Kilburn Engineering - Huge undervaluation

Kilburn Engineering Result Update Q3FY25.pdf (973.9 KB)

Continued Strong Operational Performance
Kilburn’s standalone revenue for Q3 FY25 increased by 25% YoY to ₹91
crores, compared to ₹85 crores last year. EBITDA increased by 29% YoY to
₹22 crores, maintaining a healthy EBITDA margin of 24.6%. PAT grew by 40%
YoY to ₹14 crores. The consolidated revenue, including ME Energy, for Q3
FY25 was ₹108.27 crores with a 21.7% margin.

Stable Order Book
As Q3 FY25, Kilburn’s order book stands at ₹368 crores, and ME Energy’s
order book is at ₹441 crores, bringing the group total to ₹409 crores. The
group has also secured additional orders worth over 35 crores in the current
quarter. The current inquiry pipeline is over ₹2,000 crores, with ₹1,400 for
Kilburn and ₹600 crores for ME Energy across various verticals. The company
expects to close order intake at 500 crores plus at the group level

Expanding Capacity and Utilization
The unit at MIDC Ambernath has been handed over and is now a registered
asset of Kilburn and is expected to reach full utilization by June 2025. The
first phase of the ME energy expansion in Pune is complete and the second
phase is underway, enhancing thermal solutions.

Future Guidance
The delays and held orders have caused the company to lower their revenue
guidance for the current fiscal year. Management expects revenue between
₹450 to ₹500 crores for the current fiscal year and are confident of
maintaining a margin of 20% for the current fiscal year at group level. They
expect a turnover of ₹650 to ₹700 crores in the next financial year.

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From Feb 1st 2025, till today promoters have purchased around 0.25% of the company. Not that significant though, but worthy noting.

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Page 24 of 24:
I would say you summed it up. I think we are in a very exciting phase of growth for the company. Obviously, next 12 months, we will see integration with Monga Strayfield and how we can leverage that company going forward. And a more exciting activity will be for M.E. Energy as well on how we pursue entry into larger spaces like cement. I think with that, we still look for a very strong year going forward…

Now , Time to watch management performance

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