Kirloskar Pneumatic (505283) Q2 24/25 earnings summary

Executive summary

• H1 FY25 revenue from operations was ₹705.94 Cr, up 35% YoY; total income was ₹716.55 Cr and PBT was ₹127.86 Cr.

• H1 order bookings exceeded ₹1,000 Cr; the order book stood at ₹1,780 Cr as of October 1, up 23% YoY.

• Higher margins reflected favorable mix and selective higher-margin project execution; FY25 growth guidance remained above 20%, with H2 margins expected to normalize.

Financial highlights

• Q2 FY25 revenue from operations was ₹43,067 lakh versus ₹28,192 lakh in Q2 FY24; net profit was ₹6,753 lakh versus ₹2,018 lakh.

• Q2 total income was ₹43,684 lakh and PBT was ₹9,192 lakh, versus ₹28,607 lakh and ₹2,683 lakh in Q2 FY24.

• H1 EBITDA was ₹143 Cr, up 110% YoY; EBITDA margin rose to 20.0% from 12.7%.

• H1 PBT was ₹127.86 Cr versus ₹50.33 Cr; PAT was ₹94.43 Cr versus ₹38.11 Cr YoY.

• H1 material cost fell to 50.2% of sales from 52.8%; Q2 was 51% versus 54.1%, supported by mix and package sales.

Outlook and guidance

• FY25 sales growth expectation was above 20%; management reiterated strong double-digit growth and an aspirational ₹2,000 Cr-plus target for the following year.

• Q3 FY25 was expected to be near Q2 levels; Q4 is typically strong, with dispatch timing dependent on approvals and site readiness.

• Overall margin direction was 18%-20%; compression-segment guidance was 20%-21%, with Q2’s exceptional margin expected to normalize in H2.

• FY25 export sales were expected to exceed ₹100 Cr versus ₹69 Cr in FY24; exports may remain muted into H1 FY26.

• Planned CapEx was ₹100 Cr over the next 12 months for manufacturing and packaging capabilities.