Kirloskar Brothers Limited
NSE: KIRLOSBROSCompressors, Pumps & Diesel Engines
Share price
₹1,667.20
-2.66% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
58
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹13,338 Cr
P/E ratio
32.9
P/B ratio
5.4
ROCE
20.4%
ROE
17.3%
Dividend yield
0.4%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 5.0% over the past year, and 6.3% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 6.5% to 11.7% over the last four years.
Whether it grew faster than its sector
It grew 6.3% a year against a sector median of 10.6% — 4.3 percentage points slower.
Room to re-rate, or risk of de-rating
At 32.9× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 51.7×, across 5 companies. It is against its own five-year median of 30.6×, the 61st percentile of its own range.
Whether growth justifies the valuation
Priced at 1.7 times its growth rate, on earnings growth of 19%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Kirloskar Brothers Limited — this one | 19%/yr | 32.9× | ₹1.7 |
| Cummins India Limited | 26%/yr | 53.5× | ₹2.1 |
| Kirloskar Oil Engines Limited | 22%/yr | 55.0× | ₹2.5 |
| Elgi Equipments Limited | 11%/yr | 39.9× | ₹3.6 |
| Ksb Limited | 17%/yr | 51.7× | ₹3.0 |
| Ingersoll Rand (India) Limited | 13%/yr | 48.0× | ₹3.7 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Compressors, Pumps & Diesel Engines), it ranks 9 of 14 on returns, 11 of 13 on growth, 11 of 14 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 20.4% on capital, ahead of 36% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹1533 crore of cash from the business, spent ₹514 crore on plant and equipment, and returned ₹434 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 148 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back more slowly than it used to: it went from being waiting 20 days for its cash to waiting 46 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Sales up 13% with margin at 11.8%, though profit was flat
Announced 31 Jul 2026 · Consolidated
Revenue
₹1,105 Cr
Revenue vs last year
+12.9%
Revenue vs last quarter
-21.9%
Net profit
₹68 Cr
Profit vs last year
-0.6%
Profit vs last quarter
-39.6%
Net margin
6.1%
EPS
₹8.39
Earnings call transcript · 3 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹13,338 Cr
- Prev close
- ₹1,667.20
- 52w High
- ₹2,189
- 52w Low
- ₹1,335
- Enterprise value
- ₹12,734 Cr
- Beta
- 1.2
- Price CAGR 1y
- -13.0%
- Price CAGR 3y
- 25.0%
- Price CAGR 5y
- 33.0%
- Price CAGR 10y
- 25.0%
Ratios
- Return on assets
- 8.6%
- PEG ratio
- 1.7
- P/E ratio
- 32.9
- P/B ratio
- 5.4
- EV / EBITDA
- 23.2
- Industry P/E
- 40.4
- ROCE
- 20.4%
- ROCE 5y average
- 21.6%
- ROE
- 17.3%
- Debt / Equity
- 0.1
- Interest coverage
- 16.1
- Dividend yield
- 0.4%
- ROE 3y average
- 20.0%
- ROE last year
- 17.0%
Annual P&L
- Annual revenue
- ₹4,538 Cr
- Annual profit
- ₹377 Cr
- Operating margin
- 12.0%
