{"id":182541,"date":"2026-05-08T08:07:38","date_gmt":"2026-05-08T12:07:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/kirloskar-ferrous-industries-ltd-kirlfer-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T08:21:04","modified_gmt":"2026-05-08T12:21:04","slug":"kirloskar-ferrous-industries-ltd-kirlfer-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/kirloskar-ferrous-industries-ltd-kirlfer-q4-2026-earnings-call-transcript\/","title":{"rendered":"Kirloskar Ferrous Industries Ltd (KIRLFER) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Kirloskar Ferrous Industries Ltd (NSE: KIRLFER) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

R. V. Gumaste<\/strong> \u2014 Managing Director<\/em><\/p>\n

R. S. Srivatsan<\/strong> \u2014 Executive Director (Finance) and Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Pallav Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Nirmam Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Pankaj Parab<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Deepak Bansal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to the Kirloskar Feros Industries Ltd. Q4FY26 earnings call hosted by Antique Stockbroking Ltd. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Palav Agarwal. Sir. Thank you. And over to you sir.<\/p>\n

Pallav Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Thank you Gitesh and good afternoon everyone. A warm welcome to the fourth quarter NFY 26 earnings call of kilos Cafe. We have the senior management today represented by Mr. R.V. Gumaste, the Managing Director and Mr. R.S. Steve, the ED Finance and the CFO. So I will now handle the call to Mr. Gumaste for his opening remarks. Over to you sir.<\/p>\n

R. V. Gumaste<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you Pallav. Let me take the opportunity to welcome all the investors on the call. Welcome to Tirlovaskar Ferris Industries Quarter 4 Year End Earnings call and let me start with key highlights or the important figures in terms of production and in terms of sales. The quarter poor figure in production quantity was 1 58,152 metric ton and compared to quarter four last year 1 62,286 metric ton and the production is lower by 3% compared to the last year. And casting production is 36,596 metric ton against 32,000 ton.<\/p>\n

32,474 ton which is 13% higher than the last year in terms of the two production 56,119 tonne against 52,860 ton last year which is a growth of 6% year on year. Steel production was 58,119 metric ton against 64,400 443 tonnes which is almost 10% lower than last year. Coming to total year production last year’s year 2526 we produced 6,23,939 metric tons against last year’s 6,31,103. The major drop to the extent of 68,000 was because of stoppage of Hiriyur blast furnace for almost three and a half months.<\/p>\n

Because of the market conditions not being conducive ferrets Productions from MBF 1, 2 and 3, MBF 1 and 2 have gone well. Could have been higher than last year in terms of the output very close to 7 lakh metric ton if the market condition in terms of realization in figure would have been better tasking. In the year we produced 1:48,564 metric ton against 1:39,9000 which is increase of about 7%. This production is after giving some of the castings to the Oliver foundry. In addition to this tonnage we also produce 17,500 metric ton of castings in Rajpura Oliver.<\/p>\n

So if we take a standalone kirlosker ferrous it is 7% growth in the production. Whereas if we take Oliver Then it is 16% growth in the production. Tube production 40 year is two 16,914 metric ton against last year’s 199,443 metric ton. Steel production remains at two 40,000 against last year’s two 42,000. As we had to take a measure stoppage for a couple of fortnights two times in the year to erection of fume extraction system primary and secondary to improve the environmental aspects within the steel plant.<\/p>\n

Coming to the sales quantities. Sales figure in sales during the quarter was one 27,600 metric ton against last year one 35,000. So it’s almost 6% lower than last year. Casting sales was 34,980 metric ton against last year’s 32,207 metric ton. 9% more. Tube sales was 51,106 metric ton against 51,500. It’s more flattish. And steel sales was 24,812 against 20,700 which is an increase of 20%. In terms of value terms I’ll go to the total sales value is 1781 crores. You have all the details and overall for the years when we look at we mainly had to face the sales realization drop.<\/p>\n

Sales realization in case of piggeron was 6%. In case of castings it was less than 1%. In case of tube’s overall price, sales realization dropped almost like 10%. So overall growth if we look at on the top line see what we have achieved 3% including Oliver. If I see it’s about 5.1%. It is after accounting for the drop in the sales realizations. Because of the commodity prices being low. I think it was substantial except that quarter four the prices picked up and also little bit on the steel prices.<\/p>\n

