{"id":183029,"date":"2026-05-14T10:39:39","date_gmt":"2026-05-14T14:39:39","guid":{"rendered":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-kirloseng-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-14T10:44:22","modified_gmt":"2026-05-14T14:44:22","slug":"kirloskar-oil-engines-ltd-kirloseng-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-kirloseng-q4-2026-earnings-call-transcript\/","title":{"rendered":"Kirloskar Oil Engines Ltd (KIRLOSENG) 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 Oil Engines Ltd (NSE: KIRLOSENG) Q4 2026 Earnings Call dated May. 14, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Gauri A. Kirloskar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Sachin Kejriwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

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

Suraj Malu<\/strong> \u2014 Analyst<\/em><\/p>\n

Jason Soans<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Palak Muchhal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to Kirloskol Oil Engines Ltd. 4Q FY26 earnings conference call. 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 and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Shah from Antique Stock Broking Ltd.<\/p>\n

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

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

Thank you, Sagar. Good evening everyone. On behalf of Antique Stock Broking Ltd. I welcome you all to 4Q FY26 post earnings call of Kirloska Royal Engines Ltd. To discuss the results. We have the senior management team of the company represented by Ms. Gauri Kiloskar, Managing Director of the company. Mr. Rahul Sahai, CEO of the company and Mr. Sachin Kejriwal, CEO of the company. I would hand over the call to Ms. Gauri Kirloskar for her opening remarks post which we can open the floor for Q and A.<\/p>\n

Over to you ma’. Am.<\/p>\n

Gauri A. Kirloskar<\/strong> \u2014 Managing Director<\/em><\/p>\n

Yeah, thanks very much. Good evening ladies and gentlemen. Thank you for joining us today. On the call today we have Rahul Sahai, CEO at Coel Sachin, the CFO at Coel Kiran Chro and Farah Irani, Company Secretary. Joining us from Arka we have Riddy Gangar, cfo. I would like to start this year end investor call with a thank you to all our investors, especially those who have placed their trust and confidence in us over the last four years or more. I remember discussing growth, specifically sustainable growth when we began this journey.<\/p>\n

As business cycles fluctuate between favorable and challenging, there will always be spurts of growth followed by periods of lull. What matters most is how we build an organization capable of leveraging favorable circumstances while remaining resilient during a downturn. Such an approach is not a quarterly race. It is a multi year marathon. It requires managing various cycles and building for the future. All while overseeing day to day operations. I have always believed that growth must be sustainable.<\/p>\n

It cannot come at the cost of profitability or for the sake of short term benefits. At a consolidated level we achieved 22% growth in revenue. We are now amongst the top 10 manufacturers in the world by volume. In the industrial and power gen space we sold over a million pumps last year and our International business crossed 1000 crore rupees in gross sales. Our domestic business grew 21% year on year. While international business grew 37% in gross sales. While various factors influence our monthly and quarterly movements, our focus remains steadfast on long term sustained growth.<\/p>\n

At a standalone level, the company achieved its highest ever quarterly sales in Q4, reaching 1,522 crore rupees or 24% year on year growth. This resulted in full year net sales of 5,604 crore, representing a 25% year on year increase. In Q4, the domestic business grew 26% while the international business grew 10%. Compared to the same quarter last year, our Powergen segment grew 32% over the previous year. On a quarterly basis, Powergen grew 30% year on year. To put this in context, Q4 is traditionally a strong quarter for us, so delivering this level of growth is a significant achievement.<\/p>\n

Our market share has improved significantly across all nodes. In our high horsepower segment, where our market share was negligible a couple of years ago, we are now approaching double digits. While the overall annual diesel generator market grew 18% to approximately 1 79,000 units including telecom, COEL grew by 41%, selling upwards of 50,000 units. In SY26, our industrial segment grew 22% annually, generating revenues of 1444 crore rupees. Construction, mining and railways have been our primary growth drivers.<\/p>\n

The growth in our construction segment tells an interesting story. As you all know, In January of 2025 there was a mandatory emission standard shift from CEVBS 4 to CEVBS 5. So emission changes represent both an opportunity to acquire customers and a risk of losing them. In this segment, customer acquisition is a long drawn process involving technical alignment, product fit assessments and often engineering tweaks to ensure our products integrate seamlessly with the customer’s equipment. This involves type approvals and prototesting, a joint effort that typically takes 18 months or more.<\/p>\n

Despite these complexities, we grew 24% in this segment in Q4 compared to the same quarter last year. Our construction segment specifically grew 44% year over year. Validating the strength of our products under the new emission standards and the capability of our engineering teams, we have incorporated a new subsidiary called Kirloskar Advanced Systems Private Limited. We believe there’s significant potential in advanced technology, particularly to serve key accounts in sectors like defense. Beyond our traditional engine business, we see a systems integration opportunity where we can leverage our engineering capabilities.<\/p>\n

This requires focused effort, which is the rationale behind this new entity. On the aftermarket side, we grew 15% annually and 20% quarterly. As mentioned in previous calls, our journey over the last four years has been to transition from a parts provider to a complete ecosystem manager. We are improving our share of annual maintenance contract or AMC customers and leveraging our service channels to offer allied products and whole goods. This shift in perspective is yielding clear results. Jeroloska fluid dynamics grew 10% domestically and 13% internationally this quarter.<\/p>\n

On an annual basis, the business grew 6% domestically and 36% internationally. As this is the first full quarter for the consolidated entity, we saw reasonable growth with exports outperforming. However, I believe there’s still significant headroom for growth regarding our international business. I have always maintained that growth must be built sustainably to become a strong brand globally. Our products, channels and service processes must be fit for the market. There is a fundamental difference between exports and being international.<\/p>\n

