Kirloskar Brothers Limited (KIRLOSBROS)
₹1,682.90 -0.62% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kirloskar Brothers' revenue was ₹1,105 Cr (+12.9% year on year, -21.9% on the previous quarter), and net profit ₹67.6 Cr (-0.6% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,105 | +12.9% | -21.9% |
| Operating profit | ₹116 | +3.4% | -36.4% |
| Net profit | ₹67.6 | -0.6% | -39.6% |
| EPS (₹) | 8.39 | +41.5% | -40.2% |
| Operating margin | 10.5% | — | — |
KIRLOSBROS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.16% of the KIRLOSBROS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.33%. That is close to its usual level.
Delivery in the last 5 sessions: 52.1% · 53.0% · 50.3% · 54.9% · 50.2%
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 Brothers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirms that securities received for dematerialisation were processed and confirmed to depositories. It further certifies that physical share certificates were mutilated and cancelled within 15 days of receipt. This is a standard secretarial filing with no impact on business operations or financials.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent Bigshare Services Private Limited
- Physical share certificates mutilated and cancelled within 15 days of receipt as per regulations
Kirloskar Brothers Limited has issued a Postal Ballot Notice seeking shareholder approval via remote e-voting for the appointment of Dr. Madhuri Kanitkar as an Independent Director. Her appointment is proposed for a term of 5 consecutive years, from September 15, 2026 to September 14, 2031. The remote e-voting period runs from September 16, 2026 to October 15, 2026, with the cut-off date set as September 11, 2026. The move is a routine board governance enhancement with no direct impact on current operations or financials.
- Proposed appointment of Dr. Madhuri Kanitkar as Independent Director for a 5-year term from September 15, 2026 to September 14, 2031
- Remote e-voting window commences on September 16, 2026 (9:00 AM IST) and ends on October 15, 2026 (5:00 PM IST)
- Cut-off date for determining member voting eligibility is Friday, September 11, 2026
- Appointee holds nil shares in the company and is not related to any other director
Kirloskar Brothers Limited has announced the appointment of Lt. Gen. (Dr.) Madhuri Kanitkar as an Additional Director (Independent Woman Director) effective September 15, 2026. The appointment is for a period of 5 consecutive years, subject to shareholder approval. Dr. Kanitkar brings roughly 39 years of military and administrative service, having served as Deputy Chief of Integrated Defence Staff (Medical). She holds zero equity shares in the company.
- Appointment for a 5 consecutive year term effective September 15, 2026
- Candidate possesses approximately 39 years of military and administrative experience
- Appointed director holds 0 shares in Kirloskar Brothers Limited
- Resolution approved via circular resolution on September 07, 2026 at 19:03 IST
The Supreme Court of India disposed of SLP No. 8020 of 2021 and connected petitions, directing the formation of a 3-member Arbitral Tribunal to resolve disputes arising from the 2009 Deed of Family Settlement (DFS). The dispute involves alleged breaches of non-compete clauses, including Kirloskar Oil Engines Ltd.'s acquisition of La-Gajjar Machineries. Former High Court Chief Justices Nitin Madhukar Jamdar and K.R. Shriram have been appointed as nominee arbitrators, with the presiding arbitrator to be appointed within four weeks. The company noted that the financial impact cannot be presently ascertained.
- Supreme Court order dated August 11, 2026, directs constitution of a 3-member Arbitral Tribunal seated in Pune
- Dispute originates from the Deed of Family Settlement (DFS) dated September 11, 2009, and Special Civil Suit No. 798 of 2018
- Nominee arbitrators Justice Nitin Madhukar Jamdar and Justice K.R. Shriram are to appoint a Presiding Arbitrator within 4 weeks
- Preliminary issues on arbitrability and non-signatory binding under Clause 20 of DFS left open for tribunal determination
- Company stated that the financial impact of the proceedings cannot be presently ascertained
Kirloskar Brothers Limited has informed the exchanges that ESG Risk Assessments & Insights Limited has independently assigned an ESG rating to the company. The company clarified that it did not engage the agency for this assessment, and the disclosure was made following an intimation from BSE received on August 17, 2026. The filing is a procedural compliance update with no material financial impact on the company's operations or its TTM revenue of Rs 4,664 Cr.