Coming to the quarter and the year end. We ended up with 6861 crores of sales against 6628 last year. And. Profit before tax is 514.43 crores against 532 crores before exceptional item against 432 crores improvement of about 100 crores on the PBT. And after the exceptional item it is 514 against 432. Overall we have been able to increase the volume, production and sales in case of castings. Casting is including only about 23,000 tons which is quite substantial which happens to be 16% of the total sales.<\/p>\n

With respect to. We are working for the merger of Oliver into kiln Ferrous Interstate. We expect it to. We look forward to close it in next couple of months so that we can have the the benefit of mergers for the year 2526 itself. With this brief update I would now request for the opening of the question answer session. Thank you very much.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Nelman from Unique pms. Please go ahead.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Yes sir. Thank you for the opportunity. So the first point, sir, I would like to appreciate our efforts in the castings division. So we can see in the realizations that, you know, we’ve increased the share of value added and complex castings. And so just if you could talk about this journey, you know, how we are progressing versus your expectations, the opportunity and how do you see this segment evolving in the future? In the future?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I think I would say very encouraging. At the same time the casting business with respect to manufacturing process management and progress is our effort to grow 20, 25% are not realistic. As I have been talking many many years. We keep looking forward to growing volumetric growth of say 15% which I consider is as reasonably good against the last year 1 39,000. We are this year gone up to 1 62,000. About 23,000 tons of casting produced more and sold more. And we expect that we will march forward to go to maybe about 1 90,000 because we have large number of castings under development one by one who will go into the serial production and demand for casting remains robust from auto sector as well as the tractor sector.<\/p>\n

We have also now we have gone ahead and we will be commissioning 6th foundry which happens to be large casting foundry. And as you know there is a growth in the large casting. We expect foundry to get Good amount of loading. And also I would say that our startup of Oliver Engineering in Rajpura has gone well. Last year we could produce 13,500 ton. But towards the end of the year month of January, February, March, we could produce 1700 metric ton per month. And we are putting all out efforts to take the production to at least 2,000 tonnes per month and so that we can go to 24,000 tonnes of production and sales in this year.<\/p>\n

We have a large capacity underutilization in Solarpur and we are putting our best effort how we can go Solarpur to 60,000 tons. We have already started working what we do next where we create the capacity for our seventh foundry and we will have to create that foundry otherwise we will fall short in terms of our manufacturing capacity over the next two, three years. We have feasibility of future aspirational volume growth to up to 3 lakh metric ton per annum. So we need more foundries and we will work to create more foundries and keep increasing the output 10 to 15% every year.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Understood sir. And so secondly a similar related question, we have added a slide about, you know, macro tailwinds in our ppp. So if you could provide some more detail about how it benefits our segment and more on how prepared are we to take advantage of these tailwinds.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

So I think basically we saw a commodity price increase in the last quarter with respect to Pigaron. The international prices of Pigeon seems to be very encouraging. Whether that will convert into Indian Pigueran prices going up, you know, need to be seen. But international prices of the move to $475, which is very, very encouraging. So we are closely watching that and how we can realize better pricing on Tigeren that should also convert into better pricing on steel as well as better pricing on the tubes.<\/p>\n

There has been good amount of pull both for as well as steel because foundries are producing well, steel plants are producing well, steel outputs are going up, infrastructure has picked up and absorption is reasonably good. So I’m sure that it has to be seen in the background of two, three developments. One is of course the what we called as tariff period. After that it was, you know, the war in the Middle East, Hormuz blockage, power, the fuel cost going up and disruptions in many areas in many places.<\/p>\n

In spite of that I think we are still optimistic. We are talking about better demand position and we continue to grow. I think it’s only because of the tailwinds we have been able to sustain and also grow in volume and talk about growth in coming quarters. As well<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Understood that. And sir we also mentioned something about alloy steel so if you could talk something about that what are we doing in this And<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I have talked about this earlier also Our our long term plan is to set up the one of the blast furnace in copper going to steel and that will result into pigeon sales going down to 5 lakh ton and not 67 lakh ton but blast furnace 2 will go for the alloy steel production and we want to expand a seamless tube plant in Baramati so that the entire steel blooms go to Baramati and the Jejudi alloy steel. As you know we are currently at about 30% green power and we are pushing hard to commission another 35 megawatts of solar power plant by July August and another 25 megawatts of wind power maybe by September and the equivalent of this is like 55 or so 55 plus 35.<\/p>\n

