Kirloskar Pneumatic (505283) Q2 25/26 earnings summary

Executive summary

• H1 FY26 revenue from operations was ₹650.1 crore versus ₹705.9 crore; EBITDA was ₹109 crore, PBT ₹94 crore and PAT ₹71.3 crore, all lower YoY.

• Order board stood at ₹1,667 crore on 1 October 2025, up from ₹1,624 crore a year earlier.

• Delayed clearances, slow project execution and lower gas-package market share weighed on H1; management expects stronger H2 execution and ~15%+ FY26 top-line growth.

Financial highlights

• Standalone Q2 FY26 revenue from operations was ₹3,781 million versus ₹4,307 million YoY; total income was ₹3,849 million versus ₹4,369 million.

• Standalone Q2 PBT was ₹570 million versus ₹920 million, and net profit was ₹432 million versus ₹676 million.

• H1 standalone revenue was ₹6,501 million versus ₹7,059 million; PBT was ₹940 million versus ₹1,280 million, and net profit was ₹713 million versus ₹944 million.

• H1 EBITDA was ₹109 crore versus ₹143 crore; EBITDA margin was 16.4% versus 20.0%, PBT margin 14.1% versus 17.8%, and PAT margin 10.7% versus 13.1%.

• Consolidated Q2 revenue was ₹3,864 million, PBT ₹574 million and net profit ₹438 million; H1 revenue was ₹6,681 million, PBT ₹914 million and net profit ₹691 million.

Outlook and guidance

• FY26 guidance is ~15%+ top-line growth and ~25%-30% profit growth; management expects H2 to more than catch up and core operating margins of 18%-20%, trending toward 20%.

• Q3 order-booking target is ₹600 crore-plus; large orders were under negotiation but not formally received.

• Management expects FY27 to perform even better, with new products and manufacturing-led orders helping offset gas-market weakness.

• Zephyros C could be commissioned within 18 months after approval; the PLI application targets larger-scale manufacturing.