- ESG Risk Assessments & Insights Limited assigned an independent ESG rating to Kirloskar Brothers.
- The company explicitly stated that it did not solicit or engage the ESG rating agency for this assessment.
- The regulatory disclosure was triggered by an email received from BSE on August 17, 2026.
CRISIL ESG Ratings & Analytics Limited has upgraded Kirloskar Brothers Limited's ESG rating to 'CRISIL ESG 66' from 'CRISIL ESG 54', as per its report dated August 13, 2026. With this upgrade, the company's score category moves to 'Strong' from 'Adequate', demonstrating improvement across Environmental, Social, and Governance pillars. In addition, CRISIL has assigned a Core ESG score of 'CRISIL Core ESG 69'. While the rating improves compliance standing and institutional appeal, it has no direct financial impact on the company's near-term revenues or earnings.
- CRISIL improved KBL's ESG score to 'CRISIL ESG 66' from 'CRISIL ESG 54'
- Assessment category upgraded from 'Adequate' to 'Strong'
- CRISIL assigned a Core ESG rating of 'CRISIL Core ESG 69'
- Rating report finalized as of August 13, 2026, based on public disclosures
Kirloskar Brothers Limited (KBL) reported a 13% YoY increase in consolidated revenue to Rs 1,104.9 Cr for Q1 FY27. While standalone PAT grew 15% to Rs 54 Cr, consolidated EBITDA growth was muted at 2% (Rs 130.6 Cr) due to lower margins in international subsidiaries (5.1% EBITDA margin). The total pending order book stands at Rs 4,062.2 Cr, representing approximately 89.5% of TTM revenue, providing strong revenue visibility. Management attributed a Rs 82 Cr inventory buildup to foundry modernization, which is expected to normalize through dispatches in Q2 FY27.
- Consolidated revenue grew 13% YoY to Rs 1,104.9 Cr in Q1 FY27
- Total pending order book stands at Rs 4,062.2 Cr (Domestic: Rs 2,557.7 Cr; Overseas: Rs 1,504.5 Cr)
- International revenue increased 19% YoY, but EBITDA margins moderated to 5.1% due to lower services mix
- Inventory stock adjustment of Rs 82 Cr recorded in Q1 due to foundry modernization delays
- Management maintains guidance for double-digit revenue growth in the standalone business for FY27
Kirloskar Brothers Limited (KBL) reported a 12.9% YoY growth in consolidated revenue to ₹1,104.9 crore for Q1FY27. However, EBITDA margins compressed by 121 bps to 11.8%, resulting in a flat PAT of ₹67.6 crore. The company maintains a robust total pending order book of ₹4,062.2 crore, which represents approximately 89.5% of its TTM revenue, providing strong near-term visibility. This specific filing corrects a typographical error in the previously shared investor presentation regarding the order book slide.
- Consolidated Revenue increased to ₹11,049 million in Q1FY27 from ₹9,790 million in Q1FY26.
- Total pending order book stands at ₹40,622 million, with domestic orders contributing ₹25,577 million.
- EBITDA margin declined to 11.8% in Q1FY27 compared to 13.0% in the same quarter last year.
- Standalone order book is heavily weighted toward Irrigation and Water Resource Management at ₹10,127 million.
- International subsidiaries (KBIBV Group) reported a lower EBITDA margin of 5.2% vs 7.0% YoY.
Kirloskar Brothers Limited (KBL) reported a 12.9% YoY increase in consolidated revenue to Rs 1,104.9 Cr for Q1FY27. Despite the top-line growth, consolidated EBITDA margins contracted by 121 bps to 11.8%, resulting in a flat PAT of Rs 67.6 Cr. The domestic pending order book grew to Rs 2,557.7 Cr, representing approximately 56% of TTM revenue. International operations (KBIBV) saw a revenue jump to Rs 401.8 Cr, though its EBITDA margin declined significantly to 5.2% from 7.0% YoY.
- Consolidated Revenue increased 12.9% YoY to Rs 11,049 Mn in Q1FY27.
- Consolidated EBITDA margin compressed to 11.8% from 13.0% in the previous year's quarter.