We are about 90 megawatts of solar equivalent wind and solar put together and we already have another 70 megawatt in Jalna up and running so we will reduce our cot emissions carbon will be lower and we are green steel producer at Jajiri. We want to do the debottlenecking of the rolling mill and see that we can roll the entire 3 lakh ton so that out of that 50,000 goes to Nagar or 60,000 go to and remaining two 40,000 which is 20,000 tons per month should go for the sales of non K file sales. So currently we are last year at 85,000 and we are putting effort to see that by the time we come up with steel plant we our sales goes to that.<\/p>\n

So we are looking at expanding the external sales and also expanding the internal consumption so that we go up in the seamless tube. Seamless tube in Baramati we would like to see that our capacity goes to 4 lakh metric ton per annum by adding expander mill and increasing the capacity by 1 lakh 50 50,000 plus existing capacity of 230 which we are trying to realize coming year itself. So I would say that all this thought is in place but whether we want to expand steel beyond copper one plant of course phase two is to take both the MDF into steel.<\/p>\n

We also have the opportunity at Hiryur we have planned to upgrade the blast furnace so that it can also produce very close to 3 lakh ton of Pigeran either to continue as Pigeron or to get into either spun pipe or get into steel. These are the opportunities available to us But I think we have the roadmap we would like to see that we progress on that journey basically going strong. With respect to green steel, we have already started preliminary work on how do we bring battery storage system in megawatt level so that we can increase the utilization of green power in spite of the new regulations coming in Maharashtra.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thank you. And all the best.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Pankaj Parag from Moniken Ventures. Please go in.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

Yes sir. Thank you for the opportunity. So my first question is on the casting. So since last six years our customer count was steady at 26. And in this quarter only we added three new customers to our casting market. So it’s very significant and just would like to know a bit more about the customers. These are domestic customers or international customers? Are these customers commercial vehicle, passenger vehicle or construction equipment? How these customers are achieving on new product line?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Let me say that the new customer acquisition who is a diesel engine manufacturer will have facility in India. But the manufacturing would be for India and export also. But for us it will be Indian supply others two customers. Basically these engines, not only stationary engine application, they also go for tractors. Trim 5 next level. I think the customers we have book the direct export orders also we are starting with small direct export. I think this would be earth moving equipment. And we have a visibility to see more exports coming both in earth moving equipment as well as tractor industry.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

So can we expect a meaningful volume contribution in the two years from this three customers in terms of export and in domestic terms also?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Yeah, I think there is a clear cut volume growth plan and timeline for SOP. And those are fixed deadlines and we will follow that. We have no choice but to follow that.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

Okay. And<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

As I mentioned our visibility for next 3, 4 years is a volume going up to 3 lakh metric ton per annum.<\/p>\n

R. S. Srivatsan<\/strong><\/p>\n

And we are<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Talking about creating as it is. We are shortly commissioning the sixth foundry and we have in my view no choice but to immediately take up seventh foundry program to ensure that we service the customers without any failure.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

Okay, and the next question would be on the realization. As you can see there is a pretty significant jump. But as well as I see the there are some export jump in percentage. So we are up from 20% to 28% and the CV segment is also up from 16 12% to 16%. So is the realization is only for this particular quarter due to these changes or we are strategically shifting our focus to more cbor more export oriented from our traditional tractor kind of volumes.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I think it’s very important to Know that all our customers are looking towards K file for intricate castings, difficult castings and blocks and heads more. Our portfolio of housing has not grown much. Tractor housings and another thing. Hence I would say that all of our new order bookings are at better pricing than conventional tractor housings or tractor crank cases. So we’ll continue to progress on sales realization. This sales realization which has remained flattish is after giving the community price reduction to our customers.<\/p>\n

Another very important aspect is in all the three locations our machine shops are progressing quite good. And we expect within a year that we will have a machining value of about 100 crores. So we continue we long term we bought 22 HMCs. All those HMC bulk booking of the machines all have been absorbed. 22 machines are in into operation. Maybe couple of them are shortly getting into operation. We are looking forward to order the next lot of machines. So it’s the combination of better price casting joining the production as well as machining coming in which has and also the better pricing from some export casting which is contributing to sustaining the realization.<\/p>\n

And I also look for forward for the improved sales realization in casting. Because of these strategic initiatives taken by us.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

