Kilburn Engineering Ltd(KLBRENG-B)

NSE: KLBRENG-BBSE: 522101

₹ 451.3-2.83%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,527 crWebsite: www.kilburnengg.comUpdated: 24 Oct 2026

About

Kilburn Engineering Ltd designs and manufactures specialised process equipment - dryers, heat exchangers, pressure vessels, waste heat recovery boilers and RF drying systems - serving industries such as chemicals, carbon black, fertilisers, nuclear power and steel. The group comprises the standalone business plus two wholly-owned subsidiaries (M.E. Kilburn holds a leadership position in the carbon black segment and its group has 1,500+ thermal installations and 4,000+ RF machines deployed globally.^[1][2][3]

Business segments

Standalone Kilburn Engineering designs and manufactures dryers, heat exchangers, pressure vessels, reactors, columns, silos and solvent recovery systems; FY26 subsidiary revenue contributions were ME Energy ₹100 - 110 crores and Monga Strayfield ₹90 - 95 crores against a standalone target of ₹450 - 500 crores.^[4][2]
FY26 is the first full financial year in which consolidated results include a complete twelve-month contribution from both M.E. Energy and Monga Strayfield.^[2]

Products and technologies

Kilburn's portfolio covers drying systems for solids, liquids and gases; waste heat recovery boilers; heat recovery steam generators; industrial heating; solvent recovery; pressure vessels; reactors; columns; silos; oilfield systems; and RF drying technologies.^[2]
M.E. Energy specialises in custom-built waste heat recovery boilers, HRSGs and industrial heating/cooling systems, with 1,500+ installations globally across 12+ industries and 20+ countries; holds ASME U, S & R stamps and CE, PED and IBR certifications.^[2]
Monga Strayfield brings 50+ years of RF drying and heating expertise with 4,000+ machines installed worldwide across food processing, textiles, wood drying, fiberglass, paper and advanced materials.^[2]
Kilburn executed one of India's largest HF kiln installations in FY26, demonstrating capability in technologically advanced specialised industrial applications.^[2]

Manufacturing operations

The group operates six manufacturing facilities spanning over 36,000 sq. metres: Saravali (Thane) and Ambernath (both Maharashtra) for dryers, heat exchangers and heavy fabrication; Pune (M.E. Energy) for thermal systems; and three Pune units (Monga Strayfield) for RF systems, precision manufacturing and R&D.^[2]
Kilburn and ME Energy plants ran at 90 - 95% utilisation in Q2 FY26; each of Monga Strayfield's two factory verticals was at approximately 90% utilisation in Q2 FY26.^[5]
R&D is anchored by a centre at Saravali with seven pilot plant dryers for process testing and validation, complemented by a Customer Experience Centre at Monga Strayfield's Pune facility showcasing RF technology.^[2]
The group holds ISO 9001:2015 and ASME U stamp (Kilburn and ME Energy); Monga Strayfield holds ISO 9001:2015, UL 508A, NEMA 250:2020, cUL, 3R, CE and UKCA certifications.^[2]

Key operating numbers

Closing order book was ₹4,674.3 Mn at end of Q4 FY26, following ₹6,021.9 Mn of FY26 inflows and ₹6,187.1 Mn of orders executed.^[3]
Q1 FY27 order inflows were ₹134 crores; YTD inflows (including post-June intake) reached ₹190 crores, with the closing order book at approximately ₹485 crores.^[6]
Group inquiry pipeline held at ₹4,000 crores across sectors and geographies as of Q1 FY27.^[6]
FY26 EBITDA margin was 25.1% (+60 bps vs FY25's 24.5%), significantly above the guided 22 - 23% range; Q1 FY27 EBITDA margin was 20.1% on ₹117 crores revenue.^[3][6]
FY26 ROCE reached approximately 22% and interest coverage was 10x.^[3]
Export share of consolidated revenue was approximately 30% in FY26; historically the standalone share was around 15%, with a medium-term target of 30 - 40%.^[4][5]

Customers and distribution

Kilburn maintains a leadership position in the carbon black segment and has strong customer traction in chemicals, specialty chemicals, petrochemicals and oil & gas.^[2]
Q4 FY26 consolidated order mix spanned Iron & Steel (14.3%), Petrochemicals (12.9%), FMCG & Food (12.5%), Nuclear Power (10.9%) and Fertiliser (9.4%).^[3]
Monga Strayfield secured four export orders in Q2 FY26 in the meat processing industry from the US, Middle East and Southeast Asia, alongside disinfestation orders from South America.^[5]
Technology partnerships with Nara Machinery (Japan), Komline Sanderson (USA - enabling turbo dryer marketing and manufacture) and Idreco (Switzerland) support global standards and product access.^[2][5]

Expansion and capex

Brownfield expansion at Saravali plant and ME Energy Phase 2 at Pune both commenced in Q3 FY26; combined capex of ₹40 - 45 crores planned over FY26 - FY27; Saravali expansion expected to complete by end October 2026.^[4][6]
Saravali expansion is designed to add approximately ₹100 crores of incremental revenue capacity; ME Energy Phase 2 is expected to add ₹75 - 100 crores of additional revenue capacity.^[5]
ME Energy Phase 2 will increase space under crane for production by approximately 50%, positioning it as the group's fastest-growing entity in FY27.^[4]
Monga Strayfield is substantially expanding sheet metal fabrication capacity to serve the data centre infrastructure storage equipment market, domestically and globally; details to be disclosed in coming quarters.^[6]
Group capacity investments are designed to support a medium-term aspiration of ₹1,000 crores annually; no further equity fundraising is planned after the ₹98 crores raise completed in Q1 FY27.^[6]

Recent developments

Kilburn East End Private Limited was incorporated on 28 January 2026 as a wholly-owned subsidiary; a 60:40 JV with East End Technologies was agreed to pursue specialised fabrication and erection services for EPC clients in refineries, petrochemicals, steel and chemicals, targeting ₹50 crores of orders in FY27.^[2][4]
ME Energy entered the ferrous alloy waste heat recovery sector via a Bhutan project in H1 FY26, securing two EPC contracts for 12 MW WHR power plants; cumulative order booking exceeded ₹150 crores by October 2025, a record for ME Energy.^[5][6]
Credit rating was upgraded from ACUITE BBB+/A2 to ACUITE A−/A2+ on 19 November 2025 by Acuité Ratings & Research Limited.^[2]
An equity fundraise of approximately ₹98 crores (warrant conversions) was completed in Q1 FY27, rendering the consolidated balance sheet net debt-free.^[6]
Fertiliser and nuclear sectors are showing maximum pipeline traction in Q1 FY27; the group is tying up with EPC companies in the nuclear space to generate orders in coming months.^[6]

Market Cap

₹2,527 Cr

High / Low

₹598 / 334

Stock P/E

27.4

Price / Book

3.9

Book Value

₹117

EPS

₹17.2

No. of Shares

5.6 Cr

ROCE

23.2%

ROE

17.1%

OPM

23.5%

Debt / Equity

0.12

Sales

₹629 Cr

Net Profit

₹96 Cr

Promoter holding

44.5%

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