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 ₹ 30,571 Cr.
- Current Price ₹ 2,101
- High / Low ₹ 2,720 / 856
- Stock P/E 53.6
- Book Value ₹ 249
- Dividend Yield 0.33 %
- ROCE 14.6 %
- ROE 17.5 %
- Face Value ₹ 2.00
Pros
- Company has delivered good profit growth of 25.1% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.9%
Cons
- Stock is trading at 8.44 times its book value
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,464 | 2,674 | 3,055 | 3,626 | 3,379 | 3,296 | 4,022 | 5,020 | 5,898 | 6,329 | 7,701 | 7,937 | |
| 2,187 | 2,390 | 2,790 | 3,251 | 3,085 | 2,909 | 3,610 | 4,286 | 4,871 | 5,148 | 6,287 | 6,547 | |
| Operating Profit | 277 | 283 | 265 | 376 | 295 | 387 | 412 | 734 | 1,027 | 1,181 | 1,414 | 1,390 |
| OPM % | 11% | 11% | 9% | 10% | 9% | 12% | 10% | 15% | 17% | 19% | 18% | 18% |
| 49 | 83 | 72 | 63 | 52 | 17 | 27 | 29 | 16 | 92 | 44 | 17 | |
| Interest | 9 | 3 | 12 | 13 | 14 | 50 | 106 | 210 | 329 | 482 | 523 | 499 |
| Depreciation | 111 | 111 | 123 | 94 | 87 | 84 | 101 | 105 | 119 | 139 | 174 | 183 |
| Profit before tax | 205 | 253 | 203 | 331 | 245 | 270 | 232 | 449 | 595 | 651 | 761 | 725 |
| Tax % | 19% | 31% | 33% | 34% | 23% | 27% | 26% | 26% | 26% | 27% | 26% | |
| 165 | 174 | 136 | 220 | 188 | 197 | 171 | 332 | 440 | 476 | 562 | 535 | |
| EPS in Rs | 11.44 | 12.02 | 9.66 | 15.16 | 12.81 | 13.48 | 12.07 | 22.96 | 30.48 | 33.69 | 39.51 | 37.57 |
| Dividend Payout % | 44% | 42% | 52% | 33% | 31% | 30% | 33% | 22% | 20% | 19% | 18% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 19% |
| 3 Years: | 15% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 25% |
| 3 Years: | 22% |
| TTM: | 28% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 58% |
| 3 Years: | 65% |
| 1 Year: | 121% |
| Return on Equity | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 15% |
| 3 Years: | 17% |
| Last Year: | 18% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,591 |
| 7 | 12 | 142 | 90 | 189 | 849 | 1,965 | 3,244 | 4,142 | 5,819 | 5,374 | |
| 519 | 541 | 783 | 807 | 825 | 1,026 | 975 | 1,169 | 1,450 | 1,573 | 1,851 | |
| Total Liabilities | 1,970 | 2,170 | 2,500 | 2,595 | 2,759 | 3,797 | 5,021 | 6,717 | 8,268 | 10,478 | 10,846 |
| 475 | 440 | 702 | 663 | 623 | 698 | 721 | 689 | 769 | 1,183 | 1,327 | |
| CWIP | 29 | 15 | 30 | 41 | 78 | 55 | 43 | 69 | 293 | 98 | 149 |
| Investments | 791 | 988 | 675 | 711 | 433 | 834 | 738 | 658 | 489 | 601 | 440 |
| 674 | 727 | 1,093 | 1,180 | 1,626 | 2,210 | 3,519 | 5,302 | 6,718 | 8,597 | 8,930 | |
| Total Assets | 1,970 | 2,170 | 2,500 | 2,595 | 2,759 | 3,797 | 5,021 | 6,717 | 8,268 | 10,478 | 10,846 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 99 | 171 | 136 | 192 | -124 | -16 | -1,041 | -920 | -469 | -739 | 932 | |
| 82 | -190 | 7 | -38 | 233 | -465 | -3 | -145 | -109 | -522 | -320 | |
| -176 | 2 | -96 | -153 | -43 | 599 | 950 | 1,182 | 800 | 1,510 | -589 | |
| Net Cash Flow | 6 | -16 | 48 | 1 | 67 | 118 | -93 | 117 | 223 | 248 | 23 |
| Free Cash Flow | 22 | 114 | 26 | 139 | -206 | -120 | -1,165 | -1,081 | -846 | -996 | 595 |
| CFO/OP | 52% | 71% | 83% | 83% | -16% | 8% | -233% | -109% | -31% | -49% | 79% |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 27 | 48 | 41 | 45 | 49 | 43 | 38 | 38 | 40 | 45 |
| Inventory Days | 49 | 49 | 64 | 49 | 69 | 68 | 54 | 64 | 67 | 60 | 61 |
| Days Payable | 82 | 77 | 91 | 69 | 70 | 106 | 80 | 79 | 83 | 72 | 78 |
| Cash Conversion Cycle | -10 | -0 | 21 | 21 | 43 | 10 | 17 | 23 | 22 | 28 | 28 |
| Working Capital Days | 7 | 20 | 17 | 13 | 47 | -0 | 13 | 4 | -49 | -33 | -2 |
| ROCE % | 13% | 10% | 17% | 12% | 13% | 10% | 13% | 15% | 14% | 15% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Apr 2027 (P) | Mar 2029 (P) | |
|---|---|---|---|---|---|---|---|---|
| Arka AUM (Assets Under Management) ₹ Crore |
