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Kirloskar Industries Limited (KIRLOSIND)

₹3,453.80 +1.57% last close, 16 Oct

📊 NSE: KIRLOSIND 🏢 Finance & Investments 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kirloskar Industries' revenue was ₹1,779 Cr (+3.6% year on year, -2.6% on the previous quarter), and net profit ₹78.8 Cr (-17.5% year on year); the operating margin was 12.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,779	+3.6%	-2.6%
Operating profit	₹215	-1.9%	-0.5%
Net profit	₹78.8	-17.5%	-28.4%
EPS (₹)	32.05	-23.9%	-21.8%
Operating margin	12.1%	—	—

Full quarterly financials → Results calendar →

KIRLOSIND delivery percentage

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

On Fri, 16 Oct 2026, 42.65% of the KIRLOSIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.71%. That is close to its usual level. Volume was 0.1 times its average, well below normal.

42.65%Delivery, 16 Oct

41.71%Own 20-session average

0.1×Volume vs its average

₹3,453.80NSE close · +1.57%

Delivery in the last 5 sessions: 37.6% · 36.6% · 39.3% · 41.8% · 42.6%

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 Industries Relays Subsidiary KFIL Notice on Physical Share Transfer Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Oct 2026, 07:15 PM

Kirloskar Industries Limited submitted a regulatory intimation regarding its listed material subsidiary, Kirloskar Ferrous Industries Limited (KFIL). KFIL issued a newspaper notice concerning a SEBI-mandated special window open from 5 February 2026 to 4 February 2027 to facilitate the transfer and dematerialisation of physical shares sold or purchased prior to 1 April 2019. The transferred shares will be credited in demat mode and subject to a mandatory one-year lock-in. This filing is purely procedural and has no financial or operational impact on Kirloskar Industries.

Special window opened for 1 year from 5 February 2026 to 4 February 2027
Pertains to physical securities purchased or sold prior to 1 April 2019
Transferred shares to be locked in for 1 year from the date of registration of transfer
Newspaper notice published on 16 October 2026 in Financial Express and Loksatta

💡 Physical shareholders of KFIL should note the 4 February 2027 deadline to submit documentation; equity investors require no operational action.

Kirloskar Industries Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 07:28 PM

Kirloskar Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the quarter ended 30 September 2026. Issued by RTA MUFG Intime India Private Limited, it confirms that all share certificates received for dematerialisation were processed, confirmed or rejected, and cancelled within prescribed timelines. This is a purely standard statutory filing with no impact on business operations or financials.

Compliance certificate submitted for the quarter ended 30 September 2026
Certificate issued by RTA MUFG Intime India Private Limited dated 06/10/2026
Filing submitted to BSE and NSE on 14 October 2026

💡 No action is required. Investors should focus on upcoming quarterly financial earnings and operational updates rather than administrative compliance filings.

KFIL Postal Ballot Notice for Appointment of Ajay Shriram Patil as Joint MD

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Oct 2026, 06:02 PM

Kirloskar Industries Limited's material listed subsidiary, Kirloskar Ferrous Industries Limited (KFIL), has issued a postal ballot notice seeking shareholder approval for managerial appointments. The voting covers the appointment of Mr. Ajay Shriram Patil as a Director and as Joint Managing Director along with the approval of his remuneration. The e-voting window runs from 7 October 2026 to 5 November 2026, with cut-off date fixed as 2 October 2026. This is a routine governance update passed on to Kirloskar Industries' shareholders.

Subsidiary KFIL issues postal ballot for appointing Mr. Ajay Shriram Patil as Director and Joint MD
Remote e-voting period opens on 7 October 2026 at 9:00 a.m. IST and closes on 5 November 2026 at 5:00 p.m. IST
Cut-off date for determining voting rights was Friday, 2 October 2026
Scrutinizer's final voting report to be submitted on or before 7 November 2026

💡 Track the outcome of the postal ballot voting results around 7 November 2026 to confirm the appointment and remuneration terms at key operating subsidiary KFIL.

