Kirloskar Brothers Limited (KIRLOSBROS) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 22, 2026 6 min read

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.

Quick Details
Results dateOctober 27, 2026
QuarterQ2 FY 2026-2027
Previous quarter revenueRs. 1,104.90 Cr (+12.9% YoY)
Previous quarter PATRs. 67.60 Cr (+0.1% YoY)
Previous quarter EBITDA margin11.8%
Market capRs. 13,106.83 Cr
CMPRs. 1,659.3

Kirloskar Brothers Limited Q2 Results Date and Time

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.

What to expect from Kirloskar Brothers Limited's Q2 FY27 results

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.

Key Things To Watch

Performance vs guidance tracking: Management has multiple open commitments that can be checked against this quarter's numbers.

  • Standalone double-digit revenue growth in FY27 — Q1 standalone was +9%, below double-digit; Q2 trajectory is the check
  • Consolidated double-digit revenue growth in FY27 — Q1 was +13%, on track
  • International margin recovery (SPP UK/Rodelta) — guided 'in the next two quarters' from Aug 3, 2026, and 'closer to third quarter' of the calendar year from May 15, 2026
  • SPP UK double-digit EBITDA margin — open-ended 'medium term' guide; margin still at a 6% baseline vs 7.4% in FY26
  • Inventory improvement — guided 'in the current quarter' (Q2 FY27) post-foundry normalisation
  • Services business recovery — from Q2 FY27, with SPP UK services expected to kick in from Q3; international EBITDA margin was 5.1% in Q1

Consolidated margin bridge and cost pass-through: Margin is the pressure point after the Q1 drop.

  • Consolidated EBITDA margin was 11.8% in Q1 vs 14.8% in Q4 FY26, attributed by CFO Bhavesh Chheda to 'a little drop in the SPV UK business'; standalone margin improved from 12.8% to 13.7%
  • Finance costs rose 31% and other expenses 21% YoY in Q1, explained by digitalization and advertisement expenses
  • Price hikes of approximately 10% taken since January face their first accelerating-cost quarter, with WPI at a series-high 11.39% in September

Strategic initiative updates: Several order and contract milestones were flagged as close on the Q1 call.

  • Nuclear primary-circuit fleet order placement was 'close to a potential order placement', with quotes active for the 100-200 GW nuclear expansion and the Bharat SMR program
  • Potential multiyear framework contract with a major US data-center operator, where hyperscale packages are sized at USD 7.5-10 million and up to USD 12 million
  • Petrol-pump dispatch pace beyond the Rs. 74 Cr dispatched in Q1 of about Rs. 217 Cr booked across roughly 22,000 pumps for 3-4 large PSUs

Risk follow-ups: Two overhangs merit specific disclosure on the call.

  • Family settlement arbitration: the Supreme Court order dated August 11, 2026 directed a three-member Arbitral Tribunal (seat Pune), with the presiding arbitrator to be jointly appointed preferably within four weeks; the company states the financial impact 'cannot be presently ascertained'
  • UK energy-cost backdrop: GBP280/MWh in the UK vs GBP120/MWh in Germany has reduced activity in chemical/petrochemical/steel service contracts
  • Forex trajectory: consolidated exchange loss of Rs. 32 crores in H1 FY26, including a Q2 FY26 FX loss of about GBP1.8 million (~Rs. 20 crores)

Narrative shifts on growth guidance: Management evaluates the business on a half-yearly or annual basis given lumpy capital-goods orders.

  • Watch whether the double-digit FY27 commitment is reaffirmed, tempered or re-based, given the FY26 double-digit aspiration was missed at +1% actual revenue growth
  • CMD Sanjay Kirloskar on FY27 growth ambition: 'I have been saying that for the last few years that we will show double-digit growth'

Frequently Asked Questions

Why did Kirloskar Brothers' consolidated margin fall in Q1 FY27?

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.

When will Kirloskar Brothers' UK business (SPP UK) margins recover?

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.

Is Kirloskar Brothers on track for double-digit revenue growth in FY27?

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.

How much of Kirloskar Brothers' revenue depends on Jal Jeevan Mission?

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.

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