Can we expect a sustainable improvement in realization in two years as the export are growing as the complexities of the product is going. So base was 125 and can we accept 130 kind of ring for next two years?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Definitely much more than that. Because the commodity price increases will also start coming in these quarters. And the reductions given by us were of the order of 10 rupees per kg or 12 rupees per kg. And I expect part of it at least flow back. And also in the coming quarters we will have more newly developed castings picking up the volumes. And in next two years in my assessment I have not done exact calculation but it will definitely go beyond 130 rupees per kilogram.<\/p>\n

Pankaj Parab<\/strong><\/p>\n

Okay sir. I’ll come back again. Thank you.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you very much.<\/p>\n

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

Thank you. The next question is from the line of Dhruvesh Kanakia from antique stock croaking limit. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Thank you for this opportunity. I’m sorry to interrupt<\/p>\n

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

Sir. You sound a little bit distance. Can you speak louder please?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is this better now? Can you hear me?<\/p>\n

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

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Better you can? Yes Sir, I wanted to ask if you can share what was the utilization of the new Solapur foundry during fourth year.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See our the minimum expectation from both the lines is at least 6,000 tonnes per month and actual realizable. Maybe it could be slightly another 5% more. But I expect at least 6,000 against that. We are at 4,200 last quarter. Against 6,000 ton. I would say this is about 70%. Another 30% utilizable capacity utilization can be improved in next few quarters. Maybe three, four quarters.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so when would we be able to reach the 45,000 per quarter run rate that we were planning earlier, sir?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See one is merger of Oliver because we shifted some housings to Oliver and here we are trying to produce more block and head. I would say that very shortly we should be able to get to a level of. About 15,500 per month. Into 3 would be 45, 46,000 I think should happen very shortly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. After the merger<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

2000 will appear here. What 1700. I said 5000 ton per quarter will appear in our book. So I think we should see within couple of quarters. We should go to 45,000 per quarter with Oliver. Of course.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir. Okay. You able to guide us on what kind of sales volume we can expect from the company across segments in FY20.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

What has happened is you have seen so many external developments like community falling like anything now we are seen the reverse of that. And that should definitely help us in terms of sales realization going up. And another thing is also our efforts to increase the volume in figure and casting as well as steel and tube continues. I definitely look forward that we should succeed in getting at least 15% growth once again. I hope that the community don’t fall again. That pulls us down.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Okay. Thank you sir. Best of luck. I’ll get back in the queue.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you very much. Thank you.<\/p>\n

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

Thank you. The next question is from the line of trollin Nandu from Edelweiss Public Alternatives. Thank you and please go ahead.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Hi sir. Good evening. Hi, good evening. Just a question again on your FY27 guidance on the casting volumes right now. Correct. I’m wrong, sir. Our one quarterback or two quarterback? Our aspiration was to reach close to you know 1 lakh 85 to 1 90,000 metric tons of volume from combined. Right. Including Oliver for the entire year. Right. Of FY27. And now you, you know to the previous participant questions you mentioned that you know 45,000 will reach in couple of quarters. And then again you mentioned that that 15% growth.<\/p>\n

Right. So I think when fall short of that number. Right. In some sense of our previous target of 185 to 190,000 metric ton. Is my assessment correct sir. And you know, because this it’s been our Aspiration for quite some time now. And I appreciate the external challenges. But when we give out this guidance are we building in that such challenges will come in the future as well. Right. And on that basis what kind of volume numbers should we expect in the casting division in FY27?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

No, I think we are committed to the numbers what you mentioned. 1 lakh 80, 85, 90,000 is the numbers we look forward. I’m very clear that Solarpool should produce and sell 5,000 ton which becomes 60,000 ton. And we are more than 1 lakh ton already about 1 lakh 5,000 in copper. And you know we are saying 25,000 should come from the Oliver Oliver. So I am definitely weak. What numbers I am talking is production numbers. Not exactly the sales numbers. There will be some small difference with respect to 2 to 3% foundry stage rejection.<\/p>\n

But I think 1 lakh 85,000 kind of number remains our target. And we are working towards that for the financial year 2627.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Okay, so just two follow up questions. Sir. Let’s say I would request<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

You to also appreciate that last year also we have increased the casting production and sales by 23,000 ton.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

No, that. That is appreciated sir. Just wanted to. No means see<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