- Net profit margin
- 8.3%
- EBITDA margin
- 12.0%
- Sales growth 3y
- 6.8%
- Sales growth 5y
- 10.8%
- Profit growth 3y
- 19.0%
- Profit growth 5y
- 20.0%
- EPS
- ₹47.1
- Sales growth TTM
- 5.0%
- Profit growth TTM
- -4.0%
- Dividend payout
- 15.0%
Quarter P&L
- Sales latest quarter
- ₹1,105 Cr
- Profit latest quarter
- ₹68 Cr
- YoY quarterly sales growth
- 12.9%
- YoY quarterly profit growth
- 0.0%
- OPM latest quarter
- 10.5%
Balance Sheet
- Book Value
- ₹308
- Face Value
- ₹2.0
- Total debt
- ₹250 Cr
- Total cash
- ₹405 Cr
- Borrowings
- ₹250 Cr
- Reserves / Equity
- 153.0
Cash Flow
- Operating cash flow
- ₹334 Cr
- Free cash flow
- ₹204 Cr
- FCF yield
- 1.3%
- Net cash flow
- ₹78 Cr
Shareholding
- Promoter holding
- 66.0%
- FII holding
- 6.4%
- DII holding
- 10.2%
- Public holding
- 17.4%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Cummins India | 4,872.20 | 55.4 | 1,35,057 | 1.35 | 609.3 | 2.5 | 3,426.0 | 17.9 | 39.5 |
| Kirloskar Oil | 2,230.80 | 57.0 | 32,473 | 0.31 | 111.1 | -17.1 | 1,999.5 | 13.5 | 14.6 |
| Elgi Equipments | 602.05 | 41.1 | 19,080 | 0.45 | 103.3 | 27.0 | 1,062.2 | 22.6 | 22.1 |
| KSB | 801.50 | 53.2 | 13,949 | 0.55 | 57.2 | -18.8 | 690.7 | 3.6 | 24.7 |
| Kirl. Brothers | 1,712.80 | 33.6 | 13,601 | 0.41 | 67.6 | -0.5 | 1,104.9 | 12.9 | 20.4 |
| Ingersoll-Rand | 4,115.30 | 47.3 | 12,991 | 1.82 | 70.5 | 19.5 | 379.5 | 20.3 | 57.1 |
| Kirl.Pneumatic | 696.15 | 33.1 | 9,045 | 0.86 | 34.1 | 21.4 | 300.3 | 10.4 | 30.3 |
| Median | 748.83 | 41.8 | 7,283 | 0.43 | 54.8 | 6.8 | 639.6 | 19.1 | 22.9 |
Competes with: Cummins India Limited, Elgi Equipments Limited, Greaves Cotton Limited, Ingersoll Rand (India) Limited, Kirloskar Oil Engines Limited, Kirloskar Pneumatic Company Limited, Ksb Limited, Latteys Industries Limited, Oswal Pumps Limited, Roto Pumps Limited, Shakti Pumps (India) Limited, Swaraj Engines Limited, Yuken India Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 900 | 913 | 965 | 1,224 | 1,031 | 1,036 | 1,144 | 1,281 | 979 | 1,028 | 1,116 | 1,415 | 1,105 |
| Expenses | 790 | 818 | 841 | 1,033 | 919 | 894 | 978 | 1,092 | 867 | 919 | 974 | 1,233 | 989 |
| Material Cost | 559 | 472 | 483 | 489 | 674 | 544 | |||||||
| Change in Inventories | 8.30 | -25 | -27 | -2.20 | 1.90 | -45 | |||||||
| Purchases of Stock-in-Trade | 54 | 20 | 35 | 78 | 42 | 39 | |||||||
| Employee Cost | 189 | 184 | 187 | 192 | 216 | 212 | |||||||
| Other Expenses | 280 | 217 | 240 | 218 | 299 | 239 | |||||||
| Operating Profit | 110 | 95 | 124 | 191 | 112 | 142 | 166 | 190 | 112 | 108 | 142 | 182 | 116 |
| OPM % | 12 | 10 | 13 | 16 | 11 | 14 | 15 | 15 | 11 | 11 | 13 | 13 | 10 |
| Other Income | 10 | 2 | 16 | 36 | 15 | 14 | 11 | 24 | 16 | 18 | 4 | 1 | 15 |
| Exceptional items (within Other Income) | -1.80 | -0.30 | 2.80 | -16 | -26 | 0 | |||||||
| Interest | 8 | 6 | 5 | 8 | 6 | 6 | 8 | 6 | 6 | 6 | 9 | 9 | 8 |
| Depreciation | 18 | 19 | 21 | 21 | 21 | 22 | 22 | 24 | 23 | 24 | 25 | 28 | 27 |
