Kilburn Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kilburn Engineering Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Kilburn Engineering reported standalone Q4 FY26 revenue of Rs 134 crore with an operating EBITDA margin of 25.1%, and full-year FY26 revenue of Rs 448 crore at 25.9% EBITDA margin, while consolidated FY26 revenue was Rs 629 crore at 25.13% EBITDA margin. Management said some order finalizations shifted by a quarter due to geopolitical disruptions in the Middle East, which also delayed dispatches at subsidiary Monga Strayfield. For FY27, management guided to 20-25% revenue growth and an order intake target of Rs 800-1,000 crore at the group level, alongside capacity expansions at Saravali and M.E. Energy's Pune plant expected to complete by Q2.
Numbers mentioned
Standalone revenue: INR134 crores (Q4 FY26)
p. 3
“Kilburn had a top line of INR134 crores for the quarter Q4 with an operating EBITDA of 25.1%.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Standalone EBITDA margin: 25.1% (Q4 FY26)
p. 3
“Kilburn had a top line of INR134 crores for the quarter Q4 with an operating EBITDA of 25.1%.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Standalone revenue: INR448 crores (FY26)
p. 3
“For the financial year, the top line was INR448 crores with EBITDA of 25.9%.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Consolidated revenue: INR189 crores (Q4 FY26)
p. 3
“On a consol basis, we achieved a top line of INR189 crores and EBITDA of 22.95% for Q4 and INR629 crores with EBITDA of 25.13% for the whole year.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Consolidated revenue: INR629 crores (FY26)
p. 3
“On a consol basis, we achieved a top line of INR189 crores and EBITDA of 22.95% for Q4 and INR629 crores with EBITDA of 25.13% for the whole year.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Order backlog: INR467 crores (end of Q4 FY26)
p. 3
“At the group level, we ended Q4 with an order backlog of INR467 crores.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Inquiry pipeline: INR4,000 crores plus
p. 3
“We continue to have a strong inquiry pipeline of INR4,000 crores plus at a consol level across various sectors.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Depreciation: INR14 crores, INR15 crores (FY26)
p. 10
“I mean the depreciation is INR14 crores, INR15 crores.”
Amritanshu Khaitan, page 10 of the filed PDF · View the filing
Capex: around 40 crores odd (FY27)
p. 16
“It remains the same what we've been guiding for in the last 2, 3 calls, which is around 40 crores odd.”
Amritanshu Khaitan, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order intake — INR800 crores to INR1,000 crores · current financial year
stated firmly by Ranjit Lala
p. 3
“And for the coming year, for the current financial year, we are targeting an order intake of around INR800 crores to INR1,000 crores at group level.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Revenue growth — INR750 crores to INR800 crores · current financial year
stated firmly by Ranjit Lala
p. 3
“We have set a growth target of 20% to 25% on top line over last year, which would result in a revenue of around INR750 crores to INR800 crores.”
Ranjit Lala, page 3 of the filed PDF · View the filing
EBITDA margin — 20% plus
stated as an aspiration by Ranjit Lala
p. 3
“We hope to continue EBITDA margins of 20% plus.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Capex completion — Saravali and M.E. Energy Phase 2 expansion · end of Q2
stated conditionally by Ranjit Lala
p. 3
“Furthermore, the expansion of the Kilburn factory at Saravali and Phase 2 expansion of M.E. Energy at Pune are both expected to be completed by end of Q2.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Revenue target — INR1,000 crores · FY28
stated firmly by Amritanshu Khaitan
p. 9
“So Sangeeta, we have always maintained a 20% to 25% growth strategy going forward for the next 2 years. And with that, our aim is to reach INR1,000 crores by FY28.”
Amritanshu Khaitan, page 9 of the filed PDF · View the filing
EBITDA margin — 22%, 23%
stated as an aspiration by Amritanshu Khaitan
p. 9
“We have also mentioned we are looking at maintaining margins of 22%, 23% in all our commentary.”
Amritanshu Khaitan, page 9 of the filed PDF · View the filing
Order intake — INR500 crores to INR600 crores · by September
stated firmly by Amritanshu Khaitan
p. 15
“As we mentioned, we are looking at booking between INR500 crores to INR600 crores of orders by September.”
Amritanshu Khaitan, page 15 of the filed PDF · View the filing
Exports share of revenue — 30% to 40%
stated as an aspiration by Amritanshu Khaitan
p. 14
“We believe exports will play a critical role going into the future. And we think 30% to 40% of our revenue can come from exports.”
Amritanshu Khaitan, page 14 of the filed PDF · View the filing
Execution delay resolution at Monga Strayfield — first half of this year
stated conditionally by Amritanshu Khaitan
p. 19
“We expect that to be evened out by first half of this year.”
Amritanshu Khaitan, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
CFO explained the negative cash flow reflects higher receivables from heavy Q4 dispatches, which will reverse as collections come in from June.