You know even this year we will put that effort. How do I get another 25,000 increase? 62 becomes 88. It should come. And that’s what I am trying to explain. Thank you.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

So just on the solar run rate, right? And also Oliver run rate, right. You mentioned that by the end of March we were at 1700. Now for our let’s say 25,000 yearly run rate have we already reached 2000 per month run rate in April. And where are we on Solarpur on the monthly run rate? How far are we on that 5,000 number? First<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Of all, first of all Oliver, let’s say 1700 becomes 1700, 1800. But by the end of the year it should go to say 2200, 2300. But I should get 24,000, 25,000 for the whole year from 17 to 24 or 25,000 ton extra production and sales from Oliver is possible feasible. Order bookings have already been done. Machining setup is already in place wherever custom for want machine casting. And I’m pretty confident we can progress another 7,8000 extra quantity in Oliver going towards 24,000 tons from Oliver 2000 average per month.<\/p>\n

And Solarpur we are currently. I just mentioned 4200 metric tons per month last 2, 3 months also this we are trying to take it to you know 5,000 metric ton average. So instead of 4,200 we have to go to 5,000 subsequently, maybe 3, 400 more but achieve 60,000 production, maybe 55, 56,000 sales from Sonapur.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Understood, sir. So and so what I understand is that growth, this ramp up will be gradual, right? 1700 will move to 1800 for Oliver and it might end. We might end the year at 2200 and that’s how we average out at around 2000 per month. Right. And same is the case with Olapur as well. We are at 4300, maybe there will be 100.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

No, Oliver is straight line. It is easy. You go up 3, 400 ton, you are done. You know, from 17 Solarpur is ticklish and we are at 4200. We are putting our best effort to see that we go up. And we should be average out close to 5,000 in this year itself. 26, 27.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Okay, so I had actually the question on big answer but I just double click on this. Why Sorapur is being ticklish. Is it because of that? The very very. And the customer that we are dealing with and approvals and all, is that the ticklish nature of Solarpur or what? Can you just give us basically<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Basic. Basically we struggle with the core. Core productivity and complexity of testing. And it is nothing to do with the customer itself. These are complicated blocks and heads. They do take some time to stabilize the process and. And stabilize the output. And nothing to do with customer but to do with the foundry process and complexities of the customs.<\/p>\n

Nirmam Mehta<\/strong><\/p>\n

Okay. Okay. And the, the. The order that we had for the site interrupt. I’ll come back in the queue. Thank you.<\/p>\n

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

You’re welcome. The next question is from the line of Bharat Seth from Quest Investment Advisors Private limited. Please go ahead.<\/p>\n

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

Hi sir. Thank you for the opportunity and congratulations on showing improvement in the business training. Hello.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Yes sir, go ahead. Sir,<\/p>\n

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

I’m able to hear. Yeah. Sir, you have said that we are expanding this tube capacity to 4 lakh. That I under hear it. But before that we were also to expand. I mean our diameter also. So what stage we are in any thought process on that and how much capex that we plan for say 27 and 28.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See, let me cover one by one. Capacity expansion in Paramati is in the area of bigger size tubes. First is the immediate next year is to expand bike capacity utilization improvement. And we have done the basic study, basic design and basic source study in terms of where to go, what to get for the biggest tube mill. And we Expect that we should complete that project within next one and half years and investment for that plant could be plus of 500 crores. It would be part of our capex plan of 606 about 600700 crores per year.<\/p>\n

We have many projects. We have projects in pigeon foundry steel as well as tube so it would be part of that and as you must have noticed our cash generations are better than our ability to invest and we have reduced our. Yeah, no, no, that’s<\/p>\n

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

A commendable thing we have done in this year also we have generated. I mean brought on the borrowing.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Yes, yes, borrowings have been brought down substantially. I look forward to improve the investment in opportunity areas and there are obligation areas also we have to make the mines operational beneficiation plant, pellet plant. So we’ll continue to invest at the rate of about 600 to 700 crores every year and we hope that we can generate better than that in terms of cash generation.<\/p>\n

