{"id":181917,"date":"2026-04-27T07:59:53","date_gmt":"2026-04-27T11:59:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/kirloskar-pneumatic-company-ltd-505283-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T15:59:18","modified_gmt":"2026-05-15T19:59:18","slug":"kirloskar-pneumatic-company-ltd-505283-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/kirloskar-pneumatic-company-ltd-505283-q4-2026-earnings-call-transcript\/","title":{"rendered":"Kirloskar Pneumatic Company Ltd (505283) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Kirloskar Pneumatic Company Ltd (BSE: 505283) Q4 2026 Earnings Call dated Apr. 27, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Aman Kirloskar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Jitendra Shah<\/strong> \u2014 Company Secretary & Head Legal<\/em><\/p>\n

Ramesh Birajdar<\/strong> \u2014 Vice President & Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Dhirendra Tiwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Priyank Chheda<\/strong> \u2014 Analyst<\/em><\/p>\n

Balasubramanian<\/strong> \u2014 Analyst<\/em><\/p>\n

Sameer Thakur<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Anwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhavya Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Mihir Manohar<\/strong> \u2014 Analyst<\/em><\/p>\n

Bharat Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Sourabh Arya<\/strong> \u2014 Analyst<\/em><\/p>\n

Divyam Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Sahil Sanghvi<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to the Kirloskar Pneumatic Company Limited Q4 FY26 Earning Conference Call, hosted by Antique Stock Broking Limited. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Dhirendra Tiwari from Antique Stock Broking Limited. Thank you. And over to you, sir.<\/p>\n

Dhirendra Tiwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Good evening. On behalf of Antique Stock Broking, I welcome you all to 4Q FY26 results conference call. I am pleased to have with us today Mr. Aman Kirloskar, Managing Director; and Mr. Ramesh, CFO, along with the management team. As you are aware, the company continues to deliver long-term growth. Congratulations to Mr. Aman and team Kirloskar Pneumatic. All the best for future.<\/p>\n

Now I invite Mr. Aman Kirloskar to discuss results, post which we can take the Q&A. Over to you, Aman. Thank you.<\/p>\n

Aman Kirloskar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Yeah. Thank you, Dhirendra. Thank you all for joining us all today. I have with me Mr. Ramesh Birajdar, the Chief Financial Officer of the company; and Mr. Jitendra Shah, the Company Secretary. Before proceeding with the business updates, I kindly ask Mr. Jitendra Shah, our Company Secretary, to read out the disclaimer statement.<\/p>\n

Jitendra Shah<\/strong> \u2014 Company Secretary & Head Legal<\/em><\/p>\n

Thank you, sir, and good evening to all. The presentation uploaded on the website of the company and discussion on the financial results during the earnings call may contain statements relating to future business development and economic performance that could constitute forward-looking statements. While these forward-looking statements represent the company’s judgment and future expectation, a number of factors could cause actual development and results to differ materially from expectations. The company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances. Further, investors are requested to exercise their own judgment in assessing various risks associated with the company and also the effectiveness of the measures which taken by the company in tackling them as indicated during the discussion. Thank you.<\/p>\n

Aman Kirloskar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thanks, Jitendra. Let me start by wishing all of you a very happy and prosperous new financial year. FY27 has begun and it is a good moment to reflect on where we have come from and set the context for where we are going.<\/p>\n

I would like to highlight a few key points of FY26. During the year, we had the highest order booking of more than INR2,000 crores. We declared the highest total income of INR1,786 crores and the highest PBT of INR356 crores. We developed a couple of new products, including the Zephyros air conditioning package, providing a competitive edge in a new business segment. We also declared the highest dividend of INR12 per share, which is 600% on face value of INR2.<\/p>\n

During the last financial year, we made meaningful progress on our long-term goals despite external uncertainties. The domestic market remains strong with significant performance in the food, dairy, chemicals, fertilizers, and general engineering sectors. While oil and gas lag due to slower order finalization, we saw momentum begin to pick up in the last quarter. Additionally, products such as the Tezcatlipoca centrifugal compressor and the Khione refrigeration compressor continued to gain market share.<\/p>\n

Coming to innovation, we have made significant progress on development of several cutting-edge compression solutions represented by our highest ever IP filings of 57 for the year, taking us to over 128 IPs filed. In recognition of this, KPCL has been awarded a top 30 IP-driven organization by CII.<\/p>\n

We launched our oil-free air compressor HYDRINO, and we are quite happy to note that we have even booked a few orders for these. For the year, we also launched our Tyche semi-hermetic compressors, which we have also sold. Our Zephyros air conditioning package will be commercialized in the market in the first quarter of FY27, as we are still doing some fine-tuning to compact the design and reduce the cost. However, the units that we have installed in our Hadapsar office at Saswad factory are running very well.<\/p>\n

Our enablers remain robust and well aligned with our values and culture. In recognition of our best-in-class HR practices and policies, we were honored with the HR Excellence Award from the Institute of Directors. Our PBT last quarter was also significantly elevated. This was made possible by all the enablers we’ve been working hard on for the last few years. Our in-house capabilities, which allowed us to offset inflation to some extent and resulted in higher margins. We also took a measured approach in markets with lower margins like boosters and screw compressors and did not get into any price wall here. If we could get an order with the margins we wanted, we took it, and if not, we let it go.<\/p>\n

Lastly, we focused on less contested spaces based on our own IP and import substitution, which also helped push up margins. While this quarter and year has been good on the margin front, we would like to caution that this year would be a bit of an exception. A margin expectation of 18% to 20% EBITDA would be more sustainable. While we always strive for higher margins, we must also consider the impact on growth and find a balance.<\/p>\n

Now coming to our business units. The air compressor division, the year was good for the Tezcatlipoca centrifugal compressors, which continue to take market share. Aside from our key sectors of metals and power plants, we have also managed to get some orders from sectors like pharma, tire manufacturing, and textiles during the last financial year. Our range of reciprocating compressors also did well, with orders for gas compressors hitting record highs. Screw compressors were a laggard the last year. ACD remains to be roughly 18% to 20% of our business.<\/p>\n

