Kirloskar Pneumatic (505283) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue from operations rose 13.6% YoY to ₹275.27 crore; EBITDA increased 36% to ₹43.7 crore and PAT rose 50% to ₹26.9 crore.

• Order intake was ~₹421 crore; the order board reached ₹1,618 crore as of July 1, up 20% YoY.

• Slow activity reflected unusually warm weather, the extended election schedule and project-site delays; activity began recovering in June.

Financial highlights

• Revenue from operations was ₹275.27 crore versus ₹242.22 crore; total income was ₹279.71 crore versus ₹247.96 crore YoY.

• PBT was ₹35.94 crore versus ₹23.50 crore, up 53%; PAT was ₹26.90 crore versus ₹17.93 crore, up 50%.

• EBITDA margin was 15.6% versus 13.0%; PBT margin was 12.8% versus 9.5%, and PAT margin was 9.6% versus 7.2%.

• Material cost was 48.9% of sales versus 51.2% YoY, supported by product mix, higher volume and in-house component manufacturing.

• Exports were ₹27 crore versus ₹12 crore in the prior-year quarter.

Outlook and guidance

• FY25 guidance remains strong double-digit growth; EBITDA margin is expected to move directionally toward 18%, and compression-segment EBITDA margin toward 20%.

• The ₹2,000 crore FY26 revenue aspiration remains in view, with a firmer update expected after October.

• Export revenue is expected to be ~₹100 crore in FY25, with marginal YoY growth.

• ₹30–50 crore of potential Q1 sales delayed by supply or site-readiness constraints were dispatched in July for Q2 recognition.

• Management sees potential for long-term 20% YoY growth in India, while prioritizing smoother, more predictable execution.