Exports involve manufacturing locally and shipping to a country to sell through an agent. Being international means building a genuine business in that geography, hiring locally, setting up comprehensive offices and evaluating local manufacturing or assembly where it’s viable. Our gross International business grew 33% in Q4 over the previous year’s quarter and 37% over the last fiscal year. We remain committed to our strategy of focusing on specific regions to build this business with patience and sustained effort.<\/p>\n

At arca, our five year strategy centers on a deliberate pivot towards retailizing our book. To ensure sustainable growth, we prioritize building the right foundational structure ranging from onboarding the right talent and selecting markets to building seamless digital journeys and prudent risk guardrails. We scaled from 34 to 137 branches in fiscal year 26. Our strategy focuses on local market depth, operating only in regions where we have the established infrastructure to provide direct high touch service to our customers.<\/p>\n

Our AUM grew 10% to 7,947 crore rupees with net interest income rising 11% to 266 crore rupees. Even with significant investments in the secured retail business, FY26 profit after tax remains stable at 69 crore rupees similar to FY25 profit after tax before extraordinary items. While we are in full execution mode, asset quality remains robust along with prudent leverage and capital ratios. In summary, we are progressing well against our goal to be a $2 billion company by fiscal year 30 and our numbers indicate that progress.<\/p>\n

We are very excited about our future. We believe that there is much more that we can do and the opportunity is real. Our last year’s performance is a reflection of the inherent strengths that we have at Coel our leadership, our engineering, our people and the strength of our partner, meaning our Suppliers, our channel partners and most importantly our customers. I will stop here and request Sachin to give an update on Q4 and the full year numbers. Thank you.<\/p>\n

Sachin Kejriwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Hi Good evening everyone. Thanks Gauri. For the update I will give a quick overview of the financial performance for standalone and consolidated business. The results and the presentation for today’s call has already been uploaded on Exchange and our website. Q4FY26 was a period of remarkable growth setting a new benchmark for quarterly sales. The strong performance was broad based with significant double digit growth in both domestic and international markets. The fourth quarter of fiscal year 26 was record setting period for Kiloskar Oil engines achieving the highest ever quarterly sales of 1522 crores for the standalone operations registering 24% growth year on year.<\/p>\n

With this strong performance we closed the full year with standalone net sales of 5604 crores. That is 25% growth year on year. Coming to the financial performance overview, I will start with standalone performance first. For the quarter, net sales at 1522 crores for Q4FY26 versus 1225 crores for Q4FY25. 24% increase year on year. EBITDA at 193 crores for Q4FY26 vs 152 crores for Q4FY25 that is 27% increase year on year. Ebitda margin at 12.6% for Q4FY26 vs 12.3% for Q4FY25. There has been improvement by 30 basis points.<\/p>\n

Net profit from continuing operation at 118 crores for Q4FY26 Versus 92 crores for Q4FY25 28% increase year on year. Now moving to the full year performance. Net sales at 5604 crores for FY26 versus 4481 crore for FY25 that is 25% increase year on year. EBITDA at 737 crores for FY26 versus 552 crores for FY25. 33% increase year on year. Ebitda margin at 13.1% for FY26 versus 12.2% for FY25 so there’s a growth of 90 basis point in EBITDA margin. Net profit from continuing operation at 464 crores for FY26 versus 343 crores for FY25 35% increase year on year Net cash position net of debt and including treasury investment standpack 552crores.<\/p>\n

Please note, numbers reported here are for continuing operations only and excluding exceptional items. Moving to Working Capital Our working capital position continues to remain healthy with payables at approximately 60 days and receivables at around 41 days. Inventory levels stood at approximately 48 days which improved from 66 days last quarter. Supported by disciplined working capital management led by improved inventory and receivables efficiency. The overall cash conversion cycle has continued to be maintained within a disciplined range supporting overall liquidity and operating flexibility.<\/p>\n

In the interest of time, I will break down this performance. For the quarterly numbers, you can refer to our Earning Presentations Portfolio Performance number so coming to the further breakdown of the standalone sales for the quarter coil Standalone sales post the restructuring were at 1522 crores, that is 24% growth year on year. This strong momentum was backed by double digit growth across all business units. So within B2B, Powergen was at 708 crores, that is 30% increase year on year. Industrial was at 371 crores, 24% increase year on year.<\/p>\n

Distribution and aftermarket was at 281 crores which is 20% increase year on year. And international business of B2B was at 162 crores, that is 10% increase year on year. Now looking at consolidated performance for the quarter, the revenue from operation at 2116crores for Q4FY26 versus 1749 crore for Q4FY25 I.e. 21% increase year on year. Net profit from continuing operations at 162 crores for Q4FY 26 versus 111 crores for Q4FY 25 that is 47% increase year on year. Let us have a look at consolidated segment performance for the quarter now.<\/p>\n

B2B segment revenue for the quarter was at 1557 crores which is 25% growth year on year. The segment PBIT was at 152 crores reflecting 35% increase year on year. B2C segment revenue for the quarter was at 339 crores which is 11% growth year on year. The Segment PBIT was at approximate 42 crores, that is 16% increase year on year. Financial service segment revenue for the quarter is at 221 crores reflecting 8% year on year growth. The segment PBT was at 28 crores, that is 157% increase year on year.<\/p>\n

Please note, number discussed here represent continuing operations only and before Exceptional items. To conclude, I would like to sincerely congratulate the entire COA team for their contribution to this strong performance. The progress we have achieved this year is a reflection of the collective commitment, resilience and execution capability across the organization. As we close this financial year. We are now preparing ourselves for the next set of milestones in our 2B 2B journey. Our approach will continue to be steady and disciplined, staying focused on our long term goals, taking one step at a time and remaining agile as we navigate the evolving business environment.<\/p>\n