| Profit before tax | 95 | 72 | 114 | 199 | 100 | 129 | 146 | 184 | 98 | 96 | 112 | 146 | 95 |
| Tax % | 30 | 34 | 27 | 28 | 29 | 26 | 22 | 33 | 28 | 30 | -7 | 29 | 30 |
| Net Profit | 64 | 51 | 82 | 153 | 66 | 97 | 118 | 138 | 68 | 72 | 125 | 112 | 68 |
| EPS in Rs | 8.02 | 6.35 | 10 | 19 | 8.20 | 12 | 15 | 17 | 8.40 | 8.94 | 16 | 14 | 8.39 |
| Diluted EPS in Rs | 17 | 8.40 | 8.94 | 16 | 14 | 8.39 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,713 | 2,642 | 2,526 | 2,775 | 3,349 | 3,135 | 2,717 | 3,058 | 3,730 | 4,001 | 4,492 | 4,538 | 4,664 |
| Expenses | 2,520 | 2,567 | 2,431 | 2,625 | 3,221 | 2,928 | 2,475 | 2,852 | 3,330 | 3,481 | 3,883 | 3,993 | 4,116 |
| Material Cost | 2,048 | 2,118 | |||||||||||
| Change in Inventories | -12 | -52 | |||||||||||
| Purchases of Stock-in-Trade | 162 | 175 | |||||||||||
| Employee Cost | 708 | 779 | |||||||||||
| Other Expenses | 977 | 974 | |||||||||||
| Operating Profit | 193 | 75 | 95 | 151 | 128 | 207 | 241 | 206 | 400 | 520 | 609 | 545 | 548 |
| OPM % | 7 | 2.80 | 3.80 | 5 | 3.80 | 7 | 9 | 7 | 11 | 13 | 14 | 12 | 12 |
| Other Income | 15 | 27 | 31 | 21 | 23 | 37 | 53 | 32 | 22 | 65 | 64 | 38 | 38 |
| Exceptional items (within Other Income) | -7.80 | -39 | |||||||||||
| Interest | 50 | 51 | 45 | 40 | 47 | 52 | 44 | 33 | 35 | 26 | 25 | 30 | 32 |
| Depreciation | 95 | 66 | 65 | 59 | 64 | 71 | 68 | 70 | 69 | 78 | 89 | 100 | 105 |
| Profit before tax | 63 | -15 | 16 | 73 | 41 | 121 | 182 | 135 | 318 | 481 | 559 | 452 | 449 |
| Tax % | 28 | -25 | 111 | 37 | 113 | 44 | 15 | 40 | 29 | 29 | 28 | 20 | |
| Net Profit | 45 | -23 | 4 | 50 | 3 | 72 | 161 | 94 | 236 | 350 | 419 | 377 | 377 |
| EPS in Rs | 5.18 | -3.04 | 0.48 | 6.22 | 0.44 | 9.05 | 20 | 12 | 30 | 44 | 52 | 47 | 47 |
| Diluted EPS in Rs | 52 | 47 | |||||||||||
| Dividend Payout % | 10 | -16 | 207 | 40 | 570 | 28 | 15 | 25 | 15 | 14 | 13 | 15 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 6%
- 5 years
- 11%
- 3 years
- 7%
- TTM
- 5%
Compounded profit growth
- 10 years
- 34%
- 5 years
- 20%
- 3 years
- 19%
- TTM
- -4%
Stock price CAGR
- 10 years
- 25%
- 5 years
- 33%
- 3 years
- 25%
- 1 year
- -13%
Return on equity
- 10 years
- 14%
- 5 years
- 18%
- 3 years
- 20%
- Last year
- 17%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 996 | 907 | 882 | 927 | 893 | 927 | 1,089 | 1,162 | 1,388 | 1,703 | 2,077 | 2,448 |
| Borrowings | 355 | 362 | 359 | 346 | 380 | 578 | 331 | 396 | 286 | 192 | 182 | 250 |
| Other Liabilities | 1,258 | 1,166 | 1,194 | 1,266 | 1,377 | 1,327 | 1,279 | 1,289 | 1,326 | 1,413 | 1,391 | 1,693 |
| Minority Interest | 8.50 | 12 | ||||||||||
| Total Liabilities | 2,625 | 2,450 | 2,451 | 2,555 | 2,666 | 2,848 | 2,715 | 2,862 | 3,016 | 3,325 | 3,666 | 4,407 |
| Fixed Assets | 571 | 501 | 480 | 461 | 457 | 501 | 481 | 532 | 532 | 634 | 655 | 702 |
| CWIP | 12 | 6 | 4 | 13 | 25 | 51 | 73 | 27 | 82 | 32 | 34 | 58 |
