Industrial and export thrust in key segments to propel growth
KIRLOSBROS has undertaken a transformative journey across its operations, positioning itself not just as a pump manufacturer but as a comprehensive fluid management solutions provider with global relevance. Through a blend of
innovation-led product development, service-driven international growth, and prudent market selectivity, the company has successfully diversified its revenue streams and enhanced operational agility. Central to this evolution is a shift from
transactional sales to long-term value creation, enabled by models such as APOEM for agile distribution, robust service frameworks across geographies, and a forward-looking approach to sustainable sectors like nuclear energy. The company’s focus on balancing risk with reward, whether in navigating government-led solar programs or adopting CAPEX-light efficiency initiatives which demonstrates its well-considered approach to thriving in complex market
environments.
Initiate with a BUY with a target of Rs2300
By embedding digital technologies, deepening its annuity-based service architecture, and executing carefully planned capacity enhancements, the company has laid a strong foundation for future-proof growth. As KIRLOSBROS continues to build on its legacy with a modernized and diversified portfolio, it is well-positioned to lead in both domestic and international markets through its integrated, high-margin, and innovation-led approach. We assign a valuation multiple of a 35x of its FY27E EPS, based on superior margin profile, to arrive at our target price for Rs 2300
Download the attached report below:
Kirloskar_Brothers_Ltd._Research_report_May_01_2025