On the refrigeration side, the business delivered a strong performance during the year, achieving record high volumes for our KC\/KCX compressor range. Khione sales also continue to pick up and gain more acceptance in the market. We executed several large packages this year, some of which went out in Q4. The business is roughly 40% to 45% of our total business.<\/p>\n

Coming to process gas systems, as we had previously mentioned, our decreased dependence on PGS has reduced our reliance on large oil and gas orders in the Middle East. However, our O&M business is expanding. We currently manage over 1,000 CNG stations across India, reflecting an increasing trend in this segment. While current gas shortages have not yet impacted the CNG market and order booking remains active, we continue to monitor potential future effects.<\/p>\n

The gas system division performed well this year and the outlook remains positive. We expect the geopolitical situation in the Middle East to drive demand for domestic exploration and upstream gas projects. Furthermore, there’s a renewed interest in alternative fuels and KPCL is well positioned to capitalize on opportunities across various sectors, including biogas, hydrogen, and coal gasification. PGS contributes roughly 35% to 40% of our business.<\/p>\n

We have also established a new business unit in the last financial year, which is Precision Engineering Division. We have established this division to leverage our manufacturing capacities and capabilities, including forgings, castings, and precision machine components at our Nasik and Hadapsar facilities. Please note that this is a non-reportable segment for FY26.<\/p>\n

Given the renewed interest in specialized manufactured products, we believe our unique capabilities are well positioned to drive growth. While we have secured several orders in this segment and we are currently in the execution phase, we would avoid talking too much about this business until we are clear that this is sustainable and not one-time in nature.<\/p>\n

Coming to the outlook. Despite the challenges of the past year, including delayed package orders and late finalization of large contracts, we believe we remain well positioned to deliver strong growth ahead. The current geopolitical climate has increased demand for exploration and upstream packages alongside rising interest in alternative fuels like biogas and hydrogen. We offer established solutions for all of these segments. Furthermore, our core revenue-generating sectors, including oil and gas, food, dairy, chemicals and power are all expected to grow. Our localized supply chain and focus on Make in India import substitutes insulate us from many geopolitical risks and provide a competitive advantage. We continue to invest in unique in-house manufacturing capabilities that will further strengthen our market position.<\/p>\n

With our strong order board and a substantial volume of active proposals entering the new financial year, we are confident in achieving our growth objective of 20% plus.<\/p>\n

Now I will request Mr. Ramesh Birajdar, CFO, to take you through the financials.<\/p>\n

Ramesh Birajdar<\/strong> \u2014 Vice President & Chief Financial Officer<\/em><\/p>\n

Good evening. The presentation outlining key trends observed in Q4 and FY26 results has been uploaded to the Investors section of our company’s website. Additionally, following today’s Board Meeting, the financial results have been duly filed with the BSE and NSE. These disclosures provide comprehensive details on the company’s performance.<\/p>\n

Quickly, I will run through the business results for Q4 and the year ended on 31st March 2026. Sales for the Q4 FY26 were INR706 crore against INR583 crore of Q4 FY25. Sales for Q4 also showed a growth by 21% over the previous year Q4 FY25. Other income for Q4 is almost same for both years, INR6 crore in FY26 against INR5.7 crore in FY25. Total income for Q4 FY26 was at INR712 crore compared to INR588 crore in the previous year. There is major reduction in the percentage of raw material to sales for Q4 FY26 compared to Q4 FY25, 50.06% in Q4 FY26 against 56.35% in Q4 FY25. However, the YTD percentage of raw material to sales has improved by 3.1% in FY26 due to better product mix, better selection of orders, execution of large packages, and overall cost-saving efforts on account of backward integration of manufacturing in Nasik as well as in Saswad plant.<\/p>\n

Staff cost, that is ERE, stands at INR53.1 crore in Q4 FY26, that is 7.5% of total income, against INR45.5 crore in Q4 FY25, that is 7.7% of total income. Employee-related expenses for the year-to-date, INR200 crore representing 11.2% of total income, as against INR177 crore, that is 10.7% in FY25. This rise is driven by salary increment and increased headcount. Company has incurred rupees — over INR165 crore in last two years, leading to increase in the depreciation to INR31.1 crore in FY26 as against INR28.9 crore in FY25. We continue to invest in capex to support growth and to meet our commitment towards new product development under the PLI scheme.<\/p>\n

YTD other expenses are mix of fixed and variable cost and are at INR326 crore in FY26 against INR308 crore in previous year. Increase in these expenses are mainly search and execution of large packages, enhanced level of after-sales business, growing O&M business, and expanding activities in our Nasik and Saswad plant. The year-to-date performance for the current year shows an improvement in the EBITDA margin reaching 21.7% of total income to INR388 crore compared to 19% of total income to INR313 crore in the previous year. The YTD profit before tax has reached INR356 crore, constituting 19.6% of total income against 17% to INR284 crore in the FY25. Net profit after tax for FY26 is INR258 crore, that is 14.50% of total income in comparison to previous year’s INR281 crore, that is 12.8% of total income.<\/p>\n

Company has maintained the status as a debt-free company, and I would like to state that company has still net cash position of cash and cash equivalent of about INR460 crores as on 1st April 2026. The Board of Directors has approved subdivision of equity shares of face value of INR2 into face value of INR1, subject to approval by the shareholders. The company issued 60,800 equity shares during the year FY26. Previous year, 124,300 shares issued under the employee stock option program. As a result, there is marginal increase in the paid-up share capital to INR12.91 crore against last year of INR12.98 crore.<\/p>\n

YTD earnings per share, that is EPS, for FY26 has shown growth by 22%, reaching to INR39.80 per share, while INR32.50 (sic – INR32.56) per share was earning in the previous year FY25. In line with our dividend policy, the Board of Directors has approved a final dividend at the rate of 425% and the face value of INR2 per share, that is INR8.50 per share. This is in addition to payment of interim dividend which is already paid at the rate of 175%, that is INR3.50. So the total dividend for FY26 is 600%, which is highest in the history of the company. Final dividend is subject to approval by shareholders.<\/p>\n