KFIL Issues Postal Ballot Notice for Appointment of Ajay Shriram Patil as Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Oct 2026, 07:19 PM

Kirloskar Industries Limited's material subsidiary, Kirloskar Ferrous Industries Limited (KFIL), has issued a postal ballot notice seeking shareholder approval for the appointment of Mr. Ajay Shriram Patil as a Director (and Joint Managing Director). The cut-off date for e-voting is set as 2 October 2026, with the voting window open from 7 October 2026 to 5 November 2026. The scrutinizer's report will be submitted on or before 7 November 2026. This announcement represents standard secretarial compliance by Kirloskar Industries regarding its listed subsidiary.

KFIL initiated postal ballot via e-voting starting 7 October 2026 (9:00 AM IST) and closing 5 November 2026 (5:00 PM IST)
Cut-off date established as 2 October 2026 for eligibility to cast votes
Proposed appointment of Mr. Ajay Shriram Patil (DIN: 01217000), who possesses over 36 years of industrial and manufacturing leadership experience
Scrutinizer's final report due on or before 7 November 2026

💡 Track the outcome of the postal ballot voting results around 7 November 2026 to confirm the subsidiary's board-level changes.

Kirloskar Industries Shareholders Approve Sandeep Gokhale as Independent Director with 99.98% Votes

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Oct 2026, 05:20 PM

Kirloskar Industries Limited announced the scrutinizer's report and voting results for its postal ballot conducted via remote e-voting between 5 September 2026 and 4 October 2026. Shareholders approved the appointment of Mr. Sandeep Gokhale as an Independent Director for a 5-year term from 1 September 2026 to 31 August 2031. Out of 54,88,229 total votes polled, 54,87,127 votes (99.98%) were cast in favour, passing the special resolution with the requisite majority. The appointment represents standard corporate governance compliance.

Special resolution passed with 99.98% votes in favour (54,87,127 votes out of 54,88,229 polled)
Only 1,102 votes (0.02%) voted against the resolution across 13 members
Mr. Sandeep Gokhale appointed as Independent Director for a 5-year tenure effective 1 September 2026 to 31 August 2031
Promoter group polled 51,85,687 votes, with 100% cast in favour of the appointment

💡 Track standard corporate governance updates and upcoming Q2 FY27 financial performance; no operational action is required.

Material Subsidiary KFIL Appoints Ajay Patil as Joint MD for a 3-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Sep 2026, 05:35 PM

Kirloskar Industries Limited announced that its listed material subsidiary, Kirloskar Ferrous Industries Limited (KFIL), has appointed Ajay Patil as Joint Managing Director. His 3-year tenure is effective from 21 September 2026 to 20 September 2029. Mr. Patil brings 36 years of experience, having previously served as Global CFO at RSB Transmission (India) Limited and holding roles at Cummins, Honeywell, and Eaton. KFIL constitutes the core operational and manufacturing engine for holding company Kirloskar Industries.

KFIL appointed Ajay Patil as Joint Managing Director effective 21 September 2026 to 20 September 2029 (3-year tenure)
Appointee brings 36 years of experience across M&A, strategy, capital allocation, and enterprise transformation
Previously served as Global CFO of RSB Transmission (India) Limited (a Bain Capital portfolio company)
KFIL is a key material subsidiary producing pig iron, castings, steel, and seamless tubes

💡 Track KFIL's operational execution and capital allocation strategy under the expanded leadership team in upcoming quarterly earnings.

Kirloskar Industries' Subsidiary KFIL Appoints Ajay Patil as Joint MD & Ankur Gupta as Deputy CFO

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Sep 2026, 03:25 PM

Kirloskar Industries Limited (KIRLOSIND) disclosed leadership additions at its listed material subsidiary, Kirloskar Ferrous Industries Limited (KFIL). KFIL's Board appointed Mr. Ajay Shriram Patil as Joint Managing Director and Key Managerial Personnel for a term of 3 years effective September 21, 2026, subject to shareholder approval. Additionally, Mr. Ankur Gupta was appointed Deputy Chief Financial Officer effective October 1, 2026. KFIL has fixed October 2, 2026, as the cut-off date for postal ballot voting by members regarding the appointment.

