Kirloskar Oil Engines Limited (KIRLOSENG)
Large CapIndustrials stocks · Large cap · NSE
Kirloskar Oil Engines Limited (KOEL) manufactures engines, gensets, and industrial engines, providing power solutions. The company also operates in fluid dynamics (water management solutions) and financial services through subsidiaries. Business segments include B2B (Power Gen, Industrial, International, Distribution & Aftermarket), B2C (Fluid Dynamics), and Financial Services.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/3 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +14% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,000 Cr | +13.5% | -5.5% |
| EBITDA | ₹300 Cr | -8.3% | -20.2% |
| Operating margin | 15.0% | -400 bps | -300 bps |
| PAT | ₹111 Cr | -20.1% | -28.4% |
| PAT margin | 5.5% | -234 bps | -178 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
KOEL reports highest ever B2B revenues in Q4 FY26 and FY26. Standalone Net Sales grew 24% YoY in Q4 FY26 and 25% YoY for FY26. Consolidated Net Sales increased 21% YoY in Q4 FY26 and 22% YoY for FY26, driven by strong performance across segments.
KOEL demonstrated robust growth across its B2B segments, with Powergen and Industrial businesses achieving record revenues. Fluid Dynamics also delivered a record-breaking year, supported by strategic shifts. The financial services segment continues its growth trajectory, indicating broad-based positive momentum.
Revenue From Operations by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Domestic Powergen
Strong performance across LHP, MHP, and HHP segments, registering volume growth rates higher than industry growth.
Industrial Business
Recorded healthy growth, led by strong performance in Marine, Railways & Construction segment, with Marine witnessing its highest order booking in Q4.
Global Distribution & Aftermarket
Saw strong growth across all Channels in Q4 FY26, with good traction in Whole Goods, Repowered Engines, Nulife Business, and Battery sales.
Fluid Dynamics (B2C)
Q4 FY26 showed healthy growth with record-breaking FY26, driven by a strategic shift toward strengthening last-mile secondary sales.
New Product Launches
Fluid Dynamics launched 8 new products in Q4 FY26.
Industry Outperformance
Domestic Powergen registered volume growth rates higher than industry growth.
Strategic Market Shift
Fluid Dynamics' strategic shift toward strengthening last-mile secondary sales created strong market momentum.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is essential for understanding the underlying business growth and seasonal trends inherent in industrial and manufacturing sectors. QoQ provides insight into sequential momentum, execution efficiency, and the immediate impact of strategic initiatives.
B2B Revenue Growth
Full year & Q4 FY26 witnessed the highest ever revenues for the B2B businesses.
Domestic Powergen Volume Growth
Domestic Powergen saw strong performance across LHP, MHP, and HHP segment, registering volume growth rates higher than industry growth.
Marine Order Booking
Marine segment witnessing its highest order booking in Q4.
Standalone EBITDA Margin (Q4 FY26)
EBITDA Margin % for Q4 FY26 was 12.6%.
Financial Services Strategy
Management states the drive to grow secured granular retail business continues.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| B2B Revenue Growth | Highest ever revenues in FY26. | Continued outperformance of industry growth in Powergen and sustained momentum in Industrial segments. |
| Fluid Dynamics Performance | Record-breaking FY26. | Impact of new product launches and the effectiveness of the last-mile secondary sales strategy on future growth. |
| Financial Services AUM & Loan Book | Total AUM at 7,947 Cr; Loan Book at 5,732 Cr. | Growth in secured granular retail business and overall AUM expansion. |
| Working Capital Efficiency | Receivables at 60 days, Inventories at 41 days. | Maintenance or improvement of working capital cycle efficiency as business scales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Planned rollout of products in Q3 FY '26 is expected to further enhance the company's competitive position across the domestic power generation business.
"planned rollout of our products in Q3 FY '26, which we expect will further enhance our competitive position"
The company is working towards strengthening the performance of the Fluid Dynamics business in coming quarters.
"work towards strengthening our performance in coming quarters"
Initiatives such as new product introductions and B2C restructuring are expected to position the company for steady and sustainable growth over the long term.
"These initiatives are expected to position the company for steady and sustainable growth over the long term."
Outcome check: Revenue YoY averaged 24.9% across 2 later quarter(s).
Trend score and candlestick chart
53NeutralSMA20 -6.1% / mo · MACD +
Technical chart
KIRLOSENGdaily · 1Y · AUTO+50.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 19% off 52W high · 157% 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.
Relative Strength & Trend Stage
- Price is 20.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 16/25 to the score.
- Quality contributes 10/20 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -48.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 75th percentile of the scored universe and 73rd percentile within Industrials. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 1.48.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 73rd pctile, median 68 · Large: 56th pctile, median 73
68 documents have extracted text, but claim history is not strong enough yet.
1/3 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.48.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 56.20
- P/B
- 8.84
- EV/EBITDA
- 23.79
- Market Cap
- 32042.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 14.60%
- ROA
- 4.93%
- Dividend Y
- 0.32%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 1.48
- Interest Coverage
- 2.79×
- Altman Z
- 4.40
- Book Value
- 249.00
Cash Flow
- FCF Yield
- 1.91%
- FCF Positive Y
- 5/5
- OCF
- 932.00 Cr
- EPS TTM
- 37.57
Shareholding
- Promoter Hold
- 41.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.