With about 93.4% of total income coming from the compression segment, it remains only reportable segment, and segment earned operating profit of 24.9% in FY26, higher than the previous year when it was 21.7%. The compression segment showed a higher profitability. This is being a one-timer for Q4. However, as indicated from time to time, our compression business margins are sustainable in the range of 18% to 20%. As of 1st April 2026, the company’s unexecuted order book amounting to INR1,863 crore and increased by 15% from INR1,624 crore recorded on April 1, 2025. Net unallocable assets are including corporate assets and assets of a precision pumping business division to the tune of INR834 crore.<\/p>\n

Exceptional item regarding the implementation of the new labor code that becomes effective on November 1, 2025, we have completed our current assessment. The estimated retirement provision has been reduced by INR4.2 crore in Q4, resulting in total provision of INR14 crore for FY26, which is pertinent to the prior year’s period, while the impact of FY26 is recorded in ERE cost. Comparative statements of consolidated business for Q4 as well as for the full year are also published. We are working on reorganizing the restructuring of our subsidiary to get the results expected, projected, while acquiring the company. This will take some time to get positive results from our subsidiary company.<\/p>\n

Before I conclude, I would like to place on record my sincere appreciation for our teams across operational, finance, supply chain, and sales and marketing, whose relentless focus and disciplined execution continue to drive our performance. I would like to — I would also like to extend my appreciation to our Chairman, Mr. Rahul Kirloskar, the Board Members, and our investors for their continued trust and support as we work towards building a stronger, more resilient, and future-ready organization. I would also like to acknowledge Mr. K Srinivasan, former Managing Director, for his constant encouragement and for shaping the company’s mindset to embrace challenges and pursue ambitious growth.<\/p>\n

Thank you so much for joining today, and we’ll now open the floor for questions from our investors.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The first question is from the line of Priyank Chheda from Vallum Capital. Please go ahead.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Yeah. Hi, team. Sir, I have just two questions. First, on the order book. Would you want to call out the book-to-bill or say execution cycle, which has shortened significantly versus past few years? Just trying to match and map what would be the executable order from the opening order book that we have from — as on 1st April? And Ramesh, sir, just a clarification, in this order book, have we included the Precision Engineering orders? If yes, then would you be able to quantify that?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Okay. And second question?<\/p>\n

Priyank Chheda<\/strong><\/p>\n

We can — I’ll ask the question after this question is answered.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Okay.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

This INR1,863 crore order book as on 1st April is inclusive of Precision Component business. And out of this, roughly INR500 crore is executable beyond FY27, and remaining it is executable in this year. And continuously focusing on the equipment business where it is a touch and go, where roughly the INR600 crore to INR700 crore business, we get it during the year, we execute, and we dispatch for the sales.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Okay. So, which means that out of INR1,860 crores executable order book, INR500 crore order book is beyond one year —<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yes.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

— and the balance INR1,300 crores is minimum executable within, say, less than one year?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yes. This is what a similar trend what we have in last so many years.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Understood. My second question on the products and high hope products that we had to — as a strategy to scale up the revenues.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yeah.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

So first is Zephyros. What would be our, say, GTM strategy? Because I understand that FY27 would be capex year and FY28 is where the full-fledged sales start. So if you can just touch upon the sales strategy that we plan to deploy to scale up this and what are our ambitions in terms of scaling up the sales?<\/p>\n

And second would be on the centrifugal Tezcatlipoca compressors. If you can just call out FY26, how much is the sales unit that we have achieved? What are the sales targets for FY27? And maybe Aman can touch upon just any other products that we should hope to achieve large sales numbers and become a — and have a larger sales contributions coming from any other new innovations that you are planning to launch? Thank you.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. Thank you. So I’ll start with the Zephyros. So just to reiterate, Zephyros is a fairly innovative air conditioning package which uses a green refrigerant and is significantly more efficient than, let’s say, traditional chiller systems. Our go-to-market strategy here would really be engaging with all the stakeholders, that is consultants, architects, installers. And probably before that, in this financial year, we do have a target for how much we wish to sell. And this would be done largely by interfacing with the builders and finding the right target markets for this. So probably the ideal markets as of now with our current range would be smaller machine shops and small restaurants, banquet halls, etc. There is quite a large potential for Zephyros, and we will slowly build out a channel as we get more volumes.<\/p>\n

On the Tezcatlipoca, we have about 130 machines in the field — sorry, 130 machines in the field, of which 85 have been commissioned. I hope that answers your question.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

And any other product which you think should be focused going ahead as a large part of sales strategy?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

If you remember, Priyank, last many meetings, the indication is we are switching towards the equipment business where the execution cycle is very shorter period, and our target is to take out something 20% to 25% business coming out of this equipment business where the execution cycle is very short. The same trend will continue because the Tezcatlipoca, Khione, with Tyche, then again it is Zephyros, all this is part of an equipment business, and equipment business we just touch in, we just get the order, execute, and we dispatch. That focus we are increasing, and that increasing focus will be sustainable over the period of next few years.<\/p>\n

Priyank Chheda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Balasubramanian from Arihant Capital. Please go ahead.<\/p>\n

Balasubramanian<\/strong><\/p>\n

Good evening, sir. Thank you so much for the opportunity. Sir, on the first slide, you, sir, mentioned ideal market, smaller machine shops and restaurant. So I’m trying to understand in this business, like, how we are — I think our current PPE is around INR357 crores. We have committed capex of INR320 crore, and I’m trying to understand whether these are the small, small orders we can get in Zephyros. How do you look at ROCE and payback period of these INR320 crore investment? And whether we can expect substantial contribution from FY27 or FY28 onwards?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Okay. The INR320 crore is the commitment for the PLI scheme what we did, and we developed the product. One is Zephyros, that is air conditioning package, and the second is the motor. Again, it is developed. The Zephyros, two packages we already installed. One is in the Saswad canteen and one office in Hadapsar. Both are absolutely running very fine. There is no issue in the air conditioning package, and this Zephyros system is giving another opening for our new business segment. So far we are into the refrigeration business with the KC\/KCX and all other products, and now we are entering into the air conditioning, and that is the comfort, and that business will grow, and that is why we’re focusing on that.<\/p>\n

