Kirloskar Pneumatic Company Ltd(KIRLPNU)

NSE: KIRLPNUBSE: 505283

₹ 583.1-3.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,578 crNext results: 27 Oct 2026Website: www.kirloskarpneumatic.comUpdated: 24 Oct 2026

About

Kirloskar Pneumatic Company Ltd (KPCL) designs, manufactures and services compression systems - air compressors, process gas compressors, refrigeration packages and gas distribution equipment - for industrial, energy and infrastructure customers across India and select export markets. In FY26 the company recorded its highest-ever total income of INR 1,786 crores, with the Compression Systems segment contributing 93.5% of revenue. KPCL manages over 1,000 CNG stations under O&M contracts and is expanding into commercial air conditioning through its Zephyros programme and into precision engineering components as a new business unit.^[1][2][3]

Business segments

Compression Systems: contributed INR 1,671.3 cr (93.5% of FY26 revenue), with EBIT of INR 407.1 cr and EBIT margin of 24.4%.^[3]
Other non-reportable segments: INR 115.5 cr (6.5% of FY26 revenue). A new Precision Engineering division was established in FY26, leveraging forgings, castings and precision machining at Nashik and Hadapsar.^[3][1]

Products and portfolio

Tezcatlipoca centrifugal air compressors (oil-free, >500 CFM): ~130 machines in the field with 85 commissioned as of Q4 FY26; addressable market cited as >INR 500 cr.^[1]
A-800 centrifugal compressor (600 - 980 CFM, Class 0 oil-free) - described as the world's smallest centrifugal in its class - launched commercially in Q1 FY27.^[4]
Tyche semi-hermetic compressor entered commercial sales as of Q3 FY26; targets displacement of ~2,000 units imported annually from Europe over approximately 3 years.^[5]
Khione refrigeration screw-compressor packages serve pharma, dairy, fisheries and food processing; management targeted at least 50 packages delivered in FY26.^[6]
Zephyros: ammonia-based, zero-GWP commercial air-conditioning package; first order received July 2026; PLI from DPIIT approved; targets the INR 5,000 cr commercial chilled-water AC market.^[6][4]
Tonalli containerised biogas plant (converts food waste) launched commercially in Q1 FY27 alongside the A-800; record biogas order booking achieved in Q1 FY27.^[4]

Operations and manufacturing

Manufacturing sites at Nashik and Saswad (Hadapsar); backward integration of select components at both plants is the primary driver of material-cost reduction.^[1]
Tezcatlipoca centrifugal compressor capacity was doubled from Q1 FY27 following commissioning of new CNC machines sourced from Japan and Germany.^[5][1]
Precision Engineering division uses in-house forging, casting and machining capacity at Nashik and Hadapsar; targeted to become 10 - 15% of overall sales within 5 - 7 years.^[1][4]

Key operating numbers

Order book: INR 1,853 cr as on 1-Jul-26 (opening FY27 book was INR 1,863 cr on 1-Apr-26, up 15% from INR 1,624 cr on 1-Apr-25).^[4][1]
Q1 FY27 order inflows: ~INR 300 cr; air compressor division recorded its highest-ever quarterly order booking in Q1 FY27.^[4]
Material cost to sales: 43.9% in Q1 FY27 vs 47.2% in Q1 FY26, a 330 bps improvement attributed to product mix and in-house manufacturing.^[4]
Compression segment operating margin: 22.1% in Q1 FY27 vs 18.3% in Q1 FY26.^[4]
Tezcatlipoca mid-teens market share in its addressable segment (>INR 500 cr); management targets >INR 100 cr of Tezcatlipoca order booking in FY27.^[4]

Customers and distribution

End-markets served include power plants, metals, carbon dioxide, pharma, tyre manufacturing, textiles, dairy, fisheries and food processing.^[1][6]
CNG compressor O&M: manages over 1,000 CNG stations across India; service income expected to grow 25 - 30% per year as the national installed base exceeds 1,000 stations.^[1][4]
Export markets include the MENA region (CNG packages); FY26 export revenue was guided at ~INR 140 cr, up from INR 124 cr in FY25.^[5]
Systems & Components India Pvt Ltd - a 30-year-old refrigeration specialist with 700+ installations in pharma, chemical and food industries - became a wholly owned subsidiary of KPCL w.e.f. 4 May 2026.^[4]

Expansion and capex

FY27 regular capex guided at INR 100 cr; a further INR 320 cr PLI/Zephyros commitment to be deployed across FY27 and FY28.^[4]
Zephyros PLI programme approved by DPIIT; initial production to use existing facility for first few hundred packages before dedicated capex is deployed.^[6][5]
CGD infrastructure: India's CNG station count expected to grow from ~7,000 today to ~15,000 by 2031, which management cites as a structural demand driver for CNG compressors.^[4]

Recent developments

Q1 FY27 (Apr - Jun 2026): record first-quarter revenue of INR 300 cr, up 10% YoY, the company's highest-ever Q1 revenue.^[4]
May 2026: acquired remaining stake in Systems & Components India Pvt Ltd, making it a wholly owned subsidiary.^[4]
Q1 FY27: launched two new products - A-800 centrifugal compressor and Tonalli containerised biogas plant.^[4]
July 2026: first Zephyros commercial AC order received; order booking commenced with revenue contribution guided from Q2 FY27 onwards.^[4]
FY27 revenue guidance of ~INR 2,100 cr maintained despite Q1 headwinds from Middle East geopolitical disruptions that deferred some package dispatches.^[4]

Market Cap

₹7,578 Cr

High / Low

₹1,099 / 478

Stock P/E

28.8

Price / Book

6.1

Book Value

₹192

EPS

₹19.7

No. of Shares

6.5 Cr

ROCE

29.6%

ROE

21.8%

OPM

19.5%

Debt / Equity

0.00

Sales

₹1,787 Cr

Net Profit

₹254 Cr

Promoter holding

38.8%

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Kirloskar Pneumatic Company Ltd(KIRLPNU)

About

Business segments

Products and portfolio

Operations and manufacturing

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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