Kirloskar Brothers Releases Q2 FY26 Earnings Concall Transcript
Kirloskar Brothers released its Q2 FY26 earnings concall transcript, highlighting stable consolidated revenue, strong order books, international growth, and optimism for H2 despite challenges.
This announcement provides a comprehensive update on the company's financial performance, operational status across domestic and international segments, strategic initiatives, and future outlook. It includes detailed management commentary on key growth drivers and challenges, offering significant insight for investors.
The company reported stable consolidated revenue, strong standalone and international order books, significant growth in key international markets, and expressed confidence in achieving double-digit growth for the full fiscal year. Management also detailed proactive strategies to address challenges in areas like the Jal Jeevan Mission and UK operations.
Kirloskar Brothers Limited (KIRLOSBROS) has released the transcript of its conference call with analysts/investors held on November 04, 2025, discussing the unaudited financial results for the quarter and half-year ended September 30, 2025. Key highlights from the call include: * Consolidated revenue for Q2 FY26 stood at ₹1,028 crore, remaining broadly stable year-on-year. For the first half of FY26, revenue was ₹2,007 crore, reflecting a modest decline of 3% compared to the same period last year. * Standalone performance was temporarily affected by an extended monsoon, but demand in both small pumps and industrial segments remained robust. * The company maintains strict commercial policies, resulting in zero exposure to receivables from the Jal Jeevan Mission, where state-level funding delays have impacted dispatches. This mission contributes about 5% to annual standalone revenue. * The standalone order book (excluding small pumps) grew 13% year-on-year to ₹2,127 crore. * Domestic subsidiaries reported a 14% revenue growth and 26% PAT improvement year-on-year. * International operations delivered strong year-on-year growth in constant currency: US (21%), Thailand (158%), and South Africa (27%). The international order book expanded 25% year-on-year to ₹1,289 crore. * EBITDA for Q2 FY26 was ₹124 crore with a 12% margin. H1 FY26 EBITDA was ₹251 crore, with moderation attributed to changes in product mix and a forex revaluation impact of approximately ₹20 crore. * Management expressed optimism for stronger growth in H2 FY26, which historically accounts for 60-62% of annual revenue, and is confident in achieving double-digit revenue growth for the full fiscal year. * The company successfully entered the retail petroleum pump market with canned motor pumps, seeing significant potential for 25,000-30,000 pumps annually, with initial order execution expected within nine months. * In data centers, KBL focuses on supplying fire and cooling modular container systems in the US, UK, and Ireland, having executed 25-30 projects. The US market share for firefighting is 15-20%, while in India it is 55-60%. District cooling focus is in the Middle East. * UK operations face challenges from deindustrialization due to high power costs (GBP280 per megawatt hour), impacting service contracts. KBL is offsetting this by securing new contracts in water and power plants and sees growth opportunities in the AMP8 program (GBP88 billion over five years) and fish-friendly pumps. * Debottlenecking and cost optimization efforts are ongoing at domestic subsidiaries like KPML and TKSL, including improved machining lines, digitization, and Group Captive Solar for energy cost reduction. * Progress on the nuclear power primary coolant pump development order is positive, with hydraulic performance proved and main casting in progress.
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