Kirloskar Oil Engines Limited (KIRLOSENG.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

+65.7%

₹2,839.63

vs ₹1,713.70 price

Levered DCF

₹8,029.29

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	33.62×	21.5×	29.11×	17.24×	10.93×	12.14×	6.78×	11.55×
P/B	5.33×	3.42×	4.81×	2.49×	0.92×	1.23×	0.72×	1.49×
P/S	2.51×	1.68×	2.2×	1.15×	0.48×	0.73×	0.38×	0.72×
EV / EBITDA	16.12×	12.46×	16.21×	11.68×	8.75×	7.48×	3.83×	5.87×
Gross margin	32.4%	35.8%	33.0%	29.8%	25.7%	28.0%	32.5%	33.6%
Operating margin	16.1%	16.7%	15.7%	12.7%	7.9%	9.4%	6.2%	8.0%
Net margin	7.5%	7.8%	7.6%	6.7%	4.4%	6.0%	5.6%	6.2%
Current ratio	1.39×	1.27×	1.05×	1.36×	1.54×	1.83×	2.25×	2.44×
Debt / equity	1.48×	1.89×	1.55×	1.41×	0.94×	0.44×	0.11×	0.05×
Interest coverage	2.37×	2.17×	2.8×	3×	2.95×	6.09×	14.43×	21.85×
Dividend yield	0.5%	0.8%	0.6%	1.3%	3.0%	0.9%	7.5%	2.9%
Payout ratio	16.4%	17.8%	16.4%	21.8%	33.1%	11.1%	50.8%	33.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.9%	15.8%	16.5%	14.4%	8.4%	10.1%	10.6%	12.9%
Return on invested capital	10.0%	8.5%	9.8%	8.3%	5.6%	7.5%	7.4%	9.6%
Return on assets	5.3%	4.7%	5.3%	4.9%	3.5%	5.1%	6.7%	8.4%
Free cash flow yield	3.2%	-9.9%	-6.7%	-18.9%	-61.1%	-5.1%	-16.5%	4.4%
Earnings yield	3.0%	4.6%	3.4%	5.8%	9.1%	8.2%	14.7%	8.7%
Enterprise value	₹234.3B	₹153.7B	₹165.1B	₹87B	₹37.2B	₹29.7B	₹13.2B	₹25.6B
Net debt / EBITDA	2.84×	3.91×	3.58×	3.99×	4.26×	1.52×	0.18×	0.06×
Cash conversion cycle (days)	125	114	115	131	115	54	80	22