Mr. Ajay Shriram Patil appointed Joint MD at subsidiary KFIL for a term of 3 years effective 21 September 2026
Mr. Ankur Gupta appointed Deputy CFO of KFIL effective 1 October 2026
Cut-off date for shareholder postal ballot e-voting set as Friday, 2 October 2026
Mr. Ajay Patil brings over 36 years of industrial and global manufacturing leadership experience

💡 Track the outcome of KFIL's postal ballot voting post the 2 October 2026 cut-off date to confirm shareholder approval of the Joint MD appointment.

Kirloskar Industries' Subsidiary KFIL Appoints Ajay Patil as Joint MD & Ankur Gupta as Deputy CFO

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Sep 2026, 03:21 PM

Mr. Ajay Shriram Patil appointed Joint MD at subsidiary KFIL for a term of 3 years effective 21 September 2026
Mr. Ankur Gupta appointed Deputy CFO of KFIL effective 1 October 2026
Cut-off date for shareholder postal ballot e-voting set as Friday, 2 October 2026
Mr. Ajay Patil brings over 36 years of industrial and global manufacturing leadership experience

💡 Track the outcome of KFIL's postal ballot voting post the 2 October 2026 cut-off date to confirm shareholder approval of the Joint MD appointment.

Kirloskar Industries MD George Verghese Appointed MD of Avante Spaces Until May 2030

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Sep 2026, 11:36 AM

Avante Spaces Limited, a wholly owned subsidiary of Kirloskar Industries Limited (KIL), has appointed Mr. George Verghese as its Managing Director effective September 18, 2026, until May 19, 2030. Mr. Verghese currently serves as MD of the parent company KIL (since May 20, 2025) and takes on this additional role subject to Avante shareholder approval. Avante Spaces manages the real estate development arm of the group, which holds strategic significance alongside KIL's core investment portfolio of ₹4,726.16 Cr. The dual leadership aims to streamline operational execution across the parent and real estate subsidiary.

George Verghese appointed Managing Director of wholly owned subsidiary Avante Spaces Limited effective September 18, 2026
Tenure of appointment at Avante Spaces is set to continue until May 19, 2030
Mr. Verghese has served as MD of parent Kirloskar Industries Limited since May 20, 2025
Brings over 21 years of leadership experience across Dell, Reliance Communications, UST Global, and Cummins

💡 Track subsequent shareholder approvals at Avante Spaces and monitor project execution progress in KIL's real estate vertical in upcoming quarterly updates.

Kirloskar Industries Names George Verghese as MD of Wholly-Owned Arm Avante Spaces

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Sep 2026, 11:30 AM

Kirloskar Industries Limited announced that its wholly-owned real estate subsidiary, Avante Spaces Limited, has appointed Mr. George Verghese as Additional Director and Managing Director effective 18 September 2026, subject to shareholder approval. Mr. Verghese currently serves as the Managing Director of the parent company, Kirloskar Industries. He brings over two decades of corporate leadership experience from organizations including Dell, Cummins, Reliance Communications, and UST Global. The appointment aligns leadership as Avante Spaces develops the group's real estate initiatives.

Appointment of Mr. George Verghese as Additional Director and Managing Director of Avante Spaces Limited effective 18 September 2026
Appointee is currently the Managing Director of parent firm Kirloskar Industries Limited
Appointee brings over 20 years of experience across corporate leadership and operations
The appointment is subject to shareholder approval at Avante Spaces Limited

💡 Track subsequent shareholder approvals and monitor progress on Avante Spaces' real estate development projects in upcoming quarterly commentary.

Kirloskar Industries Clarifies Volume Spike Is Purely Market-Driven

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 12:49 PM

Kirloskar Industries Limited responded to an inquiry from BSE on 15 September 2026 regarding a significant increase in trading volume. The company confirmed that all price-sensitive events have been timely disclosed under Regulation 30 of SEBI LODR. Management stated there is no undisclosed pending information that would impact trading behavior. Consequently, the volume and price movements are entirely market-driven, with no management involvement.

Clarification submitted on 15 September 2026 following BSE query regarding volume surge
Confirmed full compliance under Regulation 30 of SEBI LODR Regulations, 2015
Company confirmed zero pending undisclosed price-sensitive information or announcements
Management stated it is in no way connected to the price or volume movements

💡 Track standard corporate announcements and upcoming quarterly financial performance rather than trading volume fluctuations, as no fundamental catalyst was disclosed.

