehicles (EVs).

Market Expansion

Expansion is focused on domestic government initiatives for manufacturing and increasing repeat orders from established PSU and EPC clients.

Market Share & Ranking

Established as one of the major players in the domestic electric equipment industry with over 70 years of operations.

Strategic Alliances

Maintains an associate relationship with Kirloskar (Malaysia) Sdn. Bhd. and various wholly-owned subsidiaries including Luxquisite Parkland and KELBUZZ Trading.

🌍 External Factors

Industry Trends

The electrical equipment industry is evolving with a shift toward domestic manufacturing (Make in India) and Electric Vehicle adoption. KECL is positioning itself by supplying EV motors and specialized equipment for Defense.

Competitive Landscape

Operates in a highly competitive market with persistent pressure from both domestic and international electrical equipment manufacturers.

Competitive Moat

The company's moat is built on a 70-year brand legacy, extensive promoter experience (Vijay Kirloskar has 30+ years), and deep-rooted relationships with PSUs which provide stable repeat orders.

Macro Economic Sensitivity

Highly sensitive to industrial growth and government infrastructure spending in sectors like Railways and Power Generation.

Consumer Behavior

Shift toward green energy and electric mobility is driving demand for KECL's EV motor segment.

Geopolitical Risks

Exposure to global commodity price fluctuations for copper and steel due to global linkages.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. Manufacturing must adhere to domestic electrical safety and quality standards.

Taxation Policy Impact

The company follows IND-AS accounting standards. Tax expense for FY25 was INR 0.18 Cr on a standalone basis.

Legal Contingencies

The company has a pending Special Leave Petition in the Supreme Court regarding a resale tax penalty demand of INR 5.27 Cr (527 lakhs).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to maintain consistent profitability amidst volatile raw material costs and the successful monetization of remaining non-core assets to stabilize the balance sheet.