And for the Zephyros, the backward integration we are doing in the form of motor, in the form of heat exchanger, and in the form of sheet metal components. Some of the activities we planned in the Saswad plant and some of the activities planned in the Nasik plant. And out of the INR320 crore, roughly INR60 crore we already incurred for this, and remaining we are targeting to incur in another two years’ time. The commercial of this Zephyros will happen in Q1. We have a separate team for this working along with appointment of the dealers, appointment of the team, and the experience team, we already on the board, and the team is working to execute the Zephyros now.<\/p>\n

Balasubramanian<\/strong><\/p>\n

Sir, on that payback period on the ROC side, whether we can expect 25% to 30% kind of margins since it’s like small orders?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yeah. [Speech Overlap] Mr. Aman.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So in this segment — yeah, sorry, in this segment, considering that it is a highly competitive segment, we probably will not be targeting those kind of margins. However, we will try and target very high volumes. These are volumes which KPCL generally has not done. So on the margin side, it may not be as high, but on the volume side, it should make up for it.<\/p>\n

Balasubramanian<\/strong><\/p>\n

Okay, sir. So my second question, I think earlier we have mentioned incremental capacity for Tezcatlipoca will be available from Q1. Whether all the machines we have installed for this segment? And secondly, what’s the current order pipeline for the new A800 smallest centrifugal frame?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

So in terms of the installed capacity, this has been done and it is now available. The machine has been commissioned as well. Coming to the A800 frame, I think we still need maybe one month or so to really get the product launched, but I think there is quite a bit of demand for a smaller centrifugal. This is — this will be the most efficient offering for an 800 CFM compressor.<\/p>\n

Balasubramanian<\/strong><\/p>\n

Yes, sir. Sir, my last question on the export sales, INR140 crore. Out of this, how much percentage is coming from MENA regions? Because it’s majorly a significant part it’s from MENA region for CNG packages. So I’m trying to understand how much percentage comes from in those areas? And sir, the — another — secondly, I just want to confirm, are the non-traditional orders are leveraging vertical integrations like forging machines and example whether — just want to confirm whether it will be reportable segment from Q1 onwards, Q1 FY27 onwards?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

For that you have to wait up to Q1. We’ll definitely disclose as and when we achieve, but definitely there is a good progress on that part and definitely it will come under the reportable segment from Q1 onwards. Regarding the export, we are not fully dependent on the MENA region. We are focused on Southeast Asia, we focus on the African region. And MENA region, we — little bit less, because we — right now the situation is different. So always we focus on different and new niche area for the export.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So the MENA region was definitely a fairly large part of our export sale. However, considering the current geopolitical environment, we have shifted our focus to different regions like Southeast Asia and the North Africa part of MENA. We are still in active discussions for several orders in the Middle East. However, considering the current situation, these are going quite slowly. And I suspect that once the geopolitical situation in the Middle East cools off, we will start to see some rapid movement in this segment.<\/p>\n

Balasubramanian<\/strong><\/p>\n

Thank you so much for detailed explanation, sir. All the best.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sameer Thakur from Ambit Capital. Please go ahead.<\/p>\n

Sameer Thakur<\/strong><\/p>\n

Thanks. Just to carry on with the previous question. So this Middle East exposure, can you just get into details of what kind of products you have, or whether do you have approvals from, let’s say, Aramco or QatarEnergy or any certifications which kind of — at the end of the war whether that can help you to, maybe, start rebuilding their capacities or would that help you?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So let me put it like this. So with regards to the geopolitical situation in the Middle East, there is a near-term pressure. As I had mentioned previously, it is difficult to dispatch packages for orders we already have over there. And it is also difficult to book new orders. However, long term this will augur well for us on two fronts. One is on the international side, as you rightly pointed out, there will be a demand for, let’s say, gas packages going into some of these countries. And there is also a renewed interest in the domestic market in, let’s say, alternative fuels like biogas, coal gasification, hydrogen, etc, on top of a real push, which is quite visible today in the upstream segment of the domestic market. I hope that answers your question.<\/p>\n

Sameer Thakur<\/strong><\/p>\n

That was helpful. And there’s one more. Just going to the backlog mix, is it possible to give a separate mix by division. I think there is a lot of backlog from the other division, from Precision Components. So I’m just trying to make sense. And what is the margin in this Precision Components? Is that margin dilutive business?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Sorry, I was not able to hear. You’re asking for the margin of systems and components?<\/p>\n

Sameer Thakur<\/strong><\/p>\n

No, no, sir. There’s a backlog mix by separate divisions, if that is possible to give.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So generally, we don’t —<\/p>\n

Sameer Thakur<\/strong><\/p>\n

Okay.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Sorry, go ahead.<\/p>\n

Sameer Thakur<\/strong><\/p>\n

My sense is the backlog is driven by maybe the other segment, which is Precision Components. And just want to take a sense whether this Precision Engineering division, Components division, whether it has lower margin than your core business?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

So we generally don’t give a breakup of segments. However, as we had pointed out last year, we did have to go to non-traditional segments to get orders. In terms of margins, I would say that from a company standpoint, we will be around directionally 18% to 20% as we have guided in the past.<\/p>\n

Sameer Thakur<\/strong><\/p>\n

All right. That was all from my side. Thank you.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in conference, please limit yourself to two questions. Should you have a question to follow up, we request you to rejoin the question queue. The next question is from the line of Amit Anwani from PL Capital. Please go ahead.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Hi. Thank you for the opportunity. So first question about the oil-free compressor you talked about in your opening remarks. Just wanted to understand is it a completely new product and did we got some sales from this and what is the opportunities? If you could highlight more about this oil-free compressor, which you highlighted?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So the compressor which we are referring to is branded as HYDRINO. It is a water-injected screw compressor, largely used in applications in food processing and pharmaceuticals. In terms of — is there, let’s say, a similar category in the market, yes, there is. We do have some competition who have similar products. However, we have several unique USPs in this product. So one is that we have no oil in this machine at all. Our competitors may have oil in their bearings, etc. And we are also domestically produced, which means that not only are we generally more cost competitive, but we are also able to offer service and spares to customers much faster than imported machines.<\/p>\n

Amit Anwani<\/strong><\/p>\n

And so is this a completely new product launch, or this was there and now we’re basically [Speech Overlap]<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

