Buy Or Sell Opportunity • Aug 14
Now 21% undervalued Over the last 90 days, the stock has risen 23% to ₹3,754. The fair value is estimated to be ₹4,736, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 12%. Upcoming Dividend • Aug 04
Upcoming dividend of ₹13.00 per share Eligible shareholders must have bought the stock before 11 August 2026. Payment date: 17 September 2026. Payout ratio is a comfortable 6.0% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.7%). Announcement • Aug 03
Kirloskar Industries Limited to Report Q1, 2027 Results on Aug 12, 2026 Kirloskar Industries Limited announced that they will report Q1, 2027 results on Aug 12, 2026 Declared Dividend • Jul 16
Dividend of ₹13.00 announced Dividend of ₹13.00 is the same as last year. Ex-date: 11th August 2026 Payment date: 17th September 2026 Dividend yield will be 0.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 90% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.2% EPS decline seen over the last 5 years. Announcement • Jul 14
Kirloskar Industries Limited, Annual General Meeting, Aug 18, 2026 Kirloskar Industries Limited, Annual General Meeting, Aug 18, 2026, at 11:30 Indian Standard Time. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.1% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.1% average weekly change). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹3,629, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 15% over the past three years. Reported Earnings • May 20
Full year 2026 earnings released: EPS: ₹152 (vs ₹146 in FY 2025) Full year 2026 results: EPS: ₹152 (up from ₹146 in FY 2025). Revenue: ₹70.1b (up 5.7% from FY 2025). Net income: ₹1.59b (up 7.0% from FY 2025). Profit margin: 2.3% (up from 2.2% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 08
Kirloskar Industries Limited to Report Q4, 2026 Results on May 19, 2026 Kirloskar Industries Limited announced that they will report Q4, 2026 results at 9:08 AM, Indian Standard Time on May 19, 2026 Buy Or Sell Opportunity • Apr 01
Now 29% overvalued Over the last 90 days, the stock has fallen 15% to ₹2,675. The fair value is estimated to be ₹2,078, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 13%. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹19.17 (vs ₹23.16 in 3Q 2025) Third quarter 2026 results: EPS: ₹19.17 (down from ₹23.16 in 3Q 2025). Revenue: ₹16.2b (flat on 3Q 2025). Net income: ₹201.4m (down 17% from 3Q 2025). Profit margin: 1.2% (down from 1.5% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 04
Kirloskar Industries Limited to Report Q3, 2026 Results on Feb 13, 2026 Kirloskar Industries Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Nov 05
Kirloskar Industries Limited to Report Q2, 2026 Results on Nov 06, 2025 Kirloskar Industries Limited announced that they will report Q2, 2026 results on Nov 06, 2025 Announcement • Aug 02
Kirloskar Industries Limited to Report Q1, 2026 Results on Aug 12, 2025 Kirloskar Industries Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Upcoming Dividend • Jul 30
Upcoming dividend of ₹13.00 per share Eligible shareholders must have bought the stock before 06 August 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 8.9% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.8%). Reported Earnings • Jul 22
Full year 2025 earnings released: EPS: ₹146 (vs ₹203 in FY 2024) Full year 2025 results: EPS: ₹146 (down from ₹203 in FY 2024). Revenue: ₹66.4b (up 3.6% from FY 2024). Net income: ₹1.48b (down 26% from FY 2024). Profit margin: 2.2% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Board Change • Jul 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. MD & Director George Verghese was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 07
Kirloskar Industries Limited, Annual General Meeting, Aug 13, 2025 Kirloskar Industries Limited, Annual General Meeting, Aug 13, 2025, at 11:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹4,197, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 226% over the past three years. Reported Earnings • May 22
Full year 2025 earnings released: EPS: ₹146 (vs ₹203 in FY 2024) Full year 2025 results: EPS: ₹146 (down from ₹203 in FY 2024). Revenue: ₹66.8b (up 4.2% from FY 2024). Net income: ₹1.48b (down 26% from FY 2024). Profit margin: 2.2% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹3,490, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 150% over the past three years. Announcement • May 10
Kirloskar Industries Limited to Report Q4, 2025 Results on May 20, 2025 Kirloskar Industries Limited announced that they will report Q4, 2025 results on May 20, 2025 Announcement • Mar 24
