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Revenue
₹712 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹388 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kirloskar Pneumatic delivered a strong Q4 FY26 with revenue of ₹706 crore (+21% YoY) and EBITDA margin of 21.7% (+270 bps YoY), driven by favorable product mix, backward integration, and disciplined order selection. Full-year PAT grew 22% to ₹258 crore. The order book stands at ₹1,863 crore (+15% YoY), with ~₹1,300 crore executable within the year. Management guided for sustainable EBITDA margins of 18-20% and reiterated a 20%+ revenue growth target. New products (Tescatly Poka, Kon, Hydrino, Zephros) are gaining traction, and the precision engineering division contributed meaningfully. Risks include geopolitical uncertainty in the Middle East impacting gas package orders and potential margin normalization from exceptional Q4 levels.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 20%+ revenue growth for FY27, supported by strong order book and new product ramp-up.
- Despite Q4 margin of 21.7%, management guides for 18-20% EBITDA margin as sustainable, cautioning that FY26 was exceptional.
- Zephros air conditioning package will be commercialized in Q1 FY27 after design fine-tuning; targeting small machine shops and restaurants.
- The new precision engineering division will be a reportable segment from Q1 FY27, with several orders in execution.
Risks flagged
- Ongoing geopolitical tensions in the Middle East are delaying package orders and new bookings in that region, though long-term demand may rise.
- Q4 EBITDA margin of 21.7% is considered exceptional; management expects margins to revert to 18-20% range, which could disappoint if growth slows.
- Management is opaque about the precision engineering division's order book, noting it may be one-time in nature and not sustainable.
- Large package orders have longer execution cycles and are subject to delays, as seen in past quarters; any slowdown could impact revenue recognition.
Key quotes
- We would like to caution that this year would be a bit of an exception, a margin expectation of 18 to 20% EBITDA would be more sustainable.
- Our in-house capabilities which allowed us to offset inflation to some extent and resulted in higher margins.
- We are confident in achieving our growth objective of 20% plus.
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