KIRLOSENG
Large CapKirloskar Oil Engines Limited
Industrials
Kirloskar Oil Engines Limited (KOEL) manufactures engines and gensets, industrial engines, and provides power solutions for large institutional clients. The company also operates in Fluid Dynamics (Water Management Solutions) and Financial Services through its Arka Group subsidiaries.
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 supportive, 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 31 Mar 2026
Good · 62/100Rev +21% YoY · PAT +22% YoY · +13% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,116 Cr | +21.0% | +13.0% |
| EBITDA | ₹376 Cr | +20.5% | +13.6% |
| Operating margin | 18.0% | +0 bps | +0 bps |
| PAT | ₹155 Cr | +22.1% | +42.2% |
| PAT margin | 7.3% | +7 bps | +151 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KOEL reports strong Q4 FY26 consolidated revenue growth of 21% YoY to ₹2,098 Cr, with PAT up 23% YoY to ₹155.2 Cr. Full-year FY26 consolidated revenue grew 22% YoY to ₹7,641 Cr, driven by robust performance across B2B and B2C segments.
KOEL demonstrates broad-based growth across its B2B, B2C, and Financial Services segments, achieving record revenues in B2B and Fluid Dynamics for FY26. Strong volume growth in domestic Powergen and highest-ever Marine order booking indicate healthy demand. Working capital management appears stable, supporting the current investment thesis.
Consolidated 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
Healthy growth led by strong performance in Marine, Railways & Construction segment, with Marine witnessing its highest order booking in Q4.
Global Distribution & Aftermarket
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.
Higher Industry Growth in Domestic Powergen
Domestic Powergen saw volume growth rates higher than industry growth.
Strong Order Booking in Marine Segment
Industrial business's Marine segment witnessed its highest order booking in Q4.
Strategic Shift in Fluid Dynamics
A strategic shift toward strengthening last-mile secondary sales created strong market momentum, accelerating primary sales growth.
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 crucial for assessing overall growth and performance against the previous year, especially for a company with potential seasonality. QoQ comparison is important to track sequential momentum in business segments, utilization, and financial services metrics like AUM and loan book.
Consolidated Revenue From Operations
Q4 FY26: ₹2,116.2 Cr (+21% YoY, +13% QoQ). FY26: ₹7,701.0 Cr (+22% YoY).
Consolidated PAT From Continuing Operations
Q4 FY26: ₹155.2 Cr (+23% YoY, +42% QoQ). FY26: ₹557.7 Cr (+18% YoY).
Standalone EBITDA Margin
Q4 FY26: 12.6% (+2% YoY). FY26: 13.1% (-1% YoY).
Standalone Receivables Days
Q4 FY26: 41 Days.
Financial Services Growth Strategy
Management states a continued drive to grow secured granular retail business within the Financial Services segment.
Fluid Dynamics Market Strategy
Management implemented a strategic shift toward strengthening last-mile secondary sales to accelerate primary sales growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Powergen Volume Growth | Higher than industry growth in Q4 FY26. | Sustained outperformance relative to industry growth rates. |
| Industrial Business Order Booking | Marine segment achieved highest order booking in Q4 FY26. | Continued strong order inflows, especially in Marine, Railways, and Construction segments. |
| Fluid Dynamics Secondary Sales Momentum | Strategic shift created strong market momentum in Q4 FY26. | Evidence of sustained acceleration in primary sales driven by secondary sales efforts. |
| Financial Services AUM Growth | Total AUM at ₹7,947 Cr as on 31st March 2026. | Consistent growth in Assets Under Management and further reduction in Debt to Equity ratio. |
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
56NeutralSMA20 +38.3% / mo · near 52W high
Technical chart
KIRLOSENGweekly · 3Y+57.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 64. Wait for confirmation.
- SMA20 rising (~27.7% over last month) — short-term momentum positive.
- RSI(14) at 64 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 7% off 52W high · 124% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 17/25 to the score.
- Cash flow contributes 6/10 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -4.5%.
- Valuation is weaker at 0/30; 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: +0 points.
Factor attribution
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 79th percentile of the scored universe and 75th percentile within Industrials. No major sub-score weakness stands out.
High 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: 75th pctile, median 68 · Large: 58th pctile, median 74
70 documents indexed, 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 2.3%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 45.50
- P/B
- 7.45
- EV/EBITDA
- 20.36
- Market Cap
- 26981.00Cr
Profitability
- ROE
- 17.70%
- ROCE
- 14.70%
- ROA
- 5.18%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 1.48
- Interest Coverage
- 2.71×
- Altman Z
- 3.96
- Book Value
- 249.00
Cash Flow
- FCF Yield
- 2.26%
- FCF Positive Y
- 5/5
- OCF
- 932.00 Cr
- EPS TTM
- 39.51
Shareholding
- Promoter Hold
- 41.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.