Kirloskar Industries Clarifies No Undisclosed Material Information Behind Volume Spurt

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 07:43 PM

Kirloskar Industries Limited responded to NSE's query dated 11 September 2026 regarding a significant increase in trading volume. The company confirmed that all price-sensitive information under Regulation 30 has been disclosed within stipulated timelines. Management clarified that there is no pending undisclosed material announcement and that the volume surge is purely market-driven.

Clarification submitted on 11 September 2026 in response to NSE inquiry
Company confirmed compliance with Regulation 30 of SEBI LODR Regulations, 2015
No pending undisclosed information or announcements that could impact price or volume
Management stated it has no connection to the market-driven volume movement

💡 Track standard corporate announcements and upcoming quarterly financial results; avoid speculative trading driven solely by unverified volume spikes.

Kirloskar Industries Issues Postal Ballot Notice for Appointment of Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 04 Sep 2026, 06:30 PM

Kirloskar Industries Limited has issued a Postal Ballot Notice seeking shareholder approval via Special Resolution for the appointment of Mr. Sandeep Gokhale as an Independent Director. The proposed tenure is for a first term of 5 consecutive years, effective from 1 September 2026 to 31 August 2031. Remote e-voting commences on 5 September 2026 and concludes on 4 October 2026, with voting results to be declared on or before 6 October 2026.

Proposed appointment of Mr. Sandeep Gokhale as an Independent Director for a 5-year term from 1 September 2026 to 31 August 2031
Remote e-voting window opens on 5 September 2026 at 9:00 a.m. IST and closes on 4 October 2026 at 5:00 p.m. IST
Record/Cut-off date for eligibility to vote established as Friday, 28 August 2026
Postal ballot results to be declared on or before Tuesday, 6 October 2026

💡 Eligible shareholders may review the candidate's profile and participate in the remote e-voting before 4 October 2026. Track final voting results expected on or before 6 October 2026.

Kirloskar Industries Appoints Sandeep Gokhale as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 10:38 AM

Kirloskar Industries Limited has appointed Mr. Sandeep Gokhale as an Additional Non-Executive Independent Director for a 5-year term from September 1, 2026, to August 31, 2031, subject to shareholder approval. Mr. Gokhale brings nearly 40 years of experience across project financing, corporate strategy, and natural resources, having previously worked at Siemens, ICICI, Sterlite Industries, and JSW Group. Alongside this procedural joining update, the company previously reported Q1 FY27 consolidated revenue of Rs 1,798.97 Cr and net profit of Rs 78.75 Cr.

Appointment of Mr. Sandeep Gokhale as Non-Executive Independent Director effective September 1, 2026
Appointed for a consecutive 5-year tenure ending on August 31, 2031
Appointee has nearly 40 years of industry experience across engineering, financial services, and project finance
Holds nil shares in Kirloskar Industries Limited as on the date of appointment

💡 Track shareholder approval via postal ballot for the formalization of the board appointment.

Kirloskar Industries Appoints Sandeep Gokhale as Independent Director for a 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 10:36 AM

Kirloskar Industries Limited announced that Mr. Sandeep Gokhale has assumed office as an Additional Non-Executive Independent Director effective 1 September 2026. The appointment is for a consecutive term of 5 years ending on 31 August 2031, subject to shareholder approval. Mr. Gokhale brings nearly 40 years of corporate strategy and project financing experience across engineering, natural resources, and financial services, including past leadership roles at JSW Group and Sterlite Industries.

Mr. Sandeep Gokhale appointed as Additional Non-Executive Independent Director for a 5-year term from 1 September 2026 to 31 August 2031.
Appointment approved by Board of Directors on 12 August 2026, subject to approval of company members.
Appointee holds nearly 40 years of experience in project finance, acquisitions, and strategic joint ventures.
Mr. Gokhale holds Nil equity shares and has no relationship with existing directors.

💡 Monitor voting outcomes from the upcoming postal ballot regarding member approval for the appointment.

