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Kirloskar Oil Engines
SectorCapital Goods
Kirloskar Oil Engines Limited is an Indian company incorporated in 2009, specializing in manufacturing engines, generating sets, pump sets, power tillers, and related spares. The company operates in three segments: Business to Business (B2B), Business to Customer (B2C), and Financial Services. Its B2B segment focuses on fuel-agnostic internal combustion engine platforms for power generation, industrial applications, and international business. The B2C segment offers water management and farm mechanization solutions. Kirloskar Oil Engines produces a wide range of power outputs from 2.1 kVA to 5200 kVA in power generation and 20 hp to 750 hp in industrial engines. The company has expanded its product line over the years to include various types of engines, gensets, and agricultural machinery. It has also established subsidiaries for international operations and financial services.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Kirloskar Oil Engines sustains strong sales and improves debt management, but margin compression and slower inventory turnover signal near-term earnings pressure.
Finance costs fall from ₹139.4 Cr in Q1 FY26 to ₹116.0 Cr in Q1 2026-27 — lower borrowing expenses boost net margins.
EBITDA margin contracts from 13.2% in Q1 FY26 to 11.2% in Q1 2026-27 — rising input costs squeeze operating profits.
Debt-to-equity ratio improves from 4.2x in Q1 FY26 to 3.7x in Q1 2026-27 — stronger capital structure reduces financial risk.
PAT margin declines from 7.6% in Q1 FY26 to 5.6% in Q1 2026-27 — earnings compression weighs on shareholder returns.
Power Gen revenue share grows from 46% in Q3 FY26 to 49% in Q1 2026-27 — core segment drives stable top-line mix.
Inventory days increase from 53 in Q1 FY26 to 64 in Q1 2026-27 — slower stock turnover ties up working capital.
Aftermarket revenue contribution rises from 17% in Q3 FY26 to 19% in Q1 2026-27 — recurring service income supports steady cash flow.
Employee costs jump from ₹137.1 Cr in Q1 FY26 to ₹191.2 Cr in Q1 2026-27 — higher wage bills pressure operating leverage.
Payables days extend from 76 in Q1 FY26 to 81 in Q1 2026-27 — longer supplier terms ease working capital pressure.
Financial Services PAT drops from ₹10.1 Cr in Q1 FY26 to ₹6.9 Cr in Q1 2026-27 — volatile segment returns drag overall profitability.
Company insights, generated from the most recent coverage.
International sales fell 11% YoY to ₹106 Cr in Q1 FY27 as Middle East conflict choked West Asia logistics. Management guides normalization only in 3–6 months, so export drag persists near-term.
Employee costs jumped 40% YoY on annual increments, ESOP charges and capability additions — a fixed-cost step-up that keeps pressure on margins even if input costs stabilize.
The 30 Sep pullback deepened to a low of ₹2,265 vs the ₹2,444 high, a ~7% intraday swing on expiry day. Buyers are still defending the ₹2,265 zone, so this reads as digestion of the breakout rather than outright distribution.