Kirloskar Oil Eng

₹561.8 24.1 | 4.5%

WEBSITE BSE:533293 NSE : KIRLOIL ENG 28 Nov, 16:01

Market Cap ₹8140 Cr.

Stock P/E 22.0

P/B 3.3

Current Price ₹561.8

Book Value ₹ 170.7

Face Value 2

52W High ₹576.8

Dividend Yield 0.89%

52W Low ₹ 284.1

Edit Ratio

Kirloskar Oil Eng Research see more...

Equity Research: Kirloskar Oil Engines Ltd

Equity Research: Kirloskar Oil Engines

Overview Inc. Year: 2009Industry: Engineering - Industrial Equipments

Kirloskar Oil Engines Ltd is engaged in production of diesel engines, agricultural pumpsets and producing sets. The Company is concerned in the manufacture of internal combustion engines, producing sets and components, which can be used for various programs, including agriculture, business, stationery power plants and construction equipment, among others. The Company's agencies comprises power generation domestic, industrial engines, agriculture, large engines and global enterprise power generation. It specializes within the manufacture of both air-cooled and liquid-cooled diesel engines and generating units throughout various power output from 5 kilo-volt-ampere (kVA) to 3000 KVA. The Company also offers engines running on opportunity fuels, consisting of bio-diesel, natural gas, biogas and straight vegetable oil (SVO). It manufactures and markets diesel engines from 2,400 hp to 11,000 hp. The Company's brands consist of KOEL Green and KOEL Chhota Chilli (KCC).

Kirloskar Oil Eng Share Price

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Peer Comparison

Kirloskar Oil Eng Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	821	1001	1018	1182	1191	1228	1220	1384	1543	1305
Other Income	6	7	5	8	6	5	7	10	8	8
Total Income	827	1009	1023	1190	1197	1234	1227	1394	1552	1313
Total Expenditure	737	904	930	1039	1018	1047	1028	1196	1279	1103
Operating Profit	90	105	93	151	179	186	199	198	273	210
Interest	20	22	28	35	42	47	57	64	76	74
Depreciation	26	25	25	25	27	26	26	26	27	30
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	44	57	40	91	110	113	116	108	169	106
Provision for Tax	12	16	11	23	28	31	28	30	44	27
Profit After Tax	32	42	29	68	82	82	88	79	125	78
Adjustments	-0	1	2	2	-0	1	0	0	1	-0
Profit After Adjustments	32	42	31	69	82	84	88	79	126	78
Adjusted Earnings Per Share	2.2	2.9	2.1	4.8	5.6	5.8	6.1	5.5	8.7	5.4

Kirloskar Oil Eng Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2464	2674	3055	3626	3379	3296	4020	5020	5452
Other Income	84	85	72	65	43	25	29	28	33
Total Income	2548	2758	3127	3692	3422	3321	4049	5048	5486
Total Expenditure	2197	2392	2790	3253	3092	2909	3610	4286	4606
Operating Profit	351	366	337	439	330	412	439	762	880
Interest	9	3	12	13	14	50	106	210	271
Depreciation	111	111	123	94	87	84	101	105	109
Exceptional Income / Expenses	-25	0	0	0	16	-8	0	0	0
Profit Before Tax	205	253	203	331	245	270	232	449	499
Provision for Tax	40	79	66	112	57	72	61	117	129
Profit After Tax	165	174	136	220	188	197	171	332	370
Adjustments	0	0	4	-0	-3	-2	4	1	1
Profit After Adjustments	165	174	140	219	185	195	175	332	371
Adjusted Earnings Per Share	11.4	12	9.7	15.2	12.8	13.5	12.1	23	25.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	25%	14%	10%	0%
Operating Profit CAGR	74%	32%	18%	0%
PAT CAGR	94%	21%	20%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	72%	65%	22%	14%
ROE Average	15%	12%	12%	11%
ROCE Average	14%	12%	14%	14%

Kirloskar Oil Eng Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1444	1617	1575	1699	1745	1922	2082	2304
Minority's Interest	0	0	0	0	0	0	0	0
Borrowings	0	0	5	17	64	417	1066	1802
Other Non-Current Liabilities	55	66	146	158	201	205	91	78
Total Current Liabilities	471	487	773	722	748	1252	1783	2526
Total Liabilities	1970	2170	2500	2595	2759	3797	5021	6710
Fixed Assets	475	438	702	663	623	698	721	689
Other Non-Current Assets	146	97	134	172	456	806	1546	2594
Total Current Assets	1349	1636	1664	1760	1680	2293	2754	3427
Total Assets	1970	2170	2500	2595	2759	3797	5021	6710