Kirloskar Industries Limited Announces Appointment of Atul Kirloskar as Chief Operating Officer, Effective April 1, 2025 Kirloskar Industries Limited announced that the members of the Company through Postal Ballot Notice dated 10 February 2025, approved the appointment of Mr. Akshay Sahni, as an employee of the Company, who is a relative of Mr. Atul Kirloskar, Chairman of the Company, to hold office or place of profit in the Company for the position of `Chief Operating Officer' with effect from 1 April 2025. Mr. Akshay Sahni (Aged 42 years) completed his Bachelor's Degree in 2004 with a Major in Economics and Minor in Business from The University of Southern California, Los Angeles, USA. After graduation, he worked at East West Bank, California as a Management Trainee. In this role he spent a few months in every department of the bank and experienced first-hand how a commercial bank operates. He was part of the team that funded a USD 100 million project to build The Hard Rock Hotel, San Diego, California. In 2006, he returned to India to join his family business. He spearheaded the diversification of the business into the hospitality sector by conceptualizing, developing, and successfully managing two boutique hotels in New Delhi and Mussoorie. During this time, Mr. Sahni led the design, construction, and operations of both properties--The Amber New Delhi and The Amber Vermont Estate Mussoorie. Both hotels became profitable in their first year of operation and were ranked among the top five hotels in their respective cities on the popular travel website www.tripadvisor.com. Additionally, both properties received the prestigious 'Traveler's Choice Award' from TripAdvisor. In 2011, Mr. Sahni joined his family's apparel manufacturing business, Wear Well India Private Limited. He was responsible for overseeing finance and operations across three manufacturing plants. He played a key role in turning the company around and making the business profitable. In 2021, Mr. Sahni joined the Kirloskar Group and was part of the team that led the integration of La-Gajjar Machineries Private Limited (LGM) with Kirloskar Oil Engines Limited. Akshay joined Avante Spaces Limited (Avante) in the year 2023, in the capacity of Vice President Asset Management. In this role he was responsible for setting up the entire asset and facilities management for One Avante and for coordinating the fit-outs for all the group companies. He was also overseeing the development of the large mixed-use Project in Kothrud, Pune. He has resigned from the services of Avante effective from 31 March 2025. He also serves as a director at La-Gajjar Machineries Private Limited. Mr. Akshay Sahni is holding 0 (0%) equity shares of the Company. Mr. Akshay Sahni and Mr. Atul Kirloskar, being son-in-law and father-in-law, are related to each other, as per the provisions of the Companies Act, 2013. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹23.12 (vs ₹43.33 in 3Q 2024) Third quarter 2025 results: EPS: ₹23.12. Revenue: ₹16.1b (up 3.9% from 3Q 2024). Net income: ₹534.2m (up 25% from 3Q 2024). Profit margin: 3.3% (up from 2.8% in 3Q 2024). The increase in margin was driven by higher revenue. Announcement • Jan 30
Kirloskar Industries Limited to Report Q3, 2025 Results on Feb 10, 2025 Kirloskar Industries Limited announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹49.25 (vs ₹116 in 2Q 2024) Second quarter 2025 results: EPS: ₹49.25 (down from ₹116 in 2Q 2024). Revenue: ₹17.1b (up 8.1% from 2Q 2024). Net income: ₹490.2m (down 57% from 2Q 2024). Profit margin: 2.9% (down from 7.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Announcement • Nov 14
Kirloskar Industries Limited Announces Early Retirement of Mahesh Chhabria as Managing Director, Effective March 31, 2025 Kirloskar Industries Limited announced the retirement and step down from his position of Mahesh Chhabria as the Managing Director of the Company, effective from the close of business hours of March 31, 2025. Mr. Mahesh Chhabria was re-appointed by the members of the Company in their meeting held on 9 August 2022, for a further period of 5 years effective from 4 July 2022 to 3 July 2027. Announcement • Nov 05
Kirloskar Industries Limited to Report Q2, 2025 Results on Nov 14, 2024 Kirloskar Industries Limited announced that they will report Q2, 2025 results on Nov 14, 2024 New Risk • Oct 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Announcement • Sep 26
