Kirloskar Pneumatic (505283) Q2 26/27 earnings summary

Executive summary

• Challenging H1 FY27, with lower revenue and EBITDA amid delayed Middle East shipments and PED execution; management expects stronger H2 and double-digit FY27 revenue growth.

• Order book reached INR 2,040 crore on 1 October 2026, up 10% from INR 1,863 crore on 1 April; CNG and refrigeration supported bookings while large package orders were slow to finalize.

• H1 standalone and consolidated net profit rose YoY, supported by a INR 110 million exceptional gain from Nashik land surrender.

Financial highlights

• Standalone revenue from operations was INR 3,197 million in Q2 vs INR 3,781 million and INR 6,200 million in H1 vs INR 6,501 million.

• Consolidated revenue from operations was INR 3,263 million in Q2 vs INR 3,864 million and INR 6,294 million in H1 vs INR 6,681 million.

• H1 EBITDA was INR 103 crore at 16.2% margin vs INR 109 crore at 16.4%; PBT before exceptional items was INR 852 million vs INR 938 million.

• H1 net profit was INR 739 million standalone vs INR 713 million and INR 732 million consolidated vs INR 691 million.

• Q2 PBT before exceptional items was INR 396 million standalone and INR 395 million consolidated; the respective prior-year figures were INR 570 million and INR 574 million.

Outlook and guidance

• Management expects double-digit FY27 revenue growth, with a strong Q3 and stronger Q4; PED dispatches began in Q3 and are expected to continue next quarter.

• Full-year EBITDA margin target remains 18%-20%; management aspires to 20% YoY order-booking growth.

• H2 growth is expected from PED dispatches, package deliveries booked mainly in last year’s second half, and standard equipment sales including seasonal refrigeration.