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

Just if you can give some more qualitative color on the kind of order book that we have for the business we were expecting in oil DC so what stage we are and further how do we. And also we earlier we were think. I mean had an order which is a say I mean joints and all which is a very high margin business and difficult to manage produce.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I I would like to say that we have some pending orders of the you know, tender and we again expect that new tender for this year should also come and we should be able to pick up those orders. Exports are growing, the fuel prices are high and there is lot of reconstruction requirement is coming up and I expect that both domestic and expensive export orders in the oil and gas segment should be better and robust and at the same time even the other applications the progress of orders is supporting our expansion plans Right now I don’t have the figure of what is the pending orders right now I have not looked into that but I would say that we expect aspect debottlenecking and capacity utilization improvement volumetric improvement of about 10 to 11% is what I look forward to be achieved in tube business.<\/p>\n

I also look forward that the commodity prices going up already I mentioned about international figure and price coal prices have gone up. I expect also the steel and two prices to go up in coming months being dak.<\/p>\n

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

Okay, thank you and all the best sir.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you very much.<\/p>\n

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

Thank you. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Yeah, you are audible. Thank you. Yeah,<\/p>\n

R. S. Srivatsan<\/strong><\/p>\n

Thank you sir. Firstly for providing me this opportunity. So taking into account the the the roadmap that we have charted currently, how should our EBITDA margin trajectory stand for the current year and the year ahead? And also sir, if you could just explain and not only explain if you’re going ahead if we could give a description about the backward integration part of the story that we are currently in the offering so that investors can have some more understanding or a better understanding of how our systems are our products are aligned in how is the company aligned backward in terms of backward integration.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

But I think. Thank you very much for this question. Let me quickly cover one is I have said that first of all we want to bridge that gap of instead of every quantity of figure and going into market blast furnace tube we make steel and that goes to Baramati for seamless tube value added product going from Jejuri into as steel sold in the market. These are the processes in between which we cover. Now coming to we have already done complete requirement of of coke coming out of our own coke oven and we are UP and running 52 megawatts of power waste heat recovery power which is coming from blast furnace as well as coke.<\/p>\n

Oh I also mentioned that we would like to invest not very huge but about 125 to 150 crores in to upgrade the blast furnace to take it To Quarter Million Ton 2 lakh 53 lakh metric ton per annum capacity and also bring the manufacturing cost in line with copper with efficiency improvement cost reduction and I expect this kind of projects the project payback periods are like less than two years. We are also working that we complete the the solar and wind energy project before August September 25 megawatts of wind and 35 megawatts of solar and then take step up into battery storage system to improve the wind and solar power utilization.<\/p>\n

Otherwise the government regulation would allow prime slot utilization of solar energy coming to. You know. You know we are progressing well on operationalization of Jambunath Buddha iron ore mines which has very good quality iron ore. We it will help us in making better quality prime quality pigaron. For that we are once we operationalize we are planning that we also bring in beneficiation and pellet plant so that we can use all kinds of iron ore from the mines and we can beneficiate and pellets can be used in the blast furnace and we can also sell if we want some quantity of pellets in the market which there is a market.<\/p>\n

So these are our backward integration plans. What we are trying to do is mine to machine castings and mine to seamless tubes. And with energy management being the key thing and monetizing the energy cost today into energy savings tomorrow.<\/p>\n

R. S. Srivatsan<\/strong><\/p>\n

Right. So just to. Just to have that understanding only two concluding part. Firstly sir, how then our EBITDA margin should shape up for the current. Current financial year. If you could just give us the trajectory. And in our. For this quarter our other expenses have gone up to 465 crores. So any one of item that we have factored in in terms of the other expenses and other income also was up to 44 crore. So if you could just explain the need to come back.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I don’t have ready numbers. I didn’t look from that angle. Is Riverson on the call whether you will be able to take that Sriracha. He was traveling I think. Okay,<\/p>\n

R. S. Srivatsan<\/strong><\/p>\n

I’ll take it. And for the EBITDA margin trajectory sir, with the type of product profile changes and all and. And again you have mentioned about pig iron prices realizing also improving. So exit of first quarter. How are things for us?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Sir, you have seen the commodity market has been terrible last three years, not one year. It has fallen continuously without substantial fall in the raw material prices. We expect that pain is over and we should be able to improve a little bit. Already compared to October the pigeon prices are up 5,000 rupees. Compared to December pigeon prices are up to 4,000 rupees. But of course as you have seen there is also cost pressure on that dollar has gone to 95. And coal prices on an average have gone up by about $25 per ton of.<\/p>\n

