Any current/future new fundraising through debt or equity?

The company has outstanding equity warrants amounting to around ₹138 crores, expected to be received by May 2026. So far, ₹49 crores have already been received from the equity warrants. Gross borrowing currently stands around ₹100 crores, including borrowings from subsidiaries. No specific mention of new debt fundraising was made in the transcript. The CFO mentioned plans to improve cash flows with better and enhanced banking facilities in the next year, implying possible utilization of existing or enhanced credit lines. Capital expenditure planned for the next 12 months is around ₹40 crores a

Any current/future capex/capital investment/strategic investment?

Current year CAPEX planned around ₹20 crores for Kilburn standalone. Total CAPEX across Kilburn and M.E Energy subsidiaries expected to be around ₹40-45 crores over the next 12 months. Some CAPEX also planned for Monga Sprayfield, pending further inputs. The expansion is strategically planned to help the company cross the ₹1,000 crore revenue mark. Expansion at M.E Energy involves increasing plant capacity by nearly 50%, nearly doubling production capability. CAPEX execution was slightly delayed due to approval processes; some planned spending may spill into the next financial year. Overall, i

Future growth expectations in sales/revenue/volumes?

The company targets to achieve ₹625-₹650 crores revenue in FY26, reflecting a 50% growth over the previous year. For FY27 and FY28, a CAGR of 25% growth is projected, aiming for ₹800 crores in FY27 and ₹1,000 crores in FY28. The expansion plans are well underway and intended to support crossing the ₹1,000 crore revenue mark. Growth will be driven significantly by ME Energy, with substantial order pipelines and negotiation stages indicating strong prospects. Inquiry pipelines have been consistent at ₹3,800-₹4,000 crores, providing a robust foundation for future sales growth. Diverse sector trac

Future growth expectations in earnings/operating earnings/profits/EPS?

Kilburn Engineering targets a revenue growth from ₹625-650 crores in FY26 to ₹800 crores in FY27 and aims to reach ₹1,000 crores subsequently, implying a 20-25% CAGR over FY27 and FY28. EBITDA margins are expected to stay at 22-23% range through FY26, with medium-term guidance of 20+%, reflecting stable profitability amidst project mix fluctuations. Management remains confident of maintaining a 50% growth guidance with potential to exceed ₹650 crores in FY26. Order book outlook is positive with ₹500+ crores worth of orders carried into FY27, supporting revenue growth targets. Profitability is

Current/ Expected Orderbook/ Pending Orders?

As of 31st December, the consolidated enquiry pipeline is between ₹3,800-₹4,000 crores, fluctuating with new enquiries, conversions, and order wins/losses. The open order book as of 31st December stands around ₹495 crores. Expected open order book on 1st April is estimated at ₹500+ crores, plus new orders in Q1. Order pipeline has been consistent over the last 2-3 quarters, with no major quarter-on-quarter fluctuations. Discussions for follow-through orders from OCPL are ongoing but take time to convert into firm orders. The company targets achieving ₹800 crores revenue in the upcoming financi

Kilburn Engineering LtdQ4 FY26

Kilburn Engineering Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹359P/E: 23.2Market Cap: ₹2.2K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets to achieve ₹625-₹650 crores revenue in FY26, reflecting a 50% growth over the previous year.
→For FY27 and FY28, a CAGR of 25% growth is projected, aiming for ₹800 crores in FY27 and ₹1,000 crores in FY28.
→The expansion plans are well underway and intended to support crossing the ₹1,000 crore revenue mark.
→Growth will be driven significantly by ME Energy, with substantial order pipelines and negotiation stages indicating strong prospects.
→Inquiry pipelines have been consistent at ₹3,800-₹4,000 crores, providing a robust foundation for future sales growth.
→Diverse sector traction includes petrochemicals, chemicals, soda ash, fertilizers, nuclear, food processing, metals, and recycling.
→The company anticipates order inflows to keep the order book above ₹500 crores, supporting the ₹800 crore target in FY27.
→Capacity expansions at Ambernath, Saravali, and related plants aim to meet increasing demand and unlock higher volumes.

Margin guidance

Category 3

→Kilburn Engineering targets a revenue growth from ₹625-650 crores in FY26 to ₹800 crores in FY27 and aims to reach ₹1,000 crores subsequently, implying a 20-25% CAGR over FY27 and FY28.
→EBITDA margins are expected to stay at 22-23% range through FY26, with medium-term guidance of 20+%, reflecting stable profitability amidst project mix fluctuations.
→Management remains confident of maintaining a 50% growth guidance with potential to exceed ₹650 crores in FY26.
→Order book outlook is positive with ₹500+ crores worth of orders carried into FY27, supporting revenue growth targets.
→Profitability is expected to benefit from scaling operations, efficiencies, and negotiated raw material prices, with some margin fluctuations linked to project execution.
→Earnings growth and EPS improvements are anticipated due to consistent order inflow, capacity expansions, and stable operating margins.

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Fundraise plans

Yes

→The company has outstanding equity warrants amounting to around ₹138 crores, expected to be received by May 2026.
→So far, ₹49 crores have already been received from the equity warrants.
→Gross borrowing currently stands around ₹100 crores, including borrowings from subsidiaries.
→No specific mention of new debt fundraising was made in the transcript.
→The CFO mentioned plans to improve cash flows with better and enhanced banking facilities in the next year, implying possible utilization of existing or enhanced credit lines.
→Capital expenditure planned for the next 12 months is around ₹40 crores across Kilburn and its subsidiaries, backed by available funds and incoming equity capital.
→No explicit announcement of fresh fundraising through new loans or equity beyond the pending equity warrant proceeds was stated.

Order book

→As of 31st December, the consolidated enquiry pipeline is between ₹3,800-₹4,000 crores, fluctuating with new enquiries, conversions, and order wins/losses.
→The open order book as of 31st December stands around ₹495 crores.
→Expected open order book on 1st April is estimated at ₹500+ crores, plus new orders in Q1.
→Order pipeline has been consistent over the last 2-3 quarters, with no major quarter-on-quarter fluctuations.
→Discussions for follow-through orders from OCPL are ongoing but take time to convert into firm orders.
→The company targets achieving ₹800 crores revenue in the upcoming financial year, supported by the robust order book.
→Sector-wise enquiry includes petrochemicals, chemicals, soda ash, fertilizers, metals, nuclear, recycling, and offshore platforms.

Capex plans

Yes

→Current year CAPEX planned around ₹20 crores for Kilburn standalone.
→Total CAPEX across Kilburn and M.E Energy subsidiaries expected to be around ₹40-45 crores over the next 12 months.
→Some CAPEX also planned for Monga Sprayfield, pending further inputs.
→The expansion is strategically planned to help the company cross the ₹1,000 crore revenue mark.
→Expansion at M.E Energy involves increasing plant capacity by nearly 50%, nearly doubling production capability.
→CAPEX execution was slightly delayed due to approval processes; some planned spending may spill into the next financial year.
→Overall, investments focus on scaling up manufacturing capacities and supporting growth in multiple verticals.

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