Answered by Sachin Vijayakar
Asked by Uzair Lari: Why has cash flow from operations turned more negative and when will it improve?
p. 4
“So, this particular -- this debtor realizations will start flowing in from June. So, this will definitely bring down the -- reduce the debtors and increase our cash flow.”
Sachin Vijayakar, page 4 of the filed PDF · View the filing
Management said operating leverage has already been achieved and margins are stable near 25%, with PAT growth affected by moving to full tax this year versus a carryforward benefit last year.
Answered by Amritanshu Khaitan
Asked by Andrey Purushottam: Why hasn't operating leverage played out despite revenue growth, and will PAT growth catch up?
p. 6
“Because last year, we were not on full tax. We are on full tax from this year. -- we had a carryforward last year earlier.”
Amritanshu Khaitan, page 6 of the filed PDF · View the filing
Management said some orders were delayed and Monga Strayfield faced dispatch and logistics issues due to the Middle East crisis, but this should ease by Q2.
Answered by Amritanshu Khaitan
Asked by Andrey Purushottam: What is the impact of the West Asia/Iran crisis on demand and supply chain?
p. 7
“A lot of our equipments were ready for dispatch, which could not be dispatched again due to this problem which has happened globally.”
Amritanshu Khaitan, page 7 of the filed PDF · View the filing
Management clarified the 25-30% figure on the slide was a typo and reaffirmed guidance remains 20-25%.
Answered by Amritanshu Khaitan
Asked by Sangeeta Purushottam: Why has FY27 growth guidance appeared as 25-30% CAGR on the investor presentation slide versus prior 20-25% guidance?
p. 9
“I think it's a typo error by the IR team who's made it. Our guidance is 20% to 25%, which is also there in our press release, which was released yesterday.”
Amritanshu Khaitan, page 9 of the filed PDF · View the filing
Management attributed the margin decline to a higher share of subcontract work in the order mix this quarter, and said the FY27 target remains achievable as delayed orders come through.
Answered by Sachin Vijayakar
Asked by Naitik Mohata: Why did gross margins decline in Q4 and is the FY27 revenue target achievable given a tepid opening order book?
p. 13
“Now this quarter, the orders which were executing had a higher component of subcontract charges, outside subcontract was involved.”
Sachin Vijayakar, page 13 of the filed PDF · View the filing
Management said no orders were missed, only shifted, and that Rs 500-600 crore of orders are now expected to book by September.
Answered by Amritanshu Khaitan
Asked by Rabindra Nayak: Can management quantify the orders that were delayed or missed in FY26?
p. 15
“We have not missed orders. We have just mentioned that certain orders getting finalized have got shifted into Q1 of this year and Q2.”
Amritanshu Khaitan, page 15 of the filed PDF · View the filing
Management said margins should be viewed inclusive of operating other income and reiterated a 20-23% target range rather than assuming a return to 25%.
Answered by Ranjit Lala
Asked by Sagar Shah: Will EBITDA margins claw back to 23-25% in FY27/FY28 as steel prices normalize?
p. 17
“Normally, we are targeting 20% to 23%. But expecting that every year, we would be in the range of 25% or something, I think that may not be possible.”
Ranjit Lala, page 17 of the filed PDF · View the filing
Management described a range of order sizes from Rs 2-5 crore for smaller machines up to Rs 100 crore-plus projects, with M.E. Energy quoting jobs above Rs 300 crore.
Answered by Ranjit Lala
Asked by Abhijit Mitra: What is the average ticket size of orders expected in the Rs 800-1,000 crore FY27 order inflow guidance?
p. 19
“anything between 2 crores to 5 crores for the smaller machines, we have some inquiries for around 40 crores odd and even a project of 100 crores plus.”
Ranjit Lala, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical challenges impacting order intake timeliness
p. 3
“Whilst we have set aspirations both in terms of numbers and on completion of expansion plans, the risk due to geopolitical challenges continue, which do impact the order intake timeliness.”
Ranjit Lala, page 3 of the filed PDF · View the filing
Delay in closing major orders due to Middle East crisis
p. 7
“This got delayed due to the current Middle East crisis.”
Amritanshu Khaitan, page 7 of the filed PDF · View the filing
Logistics disruption from Middle East crisis affecting dispatches
p. 7
“international shipping routes are now quite blocked and it takes a long -- much longer time to arrange shipping from the Mumbai Seaport to other parts of the world.”
Amol Monga, page 7 of the filed PDF · View the filing
Gas availability crisis affecting production pace
p. 7
“It slowed our ability to produce the required products at the usual pace where we had to make arrangements for alternative fuels when industrial gas was not easily available.”
Amol Monga, page 7 of the filed PDF · View the filing
Rising material costs from higher steel prices
p. 5
“If you see material cost could go up also due to the steel prices now going up.”
Amritanshu Khaitan, page 5 of the filed PDF · View the filing
Cost surprises impacting bottom line due to lack of cost pass-through
p. 16
“And there can be some surprises from time to time, which we have also said in the past, which may impact the bottom lines at times, okay?”
Ranjit Lala, page 16 of the filed PDF · View the filing
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