NSE: KIRLOSENG · BSE: 533293 · ISIN INE146L01010
Kirloskar Oil Engines Limited stock analysis
Kirloskar Oil Engines Limited ranks #2611 in the TickerSutra evidence-ranked universe with a score of 45/100 and 95% data confidence. The latest captured fundamentals show ROCE of 14.6%, quarterly sales growth of 13.5% and quarterly profit growth of -17.1%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 15.3% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹4,022cr | ₹412cr | ₹171cr | 10.0% |
| 2023 | ₹5,020cr | ₹734cr | ₹332cr | 15.0% |
| 2024 | ₹5,898cr | ₹1,027cr | ₹440cr | 17.0% |
| 2025 | ₹6,329cr | ₹1,181cr | ₹476cr | 19.0% |
| 2026 | ₹7,701cr | ₹1,414cr | ₹562cr | 18.0% |
| TTM | ₹7,937cr | ₹1,390cr | ₹535cr | 18.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Please find attached herewith outcome of Investor Call
Negative CatalystActions initiated/taken or orders passed-XBRLNSE · 28 Sept 2026 · Structured filingKirloskar Oil Engines Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20)
Kirloskar Oil Engines Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20)
Open original XBRL sourceKirloskar Oil Engines Limited has informed the Exchange about Action(s) initiated or orders passed
RoutineKirloskar Oil Engines Ltd - 533293 - Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, Including Amendments ThereunderBSE · 28 Sept 2026Please find attached herewith intimation under Regulation 30 of SEBI LODR.
RoutineTrading WindowBSE · 28 Sept 2026Kirloskar Oil Engines Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
Net cash position, net of debt and including treasury investment stood at INR485 crores. Our cash conversion cycle remained highly efficient at 25 days, while inventory days increased slightly at 264 to support business expansion. Ou r strong working capital position continues to ensure robust operational liquidity.
These products comply with relevant government- mandated emission norms, including CEV Bharat Stage V where applicable, reflecting the Company’s commitment to regulatory adherence and environmental responsibility and demonstrating its strong R&D capabilities. We strengthened our market leadership by commencing the 4X5Y journey with strong performance in FY 25–26. Our strategic focus remains on defending our dominant
This shift is more structural rather than cyclical, as end-use applications become more power- intensive and reliability-critical. Impact For manufacturers with a strong presence in higher-HP categories, this mixed shift is translating directly into margin improvement. Our response KOEL has accelerated its transition to HHP products, anchored by innovative offerings such as Optiprime and its ability to customise last
₹ 320 cr Spent on capex in FY 25-26 KOEL announced capex investment in two phases to expand the manufacturing capacity for HHP engines and enhance capabilities for specialised industrial applications. Kagal capacity expansion To support rising demand and strengthen its manufacturing leadership, the Company has announced a phased expansion programme at the Kagal facility. Phase 1 z Investment of ₹ 700 crores z Additio
**Includes numbers of FMS business, reorganised w.e.f 1 April 2025 and the comparative numbers are also regrouped accordingly. AA+/Stable CRISIL long term rating (Upgraded from CRISIL AA/Positive) A1+ CRISIL short term rating (Reaffirmed) A1+ 100 crores commercial paper (Reaffirmed) Oil Engines Kirloskar Oil Engines Limited | A Kirloskar Group Company Annual Report 2025-26 50 51 Corporate Overview Statutory Reports F
Weaknesses y Dependence on monsoon and agricultural cycles in key markets. y Supply chain and logistics challenges in export markets. y Currency fluctuations impacting margins.
The segment PBT was at INR9 crores, that is 31% decrease year-on-year. In summary, our strong domestic execution an d expansion into high-value mission-critical applications continue to driv e top line performance while m itigating geopolitical volatility through disciplined cost optimization and operational excell ence, we are confident that our strategic investment across our key operating segments position KOEL we
AA+/Stable CRISIL long term rating (Upgraded from CRISIL AA/Positive) A1+ CRISIL short term rating (Reaffirmed) A1+ 100 crores commercial paper (Reaffirmed) Oil Engines Kirloskar Oil Engines Limited | A Kirloskar Group Company Annual Report 2025-26 50 51 Corporate Overview Statutory Reports Financial Statements Operational performance The year saw focused progress in production efficiency, export growth, and supply c
Benefits derived and results of above efforts, product improvements, cost reduction, product development, import substitution etc. y Optiprime product development for Data centres and Real Estate market y Fuel agnostic Sentinel series gensets development y Value engineered products for domestic PG market y EU Stage V Test bed certification completed for three test cells of KOEL y ISO 26262, FuSa certification assessm
On the international business, as expected, our international business remained affected by geopolitical developments and delayed customer investment decisions across several regions. The Middle East region is an important export market for us, and it continued to operate below normal levels, impacting both business mix and operating leverage during the quarter. Kirloskar Oil Engines Limited August 07, 2026 Page 4 of
Sustainable innovation The materiality assessment recognised that tightening emission norms, technological advancement, and our strategic transition from a diesel-centric portfolio to a diversified energy solutions model make sustained innovation essential for regulatory readiness and competitiveness. Actual positive impacts include differentiated product offerings, improved emissions compliance, and stronger long-te
Is it more that the company has been able to kind of trim down its own cost structure? Or is it that there is sufficient room to take timely price increases? Sachin Kejriwal: Aditya, you must have heard that, yes, the margin has contracted in this quarter.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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