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| Engine Production Capacity at Kagal engines/year ・Standalone data |
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| Arka Active Branches Number |
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| Arka GNPA (Gross Non-Performing Assets) % |
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| KOEL Engine Volumes (Power Gen + Industrial) units ・Standalone data |
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| Industry Diesel Generator Market Volume units ・Standalone data |
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| R&D Expenditure (Percentage of Turnover) % ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- The communication with respect to copies of notice published in the newspaper - Postal Ballot & Remote e-voting.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Investor meeting scheduled on 26 August 2026 with Capital International, Balyasny Asset Management, and Strategic Growth Advisors.
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
- Postal ballot seeks ESOP pool increase from 14 lakh to 15 lakh; results due 22 Sep 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Uploaded Q1 FY27 investor call transcript; discussed 16% revenue growth, 192 MW data center order, and strategic outlook.
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Update
- AGM approved reappointment of Yogesh Kapur as Independent Director for five years from 29 September 2026.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
from nse
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Annual Report 2013
from bse
Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT
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May 2024TranscriptAI SummaryPPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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Aug 2023TranscriptAI SummaryPPT
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Aug 2023TranscriptAI SummaryPPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Oct 2021Transcript PPT
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Aug 2021Transcript PPT
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May 2021TranscriptPPT
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Feb 2021TranscriptPPT
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Oct 2020TranscriptPPT
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Jul 2020TranscriptPPT
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Jan 2017TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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Jan 2016TranscriptPPT
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Oct 2015TranscriptPPT
Business Segments:[1]
a) B2B (74% in FY26 vs 72% in FY25):[2][3]
a) Powergen (47% in Q4 FY26 vs 45% in Q4 FY25):[4]
The company is among the world's largest manufacturers of power generating sets, with a 28% domestic market share. Its portfolio includes air-cooled and liquid-cooled engines and diesel generator sets ranging from 1 kW to 10 MW, compliant with CPCB noise and emission standards.
b) Industrial (24% in Q4 FY26 vs 24% in Q4 FY25): [4]
The company offers industrial engines
ranging from 20 HP to 13,500 HP and
power solutions for institutional customers
across marine, defence, nuclear, construction, earthmoving, agriculture, rail, material handling and fluid handling applications.
c) Distribution & Aftermarket (18% in Q4 FY26 vs 19% in Q4 FY25):[5]
The Distribution & Aftermarket business provides spares, finished products, services and after-sales support through service, direct and retail channels.
It has a network of 44 aftermarket dealers, 3,300+ service engineers, 500 service touchpoints, and 24x7 customer support
across India.