Kilburn Engineering Limited

NSE: KILBUNENGGSmall CapIndustrial Products

Current Price

₹495

Market Cap

₹2.69K Cr

Heavy-Engineering 3x Growth Arc (FY24 Rs.329 Cr → FY28 Rs.1,000 Cr Target); Promoter Dilution + FY25 Negative CFO Are the Real Frictions

Report updated: 2026-05-16

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Kilburn Engineering Limited

NSE: KILBUNENGG· Industrial Products· Small Cap

115-year-old heavy-engineering company (Williamson Magor era heritage) under MD Ranjit Lala — market leader in drying systems (rotary dryers, kilns, calciners) for Chemical, Steel, Nuclear, Petrochemical and Food Processing sectors. Half the FY26 group growth from Monga Strayfield acquisition; 50% organic + inorganic top-line growth this year. Order backlog ₹495 Cr; enquiry pipeline ₹4,000 Cr+.

Rs.495

Share price

Rs.2,695 Cr

Market cap

Rs.567 Cr

TTM revenue

Rs.92 Cr

TTM net profit

29.4x

Trailing P/E

45.76%

Promoter holding

Stock Funda Summary

115-year-old heavy-engineering company (NSE KILBUNENGG, BSE 522101) under MD Ranjit Lala.
Market leader in drying systems (rotary dryers, kilns, calciners) for Chemical, Steel, Nuclear, Petrochemical, Food Processing.
Three operating engines + one new JV: Kilburn standalone (Saravalli + Ambernath plants), M.E Energy Pvt Ltd (subsidiary, Pune), Monga Strayfield Pvt Ltd (subsidiary, acquired ~Q4 FY25), Kilburn East End Pvt Ltd (JV formed Q3 FY26 for EPC site fab
Rs.50 Cr FY27 order target).
FY24 revenue Rs.329 Cr → FY25 Rs.424 Cr → TTM Rs.567 Cr; net profit Rs.51 Cr → Rs.62 Cr → TTM Rs.92 Cr.
Q3 FY26 standalone Rs.105 Cr at 25% EBITDA (+15% YoY); consol Rs.157 Cr at 24% EBITDA.
MD guides FY26 Rs.625-650 Cr (50% growth, ~20pp from Monga acquisition), FY27 Rs.800 Cr, FY28 Rs.1,000 Cr at 20%+ EBITDA.
Order backlog Rs.495 Cr + Rs.70 Cr fresh orders + Rs.4,000 Cr+ inquiry pipeline across nuclear (NPCIL + Heavy Water Board confirmed), petrochemicals, soda ash, fertilizers, metals.
Acuite credit rating upgraded Q3 FY26.
ROCE 21.7%, ROE 17.2%.
Real frictions: promoter holding down 11.2 pp over 3 years on QIP + warrant dilution (45.76% Mar-26, Rs.130 Cr more dilution by May 2026)
FY25 CFO turned negative -Rs.10 Cr