So some factoring will happen to the cost but something will get added to the valuation and little support on the community side. I expect that you know we are just above 12 and half percent of EBITDA and I would say that our effort will continue. I have been talking about that we are comfortable only when we are at 50, 15% EBITDA and in all products to look for the volume growth.<\/p>\n

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

Thank you sir.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you.<\/p>\n

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

The next question is from the line of Sahil Sangvi from Monarch Network. Network Capital. Please go ahead.<\/p>\n

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

Congratulations for the improved set of numbers. My first question is would you be able to give us the number of the revenue that we did for the whole year at Oliver Engineering?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

No, I think I talked about 25,000 tonnes and it becomes 250 crores. Could be slightly more than 250 crores because of the machining value.<\/p>\n

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

25,000 tons here. This is that. Oliver you’re saying for. For the full. Yeah, yeah.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Only by<\/p>\n

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

26<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

If I. No, no. FY26 is I think 118 or 119 something like that. FY26 I’m talking about 27 going to 240250 crores.<\/p>\n

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

So. So FY26 is 118 crores correct?<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Yes, yes, yes.<\/p>\n

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

Okay fine<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Number. Don’t catch me. Fine number. I don’t have exact paper with me. No, no roughly that in the range of 120 crores.<\/p>\n

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

Secondly if we had to look at how the market pricing has worked out for Bega N I think the kind of hikes we received for Q4 were lower than that. So what has not worked in our favor and also the piga in volumes I think what you had guided in Q3 with respect to the debottlenet capacity now we could go up to 140 kiloton of you know commercial sales also not. Not counting the internal transfers. So I mean is that. I mean the production also was lower in Q4? No,<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I think two, three things I would like to mention here. One is Hiryur quarter four full volume has not come. There was something, you know, startup and all that. October, November, December but it spilled over something to January. We didn’t get the full quantity of Hiryur in quarter four. One second thing one of the last one is we took stoppage for five days to complete the complete the what we call rubber gunning. Some production loss happened during the quarter. I would request you that in generally when you see I’m talking about total tonnage for the year is 6:23,000 ton and in that 68,000 is stoppage.<\/p>\n

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

Right? Right, right. And productivity<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Actually productivity of MBF1 and MBF2 in copper have gone very well and their output has gone up. What has pulled pulled down is the HIRU and I expect that little bit improvement positive contribution. We should be able to quickly go back to that number of 7 lakh metric ton or at least 680. 690 numbers are possible with the current productivity. Another step, a very important step Sahil is that our oxygen towards the end of this year we will commission 150 tons per day oxygen plant and we will enhance the oxygen enrichment to 5% from current 2 and a half percent level and PCI level.<\/p>\n

Today we are at 130 kg and can go up to 160. 170 kg which will result into figure an output increase and co consumption reduction. So we will get productivity benefit as well as the. The cost benefit.<\/p>\n

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

Right, right. And so lastly pricing wise are we there? I mean or because the market pricing was much higher if I had to look at the BL Q4 pricing. So is there room further<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See what has happened? You know I just mentioned compared to December the price increase implemented is 4000 rupees per ton. But there are always, you know when I say we implement from January pending orders we typically have 15 days order book going on for Pigeran because we run with one day stock, two days talk. That means there are always order book positions. We commit to our regular customer one month also say somebody who takes say 3,000 ton per month, he books one order for the month. So towards the end of December January is already booked.<\/p>\n

So there was some spillover into January. I know. And also I would say end of March also we had some more fine correction in price increase happening even in April. So full benefit has not come into quarter four. What is the price running today?<\/p>\n

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

So one QFI 27 sir, how. How would the spreads move now? Because coking coal has further risen. So what kind of versus Q4<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I have asked our people to work and the three things basically you know what is the coal purchase commitments we have pricing also we have always three months coal with us fourth month will change one is that and what is the coke price? What is the in over production cost and what could be our margins. I think we should be able to bring more clarity as you move ahead.<\/p>\n

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

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

R. V. Gumaste<\/strong><\/p>\n

You are concerned on cost as well as see just now today’s market condition. What I realized is international price of their net 475. I don’t know see whether it is realizable how much we can realize how we can push for price increase. But I think price increase in it will go up.<\/p>\n

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

Thank you sir. All the best.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is line is from the line of Deepak so from Sundaram mutual fund. Please go ahead.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

Thank you for the opportunity. Am I audible? Yes,<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

