Kirloskar Brothers Limited (KIRLOSBROS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.8%

₹1,114.94

vs ₹1,736.20 price

Levered DCF

₹845.29

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.15

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.46×	32.51×	26.15×	13.86×	23.83×	11.79×	9.59×	382.16×
P/B	4.31×	6.45×	5.3×	2.32×	1.91×	1.72×	0.73×	1.47×
P/S	2.34×	3×	2.28×	0.87×	0.74×	0.7×	0.22×	0.4×
EV / EBITDA	17.51×	21.88×	17.33×	7.89×	11.63×	8.46×	4.83×	10.67×
Gross margin	31.2%	51.1%	50.4%	47.6%	43.8%	45.7%	46.6%	44.3%
Operating margin	9.8%	34.7%	32.9%	31.8%	25.7%	25.8%	26.5%	23.4%
Net margin	8.2%	9.2%	8.7%	6.3%	3.1%	5.9%	2.3%	0.1%
Current ratio	1.83×	1.85×	1.7×	1.57×	1.41×	1.28×	1.19×	1.19×
Debt / equity	0.1×	0.09×	0.11×	0.2×	0.34×	0.3×	0.67×	0.42×
Interest coverage	14.75×	62.71×	50.94×	33.46×	23.44×	15.87×	15.98×	19.63×
Dividend yield	0.5%	0.4%	0.4%	0.7%	1.1%	0.2%	6.3%	1.8%
Payout ratio	14.8%	11.4%	10.2%	10.1%	25.6%	2.7%	60.4%	706.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.2%	19.8%	20.3%	16.7%	8.0%	14.6%	7.6%	0.4%
Return on invested capital	12.6%	47.3%	46.0%	46.7%	29.6%	39.9%	29.2%	4.5%
Return on assets	8.5%	11.3%	10.5%	7.8%	3.3%	5.9%	2.5%	0.1%
Free cash flow yield	2.0%	2.4%	2.7%	5.0%	2.6%	12.7%	23.3%	-0.9%
Earnings yield	3.5%	3.1%	3.8%	7.2%	4.2%	8.5%	10.4%	0.3%
Enterprise value	₹104.8B	₹133.5B	₹90.3B	₹33.2B	₹25.1B	₹20.6B	₹10B	₹16.6B
Net debt / EBITDA	-0.25×	-0.24×	-0.14×	0.15×	1.21×	0.65×	1.5×	2.07×
Cash conversion cycle (days)	82	93	77	101	111	120	111	111