Now I would like to open the floor for Q and A. Thank you.<\/p>\n

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

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their touchstone 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, we will wait for a moment while the question queue assembles. Your first question comes from the line of Jeetu Punjabi with M Investco Capital Advisors Private Limited.<\/p>\n

Please go ahead.<\/p>\n

Suraj Malu<\/strong> \u2014 Analyst<\/em><\/p>\n

Gauri Rahul and team. I think tremendous performance and very satisfying to see the way you guys have scaled up and managed to get to this place. So congratulations on that. My first question really is that, you know, the export side numbers seem very strong. Question is can you give some level of attribution to help us understand where’s that growth coming from and to your thoughts on sustainability of that? I’ve got a second question I’ll answer. I’ll ask after we talk about the first one.<\/p>\n

Jason Soans<\/strong> \u2014 Analyst<\/em><\/p>\n

Hi Jeetu. So thank you for the, you know, for the input and really appreciate that on the international side. So our fluid dynamics business has done extremely well last year so seen tremendous growth. As we’ve been explaining over the quarters, our game plan is deeply structural for each region so we take a deep look on, you know, where should we play, how do we succeed in those markets? What is the regulatory environment? So there is a lot of ponderance before we make decisions to commit to a market and once we do then the entrenchment is fairly sustainable.<\/p>\n

So the way I would answer the question is do we think this is sustainable? We would believe that this is sustainable. In fact there is a lot more work that is still underway and if I look at the split power gen continues to be a very big opportunity on the international side we continue to be focused on that this time around. We’ve seen significant success on the pump side as well as on the power gen side in the thousand plus Crores in cross sales.<\/p>\n

Questions and Answers:<\/h2>\n

Suraj Malu<\/strong><\/p>\n

Thank you so much, I really appreciate that. The second question is really, can you talk a little bit about the market share gains in the high horsepower segment? I don’t specifically ask for numbers but I’m just more color on what’s happening then and especially optiprime. How is that shaping up and what does the order book look like? And one more linked question broadly is with the war and potential fuel price hikes and all the other stuff, can you just again tell us what do you think are the any of the challenges that you expect in the environment for our business over the next six, nine months?<\/p>\n

Jason Soans<\/strong><\/p>\n

Right. So Jeetu, just on optiprime and our HHP focus. If I look at the way we’ve progressed over the last one year, we are already making strides, I would say significant strides whether it is Optiprime or HHP. So we have sold units up to 3000 KVA now. So all of that is already underway and we have actually sold a few hundred optipimes last year. So that has been extremely encouraging for us as a management team as well as the teams within the organization. And we do believe that the moment we enter a particular node or market and definitely domestic first, we have opportunity to succeed there.<\/p>\n

And the HHP segment in power gen has been not very different. So we do believe that we will continue to grow stronger there as far as the current geopolitical situation is concerned. We may see short to medium term structural changes play out. I think we are keenly watching out for the macro environment. But what I can assure you is whatever happens won’t be specific or unique to us. I think if there is a larger macro play that happens or if there is something that happens, then we may face some headwinds but we may also see tailwinds in the form of, you know, rebuilding of infrastructure in those respective regions.<\/p>\n

The good news for us is that look, we committed to the Middle east market a few years ago and we are present. So each time, I mean if that once the rebuilding process starts and as and when it starts, we are present there to address that growth in the market.<\/p>\n

Suraj Malu<\/strong><\/p>\n

Thank you very much and good wishes as always. Thank you.<\/p>\n

Jason Soans<\/strong><\/p>\n

Thank you. Thank you Jitu.<\/p>\n

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

Thank you. The next question comes from the line of Ankur Perival from Access Capital. Please go ahead.<\/p>\n

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

Yeah. Hi team, thanks for the opportunity and congratulations on a strong set of numbers. My first question is on the R and D and the overall product development side. Now you know, glad to hear your earlier comment on, you know, Optiprime, you know, picking up very well. But just on that bit, are there any more products that we are working on over the next, let’s say, you know, one to three years which can drive the growth further up or maybe even variants of the existing ones which can see a ramp up, you know, over the coming years.<\/p>\n

Jason Soans<\/strong><\/p>\n

So I may not be able to give out information about the product launches and the engineering development. But what I can say is that we are deeply focused on key customer segments and their requirements and we are fully geared and equipped to develop the products that the market requires.<\/p>\n

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

Okay, let me rephrase my question. So you did mention we are selling units up to 3,000 KVA. So the incremental focus is on going beyond 3,000 KVA as well or within 3,000 KVA. Our portfolio is reasonably placed and we believe there is no further new product investment required there.<\/p>\n

Jason Soans<\/strong><\/p>\n

So we have the capability to address nodes even beyond 3,000. What I did mention was where we have actively sold units, we have capability. As you’re aware, we are executing order of nuclear power corporation 10 units. Each unit is 6.3 megawatt genset. So we do have the capability to address larger units. I was just talking about the routine products.<\/p>\n

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

Okay, sure, that’s helpful. Second bit on very strong growth on the industrial side for us. How is your what is the growth outlook across industrial as well as distribution revenue going ahead? While till now the growth as in the initial comments we highlighted, was led by construction. But are these the key segments which will drive the growth further ahead as well? Or there could be more sub segments that we will look to ramp up.<\/p>\n

Jason Soans<\/strong><\/p>\n

So our guidance overall we remain committed to the 2 billion guidance and industrial and aftermarket have an important role to play as we move and progress towards the 2 billion milestone. As you’re aware, on the industrial side we have multiple segments. There is a game plan in place for each of those segments. Depending on the year and the cycle we are in, some of those segments will do better than others. But I wouldn’t be able to call out anything more than that at this point.<\/p>\n

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

Okay, fair enough. And just last question from you know, the company’s investments into the sub segments in terms of, you know, having the people, the teams, the network in place, are most of the investments there? We have already invested there and now we just need to see the ramp up and the execution part. Or there could be some more investments which are required.<\/p>\n