| Investments | 0 | 43 | 46 | 49 | 57 | 104 | 195 | 333 | 317 | 410 | 619 | 758 |
| Other Assets | 2,042 | 1,901 | 1,921 | 2,031 | 2,127 | 2,191 | 1,966 | 1,970 | 2,085 | 2,249 | 2,358 | 2,888 |
| Total Assets | 2,625 | 2,450 | 2,451 | 2,555 | 2,666 | 2,848 | 2,715 | 2,862 | 3,016 | 3,325 | 3,666 | 4,407 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 127 | 97 | 100 | 110 | 62 | 305 | 317 | 114 | 329 | 370 | 386 | 334 |
| Cash from Investing Activity | -134 | -47 | -35 | -44 | -57 | -172 | -145 | -183 | -73 | -166 | -236 | -213 |
| Cash from Financing Activity | -2 | -50 | -58 | -52 | -23 | 125 | -315 | 30 | -169 | -159 | -92 | -44 |
| Net Cash Flow | -9 | -0 | 8 | 14 | -19 | 259 | -143 | -39 | 87 | 45 | 57 | 78 |
| Free Cash Flow | -2 | 34 | 56 | 58 | -3 | 168 | 245 | 50 | 209 | 259 | 297 | 204 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 106 | 78 | 77 | 71 | 66 | 57 | 62 | 62 | 48 | 48 | 40 | 53 |
| Inventory Days | 86 | 99 | 122 | 130 | 123 | 137 | 152 | 140 | 133 | 157 | 142 | 142 |
| Days Payable | 158 | 147 | 155 | 144 | 135 | 119 | 138 | 128 | 112 | 122 | 100 | 128 |
| Cash Conversion Cycle | 33 | 30 | 43 | 58 | 55 | 75 | 76 | 73 | 69 | 83 | 82 | 68 |
| Working Capital Days | 36 | 25 | 21 | 36 | 26 | -5 | 14 | 20 | 28 | 36 | 37 | 46 |
| ROCE % | 9 | 3 | 5 | 9 | 7 | 12 | 15 | 11 | 22 | 27 | 28 | 20 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-604inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
1,09,53,137inr
2026-03-31
News
News and filings about Kirloskar Brothers Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Cummins India Limited
- Elgi Equipments Limited
- Greaves Cotton Limited
- Ingersoll Rand (India) Limited
- Kirloskar Oil Engines Limited
- Kirloskar Pneumatic Company Limited
- Ksb Limited
- Latteys Industries Limited
- Oswal Pumps Limited
- Roto Pumps Limited
- Shakti Pumps (India) Limited
- Swaraj Engines Limited
- Yuken India Limited
Uses as raw material
- engineering plastics (Noryl / glass-filled nylon) for pump internals
- iron/steel castings & forgings (foundry inputs)
- mechanical seals, bearings & bought-out components
Depends on the price of
- aluminium
- copper
- steel
Sells to
- Adani Power · Circulating/auxiliary cooling water pumps (concrete volute) for thermal power projects
- Cummins India Limited · Pumps for building & construction / genset cooling applications
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Compressors, Pumps & Diesel Engines
- Classification
- Capital Goods › Compressors, Pumps & Diesel Engines
- ISIN
- INE732A01036
Plants
- Dewas Plant · Dewas, Madhya Pradesh
- Kaniyur / Coimbatore Plant · Coimbatore, Tamil Nadu
- Kirloskarvadi Plant · Kirloskarvadi / near Sangli, Maharashtra
- Sanand Plant · Sanand, Ahmedabad, Gujarat
- Shirwal Plant · Shirwal/Satara, Maharashtra
News impact
Big market events that reach Kirloskar Brothers Limited, and how the effect spreads.