- Domestic pending order book stands at Rs 25,577 Mn, up from Rs 20,772 Mn YoY.
- International subsidiary KBIBV reported revenue growth of 19.1% YoY reaching Rs 4,018 Mn.
- Standalone business (KBL) maintained a higher EBITDA margin of 13.7% compared to the consolidated 11.8%.
Kirloskar Brothers Limited (KBL) reported a 12.9% YoY increase in consolidated revenue for Q1 FY27, reaching ₹1,104.9 Cr. Despite the top-line growth, EBITDA margins contracted to 11.8% from 13.0% in the year-ago period, resulting in a nearly flat PAT of ₹67.6 Cr. The standalone pending order book remains healthy at ₹2,375.4 Cr, up 23% YoY, providing strong revenue visibility. International operations (KBIBV) saw revenue growth but faced margin pressure, with EBITDA margins dropping to 5.2% from 7.0%.
- Consolidated Revenue for Q1 FY27 stood at ₹1,104.9 Cr, a 12.9% increase over Q1 FY26.
- Standalone Pending Orderbook reached ₹2,375.4 Cr as of June 30, 2026, compared to ₹1,929.1 Cr a year ago.
- EBITDA margins compressed by 120 bps YoY to 11.8%, primarily due to higher employee and other operating expenses.
- Irrigation and Water Resource Management continues to lead the standalone order book with ₹1,012.7 Cr (42.6% share).
- International subsidiary KBIBV reported revenue of ₹401.8 Cr, but SPP UK recorded a negative EBITDA margin of -0.5%.
Kirloskar Brothers Limited (KBL) reported a 12.9% YoY increase in consolidated revenue for Q1FY27, reaching ₹1,104.9 Cr. Despite the top-line growth, Profit After Tax (PAT) remained nearly flat at ₹67.6 Cr (up 0.1% YoY) as EBITDA margins compressed from 13.0% to 11.8%. The standalone pending order book showed strength, growing to ₹2,375.4 Cr, which represents approximately 52% of the company's TTM revenue. International operations saw a 19.1% revenue jump, though profitability in certain European subsidiaries remains a challenge.
- Consolidated Revenue increased 12.9% YoY to ₹1,104.9 Cr in Q1FY27.
- EBITDA margins contracted by 121 basis points YoY to 11.8% from 13.0%.
- Standalone pending order book reached ₹2,375.4 Cr, led by the Irrigation and Water Resource Management sector at ₹1,012.7 Cr.
- International subsidiary (KBIBV) revenue grew 19.1% YoY to ₹401.8 Cr, though its EBITDA margin fell to 5.2% from 7.0%.
- Cash and investments (including equivalents) stood at ₹1,071.6 Cr as of March 2026.
Kirloskar Brothers Limited (KIRLOSBROS) concluded its 106th Annual General Meeting on July 31, 2026, with all six resolutions passed by the requisite majority. While the dividend declaration received near-unanimous support (99.99%), there was significant shareholder dissent on management-related items. Specifically, the re-appointment of Ms. Rama Kirloskar as Joint Managing Director saw 44.54% of votes cast against the resolution, and the adoption of financial statements faced 33.02% opposition. This voting pattern is notable given the company's stable promoter holding of 65.95% and TTM revenue of ₹4,538 Cr.
- Resolution for re-appointment of Ms. Rama Kirloskar as Joint MD passed with 55.46% in favor and 44.54% against.
- Adoption of FY26 Standalone and Consolidated Financial Statements saw 33.02% of votes cast against.
- Dividend declaration for FY26 approved with 99.99% support from voting shareholders.
- Total of 65,446 shareholders were eligible to vote as of the record date of July 24, 2026.
- Re-appointment of Ms. Rama Kirloskar as a Director (retiring by rotation) saw 33.64% dissent.
Kirloskar Brothers Limited (KBL) held its 106th Annual General Meeting on July 31, 2026, where shareholders considered the adoption of FY26 financial statements and the declaration of a dividend. A key management decision involved the re-appointment of Ms. Rama Kirloskar as Joint Managing Director for a five-year term effective August 3, 2026. The company reported a TTM revenue of ₹4,538 Cr and a PAT of ₹377 Cr for FY26. Voting results for these resolutions are pending the scrutinizer's report.