Jason Soans<\/strong><\/p>\n

As you’re aware, the situation does change quite a bit. So we may make decisions to hire more people. Depending on the circumstance. So it’s hard to really comment on that. But yes, there is a significant amount of infrastructure as well as network already established that we are fully leveraging at this point.<\/p>\n

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

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

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

Thank you. The next question comes from the line of Jason Soans with IDBI Capital. Please go ahead.<\/p>\n

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

Yeah, thank you so much for taking my questions first. Just had a clarification. I just joined the call a bit late ma’. Am. Gauri ma’ am did mention that the whole how much the industry grew and the volumes. Could you just repeat that? I mean just for you know.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah, sure. You want me to that bit of the commentary? Yes, yeah. While the overall annual diesel generator market grew 18% to approximately 1 79,000 units including telecom, we grew by 41% selling upwards of 50,000 units in the fiscal year.<\/p>\n

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

Thank you so much ma’ am for that. Yeah, that’s very helpful. Now I just also my next question just pertains to. I mean we saw good growth on the power gen side, 32% and 22% on the industrial side. Just wanted to know if you could just help help us with the volume growth as well for both these segments for I can just do for the entire year.<\/p>\n

Jason Soans<\/strong><\/p>\n

I think Gauri has kind of answered the volume part of it. So what exactly is the question?<\/p>\n

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

Yeah, I just wanted to know. I mean so power gen segment grew by 32% for 26 and industrial grew by 22%. Now I, and there’s a CPCB element and all those things. I just wanted to you know, have a breakup with the volume and the price growth if possible.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah, we won’t be giving that here.<\/p>\n

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

Okay, sure, sure. Okay. And actually last time around in the last annual call you did mention the HHP sales numbers. Would that be possible? I mean would it be possible to have that number for 26?<\/p>\n

Jason Soans<\/strong><\/p>\n

So yeah, that. That number we don’t usually give out. So I’m probably won’t be able to share I think the qualitative on HSP we did share right in the beginning of the call.<\/p>\n

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

Yeah, yeah. Okay. And I also saw the announcement with regarding to the capacity augmentation as a Kagal plant. Now you mentioned some capex as well for that. Now considering that could I, you know basically what capex do they envisage for 27 and 28<\/p>\n

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

Going ahead?<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

So you must have read this stock exchange disclosure. So we are investing close to 1400 crores on that. So. So that will be our capital allocation for this next two Years.<\/p>\n

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

Yeah. Okay. Okay. And this lastly just wanted to understand this time around, you know, there have been, you know, the Middle east crisis and things like that. Then the gas crisis as well. Any short term disruption during the quarter? Did the company face any short term disruptions during the quarter?<\/p>\n

Suraj Malu<\/strong><\/p>\n

No, nothing specific.<\/p>\n

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

Okay. Okay, sure. I’ll join back the few for the question. Thank you so much.<\/p>\n

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

Thank you. The next question comes from the line of Mihir Manohar with Trust Mutual fund. Please go ahead.<\/p>\n

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

Yeah, hi. Thanks for giving the opportunity and congratulations on great set of numbers, very strong numbers. Wanted to understand the capacity addition side. I think the 50,000 engines that we are expanding for Kakal. So I mean should one consider that coming operational second half FY28 because in 2024 we had mentioned it to come within three years. So when should we expect that 50,000 engines to come on stream? And second question was on the 20,000 engines capacity expansion that we are announcing now here we are mentioning about 1400 crores of capex versus for 50,000 machines it was 700 crores capex.<\/p>\n

So are these on the HHP side? I mean why a higher number for machine? Capex for machine. So just to understand it.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah, so that’s a good question. So we announced the 700 like you mentioned and that’s coming online by April of next year and it’s 50,000 engines. That was about, you know, enhancing our lines and adding new lines in the existing plant. So that’s why you saw that kind of investment now for this 1400 crore investment that we’re taking on over the next two years for 20,000 is because it also includes, it includes a new building of course at the same site. So there’s no land acquisition involved still at our plant, for instance, a new building and of course completely new lines and equipment.<\/p>\n

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

Okay, so that’s because of the building which is involved.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Sorry,<\/p>\n

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

Am I audible?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah,<\/p>\n

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

Yeah. Okay. So that’s because of the building involved. It’s not the case. It’s a. For a higher HSP machine or a typical higher category of machine. That’s not the case.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

It is also for higher machines. It is also for higher machines but it involves all of this, all of these things. So you know we’re seeing, as you can see from the results, we are seeing traction in international markets. We are seeing traction in the high horsepower segment as well as Opti Prime. So it is for those kinds of engines.<\/p>\n

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

Second question would go from the wiseag side. I mean, you know, a lot of data center capacities coming at wiseag location. If you can provide some clarity as to are we getting inquiries specifically pertaining to this location and how strong are these inquiries from Karam that will be helpful.<\/p>\n

Jason Soans<\/strong><\/p>\n

So look, we are engaged with different kind of customers and there are inquiries from all over. I wouldn’t say Vizag is any different from that at this point in time. However, it’s hard to comment on that.<\/p>\n

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

Understood? Sure. Yeah. That’s it for my. Thank you very much.<\/p>\n

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

Thank you. The next question comes from the line of Tina Virmani from Motilal Oswal Financial Services. Please go ahead.<\/p>\n

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

Hi. Thanks for taking my question and congrats Gauri Rahul and the team for a great set of numbers once again in the quarter. My first question is related to the margins. So we have seen very good growth and very good growth of in revenues across divisions. I wanted to understand when can we start witnessing the operating leverage gains? Because you had mentioned in the past that you were investing in the sales channel network, educating your distribution network and everyone on the new and the higher HP products.<\/p>\n

