KLBRENGB Q3 FY26 earnings call.
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Revenue
₹157 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Kilburn Engineering delivered 105 crores standalone revenue in Q3 FY26 with 25% EBITDA margin, representing 15% YoY topline growth. Consolidated revenue stood at 157 crores with 24% EBITDA margin. The order backlog of 495 crores plus 70 crores in orders received from January 1st provides robust near-term visibility. Management maintained FY26 revenue guidance of 625-650 crores (50% YoY growth) with EBITDA margin of 22-23%, expecting Q4 to contribute 175-200 crores. The company is executing capacity expansions at Saravali (Kilban factory, 6-8 months) and Pune (ME Energy Phase 2) to support 800 crores FY27 and 1,000 crores FY28 targets at 20%+ margins. A new JV (Kilburn East & Private Limited) for specialized site fabrication services targets 50 crores in first-year orders. Export revenue expected at ~30% of standalone turnover. Key risk: margin volatility due to project mix and competitive pricing pressure on domestic orders.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained full-year guidance based on current order backlog of 495 crores plus orders received from January 1st. Q4 expected to contribute 175-200 crores.
- Full-year margin guidance reaffirmed despite Q3 standalone margin of 25%. Margin fluctuation quarter-to-quarter based on project mix and execution timing.
- Management reiterated 25% CAGR target for exponential year, with ME Energy expected to be the fastest-growing entity contributing maximum growth. Capex of 40-45 crores over next 12 months to support this.
- Medium-term margin guidance of 20%+ maintained as benchmark, with management acknowledging margins improve with scale as organization grows toward 1,000 crores.
Risks flagged
- EBITDA margin fluctuated from 26% in Q2 to 23% in Q3 due to order execution mix. High-margin OCP Morocco order execution supported Q2, while Q3 had lower-margin domestic projects. This creates unpredictability in quarterly earnings.
- ME Energy identified as fastest-growing entity for FY27, but capacity expansion at Pune (Phase 2) only expected to complete in 6-8 months. Execution delays could impact revenue delivery targets.
- Export orders (~30% of standalone revenue) face competitive bidding environment with no guarantee of L1 status. Management noted export margins are not necessarily higher than domestic, creating pricing pressure.
- Contract assets less contract liabilities represents ~107 days of working capital. Fixed-price order book structure means raw material cost increases cannot be passed through, creating margin pressure if inflation accelerates.
Key quotes
- The target that we have set both for the top line and EBITDA margins you know we should be able to achieve it. The CAGR of 25% for next two years and the EBITDA of 20 plus% that also seems to be very much possible.
- So for the benefit of your requirement, I would say that we are well booked. And the expansions that we are talking about, we expect both these expansions to get completed in next 6 to 8 months and all this is being done to get to the level of 800 crores plus.
- We have put a benchmark of 23% but for all our discussions I have said 20 plus%. Each order has different margins. It's very difficult to give a projection as to which quarter it can be high or low and that's why we give a narrow range of 22 to 23%.
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