Kirloskar Oil Engines Ltd
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.[1]
- Market Cap ₹ 20,012 Cr.
- Current Price ₹ 1,377
- High / Low ₹ 1,530 / 578
- Stock P/E 36.8
- Book Value ₹ 232
- Dividend Yield 0.47 %
- ROCE 13.7 %
- ROE 15.4 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 23.0% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.2%
Cons
- Stock is trading at 5.93 times its book value
- Promoter holding has decreased over last 3 years: -18.3%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,464 | 2,674 | 3,055 | 3,626 | 3,379 | 3,296 | 4,022 | 5,020 | 5,898 | 6,349 | 7,334 | |
| 2,187 | 2,390 | 2,790 | 3,251 | 3,085 | 2,909 | 3,610 | 4,286 | 4,871 | 5,164 | 5,982 | |
| Operating Profit | 277 | 283 | 265 | 376 | 295 | 387 | 412 | 734 | 1,027 | 1,185 | 1,352 |
| OPM % | 11% | 11% | 9% | 10% | 9% | 12% | 10% | 15% | 17% | 19% | 18% |
| 49 | 83 | 72 | 63 | 52 | 17 | 27 | 29 | 16 | 90 | 75 | |
| Interest | 9 | 3 | 12 | 13 | 14 | 50 | 106 | 210 | 329 | 483 | 534 |
| Depreciation | 111 | 111 | 123 | 94 | 87 | 84 | 101 | 105 | 119 | 140 | 164 |
| Profit before tax | 205 | 253 | 203 | 331 | 245 | 270 | 232 | 449 | 595 | 652 | 730 |
| Tax % | 19% | 31% | 33% | 34% | 23% | 27% | 26% | 26% | 26% | 27% | |
| 165 | 174 | 136 | 220 | 188 | 197 | 171 | 332 | 440 | 476 | 534 | |
| EPS in Rs | 11.44 | 12.02 | 9.66 | 15.16 | 12.81 | 13.48 | 12.07 | 22.96 | 30.48 | 33.69 | 37.64 |
| Dividend Payout % | 44% | 42% | 52% | 33% | 31% | 30% | 33% | 22% | 20% | 19% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 16% |
| TTM: | 17% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 39% |
| TTM: | 12% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 51% |
| 3 Years: | 53% |
| 1 Year: | 84% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 14% |
| 3 Years: | 16% |
| Last Year: | 15% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 |
| Reserves | 1,415 | 1,588 | 1,547 | 1,670 | 1,716 | 1,893 | 2,053 | 2,275 | 2,647 | 3,057 | 3,344 |
| 7 | 12 | 142 | 90 | 189 | 849 | 1,965 | 3,244 | 4,142 | 5,819 | 5,526 | |
| 519 | 541 | 783 | 807 | 825 | 1,026 | 975 | 1,169 | 1,450 | 1,571 | 1,774 | |
| Total Liabilities | 1,970 | 2,170 | 2,500 | 2,595 | 2,759 | 3,797 | 5,021 | 6,717 | 8,268 | 10,476 | 10,673 |
| 475 | 440 | 702 | 663 | 623 | 698 | 721 | 689 | 769 | 1,183 | 1,249 | |
| CWIP | 29 | 15 | 30 | 41 | 78 | 55 | 43 | 69 | 293 | 98 | 110 |
| Investments | 791 | 988 | 675 | 711 | 433 | 834 | 738 | 658 | 489 | 601 | 467 |
| 674 | 727 | 1,093 | 1,180 | 1,626 | 2,210 | 3,519 | 5,302 | 6,718 | 8,595 | 8,847 | |
| Total Assets | 1,970 | 2,170 | 2,500 | 2,595 | 2,759 | 3,797 | 5,021 | 6,717 | 8,268 | 10,476 | 10,673 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 99 | 171 | 136 | 192 | -124 | -16 | -1,041 | -920 | -469 | -739 | |
| 82 | -190 | 7 | -38 | 233 | -465 | -3 | -145 | -109 | -522 | |
| -176 | 2 | -96 | -153 | -43 | 599 | 950 | 1,182 | 800 | 1,509 | |
| Net Cash Flow | 6 | -16 | 48 | 1 | 67 | 118 | -93 | 117 | 223 | 248 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 27 | 48 | 41 | 45 | 49 | 43 | 38 | 38 | 40 |
| Inventory Days | 49 | 49 | 64 | 49 | 69 | 68 | 54 | 64 | 67 | 60 |
| Days Payable | 82 | 77 | 91 | 69 | 70 | 106 | 80 | 79 | 83 | 72 |
| Cash Conversion Cycle | -10 | -0 | 21 | 21 | 43 | 10 | 17 | 23 | 22 | 28 |
| Working Capital Days | 7 | 20 | 17 | 13 | 47 | -0 | 13 | 4 | -49 | -33 |
| ROCE % | 13% | 10% | 17% | 12% | 13% | 10% | 13% | 15% | 14% |
Insights
In beta| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Specific Energy Consumption (Kagal Plant) kWh/BHP ・Standalone data |
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| R&D Expenditure (Percentage of Turnover) % ・Standalone data |
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Documents
Announcements
- Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, Including Amendments Thereunder 57s
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015, Including Amendments Thereunder
3m - Order dated 20 Mar 2026 reduces GST tax to Rs.1,25,05,603 and interest to Rs.1,09,68,308; penalty Rs.25,13,471 unchanged.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
16 Mar - 16 Mar 2026 1x1 meeting with Eastlane Capital; operational overview; no unpublished price-sensitive information.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 Mar - 13 Mar 2026 virtual meetings with Philip Capital, Bandhan MF, Goldman Sachs; operations discussed; no UPSI.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 Mar - 13 Mar 2026 virtual meetings with Philip Capital, Bandhan MF, Goldman Sachs; operational overview, no UPSI.
Annual reports
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Financial Year 2025
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Feb 2026Transcript PPT
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Nov 2024Transcript PPT REC
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May 2024TranscriptAI SummaryPPT
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Nov 2023Transcript PPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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Jan 2016TranscriptPPT
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Oct 2015TranscriptPPT
Products and Brands[1]
B2B Segment
Engines and Gensets, Industrial Engines, Power Solutions for Large / Institutional, Project Clients (Marine, Defence etc), After Sales Support, Retail Channel – Tractor spares, Oil, Batteries.