30 Sept, 11:26 IST · Market event · high impact
KSB share price jumps 10% after ₹118 crore international order - Check details, share performance
KSB won a Rs118 crore Dangote pump order for fertilizer and energy plants, helping KSB and lifting other pump makers like Shakti and Kirloskar Brothers, with no clear loser.
Who it hits first
- KSB Limited, which makes pumps and valves, won a Rs118 crore export order from Dangote Projects Free Zone for boiler feed pump packages.
- The pumps will be used in fertilizer and energy plants, with delivery planned from September 2027 to March 2028.
- KSB shares jumped nearly 10% on September 30 as investors cheered the win and stronger export outlook.
Who may gain
- KSB Limited (pump and valve maker) — gets the Rs118 crore order directly and stronger export credentials in fertilizer and energy.
- Shakti Pumps, Kirloskar Brothers and Oswal Pumps (pump makers) — benefit because the win shows healthy overseas demand for Indian pumps.
- Elgi Equipments, Ingersoll Rand India and Kirloskar Pneumatic (compressor and equipment makers) — see only a mild lift in mood as other factory-equipment makers.
Along the supply chain
Downstream
Dangote Projects Free Zone is the end user and will install the boiler feed pumps in its fertilizer and energy plants; KSB's domestic customers NTPC Limited (power generator) and Indian Oil Corporation (oil refiner and fuel seller) get no direct benefit from this export order.
Upstream
KSB's two listed suppliers, DISAQ and INVPRECQ, provide parts and materials for its pumps, so building Rs118 crore of boiler feed pumps for September 2027 to March 2028 could modestly lift their component orders.
Where demand moves
Business
Dangote Projects Free Zone, which runs fertilizer and energy plants, needs boiler feed pumps and has asked KSB Limited to build Rs118 crore worth, lifting KSB's order book and export sales from September 2027 to March 2028.
Capital
Investors rushed to buy KSB shares on September 30, pushing the price up nearly 10%, and some buying may spill over to other pump makers like Shakti Pumps and Kirloskar Brothers; power and fuel buyers gain no new money flow from this export win.
How it spreads across sectors
Capital Goods
Positive — a Rs118 crore export pump win shows healthy overseas demand for Indian pumps and factory equipment, lifting mood for pump makers.
Chemicals
Neutral to mildly positive — fertilizer-linked equipment demand is encouraging, but chemical makers get no direct orders from this win.
Power
Neutral — power generators buy pumps but gain nothing directly from KSB's Dangote export order.
A pattern seen before
Cascade chain
Pattern name
Crude Oil Cascade
Patterns
- Crude Oil Cascade
Sectors queried
- Cement
- Chemicals
- FMCG
- Power
When it plays out
Immediate
In the next 1 to 7 days KSB holds most of its nearly 10% jump with some profit-taking, while pump makers see mild sympathy buying.
Medium term
Over 1 to 6 months focus shifts to execution — parts buying from suppliers and progress toward September 2027 delivery — and any follow-on Dangote or fertilizer orders would extend gains.
Short term
Over 1 to 4 weeks analysts size the Rs118 crore order against KSB's order book, and peers trade on export hopes without new wins of their own.
23 Sept, 10:47 IST · Market event · high impact
Oswal Pumps share price rises 8% after ₹273 crore order win | Rally ahead or resistance wall?
Oswal Pumps won a Rs273-crore order to install rooftop solar panels on nearly 10,000 Telangana government schools, boosting its earnings and shares, with rival bidders missing out.
Who it hits first
- Oswal Pumps, a pump maker expanding into solar work, won a Rs 273.19 crore order from TGREDCO to put rooftop solar plants on 9,937 government schools in Telangana.
- Its shares rose 8% as investors priced in the new revenue from nearly 10,000 school installations.
- Rival pump and equipment makers won nothing here, so the gain sits with Oswal alone.
Who may gain
- Oswal Pumps: Rs 273.19 crore of fresh project revenue across 9,937 school sites.
- TGREDCO and Telangana's schools: solar rooftops cutting power bills and aiding green targets.