Kirloskar Industries Limited Approves the Cash Dividend for the Financial Year Ended 31 March 2024 The Annual General Meeting of Kirloskar Industries Limited (AGM) held on 25 September 2024, the shareholders approved the Dividend of INR 13/-
per equity share (i.e., 130%) for the Financial Year ended 31 March 2024. New Risk • Sep 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 15x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 15x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (207% cash payout ratio). Upcoming Dividend • Sep 11
Upcoming dividend of ₹13.00 per share Eligible shareholders must have bought the stock before 18 September 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 6.4% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (1.6%). Announcement • Aug 22
Kirloskar Industries Limited, Annual General Meeting, Sep 25, 2024 Kirloskar Industries Limited, Annual General Meeting, Sep 25, 2024, at 11:30 Indian Standard Time. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ₹28.83 (vs ₹40.98 in 1Q 2024) First quarter 2025 results: EPS: ₹28.83 (down from ₹40.98 in 1Q 2024). Revenue: ₹15.7b (up 4.2% from 1Q 2024). Net income: ₹286.4m (down 29% from 1Q 2024). Profit margin: 1.8% (down from 2.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Announcement • Aug 05
Kirloskar Industries Limited to Report Q1, 2025 Results on Aug 14, 2024 Kirloskar Industries Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Announcement • May 28
Kirloskar Industries Limited Recommends Dividend for the Year Ended 31 March 2024 Kirloskar Industries Limited at its board meeting held on 27 May 2024 recommended a dividend of INR 13 (130%) per equity share of INR 10 each for the year ended 31 March 2024, subject to the approval of the members of the Company at the upcoming Annual General Meeting of the Company and the same shall be paid through National Electronic Clearing System (NECS) or vide dividend warrants, as the case may be. The final dividend on equity shares will be paid within 30 days from the date of declaration by the members at the Annual General Meeting. Announcement • May 17
Kirloskar Industries Limited to Report Q4, 2024 Results on May 27, 2024 Kirloskar Industries Limited announced that they will report Q4, 2024 results on May 27, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹43.33 (vs ₹64.19 in 3Q 2023) Third quarter 2024 results: EPS: ₹43.33 (down from ₹64.19 in 3Q 2023). Revenue: ₹15.7b (down 3.0% from 3Q 2023). Net income: ₹428.5m (down 32% from 3Q 2023). Profit margin: 2.7% (down from 3.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 10
Kirloskar Industries Limited, Annual General Meeting, Mar 14, 2024 Kirloskar Industries Limited, Annual General Meeting, Mar 14, 2024, at 15:00 Indian Standard Time. Announcement • Feb 01
Kirloskar Industries Limited to Report Q3, 2024 Results on Feb 09, 2024 Kirloskar Industries Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Recent Insider Transactions • Jan 02
Independent Director recently sold ₹699k worth of stock On the 27th of December, Vijaydipak Varma sold around 200 shares on-market at roughly ₹3,493 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹860k. Insiders have been net sellers, collectively disposing of ₹13m more than they bought in the last 12 months. Recent Insider Transactions • Dec 13
Independent Director recently sold ₹347k worth of stock On the 8th of December, Vijaydipak Varma sold around 100 shares on-market at roughly ₹3,474 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹860k. Insiders have been net sellers, collectively disposing of ₹12m more than they bought in the last 12 months. Recent Insider Transactions • Dec 02
Independent Director recently sold ₹860k worth of stock On the 29th of November, Vijaydipak Varma sold around 252 shares on-market at roughly ₹3,413 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Recent Insider Transactions • Nov 24
Independent Director recently sold ₹652k worth of stock On the 21st of November, Vijaydipak Varma sold around 200 shares on-market at roughly ₹3,262 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹14m more than they bought in the last 12 months. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: ₹116 (vs ₹70.42 in 2Q 2023) Second quarter 2024 results: EPS: ₹116 (up from ₹70.42 in 2Q 2023). Revenue: ₹15.8b (down 13% from 2Q 2023). Net income: ₹1.15b (up 66% from 2Q 2023). Profit margin: 7.3% (up from 3.8% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
Kirloskar Industries Limited to Report Q2, 2024 Results on Nov 09, 2023 Kirloskar Industries Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Aug 01
