1. Opening Hook
Just when everyone thought capital goods cycles couldn’t get slower, Kirloskar Pneumatic managed to prove one thing: delays can be dressed up as discipline. Q3 FY26 came with factories running flat out, warehouses filling up faster, and customers politely saying, “We’ll pick it up next quarter, boss.”
Management insists nothing is broken—just “timing issues.” Large packages missed dispatch, inventories swelled, and sales politely waited outside the gate. Meanwhile, the order book hit ₹1,939 crore, minus the usual bulky projects that normally give analysts heartburn.
The punchline? Fewer large packages apparently mean smoother growth next year. Yes, you read that right—less lumpiness is now a feature, not a bug.
Stick around. The real fun starts when ammonia, hydrogen, PLI dreams, and a CEO farewell all collide in one call.
2. At a Glance
- Revenue ₹403.5 Cr: Dispatch trucks stuck, not demand—management swears.
- Order Book ₹1,939 Cr: Highest comfort, zero big packages—plot twist.
- EBITDA Margin 18.2%: Flat, steady, refusing to get excited.
- Net Profit ₹114.5 Cr (9M): Down YoY—labour laws entered the chat.
- Inventory Up: Customers promised February, analysts promised patience.
- Net Cash ₹395 Cr: Debt-free flex, still intact.
3. Management’s Key Commentary
“Plants were running flat, but some large packages were
not cleared for dispatch.”
(We built it, they didn’t take it. Inventory is the new sales.) 😏
“Order book of ₹1,939 crore, but without ₹600 crore of large packages like last year.”
(Less headache next year, supposedly.)
“Sales will be smoother quarter-on-quarter going forward.”
(Translation: no more lumpiness excuses.)
“PBT for the year should grow 20–25%.”
(Bottom line optimism remains undefeated.)
“Zephyros uses ammonia—zero GWP, zero ODP.”
(Voltas and Blue Star, please note.)
“Oil & gas has been in somnolence.”
(Sector asleep, KPCL quietly tiptoeing elsewhere.)
“We are debt-free with ₹395 crore cash.”
(Balance sheet doing yoga.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY Read |
|---|---|---|
| Revenue | ₹403.5 Cr | +18.5% |
| EBITDA Margin | 18.2% | Flat |
| PBT (9M) | ₹172.7 Cr | Slight dip |
| Net Cash | ₹395 Cr | Still flexing |
| Capex (YTD) | ₹54 Cr | Machines > marketing |
Decoded: Growth exists, but dispatch timing killed the party. Margins survived. Cash laughed last.
5. Analyst Questions
