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Swing Capital

Kirloskar Oil Engines Ltd

NSE: KIRLOSENG BSE: 533293Energy

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]

₹1,699
52W: ₹826 — ₹1775
PE 53.2 · Book ₹231 · +635% vs book
Market Cap₹24,697 Cr
Stock P/E53.2Price to Earnings
ROCE19.1%Return on Capital
ROE14.6%Return on Equity
Div. Yield0.38%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 22.7% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 20.0%

Weaknesses

  • −Stock is trading at 7.23 times its book value

Shareholding Pattern

Promoters41.08%
FIIs10.79%
DIIs26.69%
Public21.45%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.18%41.17%▼0.041.17%41.14%▼0.041.13%▼0.041.12%▼0.041.09%▼0.041.08%▼0.0
FIIs9.98%10.79%▲0.810.99%▲0.29.14%▼1.88.47%▼0.78.34%▼0.18.45%▲0.110.79%▲2.3
DIIs25.42%24.93%▼0.525.04%▲0.126.59%▲1.627.21%▲0.628%▲0.828.21%▲0.226.69%▼1.5
Public23.4%23.11%▼0.322.81%▼0.323.11%▲0.323.2%▲0.122.56%▼0.622.26%▼0.321.45%▼0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1351,3921,3431,1941,1641,4121,4451,6051,3811,535
Expenses1,0021,2131,1441,0291,0461,2421,2541,3901,2141,342
Operating Profit133179199165118171190214167193
OPM %12%13%15%14%10%12%13%13%12%13%
Net Profit821181351116512112314185111
EPS ₹5.678.119.297.654.488.348.459.695.877.64

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,647Cr, up 10.4% YoY. OPM at 13%.

Debt Position

Borrowings at ₹131Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹58Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.69% (-1.88pp change). FIIs: 10.79% (+4.62pp change). Promoters hold 41.08%.

Margin & Efficiency

ROCE improving from 14% (Mar 2015) to 19% (Mar 2026). Working capital days: 20.

Valuation

PE 53.2x with 19.1% ROCE. Price is 635% above book value of ₹231. Dividend yield: 0.38%.

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