Kirloskar Brothers
Kirloskar Brothers
Industrial ProductsKey Fundamentals
MicrocapCompressors Pumps & Diesel EnginesIndustrial ProductsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 19.8% CAGR over last 5 years
Weaknesses
1- The company has delivered a poor sales growth of 10.8% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Kirloskar Brothers Ltd, an industrial pump maker, has a market capitalisation of about ₹14,102 crore and trades at a P/E of 37.2 and a P/B of 5.7. Profit has compounded at 19-20% a year over the last 3 and 5 years, well ahead of sales growth of 7% (3-year) and 11% (5-year). Recent momentum has slowed, with TTM sales growth of 5%, TTM profit down 4% and a 1-year stock return of -9%.
- Profit has compounded at 20% CAGR over 5 years and 19% over 3 years, well above sales growth. That points to margin expansion and better operating leverage.
- Return on equity has risen from a 10-year average of 14% to a 3-year average of 20%, which suggests better capital efficiency over time.
- Long-term profit CAGR of 34% over 10 years shows a sustained earnings recovery and scale-up from a lower base.
- The stock has returned 38% CAGR over 5 years and 26% over 10 years, so the market has rewarded the earnings improvement.
- Sales grew at 11% CAGR over 5 years, well above the 10-year rate of 6%. Demand picked up in the more recent period.
- Last-year ROE of 17% is still in double digits and above the 10-year average of 14%, even after the recent slowdown.
- A dividend yield of 0.4% means the company returns some cash to shareholders while it keeps growing.
- TTM profit growth is -4% and TTM sales growth only 5%, which suggests earnings momentum has stalled compared with the 19-20% multi-year profit CAGR.
- A P/E of 37.2 and a P/B of 5.7 are rich multiples for a company whose 3-year sales CAGR is only 7%. That leaves less room if growth disappoints.
- Sales growth has been modest: 5-year sales CAGR is 10.8%, 3-year is 7% and 10-year is 6%. Much of the profit growth has come from margins rather than revenue scale.
- Last-year ROE of 17% is below the 3-year average of 20%, which may mean returns on capital are coming down from their peak.
- The stock returned -9% over the past year, compared with 29% CAGR over 3 years. Market sentiment appears to have cooled along with the earnings slowdown.
- A dividend yield of 0.4% gives little income support at current valuations.
- Margin-driven profit growth, with 5-year profit CAGR of 20% against sales CAGR of 11%, may be hard to repeat if input costs rise or project execution weakens in a cyclical industrial business.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Lt Gen Kanitkar joins board Sep 7
Kirloskar Brothers appointed retired Lt Gen Dr. Madhuri Kanitkar as an Additional Independent Woman Director for a five-year term starting September 15, 2026. A postal ballot to get shareholder approval for the appointment runs from September 16 to October 15, 2026.
TL;DR: The only recent news is about governance. Kirloskar Brothers added a well-known independent woman director, which strengthens board diversity and oversight. These articles say nothing about orders, margins, demand or earnings, so they give little reason to change the stock's fundamental outlook. The next items to watch are the postal ballot result after October 15, 2026, and the upcoming quarterly results, which will show the operating trend.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 900 | 913 | 965 | 1,224 | 1,031 | 1,036 | 1,144 | 1,281 | 979 | 1,028 | 1,116 | 1,415 | 1,105 |
| Expenses | 790 | 818 | 841 | 1,033 | 919 | 894 | 978 | 1,092 | 867 | 919 | 974 | 1,233 | 989 |
| Operating Profit | 110 | 95 | 124 | 191 | 112 | 142 | 166 | 190 | 112 | 108 | 142 | 182 | 116 |
| OPM % | 12% | 10% | 13% | 16% | 11% | 14% | 14% | 15% | 11% | 11% | 13% | 13% | 10% |
| Other Income | 10 | 2 | 16 | 36 | 15 | 14 | 11 | 24 | 16 | 18 | 4 | 1 | 15 |
| Interest | 8 | 6 | 5 | 8 | 6 | 6 | 8 | 6 | 6 | 6 | 9 | 9 | 8 |
| Depreciation | 18 | 19 | 21 | 21 | 21 | 22 | 22 | 24 | 23 | 24 | 25 | 28 | 27 |