Kirloskar Oil Eng Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	23	29	13	61	62	128	246	153
Cash Flow from Operating Activities	99	171	136	192	-124	-16	-1041	-920
Cash Flow from Investing Activities	81	-190	7	-38	233	-465	-3	-144
Cash Flow from Financing Activities	-176	2	-96	-153	-43	599	950	1182
Net Cash Inflow / Outflow	5	-16	48	1	67	118	-93	117
Closing Cash & Cash Equivalent	29	13	61	62	128	246	153	270

Kirloskar Oil Eng Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	11.44	12.03	9.66	15.16	12.81	13.48	12.07	22.96
CEPS(Rs)	19.14	19.68	17.95	21.72	19.03	19.46	18.82	30.14
DPS(Rs)	5	5	5	5	4	4	4	5
Book NAV/Share(Rs)	99.85	111.84	108.95	117.47	120.36	132.42	143.18	158.21
Core EBITDA Margin(%)	10.09	9.79	8.53	10.31	8.5	11.74	10.19	14.61
EBIT Margin(%)	8.1	8.88	6.88	9.5	7.66	9.7	8.4	13.11
Pre Tax Margin(%)	7.76	8.78	6.51	9.14	7.24	8.18	5.77	8.94
PAT Margin (%)	6.26	6.04	4.38	6.06	5.56	5.99	4.25	6.6
Cash Profit Margin (%)	10.46	9.89	8.34	8.66	8.14	8.54	6.77	8.68
ROA(%)	8.4	8.4	5.83	8.62	7.02	6.02	3.88	5.65
ROE(%)	11.46	11.36	8.53	13.42	10.93	10.8	8.58	15.21
ROCE(%)	14.76	16.58	12.79	19.65	13.95	13.66	9.94	13.77
Receivable days	21.84	22.79	35.37	40.72	44.27	47.1	41.17	36.2
Inventory Days	28.4	27.38	33.48	32.92	38.63	43.48	34.83	33.89
Payable days	79.46	72.73	74.48	68.79	67.84	83.73	77.22	70.93
PER(x)	18.51	32.43	33.55	11.51	6.79	12.15	10.94	17.15
Price/Book(x)	2.12	3.49	2.98	1.49	0.72	1.24	0.92	2.49
Dividend Yield(%)	2.36	1.28	1.54	2.87	4.6	2.44	3.03	1.27
EV/Net Sales(x)	1.23	2.11	1.56	0.67	0.38	0.89	0.92	1.72
EV/Core EBITDA(x)	8.62	15.38	14.11	5.5	3.92	7.15	8.41	11.34
Net Sales Growth(%)	0	8.53	14.28	18.69	-6.81	-2.47	21.96	24.88
EBIT Growth(%)	0	19.3	-16.19	60.88	-24.82	23.5	5.66	94.97
PAT Growth(%)	0	5.12	-21.66	61.22	-14.45	5.06	-13.44	94.09
EPS Growth(%)	0	5.12	-19.65	56.86	-15.51	5.28	-10.48	90.27
Debt/Equity(x)	0.01	0.01	0.09	0.05	0.1	0.44	0.94	1.41
Current Ratio(x)	2.86	3.36	2.15	2.44	2.25	1.83	1.54	1.36
Quick Ratio(x)	2.43	2.9	1.71	2.01	1.7	1.53	1.33	1.19
Interest Cover(x)	23.69	90.91	18.54	26.56	18.22	6.38	3.19	3.14
Total Debt/Mcap(x)	0	0	0.03	0.04	0.14	0.35	1.02	0.57

Kirloskar Oil Eng Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	59.44	59.44	59.44	59.44	59.44	59.44	59.42	41.25	41.23	41.23
FII	6.25	6.38	1.33	1.04	1.02	2.64	3.6	6.03	6.17	7.8
DII	13.83	13.36	16.91	16.7	16.8	13.54	14.66	27.95	28.56	24.28
Public	20.48	20.81	22.32	22.82	22.73	24.38	22.32	24.76	24.04	26.69
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	8.6	8.6	8.6	8.6	8.6	8.6	8.6	5.97	5.97	5.97
FII	0.9	0.92	0.19	0.15	0.15	0.38	0.52	0.87	0.89	1.13
DII	2	1.93	2.44	2.41	2.43	1.96	2.12	4.05	4.14	3.52
Public	2.96	3.01	3.23	3.3	3.29	3.53	3.23	3.58	3.48	3.87
Others	0	0	0	0	0	0	0	0	0	0
Total	14.46	14.46	14.46	14.46	14.46	14.46	14.47	14.47	14.48	14.49

Pros

Debtor days have improved from 77.22 to 70.93days.

Cons

Promoter holding is low: 41.23%.
Company has a low return on equity of 12% over the last 3 years.
Stock is trading at 3.3 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.