Kilburn Q1 FY27: consolidated PAT -39% YoY, revenue -9% as margins compress
PAT -38.57% YoY · revenue -9.48% · margins compressing
₹116.99 Cr
-9.48% YoY
₹13.09 Cr
-38.57% YoY
10.86%
-5.3pp YoY
₹2.39
Kilburn Engineering's consolidated revenue fell 9.5% YoY to ₹116.99 Cr (₹129.25 Cr in Q1 FY26) and 38.2% QoQ from a seasonally strong ₹189.18 Cr in Q4 FY26. Consolidated PAT dropped 38.6% YoY to ₹13.09 Cr (₹21.31 Cr) and 47.3% QoQ (₹24.86 Cr); EPS fell a steeper 46.2% YoY to ₹2.39 (₹4.44) since the equity base grew ~15.6% after warrant conversion. Standalone (parent-only) results were markedly weaker — revenue down 37.8% YoY to ₹58.90 Cr and PAT down 64.9% YoY to ₹5.17 Cr — so the group's smaller decline was driven almost entirely by the subsidiaries; the >3% standalone-consolidated divergence means readers should not read the standalone print in isolation.
Q1 FY-2027 vs prior quarters
Margins compressed on both counts: consolidated OPM (EBITDA/revenue) fell to 17.7% from 25.8% a year ago and 19.9% last quarter, while NPM slid to 10.9% from 16.2% YoY. The compression traces to operating deleverage on lower volumes — materials consumed rose to 48.5% of revenue from 41.6% YoY, and employee costs to 16.3% from 12.6% — rather than any one-off item; no exceptional items are disclosed in either statement. Management's own release, titled 'Revenue Down, Order Inflows Strong,' attributes the topline dip to 'near-term geopolitical uncertainties affecting the timing of customer decisions' rather than demand loss, and points to order momentum: the ₹70.2 Cr Casale order and fertilizer orders crossing ₹170 Cr booked in June 2026 sit in the order book but hadn't converted to Q1 billing.
The stock went into the print at ₹357.8, down 20.1% over the past month of trading.
What the summary numbers don't show
Paid-up equity capital rose to ₹56.00 Cr from ₹52.96 Cr after conversion of 30.375 lakh warrants for ₹96.82 Cr; remaining 2.35 lakh warrants lapsed with ₹2.50 Cr forfeiture money retained
Management is targeting a top-line growth of 20% to 25% for the current financial year, aiming for revenues between INR750 crores to INR800 crores, and expects to maintain EBITDA margins above 20%, specifically targeting 22-23%. For the longer term, they are focused on achieving INR1,000 crores in revenue by FY28. Cape
— This quarter: missed
There is no formal sell-side estimate on record for this print — Kilburn carries thin analyst coverage and no consensus figure was found — so vsStreet is unknown. Against management's own FY27 guidance from the Q4 FY26 call (20-25% revenue growth to ₹750-800 Cr, 22-23% EBITDA margin, capex expansions completing by Q2 FY27), this quarter's YoY revenue decline puts the company well behind the pace needed for the full-year target, even allowing that one quarter is not conclusive on its own. The quarter's other developments — designation of two Senior Management Personnel and a Monitoring Agency report for Q1 FY27 — are governance/compliance items with no direct bearing on the numbers.
W1
Capex-driven capacity expansion targeted for completion by Q2 FY27 (per Q4 FY26 concall) — watch for ramp-up commentary at the Aug 17, 2026 earnings call
W2
FY27 guidance of ₹750-800 Cr revenue (20-25% growth) now needs a much steeper ramp in the remaining nine months after Q1's 9.5% YoY decline — track whether the ₹70.2 Cr Casale and >₹170 Cr fertilizer orders convert to Q2 billing
W3
OPM compressed to 17.7% from 25.8% YoY against management's 22-23% FY27 EBITDA margin target — watch for margin recovery as volumes normalize
Both statements clear/legible, tables tie out exactly (totalIncome and PBT-tax both match reported PAT). Standalone PAT fell far more (-64.9% YoY) than consolidated (-38.6% YoY) — subsidiaries (Monga Strayfield, Strayfield UK, M.E Energy, Kilburn East End) cushioned the group number. No exceptional items flagged; 30.375 lakh warrants converted to equity in the quarter for ₹96.82 Cr.