So are these investments done or which is leading to let’s say the higher other expenses which we have seen in this year. So are these investments done or they are more to be done in the coming quarters. And when can we see actually the reduction in these other expenses which can drive your operating leverage gains? So that’s my first question.<\/p>\n

Jason Soans<\/strong><\/p>\n

Hi Tina. So look, each of the nodes, the KVA nodes have their own associated margin profile. So overall what we share is a composite number. Now what you would see is that there is absolutely no margin deterioration and we, we have seen in certain nodes we’ve seen operating leverage also kick in. The way I can answer that question right now is a lot of the investments are made but as you’re aware we’ve kicked off this new capacity enhancement investment. So there is a lot of traction that we also are receiving on the international side for which we are gearing up for.<\/p>\n

And we probably will see larger operating leverages kick in soon.<\/p>\n

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

Okay, so that can start panning out maybe from FY27 onwards.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah, I mean that is our full intention is to have to maximize an operating leverage. Yes,<\/p>\n

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

Understood. And my second question is related to your cover gen business. You have mentioned that you are growing very well in the HHP side with growth in your optiprime and the other HHP ranges. How do you see the growth in the non hhp portfolio for FY27 and going ahead? Like how do we see this segment to grow going forward given that we already have a Very high base for the industry also as well as for Coel also.<\/p>\n

Jason Soans<\/strong><\/p>\n

It’s going to be hard for me to give an outlook. But what I can certainly say is that look, we will continue to strive our best and focus on our core bread and butter business which is lhp. That certainly will remain a big focus area as we look to unlock new avenues especially on the projects and HHP side. So we’re very committed to the LHP business.<\/p>\n

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

Understood. So this will grow in line or maybe little better than the industry growth for this year also. FY27,<\/p>\n

Jason Soans<\/strong><\/p>\n

We will certainly try for that.<\/p>\n

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

Okay. Okay. Just lastly on the cost side, like we have seen higher RM prices across the board for the entire industry. Do you see that the market is strong enough for absorbing any kind of price hike if industry participants were to take any kind of price hike for RM pressures?<\/p>\n

Jason Soans<\/strong><\/p>\n

Look, I think each company has its own strategy so it’s hard for me to comment. But I think some of the material cost inflation is such that it’s going to be hard for players to absorb all of it themselves. So some of it will certainly get passed on to the market.<\/p>\n

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

Understood. I’ll come back with follow on questions. Thank you so much.<\/p>\n

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

Thank you. The next question comes from the line of Suraj Malu with catamaran. Please go ahead.<\/p>\n

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

Hi. Thank you very much for this opportunity. Ma’, am, of these 1400 crore capex that we have announced, is it fully new or is there any replacement amount involved in this? Yeah<\/p>\n

Suraj Malu<\/strong><\/p>\n

Suraj, this is fully new capex. Nothing replacement.<\/p>\n

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

Got it. And the 700 crore capex that is underway. So the current gross block I assume would be around 2000 crores. So is this understanding correct that this 2000 crore gross block would become plus 700 and plus 1400. So roughly like 4000 crores after 2, 3 years.<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

Yes. Once we complete the capex.<\/p>\n

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

Got it. So that 700 crores nothing is included in the current DOS plugin.<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

No, no.<\/p>\n

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

Got it. And if you look at the amount like is the new capacity of this current 20,000 engines that is announced, is this primarily HHP? Because the amount is huge. If you look at the current capacity of 1 lakh 35 thousand and the current gross block the proportions don’t add up. Like the increase in engine capacity is just 15%.<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

So Gauri has already answered that. So it’s a combination of both. So we are investing in the building in existing kaggle facility plus in larger capex will go towards the building the HHP capacity enhancement.<\/p>\n

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

Sorry sir, the line for the Current participant has dropped from the queue. We’ll move on to our next question. The next question comes from the line of Amit Anwani from PL Capital. Please go ahead.<\/p>\n

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

Hi, thanks for taking my question. I just saw the press release on the Netherlands subsidiary so if you could elaborate more. I think you have highlighted about some heat engines and ice engines as a product plus some energy transition products. Just wanted to understand what we’re trying to achieve with the subsidiary in Netherlands.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah, sure. So you know given International is a very big component of our five year goal. It’s just important for us to structure ourselves efficiently as we’re growing to create value for our stakeholders. So it’s in line with that.<\/p>\n

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

Right. So a second question on the data center just wanted to understand in terms of a capability and $2 billion coal how much we are factoring in in terms of the data center growth addressable market. In terms of higher notes in the data center, some color definitely would help and how has been at least the growth in the past the targets for growth from the data center fees that will help.<\/p>\n

Jason Soans<\/strong><\/p>\n

Sure. So look, I cannot give out how much we are Factoring in the 2 billion from a data center segment contribution standpoint but the response that we received is quite encouraging. We remain committed to the segment. We do believe that we have a unique proposition for the data center segment and we are hoping that we, you know, we get more traction as we move along but we’ve seen successes even in the last year.<\/p>\n

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

All right, lastly on you did highlighted about the Capex and the international lag will also is something which you’re considering while doing this Capex. Could you elaborate more which markets and notes you’re actually trying to address with this capex? Anything which is there to understand in terms of any particular markets and notes are looking for.<\/p>\n

Jason Soans<\/strong><\/p>\n

It’s focused on HHP markets in power gen mostly. So that will be the key theme of the capital deployment<\/p>\n

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

Which any particular geographies we are looking at initially.<\/p>\n

Jason Soans<\/strong><\/p>\n

So at this point we can’t give that out. But of course the capacity is being set up for whole of coil to use across the board.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

It’s across the board. So it’s not that we’re only setting up the capacity for a specific geography. It would be for any demand that we see across our market.<\/p>\n