Kirloskar Industries Limited to Report Q1, 2024 Results on Aug 12, 2023 Kirloskar Industries Limited announced that they will report Q1, 2024 results on Aug 12, 2023 Upcoming Dividend • Jul 28
Upcoming dividend of ₹11.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 04 August 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 4.8% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (7.4%). Reported Earnings • Jul 21
Full year 2023 earnings released: EPS: ₹228 (vs ₹199 in FY 2022) Full year 2023 results: EPS: ₹228 (up from ₹199 in FY 2022). Revenue: ₹65.0b (up 71% from FY 2022). Net income: ₹2.24b (up 16% from FY 2022). Profit margin: 3.5% (down from 5.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹3,078, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 460% over the past three years. Announcement • May 25
ISMT Limited (BSE:532479) agreed to acquire Windmills business of Kirloskar Industries Limited for 54 million. ISMT Limited (BSE:532479) agreed to acquire Windmills business of Kirloskar Industries Limited for 54 million on May 23, 2023. Windmills business reported a turnover of INR 33.4 million in year ending March 31, 2023.Transaction is subject to subject to the receipt of requisite governmental, statutory, regulatory and third party approvals, required to be obtained by the Company including but not limited to the approval from the Ministry of Environment, Forest and Climate Change, Government of India/Government of Maharashtra, Maharashtra Energy Development Agency and Maharashtra State Electricity Distribution Company Limited. Announcement • May 24
Kirloskar Industries Limited Recommends Dividend for the Financial Year 2022-2023, Payable on or Before 11 September 2023 The Board of Directors of Kirloskar Industries Limited has recommended a dividend of INR 11 (110%) per equity share of INR 10 each for the Financial Year 2022-2023, subject to the approval of the members of the Company at the upcoming Annual General Meeting of the Company and the same shall be paid thro ugh National Electronic Clearing System (NECS) or vide dividend warrants, as the case may be. The dividend, if approved by the members shall be paid on or before 11 September 2023. Reported Earnings • May 24
Full year 2023 earnings released: EPS: ₹228 (vs ₹199 in FY 2022) Full year 2023 results: EPS: ₹228 (up from ₹199 in FY 2022). Revenue: ₹65.4b (up 72% from FY 2022). Net income: ₹2.24b (up 16% from FY 2022). Profit margin: 3.4% (down from 5.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 11
Kirloskar Industries Limited to Report Q4, 2023 Results on May 23, 2023 Kirloskar Industries Limited announced that they will report Q4, 2023 results on May 23, 2023 Recent Insider Transactions • Apr 04
Insider recently sold ₹11m worth of stock On the 29th of March, Mrinalini Kirloskar sold around 4k shares on-market at roughly ₹2,416 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹29m more than they bought in the last 12 months. Recent Insider Transactions • Mar 27
Insider recently sold ₹597k worth of stock On the 20th of March, Geetanjali Kirloskar sold around 254 shares on-market at roughly ₹2,351 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹19m more than they bought in the last 12 months. Recent Insider Transactions • Mar 03
Chief Financial Officer recently bought ₹111k worth of stock On the 28th of February, Anandh Baheti bought around 50.0 shares on-market at roughly ₹2,222 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Anandh's only on-market trade for the last 12 months. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹64.19 (vs ₹45.85 in 3Q 2022) Third quarter 2023 results: EPS: ₹64.19 (up from ₹45.85 in 3Q 2022). Revenue: ₹16.2b (up 72% from 3Q 2022). Net income: ₹629.6m (up 41% from 3Q 2022). Profit margin: 3.9% (down from 4.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 10
Upcoming dividend of ₹2.50 per share at 0.5% yield Eligible shareholders must have bought the stock before 17 February 2023. Payment date: 06 March 2023. Payout ratio is a comfortable 6.0% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (7.3%). Announcement • Feb 01
Kirloskar Industries Limited to Report Q3, 2023 Results on Feb 11, 2023 Kirloskar Industries Limited announced that they will report Q3, 2023 results at 12:08 PM, Indian Standard Time on Feb 11, 2023 Recent Insider Transactions • Dec 11
Head of Human Resource recently sold ₹1.7m worth of stock On the 8th of December, Jagdish Purandare sold around 900 shares on-market at roughly ₹1,902 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹4.0m. Insiders have been net sellers, collectively disposing of ₹22m more than they bought in the last 12 months. Recent Insider Transactions • Nov 20
