KIRLPNU
Micro CapKirloskar Pneumatic Company Limited
Industrials
Kirloskar Pneumatic Company Limited, a Kirloskar Group Company, manufactures Air Conditioning & Refrigeration Equipment, Air Compressors, Process Gas Systems, and Precision Engineering products. It has manufacturing locations in Pune and Nashik, with a PAN India dealer network and a sales office in Dubai.
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 achieved all-time highest Order Booking (Rs. 2,000 Cr+), Total Income (Rs. 1,786 Cr, up 8% YoY), and PBT (Rs. 356 Cr, up 25% YoY) in FY26. Dividend increased to 600% (Rs. 12/share), and a stock split was approved.
The company delivered robust FY26 performance with record order booking, income, and profitability, primarily driven by the strong compression segment. Strategic initiatives like PLI approval and increased IP filings support future expansion, though execution on new capex and market share in new segments will be key.
Segment Revenue (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Compression Segment Dominance
Contributes above 90% of total revenue, predominantly serving Petrochemical, Oil & Gas sectors, and a major player in the CNG market.
Production Linked Incentive (PLI) Scheme
PLI approved by DPIIT for 'Zephyros' Air Conditioning Package, Heat Exchanger, Sheet Metal Components, and Motors.
Intellectual Property (IP) Initiatives
Filed 57 IPs in FY26 (up from 41 in FY25), bringing total IPs filed to 128.
PLI-related Capex Commitment
Committed Rs. 320 Cr capex for PLI approved products.
Government Support for Manufacturing
PLI approval by DPIIT (Govt. of India) for multiple products indicates policy support.
Strong Market Position in CNG
Company is a major player in the growing CNG market.
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.
The presentation primarily focuses on full-year (FY26 vs FY25) and Q4 (Q4 FY26 vs Q4 FY25) comparisons, which are more relevant for assessing annual business cycles and long-term trends in an industrial company.
Order Booking
Crossed Rs. 2,000 Cr in FY26, up from Rs. 1,871 Cr in FY25.
Order Board
Rs. 1,863 Cr as on April 1, 2026, up from Rs. 1,624 Cr as on April 1, 2025.
Total Income
FY26: Rs. 1,786 Cr, up 8% over FY25 (Rs. 1,651 Cr).
PBT
FY26: Rs. 356 Cr, up 25% over FY25 (Rs. 284 Cr). PBT % increased to 19.9% from 17.2%.
Leadership Transition
Mr. Aman Kirloskar appointed Managing Director effective April 1, 2026.
ESG Commitment
Constructed a 7-million-litre water storage at Nashik plant, aiming for self-sufficiency in water resources.
Shareholder Returns & Capital Structure
Recommended final dividend of Rs. 8.50 per share (total FY26 Rs. 12/share) and approved a stock split from Rs. 2 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 and conversion into revenue. |
| PBT Margin | 19.9% in FY26 | Further margin expansion or stability, particularly in the high-contributing compression segment. |
| PLI Capex Execution | Rs. 320 Cr commitment | Progress and commissioning timelines of PLI-related capacity additions and their revenue contribution. |
| Compression Segment Contribution | 93% of revenue | Any shifts in business mix, indicating diversification success or increased reliance on core segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +41.0% / mo · near 52W high
Technical chart
KIRLPNUdaily · 5Y+52.3%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 63.
- SMA20 rising (~9.3% over last month) — short-term momentum positive.
- RSI(14) at 63 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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.