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

All right, thank you. Thank you so much for asking. Thank you.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. We will take our next question from the line of Mr. Suraj Walu from Catamaran. Please go ahead.<\/p>\n

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

Yeah, thank you very much. Sorry I got dropped off so my question was on the proportion like the capex that we have announced like roughly double of the current gross block including the 700 and 1400. So what is the asset turn that we can expect on this cross flow?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

So Suraj Sachin will answer the question on asset turns but I think you dropped off and what he was and what we had mentioned before as well was that the difference in 700 and 1400 even though one is 50,000 engines and one is 20,000 is because this one includes a new building as well at our existing Kaga Land and it’s for the high horsepower engine. So I just wanted to make sure that you heard that. And Sachin will answer the second part of your question<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

Will in the range of 4 to 5 depending upon the nodes.<\/p>\n

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

Understood. On the total base. Right. Including the land and everything. So 2100. Okay. Yeah, thank you very much.<\/p>\n

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

Thank you. The next question comes from the line of Palak from miv, please go ahead.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

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

Yes, ma’. Am.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Yeah. Okay, so my first question is on the short term margin. So with all the commodity inflation situation, are we comfortable that we will be able to sustain this level of gross margin? And second question is that I think that a lot of I think approximately 40 to 50% of our export revenue is from the Middle east market. So what was the impact on this quarter and the next quarter what we are expecting? And the last question is that can you give us the proportion or the contribution of HHP to our power gen segment?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

So on the last question has been asked before on the call as well. But I’m sorry, we’re not going to share that breakup. Palak on the HHP bit on your first question on raw material inflation, I think we’re in a pretty sort of turbulent period or perhaps going to be entering a pretty turbulent period. And I think every effort will be made for us to focus on our long term growth and maintaining our margins and keeping them sustainable. But as we know it’s a turbulent period and hopefully that only remains for the short term.<\/p>\n

I think in terms of the demand drivers in our industries we do feel that they are remaining strong. So we feel we’re in a good position and it’s not anything that we’re going to go through in an isolated way. On your second question which was on Middle East.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Yeah, Middle east, could you<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Repeat the question? Middle east, do you think? I think what you said was 40 to 50% of our international revenues are from Middle east and have we seen any impact? Right?<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Yeah. Correct.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah. So in the last quarter we’ve not really seen any impact. It’s going to be hard to comment on, you know, this quarter, the subsequent quarters, but in the last quarter we haven’t really seen impact.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Also this last question. So considering the current energy crisis situation, are we seeing the demand on the gas powered power generators or do we have a strong portfolio in that segment?<\/p>\n

Jason Soans<\/strong><\/p>\n

Look, we have a pretty strong portfolio across the board, something that we would back. And every demand and every opportunity that comes up, we will go out and strive to meet that demand. And<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

I think what I would add to Rahul’s comments is we’ve developed engines that run on different fuels and it was defined in our technology tracks about three years ago. It’s in our investor material where we’ve talked about developing internal combustion engines that run on gas or ethanol, methanol or blends of hydrogen, etc. So if there’s demand that picks up for any of these alternative fuels, then we are ready to address that.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Have you seen any pickup in the inquiry for this specific segment?<\/p>\n

Jason Soans<\/strong><\/p>\n

Which market are you talking about?<\/p>\n

Palak Muchhal<\/strong><\/p>\n

I mean the alternate engine power generator.<\/p>\n

Jason Soans<\/strong><\/p>\n

I would say that there’s nothing meaningful to talk about as far as this conversation is concerned. We are obviously hopeful but nothing meaningful at this point.<\/p>\n

Palak Muchhal<\/strong><\/p>\n

Okay, thank you, thank you,<\/p>\n

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

Thank you. Before we take the next question, a reminder to all the participants. You may press star and then one to ask a question. Your next question comes from the line of Parekshit Kandapal from HDFC Securities. Please go ahead.<\/p>\n

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

Hi Doreen Rao. Congratulations on a great quarter. Hope I’m audible.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

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

So my first question is on. I mean this year we have seen a substantial increase in copper prices and now this last quarter we have seen almost 15% increase in pre island prices. So have you taken any price hikes already for this correction? So if you can bifurcate between the copper and the pig iron because pig iron is a recent phenomena. So just your views on that?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

We won’t be able to comment on that because it pertains to this quarter.<\/p>\n

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

But what about copper? Because copper has been rising throughout the year. So last financial year has it taken any price?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

So when as and when there’s raw material price, I mean we continuously evaluate our pricing policy and we take price increase increases at regular periods.<\/p>\n

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

Yeah, yeah,<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

That’s, that’s where we are.<\/p>\n

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

Can you quantify how much price I have taken in FY22?<\/p>\n

Jason Soans<\/strong><\/p>\n

No, we can’t.<\/p>\n

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

Okay, sure. Second question is on HHP side. So is this engine totally Localized. I’m an early manufacturing it in house, especially on the 50 portfolio. So it’s entirely dynamite.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah,<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

It’s by our own engineering teams and it’s, it’s completely localized.<\/p>\n

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

Okay. Just one question on the needle and investments which are doing, I think you mentioned about gas turbines, transformers, energy storage solutions. So is it the research which will go into and the product rollouts will happen in some years. So. So how does one look at this? Which comments that you have given on the background of the research you’re going to undertake on this.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

We couldn’t hear your question very clearly. Sorry, could you just speak a little slower?<\/p>\n

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

Yeah. So in the announcements on the incorporation of the new entity Netherlands, you have given a brief background about the businesses which will happen in this. So there’s a mention of gas turbines, transformers, energy storage solutions, including batteries. So just wanted to understand a little bit more. Is this new business line when we do manufacturing here or is it in a very initial stage can give some more color on these new verticals.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah. So look, we have, we’d outlined our technology paths and there is a focus on different combustion technologies also. But there’s nothing significant to speak about at this point in time.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