View All KIRLOSIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 5% YoY to INR 95.79 Cr. Dividend income contributed INR 62.80 Cr (+4.5% YoY), Interest income contributed INR 24.28 Cr (+3.9% YoY), and Net gain on fair value changes contributed INR 8.71 Cr (+11.8% YoY).

Geographic Revenue Split

100% of revenue is generated in India, primarily through investments in Kirloskar Group companies and real estate licensing in Pune, Maharashtra.

Profitability Margins

Net Profit Margin stood at 81.8% for FY 2024-25, with a net profit of INR 78.32 Cr on total revenue of INR 95.79 Cr. This high margin is characteristic of a Core Investment Company (CIC) with low operating overhead.

EBITDA Margin

Operating profit before working capital changes was negative INR 17.22 Cr, consistent with the previous year's negative INR 17.28 Cr, as core income for a CIC (dividends and interest) is often classified below the operating line in standard reporting.

Capital Expenditure

Property, Plant and Equipment (PPE) increased by 65.6% to INR 30.61 Cr from INR 18.48 Cr. Total assets grew 35.9% to INR 5,639.32 Cr, driven by a 41.1% increase in investment value.

Credit Rating & Borrowing

Not disclosed in available documents. However, the company earned INR 24.28 Cr in interest income and holds INR 265.42 Cr in loans as assets.

⚙️ Operational Drivers

Raw Materials

As a Core Investment Company (CIC), the primary 'raw material' is capital. For its material subsidiary Kirloskar Ferrous Industries Limited (KFIL), raw materials include iron ore and coal used for pig iron and steel production.

Capacity Expansion

The company's investment portfolio capacity expanded by 41.1% YoY, reaching INR 4,726.16 Cr. Real estate licensing capacity is managed through subsidiary Avante Spaces Limited.

Raw Material Costs

Not applicable for standalone CIC operations. For the subsidiary KFIL, raw material costs are a significant portion of revenue but specific percentages are not provided in the standalone snippets.

Manufacturing Efficiency

Not applicable for standalone CIC operations. Subsidiary KFIL focuses on pig iron, castings, and seamless tubes manufacturing efficiency.

📈 Strategic Growth

Growth Strategy

Growth is driven by the appreciation of the investment portfolio (which grew 41.1% this year) and the development of real estate assets through Avante Spaces Limited. The company raised INR 75 Cr through share warrants to fund future growth and investments.

Products & Services

Investment management services, real estate licensing (Avante Spaces), and through subsidiaries: pig iron, castings, steel, and seamless tubes (KFIL).

Brand Portfolio

Kirloskar

Market Expansion

Market expansion is primarily through the growth of subsidiaries KFIL and Avante Spaces in the industrial and real estate sectors in India.

Strategic Alliances

Strategic alliances are maintained within the Kirloskar Group companies.

🌍 External Factors

Industry Trends

The company operates as an unregistered Core Investment Company (CIC). Trends include increasing industrial demand for steel and pig iron (benefiting KFIL) and real estate development in urban centers (benefiting Avante Spaces).

Competitive Landscape

Competes with other industrial holding companies and investment firms in the Indian market.

Competitive Moat

The company's moat is built on the 100-year-old Kirloskar brand and its strategic controlling stakes in key group industrial assets, providing stable dividend streams and long-term capital appreciation.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations, which impact the INR 24.28 Cr interest income and the valuation of the INR 4,726.16 Cr investment portfolio.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Companies Act, 2013 and specific regulations governing Core Investment Companies (CIC) in India.

Taxation Policy Impact

The effective tax rate on continuing operations was approximately 22.8% (INR 23.01 Cr tax on INR 100.68 Cr profit). Deferred tax liabilities increased by 106% to INR 505.65 Cr.

Legal Contingencies

The company has received orders and notices from various government and tax authorities regarding direct and indirect taxes. Management is currently analyzing these matters to determine the probability of unfavorable outcomes.

⚠️ Risk Analysis

Key Uncertainties

Market volatility is a major risk, as evidenced by the INR 1,362.86 Cr gain in Other Comprehensive Income from fair valuation of equity shares, which could reverse in a downturn.