Kirloskar Brothers Limited manufactures pumps and fluid-management systems for power, oil & gas, water, marine and defence applications, with international operations under the KBI BV group spanning the UK, USA and Thailand. The Q2 print will speak to whether the SPP UK-led margin drag reverses as guided, and whether the company stays on its double-digit FY27 revenue growth path after standalone growth of just 9% in Q1.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,104.90 Cr (+12.9% YoY) |
| Previous quarter PAT | Rs. 67.60 Cr (+0.1% YoY) |
| Previous quarter EBITDA margin | 11.8% |
| Market cap | Rs. 13,106.83 Cr |
| CMP | Rs. 1,659.3 |
The board of Kirloskar Brothers Limited meets on Tuesday, October 27, 2026, to approve the unaudited financial results for the quarter and half-year ended September 30, 2026, under Regulation 29 of SEBI LODR.
The earnings call is scheduled for Wednesday, October 28, 2026, at 2:00 PM IST, to discuss the unaudited results for the quarter and half-year ended September 30, 2026. The Q1 FY27 call audio recording was uploaded to the company website on August 3, 2026.
The quarter is a test of two guided recoveries: SPP UK/Rodelta margin improvement promised 'in the next two quarters' from August 3, 2026, and inventory normalisation guided 'in the current quarter' (Q2 FY27) from a starting stock of Rs. 872.4 Cr. Input costs re-accelerated through the quarter, with WPI rising from 9.78% in July to a series-high 11.39% in September and manufactured-products inflation at 9.76%, landing on a company whose material-cost ratio was already up 255 bps YoY in Q1 at 52.74%. The rupee depreciated through the quarter to spot prints of about Rs. 95-96.6, the same FX mechanism that produced roughly Rs. 20 Cr of FX loss in Q2 FY26 alone on KBIBV dollar deposits. On the demand side, the setup is constructive: of about Rs. 217 Cr of PSU petrol-pump bookings in Q1 only Rs. 74 Cr was dispatched, leaving a carry-in backlog, while US data-center construction ran at $84.95bn SAAR in August (+73% YoY) and UK AMP8 procurement produced a steady cadence of awards including Anglian Water's £1.8bn framework. JJM funding also resumed, with Rs. 6,154.96 Cr released to states in FY27 as of August 6 after a zero-release FY26, supporting dispatch timing on a stream that is about 5% of standalone revenue at most. Management has reaffirmed double-digit revenue growth for FY27 on both standalone and consolidated bases, though the FY26 version of that call was missed at +1% actual, so listen for whether the commitment is reaffirmed, tempered or re-based.
Performance vs guidance tracking: Management has multiple open commitments that can be checked against this quarter's numbers.
Consolidated margin bridge and cost pass-through: Margin is the pressure point after the Q1 drop.
Strategic initiative updates: Several order and contract milestones were flagged as close on the Q1 call.
Risk follow-ups: Two overhangs merit specific disclosure on the call.
Narrative shifts on growth guidance: Management evaluates the business on a half-yearly or annual basis given lumpy capital-goods orders.
Consolidated EBITDA margin fell to 11.8% in Q1 FY27 from 14.8% in Q4 FY26, which CFO Bhavesh Chheda attributed to 'a little drop in the SPV UK business'. Standalone margin actually improved from 12.8% to 13.7% over the same period.
Management guided on August 3, 2026 that international margin recovery for SPP UK/Rodelta would come 'in the next two quarters', with the SPP UK services business expected to kick in from Q3. A return to double-digit margins from the current 6% baseline is guided only 'in the medium term', driven by an increasing mix of service revenue.
Management remains 'confident of delivering double-digit revenue growth in FY '27 over FY '26' for both standalone and consolidated operations. Q1 FY27 consolidated growth was +13% while standalone grew +9%, and the FY26 double-digit aspiration was missed at +1% actual growth.
Jal Jeevan Mission contributed 'around 5% at the most' of standalone FY25 revenue per management. The company follows a conservative order recognition policy and maintained zero receivables exposure on withheld JJM dispatches.