Kirloskar Brothers: Pumping Into Thermal Power

Kirloskar Brothers (NSE:KIRLOSBROS) manufactures pumps and fluid management systems for power, water, irrigation and industrial applications. Its link to thermal power comes through circulating water pumps and concrete volute pumps used in auxiliary cooling systems at power plants. What happened: In February 2026, Kirloskar Brothers secured orders worth Rs 214 crore from Adani Power and its subsidiaries, covering thermal projects across Madhya Pradesh, Assam, Chhattisgarh and Bihar. The contracts include supply, installation, testing and commissioning of pumps and associated control systems. The company’s FY26 annual report also confirms orders for concrete volute pumps across six thermal projects, taking total power-sector order bookings to Rs 228 crore for the full year. Why it matters: Concrete volute pumps handle large volumes of cooling water in power plants. Their lower maintenance requirements make them well suited for continuous operations, and management highlighted growing customer interest in these pumps for greenfield thermal projects during the Q1 earnings call. What I am watching: FY26 financials show the challenge. Revenue grew just 1% YoY to Rs 4,538 crore and net profit fell 9.9% to Rs 377.3 crore. Management cited foundry issues but indicated improvements were complete by August. Whether Q2 FY27 results confirm faster order dispatches and a margin recovery will be the real test. My stance: Kirloskar’s ROCE of 20.4% and debtor days of 53 show an operationally sound business. Thermal power adds an interesting growth layer. But the core business needs to show cleaner execution before the thermal opportunity can meaningfully move earnings. I do not hold a position in Kirloskar Brothers at the time of writing. This is not investment advice.