KIRLPNU
Micro CapKirloskar Pneumatic Company Limited
Industrials
Kirloskar Pneumatic Company Limited manufactures air compressors, air conditioning & refrigeration equipment, process gas systems, and precision engineering products. It serves sectors like petrochemical, oil & gas, and CNG, with manufacturing in Pune and Nashik, and a PAN India dealer network.
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.
Mixed 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 · 0/0 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
Excellent · 100/100Rev +20% YoY · PAT +80% YoY · margin expansion · +75% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹712 Cr | +20.3% | +74.9% |
| EBITDA | ₹186 Cr | +69.1% | +204.9% |
| Operating margin | 26.0% | +700 bps | +1100 bps |
| PAT | ₹144 Cr | +80.0% | +242.9% |
| PAT margin | 20.2% | +671 bps | +990 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
KIRLPNU reported all-time high FY26 order booking, total income, and PBT before exceptional items, with strong Q4 growth. PBT before exceptional items grew 25% YoY, driven by robust performance in the Compression segment and margin expansion.
The company delivered strong FY26 results with record order booking and profitability, supported by margin expansion in its core Compression segment. Strategic initiatives like PLI approval, increased IP filings, and new MD appointment indicate a focus on future growth and innovation. The stock split aims to improve liquidity.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
PLI Scheme
PLI approval received for 'Zephyros' Air Conditioning package, Heat Exchanger, Sheet Metal Components, and Motors.
IP Initiatives
Filed 57 Intellectual Properties (IPs) in FY26, increasing the total IPs filed to 128.
New Leadership
Mr. Aman Kirloskar appointed Managing Director effective April 1, 2026, bringing experience in supply chain and scaling production.
CNG Market Position
The company is a major player in the growing Compressed Natural Gas (CNG) market.
PLI-linked Capex
Committed Rs. 320 Cr capex for manufacturing products under the Production Linked Incentive (PLI) scheme.
Government Support
PLI scheme approval for key products indicates government support for domestic manufacturing and growth.
Strong Market Position
Predominantly serves the Petrochemical, Oil & Gas, and CNG sectors, indicating exposure to critical infrastructure 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.
Annual (FY26 vs FY25) comparison is crucial for assessing overall business growth and profitability trends. Quarterly (Q4 FY26 vs Q4 FY25) comparison provides insight into recent operational momentum and execution, especially for a project-based business.
Order Inflow
FY26 order booking crossed Rs. 2,000 Cr, up from Rs. 1,871 Cr in FY25, marking an all-time high.
Order Book
Order Board stood at Rs. 1,863 Cr as on April 1, 2026, up from Rs. 1,624 Cr on April 1, 2025.
Revenue from Operations
FY26 revenue was Rs. 1,759.2 Cr, an 8% increase YoY. Q4 FY26 revenue was Rs. 705.7 Cr, a 21.1% increase YoY.
PBT (before exceptional items)
FY26 PBT before exceptional items was Rs. 356.3 Cr, up 25% YoY. Q4 FY26 PBT before exceptional items was Rs. 183.6 Cr, up 69% YoY.
Focus on Innovation
Continued emphasis on Intellectual Property with 57 new filings in FY26, demonstrating commitment to R&D.
Sustainability Commitment
Constructed a 7-million-litre water storage at Nashik plant as an ESG initiative, aiming for water self-sufficiency.
Shareholder Returns
Recommended a higher final dividend of Rs. 8.50 per share (total Rs. 12 for FY26) and approved a stock split to Re. 1 face value.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Growth | Rs. 2,000 Cr+ in FY26 | Sustained growth in order booking to maintain revenue visibility and execution pipeline. |
| EBITDA Margin | 21.7% in FY26 | Continued margin expansion, particularly in the high-contributing Compression segment, to drive profitability. |
| PLI Capex Execution | Rs. 320 Cr committed | Timely execution and commissioning of PLI-linked projects to realize new revenue streams and capacity benefits. |
| Working Capital Management | Trade receivables at Rs. 5,205 Mn | Efficient management of receivables and inventory amidst business growth to optimize cash conversion cycle. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +41.0% / mo · near 52W high
Technical chart
KIRLPNUweekly · 3Y-0.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 69. Wait for confirmation.
- SMA20 rising (~29.1% over last month) — short-term momentum positive.
- RSI(14) at 69 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 66% 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
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Growth is weaker at 17/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
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: -2 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.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 99th pctile, median 68 · Micro: 98th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High 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 1.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.60
- P/B
- 8.31
- EV/EBITDA
- 27.72
- Market Cap
- 10391.00Cr
Profitability
- ROE
- 21.80%
- ROCE
- 28.50%
- ROA
- 14.46%
- Dividend Y
- 0.63%
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 36.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 343.00×
- Altman Z
- 8.90
- Book Value
- 192.00
Cash Flow
- FCF Yield
- 1.17%
- FCF Positive Y
- 8/5
- OCF
- 233.00 Cr
- EPS TTM
- 39.43
Shareholding
- Promoter Hold
- 38.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
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.