| PBT | 95 | 72 | 114 | 199 | 100 | 129 | 146 | 184 | 98 | 96 | 112 | 146 | 95 |
| Tax % | 30% | 34% | 27% | 28% | 29% | 26% | 22% | 33% | 28% | 30% | -7% | 29% | 30% |
| Net Profit | 64 | 51 | 82 | 153 | 66 | 97 | 118 | 138 | 68 | 72 | 125 | 112 | 68 |
| EPS in Rs | 8.02 | 6.35 | 10.31 | 19.17 | 8.2 | 12.05 | 14.76 | 17.27 | 8.4 | 8.94 | 15.65 | 14.04 | 8.39 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,713 | 2,642 | 2,526 | 2,775 | 3,349 | 3,135 | 2,717 | 3,058 | 3,730 | 4,001 | 4,492 | 4,538 | 4,664 |
| Expenses | 2,520 | 2,567 | 2,431 | 2,625 | 3,221 | 2,928 | 2,475 | 2,852 | 3,330 | 3,481 | 3,883 | 3,993 | 4,116 |
| Operating Profit | 193 | 75 | 95 | 151 | 128 | 207 | 241 | 206 | 400 | 520 | 609 | 545 | 548 |
| OPM % | 7% | 2.8% | 3.8% | 5% | 3.8% | 7% | 9% | 7% | 11% | 13% | 14% | 12% | 12% |
| Other Income | 15 | 27 | 31 | 21 | 23 | 37 | 53 | 32 | 22 | 65 | 64 | 38 | 38 |
| Interest | 50 | 51 | 45 | 40 | 47 | 52 | 44 | 33 | 35 | 26 | 25 | 30 | 32 |
| Depreciation | 95 | 66 | 65 | 59 | 64 | 71 | 68 | 70 | 69 | 78 | 89 | 100 | 105 |
| PBT | 63 | -15 | 16 | 73 | 41 | 121 | 182 | 135 | 318 | 481 | 559 | 452 | 449 |
| Tax % | 28% | -25% | 111% | 37% | 113% | 44% | 15% | 40% | 29% | 29% | 28% | 20% | — |
| Net Profit | 45 | -23 | 4 | 50 | 3 | 72 | 161 | 94 | 236 | 350 | 419 | 377 | 377 |
| EPS in Rs | 5.18 | -3.04 | 0.48 | 6.22 | 0.44 | 9.05 | 20.29 | 11.88 | 29.59 | 43.84 | 52.29 | 47.05 | 47.02 |
| Div. Payout % | 10% | -16% | 207% | 40% | 570% | 28% | 15% | 25% | 15% | 14% | 13% | 15% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 996 | 907 | 882 | 927 | 893 | 927 | 1,089 | 1,162 | 1,388 | 1,703 | 2,077 | 2,448 |
| Borrowings | 355 | 362 | 359 | 346 | 380 | 578 | 331 | 396 | 286 | 192 | 182 | 250 |
| Other Liabilities | 1,258 | 1,166 | 1,194 | 1,266 | 1,377 | 1,327 | 1,279 | 1,289 | 1,326 | 1,413 | 1,391 | 1,693 |
| Total Liabilities | 2,625 | 2,450 | 2,451 | 2,555 | 2,666 | 2,848 | 2,715 | 2,862 | 3,016 | 3,325 | 3,666 | 4,407 |
| Fixed Assets | 571 | 501 | 480 | 461 | 457 | 501 | 481 | 532 | 532 | 634 | 655 | 702 |
| CWIP | 12 | 6 | 4 | 13 | 25 | 51 | 73 | 27 | 82 | 32 | 34 | 58 |
| Investments | 0 | 43 | 46 | 49 | 57 | 104 | 195 | 333 | 317 | 410 | 619 | 758 |
| Other Assets | 2,042 | 1,901 | 1,921 | 2,031 | 2,127 | 2,191 | 1,966 | 1,970 | 2,085 | 2,249 | 2,358 | 2,888 |
| Total Assets | 2,625 | 2,450 | 2,451 | 2,555 | 2,666 | 2,848 | 2,715 | 2,862 | 3,016 | 3,325 | 3,666 | 4,407 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 127 | 97 | 100 | 110 | 62 | 305 | 317 | 114 | 329 | 370 | 386 | 334 |
| Investing | -134 | -47 | -35 | -44 | -57 | -172 | -145 | -183 | -73 | -166 | -236 | -213 |
| Financing | -2 | -50 | -58 | -52 | -23 | 125 | -315 | 30 | -169 | -159 | -92 | -44 |
| Net Cash Flow | -9 | 0 | 8 | 14 | -19 | 259 | -143 | -39 | 87 | 45 | 57 | 78 |
| Free Cash Flow | -2 | 34 | 56 | 58 | -3 | 168 | 245 | 50 | 209 | 259 | 297 | 204 |
| CFO/OP | 82 | 159 | 100 | 82 | 62 | 165 | 146 | 76 | 99 | 95 | 90 | 86 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 106 | 78 | 77 | 71 | 66 | 57 | 62 | 62 | 48 | 48 | 40 | 53 |
| Inventory Days | 86 | 99 | 122 | 130 | 123 | 137 | 152 | 140 | 133 | 157 | 142 | 142 |
| Days Payable | 158 | 147 | 155 | 144 | 135 | 119 | 138 | 128 | 112 | 122 | 100 | 128 |
| Cash Conversion Cycle | 33 | 30 | 43 | 58 | 55 | 75 | 76 | 73 | 69 | 83 | 82 | 68 |
| Working Capital Days | 36 | 25 | 21 | 36 | 26 | -5 | 14 | 20 | 28 | 36 | 37 | 46 |
| ROCE % | 9% | 3% | 5% | 9% | 7% | 12% | 15% | 11% | 22% | 27% | 28% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Kirloskar Brothers
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Company Information
Kirloskar Brothers is a part of the Kirloskar Group engaged in the business of engineering and manufacturing of systems for fluid management. The core businesses include large infrastructure projects (Water Supply, Power Plants, and Irrigation), Pumps, Valves, Motors and Hydro turbines. [1] [2]
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