This is a new product. This is a new product for KPC.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Understood. And wanted to understand — so we have been talking about Tezcatlipoca, Tyche, and now Zephyros, and I think few other products like Khione over past 24 months. Just wanted to understand now since these products have been kind of there in the market, what kind of sustainable growth you are targeting from these products, obviously category-wise within air refrigeration and all these new launches which are there in the market. If we take, let’s say, two, three years’ perspective, what is our standing currently in terms of market share of revenue for each of these products? And what kind of growth we can look for in these products?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So in our segment, in terms of capital goods, especially compressors, these are really products which are designed to run and they have to prove themselves before they gain broader market acceptance. So it’s usually the case where getting the first few orders is hard and then it gets progressively easier from there. All these products you mentioned, with the exception of Zephyros, are now in the market and we will start to see — we are already growing Tezcatlipoca quite aggressively. Khione as well, we are seeing good growth. Tyche, we did launch last year, so we did grow, but it was from zero. And so I think generally from new products, we target that we should have at least 10% to 15% of sales. And as a company, we want to grow at 20%. These products, depending on how old or how recently they were launched, would grow at a slightly higher pace.<\/p>\n

Amit Anwani<\/strong><\/p>\n

All right. Lastly on the Precision Engineering division, what exactly we are looking as a strategy? So I think you explained about INR500 crore order there, and probably it’s the short cycle order. So can we expect F27 also getting order inflows as high as INR500 crores or upward again for the Precision Engineering? Or this is just a one-off case this year?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So the reason which we are — the reason why we are being quite opaque on this is because we don’t really know whether it is sustainable. So I think for that we’ll have to really go forward and see. But certainly in terms of Precision Engineering, we have many unique capabilities with us, whether that is in forgings, castings, machining, etc. So there will be a stable demand, but I cannot really foresee whether it will be to the same extent.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Right. Finally in terms of the current geopolitical situation which you’re sensing, anywhere you feel that this would be a key risk in terms of business, whether it is increase in cost or the conversions with your key industry, any sort of challenges? Because we saw F26, we had different kind of challenges in terms of delays in packages. So anything which in near term you might feel that could impact the business because of the geopolitics getting stretched for more than two months now?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

The order book last year beginning, it was INR1,624 crore, and now for the beginning of this year it is INR1,863 crore. So despite all this situation, uncertainties, geopolitical, all uncertainties, still we are higher order book compared to the last year. Regarding the price increase, we always focus on that, and whether it is a short period of the execution, we pass on to our customer and we don’t take into our account. And as far as the large package is concerned, we already negotiated, we already finalized the order with our vendors, so there is no directly impacting our profitability.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Right. So this year, are we also focusing back again on the large packages to — as a part of inflow, or now we’ll be keeping this lesser package orders and more equipment order as a norm for F27-’28?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So as a strategy, we always want more products versus packages simply because it makes the business less lumpy and more predictable. That being said, the demand environment for packages does seem to be higher on the back of, let’s say, lower orders getting finalized last year. So even though directionally we do want to have more products versus packages this year. As of now, we do have quite a few inquiries out there for packages.<\/p>\n

Amit Anwani<\/strong><\/p>\n

Understood. Thank you. Thank you so much. All the best.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Bhavya Doshi from KRIIS. Please go ahead.<\/p>\n

Bhavya Doshi<\/strong><\/p>\n

Yeah. So like, are we seeing — like which segments are contributing more to the stronger order inflow which we have experienced in FY26? And is there a strong traction in the CNG station? Like, are we again bidding for the other stations which saw higher competition earlier?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So in terms of orders for the last financial year, they would broadly be in line with the numbers which I had mentioned in terms of the business contribution. However, this year we did have good numbers coming from the Precision Engineering division. We generally don’t like to give a breakup, but it would largely be ACR and Precision Engineering and Gas, etc. On the CNG, we are actively bidding, and there is a renewed interest, as I was stating earlier, to increase the amount of CNG stations. So there is a push from various customers to close more orders, and we have been actually closing more orders in the CNG space in the last quarter and even carrying on into this year.<\/p>\n

Bhavya Doshi<\/strong><\/p>\n

Got it. Got it. And as you had mentioned, like, we are targeting around 10% to 5% — 15% of the sales of the company going out from the newly launched products. So given the strong IP filing which we have done in the last few years, how does the launch pipeline look like for the new products and like how’s the pathway ahead?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So we have a number of products which we are actively developing. That being said, a lot of them vary in terms of levels of complexities. The more complex it is, it generally takes longer with more testing, etc. We also have a couple of products where we are expanding the range. This is something which will definitely come faster. So we do have quite a — so it’s very difficult for me to commit at this stage what products we will launch this year. I think I already did mention the A800, which is an extension of our centrifugal range. But we do have quite a few products in the pipeline which you will start to see some launches in Q1 itself.<\/p>\n

Bhavya Doshi<\/strong><\/p>\n

Got it. Got it. And one last thing is, like how much cost saving does the Zephyros package offer as compared to the conventional systems for the end users? Just a broader perspective on it, yeah.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So the Zephyros package is actually significantly more efficient than a traditional water chilling system. It would be in the range of, let’s say, 10% to 15% plus.<\/p>\n

