Buy Kirloskar Oil Engines; target of Rs 279: Anand Rathi

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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26 Aug, 2025 12:21

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Anand Rathi's research report on Kirloskar Oil Engines

KOEL made a good start to FY23. Q1 consolidated revenue/PAT grew ~45%/~154% y/y with a 14.5% EBITDA margin. With government focus on infrastructure and Atma Nirbhar, and strong end-user demand pick-up, we expect better growth in the medium to longer term. Further, its efforts regarding exports (aiming at 15-18%growth) and better B2C margins (higher demand and prices) would prove to be the additional kicker.

Outlook

Hence, strong demand across segments, a sharper focus on exports and efforts to enhance its presence augurs well for the company in coming years. The new leadership (MD, CEO-B2B, CEO-B2C) would bring a fresh vision and focus. We have a Buy rating on the stock, with a TP of Rs279 (13xFY24e EPS).

More Info

At 16:01 hrs Kirloskar Oil Engines was quoting at Rs 225.00, up Rs 0.90, or 0.40 percent.

It has touched an intraday high of Rs 227.75 and an intraday low of Rs 219.00.

It was trading with volumes of 61,195 shares, compared to its thirty day average of 179,030 shares, a decrease of -65.82 percent.

In the previous trading session, the share closed down 1.19 percent or Rs 2.70 at Rs 224.10.

The share touched its 52-week high Rs 238.55 and 52-week low Rs 122.60 on 19 October, 2021 and 07 March, 2022, respectively.

Currently, it is trading 5.68 percent below its 52-week high and 83.52 percent above its 52-week low.

Market capitalisation stands at Rs 3,254.23 crore.

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Kirloskar Oil Engines - 020922 - anand