And I think you know, you’re also referring to the format which is disclosed and that’s the incorporation of a company. Usually when we define that it includes everything that we could possibly do, doesn’t necessarily mean that we will do it.<\/p>\n

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

Okay, sure.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

If we’re looking at international and looking at the power system space, it can involve a range of technologies over time, which is what we’re trying to address in the description. It may not be where we are today. Does that make sense?<\/p>\n

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

Yeah. Understood transpiration. So it may happen.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Exactly, exactly.<\/p>\n

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

This last question on the power genes. So if you can give us some color on what was the data center contribution and how are you looking at the journey from Colo to. So what’s the presence in Colo right now? Edge and how are you looking to get into the hyperscale?<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah, so I think some sense that question is leading. But. But yeah. So we are present in Edge and colos and we are slowly also making our presence in hyperscalers too. It would be premature to give out those contributions at this point in time. So I would deserve my comment.<\/p>\n

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

But will it be single digit, double digit, early double digit, any color at least on the contribution of everything on the power gender?<\/p>\n

Jason Soans<\/strong><\/p>\n

I mean we certainly strive for double digit as far as contribution is concerned, but yeah.<\/p>\n

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

Thank you, thank you,<\/p>\n

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

Thank you. The next question Comes from the line of Saurabh barrier with Falkland Capital. Please go ahead.<\/p>\n

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

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

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

Yes, hello.<\/p>\n

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

Yeah, perfect. Yeah. Congratulations Gauri Rahul Sachin and to the whole team my question is actually of course you have not commented on the new products etc. But I want to understand from you like in terms of R D, you know, how as a percentage of sales it is going up for us or if you could talk about, you know, any patents etc. In terms of number of patents, you know, which are increasing for the company or not. And why I’m asking this is I came across this, you know, latest patent which was on maybe hybrid generators and of course Rahul’s name was there.<\/p>\n

So it’s quite encouraging to see, you know, CEO of the company and it is there on the patent. So, so maybe some thoughts on how R and D and new products will come together if you could throw some light there.<\/p>\n

Jason Soans<\/strong><\/p>\n

So maybe we’ll talk about R and D as a percentage of sales maybe Sachin you can<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

R and D as a percentage of sales it’s roughly 2% on the revenue side and 2% on the CapEx.<\/p>\n

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

Is there any increase there? I mean to say year on year are you putting more efforts there?<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

Yeah, so it’s steady at 2% but with our sales quantum is going up. So RD expense is also going up because we are meeting the same rate of two and two and a half percent.<\/p>\n

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

Okay. And second, I think Gauri at the start of the call commented that you know, international is now more than export. So does it mean Kirloskar Americas portion of business is doing well? If you could comment on that because we’ve been in you know, Americas for quite a long time and after of course Middle east how the traction is happening there?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

No, no, so I didn’t say international was more than export. I was just saying that the way we look at our business outside of India is what I call international rather than export. Just a difference between the two say business models. Export is when you make locally and when you ship out to like an agent or a distributor and you just, you know, you have no presence there yourself versus an international business which is what we are trying to build, which is we first understand each market very deeply before we decide how we’re going to enter and then we actually have to invest in capability and people and possibly set up, you know, some sort of manufacturing there perhaps and then we’re deeply entrenched in that geography.<\/p>\n

So that’s what, that’s what my commentary was About. So I’m not sure I understood your question.<\/p>\n

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

I was trying to understand, I mean to say how Kirloskar America is doing now like in this year has it done well then you know, other regions because of course we’ll have to wait for annual report for it to come. But, but, but if you could give some qualitative color how, how that is done for you.<\/p>\n

Jason Soans<\/strong><\/p>\n

I think this past year Kiloscar Americas has been. I mean there’s a lot of effort that we are putting into the Americas region. But at this point in time you may not. I mean there’s nothing meaningful or significant to discuss us at this point in time.<\/p>\n

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

Sure. Yeah. Okay. I’m thinking. And very lastly, in terms of single engine, can you tell us like what is the exact size of single engine you are selling right now? Like I know optiprime series is there which can take you to, you know, 3,000 and all. But in terms of single engine, what is the maximum capacity you are selling?<\/p>\n

Jason Soans<\/strong><\/p>\n

So like our nuclear power execution is single engine 6.3, like basically around 8,000, 8,000 KVA, 6.3 megawatt.<\/p>\n

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

Okay. And sure. And then for data centers, etc.<\/p>\n

Jason Soans<\/strong><\/p>\n

For data centers, right now we go up to 1650 in single engine and obviously we are on track to increase that as well.<\/p>\n

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

Perfect. Thank you very much. All the best to the team. Thank you.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. We take our next question comes from the line of Pratik Srivastava with Nivesh wisdom. Please go ahead.<\/p>\n

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

Yeah, thank you sir ma’ am for the opportunity for taking my call and again wish you congratulations again on the very great set of numbers today. There is some problem with this conference line. I’m not sure the multitrater is seeing that but calls are getting disconnected. So I’m not sure if any question on Arca’s asset quality was taken. But in Q3 con call the GNP numbers were 1.2 and the NNPL 0 3.3. Right. Can you please provide what are the updated numbers as of today for GNP and NNP on arca?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Rudhi, are you there? Can you answer?<\/p>\n

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

So yeah, so the GNP number for arca as of 31st March 26th is 1.2. So it remains at the same level. And NNCA also remains at the same levels of December which is 0.3%. And in absolute terms the GNP has actually come down.<\/p>\n

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

Oh great, great to hear that. The other question was on the order value. I guess Rahul sir mentioned that in last Q3 con call. This was the order around the nuclear NPCIL and the Marine order. I guess the combined order at that point was 798 crore. The execution was two year timeline. Any update on the execution of this order and are we on track?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