Bhavya Doshi<\/strong><\/p>\n

Got it. Got it. Thank you. Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mihir Manohar from TRUST Mutual Fund. Please go ahead.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Yeah. Hi. Thanks for giving me the opportunity, and congratulations to the entire Kirloskar Pneumatic team for a great set of numbers. My question was on the CNG and — PNG and CGD side. Once again, government has [Technical Issues] put focus because of the disruption which is actually there. If you can throw some light as to when does the demand for mother compressor actually kick in? I mean, is the aim of large transmission pipelines against our gas transmission pipelines necessary for the demand of mother compressors to actually kick in, or is it going to the booster compressor only? Some clarity over here would be helpful.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Mihir, we could not hear properly. Will you try again, please? There is some disturbance from your side. Any [Speech Overlap]<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Is it audible now? Yeah. Is this audible now?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yeah. It’s okay now.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Yeah. Sure. So first of all, congratulations for a great set of numbers to the entire team. Quite good set of numbers on revenue and backlog both. Mainly wanted to understand on the CGD and PNG side. I mean, government has put a renewed focus over here because of the disruption which has happened. Now I wanted to understand, when does the demand for mother compressor actually kick in? Is laying of large transmission pipelines, gas transmission pipelines, necessary for the demand of mother compressors actually to kick in? I mean, is this demand going ahead for the next, let’s say, one to two years now government has put a focus again? Will it be mother compressors or will it be booster compressors?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Okay. Let me try and answer your question. You do need pipelines for mother stations, and generally the trend that we see is that 70% of new stations, at least 70%, are generally daughter stations, because these are lower in capex. But the disadvantage with the daughter station is that they are higher in opex, because you need a mother station to first compress the gas, fill it into a cascade and take it to a place which has a daughter station. So there is also a trend of over time daughter stations being converted into mother stations. There are — there is a certain market where it’s very difficult to put pipelines, like in a hilly area, etc. So there, that would be a daughter station. I hope that answers your question.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Yeah. Yes. But I mean, with now a full infrastructure rollout going to happen, at least on the framework and the policy, it seems it will result into higher demand for mother compressors or for booster compressors?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. It will be higher demand for both, but it would, in the short term, be skewed more towards daughter stations, but long term a lot of them will start getting converted into mother stations.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Okay. Understood. Sure. So a second question was on the good order inflow. I mean, quite good number, INR650 crores broadly over the last two quarters. If you can throw some light as to what value is contributed by the new products? I mean, Tezcatlipoca, Tyche, this new range of compressors that you introduce, some color over there? And what number are these new products contributing over the last two quarters?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So generally we don’t really give such granular information. A lot of these products which you mentioned are newer products, and as I mentioned earlier, it’s usually very difficult to get the first few sales, especially in, let’s say, products like Tyche, HYDRINO, which were just freshly launched. Tezcatlipoca is certainly higher up in terms of the order value, and it also continues to grow quite quickly. Yeah, that’s, I think, the most granular that I can go.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Just lastly, a question on the Precision Engineering side —<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, Mr. Manohar, Mihir Manohar, please rejoin the question queue for more questions. Thank you.<\/p>\n

Mihir Manohar<\/strong><\/p>\n

Okay. Thanks. Yeah.<\/p>\n

Operator<\/strong><\/p>\n

The next question is from the line of Bharat Shah from BCS Capital Ideas Limited. Please go ahead.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Yeah, hi. Well, Aman, I think this is beginning of new innings with a bang. I think one couldn’t have asked for a better start to the whole altogether new innings that you are about to play. I’ve known Srini for more than 25 years, and I’ve seen him to be a very meticulous and very careful planner of the things. So I definitely believe he would have set up these organizations on a beautiful firmament for you to play the image at a much higher crescendo. But it is — that is what my hope is. So first and foremost, best wishes and congratulations on this lovely note on which the picture started.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Yeah. The — on the growth aspect, you talked about 20% plus on a sustainable basis. So you meant for the current year or for more like five to — five years and more? Because all along over last few years I’ve understood that base growth rate for the company could be upwards of 20% given the engineering strength we have, given the way the overall manufacturing ecosystem is rapidly evolving, and given the fact that in many ways what Kirloskar Pneumatic does is touching so many other industries and their needs, and the innovation rate of the new products. So is the — are we being kind of more modest and conservative, or you think this is the most realistic which we should assume?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So when I had said 20% in the opening comment, it has always been our aspiration to grow the company at 20% plus over a long period of time that is on top line and bottom line.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Okay. And coming to that part, now that we have reached a meaningful scale and size today and the overall manufacturing ecosystem evolution has been rapidly proliferating plus our own innovation rate of the new products, should we be more ambitious than this, or in your opinion, I think, this is very realistic and practical and strong number that we are talking about?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So in terms of innovation, as I mentioned, we have been recognized as a top 30 IP-driven organization. That being said, this is not all we want to be. We have our own internal targets to grow the amount of IP filings. Some of the products which we are developing today would be cutting-edge, not just in India but in the world. And I think I’m really excited when I look at some of the products under development, and I do hope we’ll be able to launch a few of these really cutting-edge ones this year.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Just one [Speech Overlap]<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Bharat bhai, I will add something relating to this. Coming to innovation, we are giving the presentation to FCI for the Zephyros where they are available, the PLI scheme approval. And the one of the managers there asked us, who is your technology partner for the Zephyros? And we said there is no technology partner. Our team is capable to do the innovation, do the engineering, and we have developed this product our own. And it also surprised them that Indian company is doing such type of innovation, and the PLI scheme which is approved so easily that one Indian company doing so much of innovation and coming with the different products, and they appreciated our efforts.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Absolutely delighted to hear that. Absolutely delighted. This one last small thing, if I can raise that. While clearly the margins in the latest quarter, the fourth quarter of the year gone by, at about 26% plus, are dramatically high, and those can’t be sustainable. But here in the entirety, it’s about 21.5% that we have delivered for the entire year of ’25-’26. Isn’t this now on a decent top line base with operating leverage and specialty product offerings and the overall growth opportunity? Isn’t — I’m aware that Aman mentioned 18% to 20% is more sustainable margin. But I thought you have in the entirety at about 21.5% margin, is that not likely to be prevalent for a while? You think 18% to 20% only should be a fair guidance?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So just to clarify, what I meant is, in a bad quarter we always say don’t judge us quarter-to-quarter. But in the same way, in a good quarter, please don’t judge us quarter-to-quarter. And directionally we will be 18% to 20%. And if we can, we’ll be 21%.<\/p>\n

Bharat Shah<\/strong><\/p>\n

Got it. Thank you so much. And Aman, all the very best.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Bharat Shah<\/strong><\/p>\n