- Short-term Oswal shareholders: an 8% price pop on the announcement.
Along the supply chain
Downstream
Downstream, TGREDCO (the Telangana green-energy agency) receives 9,937 solar rooftops for its schools; Tata Power, Oswal's graphed customer, is not party to this order and sees no flow.
Upstream
Upstream gets a mild pull: panel, inverter, cable and mounting-structure suppliers to Oswal should see extra dispatches as 9,937 sites roll out, though the pack names no specific supplier.
Where demand moves
Business
Real business demand lands on Oswal Pumps: 9,937 school rooftops need panels, mounting, wiring and installation, which becomes booked revenue as sites are executed; rival bidders get none of this work.
Capital
Capital follows the order: buyers chased Oswal Pumps shares up 8%, while peer pump and power-equipment stocks see no new money from this single-company win.
How it spreads across sectors
Capital Goods
Small positive for equipment makers on green-order momentum, but revenue lands only with Oswal, so peers barely move.
Power
Mildly supportive: 9,937 solar school rooftops add distributed green capacity, too small to shift big generators.
A pattern seen before
Cascade chain
- TGREDCO awards 9,937 school solar rooftops → Oswal Pumps books Rs 273.19 cr order revenue
- Rooftop rollout → panel, inverter, cable and mounting dispatches rise
- Schools generate daytime solar → grid draw and power bills fall in Telangana
- Distributed green capacity grows → Power sector renewable mix edges up
Pattern name
Energy Transition Cascade
Patterns
- Energy Transition Cascade
Sectors queried
- Auto
- Oil & Gas
When it plays out
Immediate
Oswal shares stay firm near the 8% pop as the TGREDCO order details and execution schedule sink in.
Medium term
Installation progress and TGREDCO payments decide the real margin; steady execution extends gains, delays trim them.
Short term
Work orders and site mobilisation across the 9,937 schools confirm the revenue pipeline; peers drift on their own news.
2 May, 04:19 IST · Market event · high impact
Centre declares West Asia conflict force majeure; 4-month relief on govt contracts
Who it hits first
- L&T: Largest govt contract book — relief on Gulf-exposed projects (Saudi/UAE/Qatar engineering)
- KEC: Power transmission with Middle East exposure benefits from delivery flexibility
- RVNL/IRCON/PNCINFRA: Indian rail/road EPC may have material/equipment imports from Gulf-touched supply chain
- BHEL: Government heavy machinery LD waiver positive
Who may gain
- L&T: lowest LD risk — primary beneficiary
- KEC International: cross-border project flex
- RVNL: liability cushion
- BHEL: large project portfolio with govt
Along the supply chain
Downstream
Project owners (govt/PSU) absorb delay; pass-through reduced friction
Upstream
Indian EPC import flexibility on Middle East-routed materials (steel from UAE, equipment ex-Saudi)
Where demand moves
Business
Reduces near-term provisioning need for liquidated damages; freeing up balance sheet
Capital
Gulf-exposed EPC names re-rate; risk premium narrows by 50-100 bps
How it spreads across sectors
Capital Goods
Heavy equipment exporters' LD risk lifts
Construction
Sector-wide relief; mid-cap EPC particularly relieved
Defence
Public defence orders also covered — MAZDOCK, BEL incidental positive
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 24 Jul 2026 | unspecified | ₹7 |
|---|---|---|
| 25 Jul 2025 | unspecified | ₹7 |
| 26 Jul 2024 | unspecified | ₹6 |
| 25 Jul 2023 | unspecified | ₹4.5 |
| 2 Aug 2022 | unspecified | ₹3 |
| 26 Aug 2021 | unspecified | ₹3 |
| 17 Sep 2020 | unspecified | ₹0.5 |
| 27 Feb 2020 | interim | ₹2 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY273 Aug 2026
- Annual report · 2025-267 Jul 2026
- Results presentation30 Jun 2026
- Earnings call · Q4FY2615 May 2026
- Earnings call · Q3FY266 Feb 2026
- Earnings call · Q2FY264 Nov 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.