You are audible. Please go ahead sir.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

Yeah. Hello sir. My first question is on power cost. So would it be possible to quantify let’s say in absolute corrode terms how much power cost did we save in FY26? And you know we do have this 35 megawatt solar project and 25 megawatt wind project also commercializing in Q2 of this fiscal year. So in FY26 and 27 and 28 means a rough ballpark range of how much power cost will be same. On account of all these initiatives that we are taking.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See first of all last year some regulation changes also happened. Utilization period. Something is in the court. So leaving that aspect I think solar power plant we got a benefit of about 70 crores. 26. And we will start commissioning of both wind and solar. You know step by step starting from June and by September. Our present plan subject to any delays because of the pre monsoon monsoon. But we want to finish commissioning June, July, August, September. So I. There are also complicated issues.<\/p>\n

I need to plot everything. Wind generation is more in monsoon and solar generation is less in monsoon. So they are complementary. So I expect that. I just mentioned that 25 megawatt is equivalent to almost like 90 megawatts of solar. And given the choice we should get as it commissions about 70, 80, 90 crores benefit even after taking into consideration the new regulation. So. But we will get maybe half of that in this financial year.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

Okay. So 70 crore was for FY26. Then it would be 70 plus 45 crore in FY27. Yeah.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

That is what I expect the benefit and<\/p>\n

Deepak Bansal<\/strong><\/p>\n

Yes,<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Right.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

And let’s say if it runs at a peak capacity then it would be 70 plus 90.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

70 plus 90. Yes.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

Okay, got it. Yeah. And the second question is on volumes. So I don’t know whether it was shared earlier or not. So I did hear that we are talking about 15 volume growth on the costing front in FY27. Would it be possible to highlight that? What kind of volume are we targeting? External volume sales. I mean to say in pig iron, seamless tube and Steel for FY27.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

See all castings mainly external sales. We don’t have any casting internal consumption into a file. So whatever it comes186 it will all be external sale. That’s what we target. I think think we can achieve that level in case of casting and in case of tube, you know we are talking about we did 1 lakh 80 thousand tons and. One minute, hold on. Let me take out the papers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sales.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

1:88,700 against last year’s 168,800. And from here we are talking definitely we should bring in around 10 to 11% volumetric growth.<\/p>\n

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

Okay.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

And some benefit and sales realization. We have really gone down to 10% value. Going down.<\/p>\n

Deepak Bansal<\/strong><\/p>\n

But sir, let’s say if this Ongc order picks up I think there is a delay in that also. And since those are high value order and then you have commodity inflation. So would it be fair to assume that this year as we have ended with around 1 lakh 13 thousand NSR per ton in tubes. This can go. You know maybe 6 to 7,000 incremental in FY27<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

I think out of what we have lost 10% I am at least looking forward recovery of 5 to 6%.<\/p>\n

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

Okay.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

And I think it matches with your number 1 lakh 13,000. 5 to 6% should get recovered because the piggery is going up, steel is going up and everything going up, power, fuel. So at least half of that drop in the last year should be recovered this year.<\/p>\n

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

Due to time constraint. That was the last question for the day. I now hand the conference over to Mr. Guma sir for closing comments. Please go ahead.<\/p>\n

R. V. Gumaste<\/strong><\/p>\n

Thank you very much. You know, a lot of uncertainty times because of the the war situation and India story still remains robust and we want to progress ahead. Naturally questions are more and as uncertainties are both in spite of all these conditions, we want to create something, bring some growth and bring some profitability improvement. So that is the area for questions. Thank you very much everyone for joining this call and I wish each and every one of you all the best. Thank you so much. Over to moderators.<\/p>\n

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

Thank you on behalf of Antique Stock Broking Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Kirloskar Ferrous Industries Ltd (NSE: KIRLFER) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: R. V. Gumaste \u2014 Managing Director R. S. Srivatsan \u2014 Executive Director (Finance) and Chief Financial Officer Analysts: Pallav […]<\/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-182541","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":171020,"url":"https:\/\/alphastreet.com\/india\/kirloskar-industries-q1-fy26-earnings-results\/","url_meta":{"origin":182541,"position":0},"title":"Kirloskar Industries Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"September 8, 2025","format":false,"excerpt":"Kirloskar Ind is engaged in the business of Iron castings, Investments (Securities and Properties), Wind power generation and real estate. 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