And thank you, Ramesh bhai.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Thank you, Bharat bhai.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sourabh Arya from Oaklane Capital. Please go ahead.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Yeah. Hi, sir. Am I audible?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. Yes. Go ahead.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yes. Yes. Go ahead.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Congrats on a good set of numbers. See, again, if we see last few calls, you have said that — Srinivasan had also mentioned that exports would not be really a big driver for us. So does things change with the disruption in the Middle East? So if you could double-click on your Middle East export opportunity and export opportunity in general? So first is that, maybe. And then maybe I have a related question after your comments.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So I think export as part of total sale is about 6%. Since one of our major markets is — especially for large packages — is oil and gas, the Middle East is certainly a key market for us. That being said, because it is not a very large part of our total business, it is not that big of a risk for us with the current geopolitical situation. And as I said earlier, I think in the long term, the implications of the geopolitical unrest in the Middle East is probably quite good for KPCL.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Okay. And so maybe related is, so when it comes to these approvals, etc, for these packages, because you already have — you already are using compressor of Ariel, or maybe Howden. And they are of course already approved there. So why — like — so I want to understand, have we won any packages in past from Middle East? If not, why we did not win in past? And what gives us confidence that now we have a bigger [Technical Issues] there?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. We have won packages in the past, and we have a couple of active inquiries also going on. What I will say is that, what is more active in the Middle East is more on the gas side. And then on the gas side, there’s a number of approved vendors. A lot of them are from lower-cost countries. It makes it a little bit difficult for us to compete when everything is specified. So you have to get the compressor from a certain vendor, you have to get the engine from a certain vendor, heat exchangers from a couple of vendors. So with everything specified, it becomes very difficult to kind of innovate on the cost side of the gas packages. That being said, we are competitive enough to be able to win, and we have won packages from the Middle East in the past.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Perfect. This is very helpful. Second, just again a clarification bit on other side. I know you don’t want to talk much about it, but still, like, the first number, Ramesh sir mentioned about INR500 crore order book for next year. So I want to understand, like, from execution cycle perspective, that is going into next year. Mr. Ramesh did mention that in past also that has been the case. But still if one were to see execution cycle of this other segment, is it more than your base business, and majority of this INR500 crore which is going into next year belongs to others?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

No.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

No.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

No. I think there is some misunderstanding. The — as I mentioned, the total order book, if you go into details, is actually more skewed towards products this year. What that — and products generally have a shorter execution cycle. We did get a couple of large package orders which will spill over into the next financial year, but the execution cycle this year for the company should actually reduce.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Okay. And maybe if I can please ask, so like last year also, let’s say, our order book was INR1,600 crore something, book-to-bill was around 1 and we were pretty confident that revenue growth would be 20%. And now again, at the start of this year, book-to-bill is around 1, and we are pretty confident that we can still do 20% top line growth. So what happened last year that it did not come, and what gives us confidence that with the similar book-to-bill, we will actually be again delivering 20% growth? That’s it. Thank you very much. Sure.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So I think the past few years we’ve had quite a significant reliance on our gas business. And as we have been calling out, this is a place where we have been having some difficulties in terms of growth. We will be taking some actions this year to increase our competitiveness in this segment, and I think all the other businesses are doing fairly well. Equipment in particular is growing, and this year with the Precision Engineering division we’ll be doing a lot of heavy lifting. We believe that we will be back on track to deliver higher than order board sales and reach this 20% plus number which we are committing for.<\/p>\n

Sourabh Arya<\/strong><\/p>\n

Perfect, sir. Thank you very much. All the best.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

A reminder to all participants, please restrict yourself to one question. Thank you. The next question is from the line of Divyam Jain from 36O ONE Capital. Please go ahead.<\/p>\n

Divyam Jain<\/strong><\/p>\n

Yeah. Hi, sir. Am I audible?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yes. Yes, we are, please.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

You are.<\/p>\n

Divyam Jain<\/strong><\/p>\n

Yeah. So my question was regarding the gross margin expansion that we’ve seen, sir, how much of it would be owing to the backward integration efforts and how much of it — and if is it attributable to the deferment of orders? I believe it has [Technical Issues] that’s how you put orders [Technical Issues] how would you attribute that expansion?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

No. We are not able to understood what exactly you are asking.<\/p>\n

Divyam Jain<\/strong><\/p>\n

Sir, we saw 600 groups expansion in the gross margin, I believe, in this quarter. How much of it is attributable to the backward integration efforts and how much of it is because of the delivery deferments that we’ve seen that you reported in the last quarter?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

The backward integration what —<\/p>\n

Divyam Jain<\/strong><\/p>\n

Yeah.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

— we did in Nasik, is coming to Hadapsar for the Air Compressor division as well as for the Transmission division, that is PED now. And roughly the total output from the Nasik is directly coming as an input for our Hadapsar factory, as well as some portion is going to the Saswad also. So it is exactly — we are not calculated how much is going for the Compressor division and how much is for the PEG. So we need some time to calculate and come back to you for the answer.<\/p>\n

Divyam Jain<\/strong><\/p>\n

Thank you, sir. And sir, what would be your sustainable gross margin [Technical Issues]?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So as we have been saying, directionally we want to be 18% to 20% on an EBITDA level.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Last year we also achieved gross margin in the core business. That time we also said that 18% to 20% is sustainable. This quarter also we crossed almost 23%, and still we are saying it is 18% to 20% is a sustainable for core business, that is the Compressor business.<\/p>\n

Divyam Jain<\/strong><\/p>\n

Got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Sahil Sanghvi from Monarch Networth Capital. Please go ahead.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

[Technical Issues] Good evening. Am I audible?<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

Yes. Yes. Please go ahead.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yes.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Yeah. Congratulations for a very good set of numbers, and congratulations to Mr. Aman Kirloskar for the new designation. My question is more of to understand, I mean, while Aman has already commented on this, but this new ruling that we have got regarding the government’s press on the March 26th order for spacing more PNG and CGD lines, I just wanted to understand what kind of traction are you seeing on ground with this ruling, because it says that they want to accelerate pipeline infrastructure development, including faster rollouts of CGD and last-mile connectivity for PNG. So what are you seeing on ground? And when can you expect some bit of demand transferring to our order book, leading to an improved performance for the gas process — Process Gas division?<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. So as I mentioned, the — I think we entered this year with an elevated inquiry level in terms of the domestic gas business, and we’ve also been closing some orders in this segment fairly quickly. So I think on ground there does seem to be quite a bit of things happening. And I’d also like to once again mention that there is a lot of interest in alternative fuels, especially biogas, where we are seeing a lot of interest at the moment. It has not translated into orders for us yet.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