Executive Director recently sold ₹4.0m worth of stock On the 17th of November, Aditi Chirmule sold around 2k shares on-market at roughly ₹2,010 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹15m more than they bought in the last 12 months. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹70.42 (vs ₹78.18 in 2Q 2022) Second quarter 2023 results: EPS: ₹70.42 (down from ₹78.18 in 2Q 2022). Revenue: ₹18.1b (up 83% from 2Q 2022). Net income: ₹690.5m (down 9.1% from 2Q 2022). Profit margin: 3.8% (down from 7.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹70.42 (vs ₹78.18 in 2Q 2022) Second quarter 2023 results: EPS: ₹70.42 (down from ₹78.18 in 2Q 2022). Revenue: ₹18.1b (up 83% from 2Q 2022). Net income: ₹690.5m (down 9.1% from 2Q 2022). Profit margin: 3.8% (down from 7.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 01
Insider recently sold ₹940k worth of stock On the 28th of June, Gayatree Karandikar sold around 720 shares on-market at roughly ₹1,305 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹1.3m. Insiders have been net sellers, collectively disposing of ₹8.4m more than they bought in the last 12 months. Recent Insider Transactions • Jun 11
Executive Director recently sold ₹681k worth of stock On the 8th of June, Aditi Chirmule sold around 507 shares on-market at roughly ₹1,344 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹5.5m more than they bought in the last 12 months. Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹199 (vs ₹169 in FY 2021) Full year 2022 results: EPS: ₹199 (up from ₹169 in FY 2021). Revenue: ₹38.2b (up 84% from FY 2021). Net income: ₹1.94b (up 18% from FY 2021). Profit margin: 5.1% (down from 7.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 06
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₹1,893, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 54%. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Independent Director Vijaydipak Varma was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 20% share price gain to ₹1,571, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 107% over the past three years. Recent Insider Transactions • Mar 09
Head of Human Resource recently sold ₹277k worth of stock On the 4th of March, Jagdish Purandare sold around 200 shares on-market at roughly ₹1,386 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹740k. Insiders have been net sellers, collectively disposing of ₹3.1m more than they bought in the last 12 months. Buying Opportunity • Mar 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be ₹1,790, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 54% per annum over the last 3 years. Buying Opportunity • Feb 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be ₹1,799, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 54% per annum over the last 3 years. Reported Earnings • Feb 04
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹45.85 (down from ₹62.41 in 3Q 2021). Revenue: ₹9.43b (up 58% from 3Q 2021). Net income: ₹447.5m (down 26% from 3Q 2021). Profit margin: 4.7% (down from 10% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 01
Insider recently sold ₹726k worth of stock On the 29th of December, Gayatree Karandikar sold around 481 shares on-market at roughly ₹1,509 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹755k. Insiders have been net sellers, collectively disposing of ₹2.8m more than they bought in the last 12 months. Recent Insider Transactions • Dec 14
Insider recently sold ₹755k worth of stock On the 9th of December, Shital Shirke sold around 500 shares on-market at roughly ₹1,509 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹1.4m more than they bought in the last 12 months. Recent Insider Transactions • Dec 07
Insider recently sold ₹624k worth of stock On the 2nd of December, Shital Shirke sold around 416 shares on-market at roughly ₹1,499 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹607k more than they bought in the last 12 months. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS ₹78.18 (vs ₹44.43 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹9.92b (up 97% from 2Q 2021). Net income: ₹760.0m (up 76% from 2Q 2021). Profit margin: 7.7% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Board Change • Sep 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Satish Jamdar was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 24% share price gain to ₹1,794, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 60% over the past three years. 
