1. Opening Hook

While most mid-cap engineering companies are still blaming “global uncertainty” and “macro headwinds,” Kilburn Engineering just walked into Q2 FY26 like it owns the cycle.
47% topline growth. EBITDA margins flirting with 26%. And an order pipeline that refuses to slow down.

Management sounded calm, confident, and slightly smug—like someone who already knows the exam paper. Between nuclear, fertilizers, chemicals, exports, and subsidiaries firing together, Kilburn isn’t just riding a tailwind; it’s stacking engines.

But before you get carried away by the ₹600 crore unexecuted order book and talk of ₹1,000 crore dreams, remember—this is still a project-led business where cash flows play hide-and-seek.

Read on. The confidence is loud, the numbers are louder, and the footnotes are where the real story lives.

2. At a Glance

• Revenue up 47% – Kilburn didn’t just grow; it sprinted past expectations without stopping for breath.
• EBITDA margin ~26% – Operating leverage finally showed up and decided to stay.
• Order backlog ₹492 Cr – Add recent LOIs and boom, ₹600 Cr waiting to be billed.
• Inquiry pipeline ₹4,000 Cr – Sounds massive; conversion reality check still applies.
• Receivables jumped ₹75 Cr – Dispatch happened, cash is “on the way,” apparently.
• FY26 revenue target ₹650 Cr – Management says it casually, like it’s already done.

3. Management’s Key Commentary

“We continue to maintain a target of 50% growth in topline for the current year.”
(Because when the order book is full, confidence comes cheap 😏)

“EBITDA margins of around 26% look sustainable for this year.”
(Translation: scale + order mix are finally behaving.)

“Next two to three years, we expect ~25% CAGR.”
(Growth slows, but still faster than most peers dreaming on PPTs.)

“Receivables increased due to high physical dispatches.”
(Money has left the factory, not yet reached the bank.)

“Export share can go from 15% to 30–40%.”
(Ambitious, but tech tie-ups are giving them global courage.)

“ME Energy can double turnover in 12–24 months.”
(Small base magic, powered by Kilburn’s balance sheet.)

“We are comfortable targeting ₹1,000 crore revenue in the medium term.”
*(Confidence unlocked after back-to-back execution wins.) 😏

4. Numbers Decoded