Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep - Intimation under Regulation 30 of SEBI Listing Regulations, 2015
Source: Bse
Kirloskar Brothers Limited (KIRLOSBROS)
Micro CapIndustrials stocks · Micro cap · NSE
Kirloskar Brothers Limited, established 1888, is a Kirloskar Group Company specializing in Pumps, Valves, and Hydro Turbines. It is a global leader in turbomachinery and fluid management, with 10 domestic and 7 international manufacturing facilities, serving 20+ sectors across 120+ countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 07:39 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -5.9% / mo · MACD +
Stock trend: 39
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KIRLOSBROSD candles · FIT view-2.0%Latest close ₹1706.90 on 2026-10-21
Bar
+0.4%
RSI
43
MACD hist
1.85
52W pos
44%
2026-10-21O ₹1700.00H ₹1721.30L ₹1695.30C ₹1706.90Vol 46,455 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KIRLOSBROSNifty India ManufacturingNifty 500
- KIRLOSBROS
- -10.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -4.2 pp
Chart stats
21 Oct 2026- From 52W high
- -22.0%
- 52W range position
- 44%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹12.7 Cr
- 20D price channel
- ₹1,640 - ₹1,936.1
₹2,189.2
₹1,335 - ₹2,189.2
₹48.9
Latest completed session
20-session average
34.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +12.9% · PAT +0.0% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+7.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT 0% YoY · margin compression · Rev +13% YoY
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,105 Cr | +12.9% | -21.9% |
| EBITDA | ₹116 Cr | +3.6% | -36.3% |
| Operating margin | 10.0% | -100 bps | -300 bps |
| PAT | ₹68 Cr | +0.0% | -39.3% |
| PAT margin | 6.2% | -80 bps | -177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.60
- P/B
- 5.53
- EV/EBITDA
- 21.22
- Market Cap
- 13607.00Cr
Profitability
- ROE
- 17.30%
- ROCE
- 20.40%
- ROA
- 8.55%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 17.13×
- Altman Z
- 6.65
- Book Value
- 310.00
Cash Flow
- FCF Yield
- 0.89%
- FCF Positive Y
- 10/5
- OCF
- 334.00 Cr
- EPS TTM
- 47.02
Shareholding
- Promoter Hold
- 65.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,105-21.9% vs prev
Net Profit
₹ CrLatest: 68.0-39.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 28% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
55
RS percentile
Stage 1 Base / Transition
1M return
-5.0%
3M return
-10.7%
6M return
+0.1%
1Y return
-10.7%
RS 1D
+4
RS 20D
+3
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is within 3.4% of the 30-week proxy.
- The 30-week proxy changed +1.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 92.08+0.52%
RS vs Nifty 50092
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth14/25
Quality11/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
33.6
PB
5.5
EV/EBITDA
21.2
ROE
17.3%
ROCE
20.4%
FCF Yield
0.9%
Debt/Equity
0.1
MoS
+7.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+7.6%
Previous: +7.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹572.68
-198.1% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,847.89
+7.6% MoS
PEG
1.71
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KSB
Micro
Ksb Limited
Industrial Machinery
match 90
51
51.7
18.4%
-36%
FAIR VALUE
WPIL
Small
WPIL Limited
Industrial Machinery
match 77
41
25.7
10.7%
+44%
WATCHLIST
INOXINDIA
Micro
INOX India Limited
Industrial Machinery
match 58
52
70.2
26.1%
-81%
FAIR VALUE
KRN
Micro
KRN Heat Exchanger and Refrigeration Limited
Industrial Machinery
match 58
36
93.2
14.1%
-84%
WATCHLIST
KIRLPNU
Micro
Kirloskar Pneumatic Company Limited
Industrial Machinery
match 57
59
32.2
22.6%
+23%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-11T15:44:42.347Z
Management commentary snapshot
KBL reports Q1FY27 consolidated revenue growth of 12.9% YoY to Rs. 11,049 Mn, but EBITDA growth lags at 2.4% YoY, with margins contracting by 121 bps to 11.8%. PAT saw minimal growth of 0.1% YoY.