- 106th Annual General Meeting successfully convened on July 31, 2026, via video conferencing.
- Proposed re-appointment of Ms. Rama Kirloskar as Joint Managing Director for a 5-year term from 2026 to 2031.
- Adoption of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026.
- Declaration of dividend for FY26 was placed for shareholder approval.
- Ratification of remuneration for Cost Auditors for the upcoming Financial Year 2026-27.
Kirloskar Brothers reported a steady Q1 FY27 with standalone revenue growing 8.5% YoY to Rs 673.8 Cr. Standalone Profit After Tax (PAT) increased by 14.9% to Rs 54.0 Cr, reflecting improved operational efficiency as profit growth outpaced revenue growth. While finance costs rose to Rs 2.0 Cr from a low base of Rs 0.6 Cr, the company maintained a healthy standalone EPS of Rs 6.80. Auditor notes indicate significant international scale, with one foreign subsidiary alone generating Rs 401.8 Cr in revenue during the quarter.
- Standalone Revenue from Operations increased 8.5% YoY to Rs 673.8 Cr.
- Standalone Net Profit grew 14.9% YoY to Rs 54.0 Cr compared to Rs 47.0 Cr in Q1 FY26.
- Earnings Per Share (EPS) improved to Rs 6.80 from Rs 5.93 in the year-ago period.
- Other Income rose 29% YoY to Rs 16.0 Cr, aiding the bottom line.
- One foreign subsidiary reported revenue of Rs 401.8 Cr, highlighting the scale of international operations.
Kirloskar Brothers Limited (KIRLOSBROS) has scheduled its Q1FY27 earnings conference call for August 3, 2026, at 2:00 PM IST. The call will feature top management, including the Chairman and Managing Director, to discuss financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY25) where the company achieved a revenue of ₹4,491.7 Cr and an operating margin of 13.58%. Investors will likely focus on the progress of the 10-15% growth target and international expansion strategies.
- Conference call scheduled for August 3, 2026, at 2:00 PM IST to discuss Q1FY27 results.
- Management participation includes CMD Sanjay Kirloskar, JMD Rama Kirloskar, and CFO Bhavesh Chheda.
- The company reported a TTM revenue of ₹4,538 Cr and TTM PAT of ₹377 Cr leading into this quarter.
- Discussion will likely cover the target of 35%+ international revenue share and US market expansion.
- The presentation for the meet will be uploaded to the company website prior to the call.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 12.3% to INR 4,492.2 Cr in FY25. Small and Medium Pump Division (SMPD) achieved 13% growth in FY25. International revenue grew 21% YoY in FY25. However, H1FY26 saw a 2.9% decline to INR 2,006.7 Cr compared to INR 2,066.7 Cr in H1FY25 due to seasonal moderation and deferred orders.
Geographic Revenue Split
International revenue share increased to 35% of total group revenue in FY25, up from 26% in FY24. Key markets include Europe, the U.S., Africa, and Southeast Asia. Domestic revenue accounts for the remaining 65%.
Profitability Margins
Gross margin improved to 53.8% in H1FY26 from 52.3% in H1FY25. Net Profit Margin (PAT) expanded to 9.3% in FY25 from 8.6% in FY24. Standalone Net Profit Margin was 8.66% in FY25 compared to 8.97% in FY24, a 3% decrease.
EBITDA Margin
Consolidated EBITDA margin expanded by 70 bps to 15.2% in FY25 (INR 681 Cr) from 14.5% in FY24. H1FY26 EBITDA margin stood at 12.5% (INR 251 Cr) compared to 13.7% (INR 283 Cr) in H1FY25, reflecting seasonal pressures.
Capital Expenditure
The company plans moderate annual capital expenditure of INR 150-200 Cr over the medium term to support manufacturing efficiency and product development.
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL AA/Stable' for long-term and 'CRISIL A1+' for short-term ratings. The company is net debt-free with total debt reducing to INR 133 Cr in FY25 from INR 213 Cr in FY24. Interest coverage ratio improved to 24.99x in FY25 from 20.53x in FY24.
Operational Drivers
Raw Materials
Steel, iron, and copper are primary raw materials for pump and valve manufacturing. Specific percentage of total cost for each material is not disclosed in available documents.
