Kirloskar Pneumatic (505283) Q4 24/25 earnings summary

Executive summary

• FY25 revenue from operations was Rs. 1,628.63 Cr, up 23% YoY; PBT was Rs. 280.65 Cr and PAT was Rs. 211.07 Cr.

• Record order booking exceeded Rs. 1,860 Cr; the FY26 opening order book was Rs. 1,624 Cr, up 12% YoY, supporting a sales target above Rs. 2,000 Cr.

• Domestic demand in refrigeration, food, dairy, pharma, fertilizers and chemicals led growth; equipment exports exceeded Rs. 124 Cr.

Financial highlights

• FY25 EBITDA was Rs. 313 Cr, up 40% YoY; PBT rose 58% to Rs. 280.65 Cr and PAT rose 57% to Rs. 211.07 Cr.

• FY25 total income was Rs. 1,650.74 Cr, versus revenue from operations of Rs. 1,628.63 Cr; FY24 revenue from operations was Rs. 1,322.62 Cr.

• Q4 FY25 standalone revenue from operations was Rs. 582.66 Cr and net profit was Rs. 80.65 Cr, versus Rs. 489.96 Cr and Rs. 60.23 Cr in Q4 FY24.

• FY25 equipment exports exceeded Rs. 124 Cr; export sales rose 80% from Rs. 69 Cr in FY24.

• Raw material costs declined 1.1% YoY as a share of sales, supported by mix, order selection, large-package execution and exports.

Outlook and guidance

• FY26 sales target is above Rs. 2,000 Cr, implying at least 20% growth, supported by order visibility, active quotes and faster equipment execution.

• Sustained 20% annual growth was described as achievable over the medium term; Rs. 4,000 Cr in five years was a reasonable aspiration, excluding uncertain inorganic growth.

• Directional EBITDA margin goal is ~20%; compression margins were indicated at 21%-22%, while balancing profitability with growth and tender competitiveness.

• Tezcatlipoca sales are expected to exceed Rs. 100 Cr in FY26; Taichi semi-hermetic compressors, Khione packages and Jarilo biogas compressors are expected to scale.