While KBL delivered strong revenue growth and order book expansion, significant margin pressure in Q1FY27, particularly from international subsidiaries (SPP UK, Dutch Group), raises concerns about profitability. The management's focus on value-added products and cost optimization is critical to reverse this trend.
Growth engines
Diversified Business Models
Presence across Made to Stock, Made to Order, Engineered to Order, EPC, and Services, catering to B2B, B2C, and B2G segments.
Digital Initiatives
Leveraging 3D Printing for faster turnaround, AI/ML for analysis automation, and IoT for remote monitoring (KirloSmartTM 2.0 and 2.1).
Subscription Platform
Innovative solution offering remote failure prediction, lower turnaround time, and new recurring revenue streams through subscription fees.
Product Innovation
Increasing mix of value-added products and new product launches, including KPML's patent for IE5-Class 3-Phase Induction Motors.
Capacity and execution
Debottlenecking Initiatives
Management states a strategy to debottleneck capacities at key domestic subsidiaries.
Tailwinds
Buy American Program Compliance
SPP Inc. USA is compliant with the new ‘Buy American’ program, meeting criteria for local preference.
FGD Regulation Support
Kirloskar Corrocoat developed an innovative product range for the Power Sector supported by FGD Regulation.
Headwinds
International Subsidiary Performance
SPP UK and Dutch Group reported significant negative EBITDA margins in Q1FY27, impacting consolidated profitability.
Risk radar
Margin Erosion
Consolidated EBITDA and PAT margins contracted YoY, primarily driven by poor performance in international subsidiaries.
International Operational Challenges
Significant negative EBITDA margins in SPP UK and Dutch Group suggest operational challenges or execution issues in these markets.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Q1 results for industrial companies often exhibit seasonality due to project execution cycles and order book phasing. Comparing year-over-year provides a more accurate view of underlying business performance and growth trends.
Sector KPIs management disclosed
Consolidated Order Inflow
Orders received increased 4.4% YoY to Rs. 13,954 Mn in Q1FY27.
Consolidated Order Book
Total pending orderbook grew 21.4% YoY to Rs. 40,622 Mn in Q1FY27.
Consolidated EBITDA Margin
Consolidated EBITDA margin contracted by 121 bps YoY to 11.8% in Q1FY27.
International Subsidiary EBITDA Margins
SPP UK EBITDA margin was -0.5% (vs 6.0% YoY) and Dutch Group EBITDA margin was -76.0% (vs -16.0% YoY) in Q1FY27.
Management forward view
Value-Added Products & Services
Strategy to increase share of value-added products and subscription services in key international subsidiaries.
Monetize Digital IP
Expand contribution from services business and value-added products by monetizing digital IP acquired over years.
Cost Optimization
Committed to cost optimization across all subsidiaries.
Reduced EPC Exposure
Continued strategy to reduce exposure in low-margin, working capital-intensive EPC orders, with share down to 3% in FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 11.8% (Q1FY27) | Improvement in margins, especially from international operations, to demonstrate effectiveness of cost optimization and value-added product strategy. |
| International Subsidiaries' Profitability | SPP UK EBITDA margin -0.5%, Dutch Group EBITDA margin -76.0% (Q1FY27) | Turnaround and sustained positive EBITDA margins from international entities. |
| Order Book Conversion to Revenue | Total pending orderbook Rs. 40,622 Mn (Q1FY27) | Consistent revenue growth reflecting efficient execution of the robust order book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. Main check: results consistency is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
78 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Industrials: 76th pctile, median 68 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
78 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
42
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 66%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸10 years of positive FCF.
Trust risks
- ▸ROCE trend is -4.6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kirloskar Brothers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Jul - SPP Pumps secured GBP 11.7 million order from Saipem for vertical pumps and spares, to execute in 52-60 weeks.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Intimation of newspaper publication pertaining to 106th Annual General Meeting of the shareholders of the Company.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 7 Jul - Integrated Annual Report FY2025-26: revenue ₹28,281 mn, PAT ₹2,389 mn, final dividend 350%.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Notice Of 106Th Annual General Meeting And Integrated Annual Report 2025-26 7 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.