Import Sources
Not disclosed in available documents; however, the company operates 11 manufacturing plants globally, suggesting localized sourcing in the US, UK, Netherlands, and South Africa.
Capacity Expansion
Current capacity is not explicitly stated in units; however, the company is expanding its global footprint through 11 manufacturing plants and focusing on 'Buy American' program compliance for US market expansion.
Raw Material Costs
Raw material costs (COGS) were INR 958.5 Cr in H1FY26, representing 47.8% of revenue. The company has improved its ability to pass through raw material price fluctuations to customers, supporting a 13.7% increase in gross profit in FY25.
Manufacturing Efficiency
ROCE improved to 27% in March 2025 from 21.3% in March 2023. The company uses cost-optimization measures and R&D to drive efficiency, with 8 new products earning the India Design Mark.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be driven by increasing international revenue share (targeting 35%+), expanding in the US via 'Buy American' compliance, and focusing on high-margin services and spares. The company is also pivoting away from lumpy EPC projects to steady product-based sales in water, power, and irrigation sectors.
Products & Services
Small and medium pumps, industrial pumps, valves, fire protection packages, HVAC packages, and customer service/spares (CSS).
Brand Portfolio
Kirloskar, Kirloskar Brothers Limited (KBL), Kirloskar Ebara Pumps Ltd (KEPL), Rodelta Pumps International.
New Products/Services
8 new products earned the India Design Mark recently; focus is on energy-efficient pumps to replace competitor products in the industrial sector.
Market Expansion
Targeting expansion in Southeast Asia, the US (data centers and HVAC), and South Africa (complying with B-BBEE norms).
Market Share & Ranking
India's largest manufacturer and exporter of pumps with a leadership position in the domestic market.
Strategic Alliances
Joint Venture with Ebara Corporation (Kirloskar Ebara Pumps Ltd - KEPL) for specialized high-end pumps.
External Factors
Industry Trends
The industry is shifting toward energy-efficient fluid management and digital subscription platforms for recurring revenue. Demand is growing from data centers and fire/HVAC packages in developed markets.
Competitive Landscape
Faces intense competition from the unorganized sector in small pumps and global players in high-end industrial segments.
Competitive Moat
Durable advantages include a century-old brand legacy, a massive distribution network in 100+ countries, and high switching costs for specialized industrial pumps. These are sustainable due to the company's shift toward services and spares which lock in customers.
Macro Economic Sensitivity
Sensitive to cyclicality in end-user industries like power, construction, and irrigation. Revenue is tied to government spending on water resource management.
Consumer Behavior
Industrial customers are increasingly prioritizing energy efficiency and lifecycle costs over initial purchase price, favoring KBL's R&D-led products.
Geopolitical Risks
Trade barriers and local sourcing norms (e.g., 'Buy American', B-BBEE in South Africa) require localized manufacturing presence to mitigate risks.
Regulatory & Governance
Industry Regulations
Compliance with 'Buy American' program for US government-funded projects and Broad-Based Black Economic Empowerment (B-BBEE) in South Africa.
Environmental Compliance
High commitment to ESG principles to enhance stakeholder confidence for international operations and access to global capital markets.
Taxation Policy Impact
Direct taxes paid in H1FY26 were INR 74.8 Cr. Effective tax rate is not explicitly stated but follows standard Indian corporate tax norms.
Legal Contingencies
Retention receivables of INR 156 Cr have been outstanding for more than two years in the projects business, which are being monitored for recovery.
Risk Analysis
Key Uncertainties
Turnaround of loss-making subsidiaries (TKSL and Rodelta) and recovery of slow-moving retention receivables (INR 156 Cr) are primary uncertainties.
Geographic Concentration Risk
35% of revenue is international; domestic revenue is concentrated in government-led irrigation and power projects.
Third Party Dependencies
Not disclosed as a major risk; the company has high backward integration through subsidiaries and JVs.
Technology Obsolescence Risk
Mitigated by continuous R&D and 8 new product certifications in the last 5 years.
Credit & Counterparty Risk
Working capital intensive due to the projects business; however, the shift to a product-based model (97% of revenue) has improved the working capital cycle.