You must have also seen — you must have also seen the release, press release, by the ONGC, roughly they are targeting to invest something 200 billion in oil and gas. And that too investment will come within five to six years. And this 200 billion investment, then they will start investing. Some portion of this will come to us as a support for the compressor to their various projects. So we are definitely going to get that, because the 200 billion investment by oil and gas sector by Government of India is a huge investment. And we are also focusing on that to get that business and to grow our company.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Got it. Got it. And my last question would be, I understand that we will have a shorter execution cycle for the orders that we have now in our order book. Can you define that period? I mean, would it be six, seven months, or would it be much, much lower? [Speech Overlap]<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

[Speech Overlap] and then the equipment period is between 4 weeks to something 12 weeks, and roughly the large packages ranging from six, seven months, eight months.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Yeah.<\/p>\n

Ramesh Birajdar<\/strong><\/p>\n

But as we are growing, we are being developed many products like Tezcatlipoca, Khione, Tyche. They are having very short execution cycle, not very great eight months, 12 months period. That is not the case. We are not focusing on the large package business. Whatever business you want, we want a top line growth as well as the bottom line growth, both.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Due to time constraint, we take that as a last question. I now hand the conference over to Mr. Dhirendra Tiwari for closing comments.<\/p>\n

Dhirendra Tiwari<\/strong><\/p>\n

Thank you. Let me take this opportunity to thank the management of Kirloskar Pneumatic for giving us the opportunity to host. Before I close, may I invite Aman to [Technical Issues] and then we can close the call.<\/p>\n

Aman Kirloskar<\/strong><\/p>\n

Yeah. Thank you all for joining the call today. And as Bharat bhai had mentioned, we — it is a new innings for me, and I have been blessed to have a great boss and mentor of Mr. Srinivasan for the past five years. I think we learned a lot. He really taught us how to push boundaries, innovate, and really be hungry for growth. So, it’s a — we have big shoes to fill and we will do our best to hit our targets of 20% plus growth. Thank you so much.<\/p>\n

Dhirendra Tiwari<\/strong><\/p>\n

Thank you. Now we can close the conference.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Kirloskar Pneumatic Company Ltd (BSE: 505283) Q4 2026 Earnings Call dated Apr. 27, 2026 Corporate Participants: Aman Kirloskar \u2014 Managing Director Jitendra Shah \u2014 Company Secretary & Head Legal Ramesh Birajdar \u2014 Vice President & Chief Financial Officer Analysts: Dhirendra Tiwari \u2014 Analyst Priyank Chheda \u2014 Analyst Balasubramanian \u2014 Analyst Sameer Thakur \u2014 Analyst Amit […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181917,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":141401,"url":"https:\/\/alphastreet.com\/india\/kirloskar-brothers-limited-kirlosbros-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181917,"position":1},"title":"Kirloskar Brothers Limited (KIRLOSBROS) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 13, 2023","format":false,"excerpt":"Kirloskar Brothers Limited (NSE: KIRLOSBROS) Q3 FY23 Earnings Concall dated Feb. 13, 2023 Corporate Participants: Sanjay Kirloskar\u00a0--\u00a0Chairman and Managing Director Alok Kirloskar\u00a0--\u00a0Managing Director Rama Kirloskar\u00a0--\u00a0Joint M.D., Kirloskar Brothers Limited & M.D., Kirloskar Ebara Pumps Limited Chittaranjan M. Mate\u00a0--\u00a0Chief Financial Officer Analysts: Mahesh Bendre\u00a0--\u00a0LIC Mutual Fund -- Analyst Renjith Sivaram\u00a0--\u00a0Mahindra Manulife\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177462,"url":"https:\/\/alphastreet.com\/india\/kirloskar-pneumatic-posts-18-revenue-growth-in-q3-declares-%e2%82%b93-50-interim-dividend\/","url_meta":{"origin":181917,"position":2},"title":"Kirloskar Pneumatic Posts 18% Revenue Growth in Q3, Declares \u20b93.50 Interim Dividend","author":"Staff Correspondent","date":"January 23, 2026","format":false,"excerpt":"Kirloskar Pneumatic Company Limited (NSE: KIRLPNU, BSE: 505283) reported consolidated revenue of \u20b94,069 crores for the December quarter, up 18.68% from \u20b93,426 crores in the same period last year, as net profit reached \u20b9422 crores against \u20b9364 crores previously. The stock closed at \u20b91,068 on January 23, down 4.11% from\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":181065,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-kirloseng-q3-2026-earnings-call-transcript\/","url_meta":{"origin":181917,"position":3},"title":"Kirloskar Oil Engines Ltd (KIRLOSENG) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 16, 2026","format":false,"excerpt":"Kirloskar Oil Engines Ltd (NSE: KIRLOSENG) Q3 2026 Earnings Call dated Feb. 12, 2026 Corporate Participants: Gauri A. Kirloskar \u2014 Managing Director Sachin Kejriwal \u2014 Chief Financial Officer Samrat Gupta \u2014 Managing Director Kiran Bhagnure Khapre \u2014 Chief Human Resources Officer Analysts: Amit Shah \u2014 Analyst Jason Soans \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":137679,"url":"https:\/\/alphastreet.com\/india\/kirloskar-brothers-limited-kirlosbros-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":181917,"position":4},"title":"Kirloskar Brothers Limited (KIRLOSBROS) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 14, 2022","format":false,"excerpt":"Kirloskar Brothers Limited (NSE:KIRLOSBROS) Q2 FY23 Earnings Concall dated Nov. 14, 2022 Corporate Participants: Sanjay Kirloskar\u00a0--\u00a0Chairman and Managing Director Alok Kirloskar\u00a0--\u00a0Managing Director Rama Kirloskar\u00a0--\u00a0Joint Managing Director of KBL and MD Kirloskar Brothers Limited Chittaranjan Mate\u00a0--\u00a0Chief Financial Officer Analysts: Mahesh Bendre\u00a0--\u00a0LIC -- Analyst Renjith Sivaram\u00a0--\u00a0MahindraMutual Fund -- Analyst Sunil Kothari\u00a0--\u00a0Unique AMC\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181917,"position":5},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? 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