The NPC order execution is by 2020.<\/p>\n

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

Okay, okay. And is there any update? Are we, is there like any. Are we actively working on it or. We have got to start any kind of color you can from the execution timeline.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah, all the teams are actively working, very actively working very hard on it because the execution is absolutely critical for us to you know, do on time and it gets tracked on a regular cadence. It’s you know, project managed and we are on track to deliver it by the timelines that we have committed to.<\/p>\n

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

Got it, got it. And do we have any quarterly revenue recognition in this order?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

I mean as the billing happens? Yes, we will recognize revenue.<\/p>\n

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

Okay, but that hasn’t started happening yet, right?<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

No.<\/p>\n

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

Okay. Okay. Thank you, thank you,<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Thank you. And<\/p>\n

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

Again, all the best, you know, for your continued future. Thank you,<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

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

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

Thank you. The next follow up comes from the line of Jason Sones with IDBI Capital. Please go ahead.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Since it’s 8pm could we request that this is the last question please.<\/p>\n

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

Sure.<\/p>\n

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

Yeah, yeah, I’m just finding two questions. Just. You did highlight some segments which are, which have contributed to the growth in industrial. Now for the same thing I just wanted which are the areas of strength for PG for Power Gen and some areas of strength. Any, any weakness in certain areas. Just some qualitative color on demand from. For the PG segment.<\/p>\n

Jason Soans<\/strong><\/p>\n

So look, we take a lot of pride in the fact that we can offer solutions that are practical to our customers.<\/p>\n

Suraj Malu<\/strong><\/p>\n

So<\/p>\n

Jason Soans<\/strong><\/p>\n

I mean if there were weaknesses, we would certainly try and plug those weaknesses over a period of time. We are focused on focusing on our high horsepower customers. That remains a consistent focus. So I think I won’t be able to comment more than that right now.<\/p>\n

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

No, actually I wanted to see in terms of segments, it’s not that the portfolio I meant in terms of let’s say residential or hospitality or certain segments. That’s, that’s, that’s how I wanted to approach the question. In terms of industry verticals.<\/p>\n

Jason Soans<\/strong><\/p>\n

Yeah, I mean so it’s actually, I mean it’s actually pretty broad based. So it becomes pretty hard to, you know, answer it like that. But it’s pretty broad based.<\/p>\n

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

Okay. Okay, sure. And just finally the 14 billion capex the peak revenue potential, what can it be and in how many years. Can it be some broad color on that? So 14 billion. What’s the peak revenue potential and how many years you aspire to eventually reach it?<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

The capex which we have announced is 1400 crores. And what we did that we are targeting to complete the capitalization in next two years. So from there in the revenue will start kicking in. Rpn,<\/p>\n

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

Right? Yeah. So what could the peak revenue be for that?<\/p>\n

Sachin Kejriwal<\/strong><\/p>\n

So at the turn of four you can calculate it will be close to 5,600 crores.<\/p>\n

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

Sure, sure. So I said 10 or 4. Sure. Thank you so much for answering my question. Thank you.<\/p>\n

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

Thank you, ladies and gentlemen. We will take that as the last question for today. I now hand the conference over to the management for closing comments.<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Yeah. Thank you very much for all your compliments to the team and thank you for your interest in the company.<\/p>\n

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

Thank you. Good<\/p>\n

Gauri A. Kirloskar<\/strong><\/p>\n

Night.<\/p>\n

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

On behalf of Antique Stock Broking Ltd. That concludes this conference. Thank you everyone 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 Oil Engines Ltd (NSE: KIRLOSENG) Q4 2026 Earnings Call dated May. 14, 2026 Corporate Participants: Gauri A. Kirloskar \u2014 Managing Director Sachin Kejriwal \u2014 Chief Financial Officer Analysts: Amit Shah \u2014 Analyst Suraj Malu […]<\/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-183029","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":167123,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q3fy25-24-fall-in-profits\/","url_meta":{"origin":183029,"position":0},"title":"Kirloskar Oil Engines Ltd Q3FY25; 24% fall in Profits","author":"Chirag Gupta","date":"February 27, 2025","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/02\/3-17.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":156297,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q2fy24-6-fall-in-profits\/","url_meta":{"origin":183029,"position":1},"title":"Kirloskar Oil Engines Ltd Q2FY24; 6% fall in Profits","author":"Hardik Bhandare","date":"November 16, 2023","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\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\/2023\/11\/image-209.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-209.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-209.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-209.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-209.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-209.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":152784,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q1fy24-54-rise-in-profits\/","url_meta":{"origin":183029,"position":2},"title":"Kirloskar Oil Engines Ltd Q1FY24; 54% rise in Profits","author":"Hardik Bhandare","date":"August 11, 2023","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-703.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":165603,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q2fy25-60-rise-in-profits\/","url_meta":{"origin":183029,"position":3},"title":"Kirloskar Oil Engines Ltd Q2FY25; 60% rise in Profits","author":"Chirag Gupta","date":"November 13, 2024","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/11\/download-2-4.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":162002,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q4fy24-86-rise-in-profits\/","url_meta":{"origin":183029,"position":4},"title":"Kirloskar Oil Engines Ltd Q4FY24; 86% rise in Profits","author":"Chirag Gupta","date":"June 6, 2024","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/06\/image-80.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":158886,"url":"https:\/\/alphastreet.com\/india\/kirloskar-oil-engines-ltd-q3fy24-1-rise-in-profits\/","url_meta":{"origin":183029,"position":5},"title":"Kirloskar Oil Engines Ltd Q3FY24; 1% rise in Profits","author":"Chirag Gupta","date":"February 16, 2024","format":false,"excerpt":"KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors. Financial\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/02\/image-135.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183029"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183029\/revisions"}],"predecessor-version":[{"id":183030,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183029\/revisions\/183030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}