KIRLOSBROS Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,116 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹161 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Kirloskar Brothers reported Q3 FY26 consolidated revenue of Rs 1,116 crore with EBITDA of Rs 161 crore (14.4% margin). The quarter faced two significant headwinds: JJM funding delays impacting small pump dealers (estimated Rs 50-100 crore revenue shortfall) and foundry ERP implementation that reduced casting production from 700/day to 200-300/day (approximately Rs 50 crore revenue impact). UK operations saw margin contraction due to energy-intensive industries idling amid high power prices. However, the order book remains robust at Rs 2,438 crore standalone (+25% YoY) and Rs 1,289 crore international (+13% YoY). International subsidiaries delivered strong growth with Netherlands up 155% and US up 15% YoY. Management flagged Q4 execution visibility improving as foundry stabilizes but declined to provide specific quarterly guidance. Key growth avenues include nuclear power primary heat transfer pumps, data center cooling solutions (4,000+ US operational centers), and European fish-friendly pump retrofits.
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Guidance to track
- Management stated the company will always strive for double-digit growth while prioritizing cash flow, profitability, and revenues in that order.
- Casting production which had dipped to 200-300 per day is expected to return to 700/day target, enabling improved execution in Q4.
- With Ed Milliband focused on net zero and energy prices remaining high, management expects continued softness in energy-intensive service contracts while pivoting to essential industries and water utilities.
Risks flagged
- State governments continue to delay their 20% co-contribution to JJM projects, preventing dealers from releasing orders. Management estimates Rs 50-100 crore quarterly revenue impact with no near-term resolution visible.
- UK service margins declined as framework contracts with energy-intensive industries (steel, glass, petrochemicals) generate minimal revenue while plants remain idle due to high power prices (283 GBP/MWh).
- Large projects are not booked as revenue until confirmed with advances, creating a gap between order book and executable revenue particularly for large pumps.
- Management acknowledged that defense and large infrastructure orders remain lumpy, creating uneven quarterly execution patterns (19%/21%/24%/36% revenue distribution historically).
Key quotes
- Don't look at us quarter to quarter. We've also given you the kind of behavior the company exhibits on the revenue side with around 19% in the first quarter, 21% in the second quarter, third quarter is around 24% and the remainder is in the last quarter.
- We place priority on cash flow, profitability and revenues in that order.
- While the current government is in charge and Ed Milliband is focused on net zero the energy prices are going to be out of the roof. So as the country looks towards going towards de-industrialization there is no need for us to focus on energy intensive industry because that would not be a good strategy.
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