Kirloskar Ferrous May returns: 3 of 4 years positive

Why May performance is being tracked

Kirloskar Ferrous Industries (KFIL) has delivered positive returns in May in 3 out of the last 4 years, a datapoint that has put the stock on the radar for short-term, calendar-based tracking. Seasonal return patterns do not explain a business on their own, but they often prompt investors to revisit fundamentals and the latest results. In KFIL’s case, that conversation is also shaped by multiple earnings updates across FY26 and recent commentary on volumes, realizations, and cost trends.

Alongside the May-return statistic, the latest publicly cited numbers include quarterly revenue and profit movements, December 2025 sales (standalone and consolidated), and management-style commentary on production and sales volumes. The company also has a set of projects expected to be completed during FY27, which has been flagged as a potential factor for operating performance.

Company snapshot and operating mix

KFIL was incorporated in 1991 and is part of the Pune-based Kirloskar Group. The company manufactures pig iron and ferrous castings such as cylinder blocks, cylinder heads, transmission parts, and housings used in automobile, tractor, and diesel engine industries. It is described as one of the leading players in foundry-grade pig iron manufacturing and ferrous castings in the domestic market.

The article context also points to a multi-segment footprint where castings are cited as the largest segment, followed by Tubes and Steel. A segment note from a results filing summary states that castings contribute about 62% of net sales, and that the Tubes segment showed strong year-on-year growth in Q2 FY26 versus Q2 FY25.

Stock and market reference points shared

The following market data points were cited:

• Market cap: ₹7,179 crore
• Current price: ₹435
• 52-week high/low (as stated): ₹618 / ₹423
• “In Top 10 today” (context suggests a stock-screening or platform list)

These data points frame how the market is valuing the business around the time of the results-related commentary.

December 2025 sales: standalone vs consolidated

Two separate updates for the quarter ended December 2025 were cited:

• Standalone December 2025 net sales: ₹1,589.88 crore, down 1.2% YoY (timestamped Feb 24, 2026)
• Consolidated December 2025 net sales: ₹1,618.01 crore, up 0.65% YoY (timestamped Feb 20, 2026)

A separate line item also states: standalone revenue ₹1,589.9 crore and PAT ₹57.5 crore for Q3 FY26 (quarter ended 31 Dec 2025).

Quarterly financials trend (Mar 2022 to Dec 2025)

A quarterly table was provided showing revenue, expenses, net profit, and EPS from Mar 2022 to Dec 2025. The most recent quarter in that table (Dec 2025) shows:

• Revenue: ₹1,623 crore
• Expenses: ₹1,450 crore
• Net profit: ₹53 crore
• EPS: ₹3.23

The table also shows that net profit turned positive after a loss in Mar 2022 (-₹41 crore), with profits fluctuating across quarters thereafter. This backdrop matters because the standalone and consolidated sales updates for Dec 2025 are broadly consistent with revenue in the ₹1,600 crore range.

Q2 FY26 standalone: growth metrics highlighted

A structured summary from a results filing dated 6 November 2025 included these stated performance points for Q2 FY26 (standalone):

• Revenue: ₹1,728 crore (+3.5% QoQ, +3.7% YoY)
• PAT: ₹92.34 crore (+3.7% QoQ, +8.7% YoY)
• EBITDA margin: about 12.3% (annualised)
• EPS: ₹5.60

The same summary also states there were no auditor concerns or exceptional items, and that liquidity and coverage ratios were healthy. It adds that the company continues to invest in capacity with significant capex spend.

Operating performance: production and sales volumes cited

A detailed operational commentary in the provided text includes production and sales volume figures for pig iron, castings, tubes, and steel. The cited production for the quarter (as stated) was:

• Pig iron: 1,62,000 tons vs 1,41,000 tons (up about 14%)
• Castings: 32,000 tons vs 29,000 tons (up 11%)
• Tubes: 52,860 tons vs 43,000 tons (up 22%)
• Steel: 64,000 tons vs 55,900 tons (up 15%)

The cited sales volumes for the quarter and full year (as stated) include:

• Pig iron sold for the quarter: 1,35,727 tons vs 1,19,848 tons (up 13%)
• Pig iron sold for the full year: 5,11,787 tons vs 4,18,600 tons (up 22%)
• Castings sold for the quarter: 32,200 tons vs 28,000 tons (up 15%)
• Castings sold for the full year: 1,32,242 tons vs 1,20,000 tons (up 10%)
• Tubes sold for the quarter: 51,555 tons; full-year tubes volume comparison was also stated as up 8% (numbers provided: 1,68,84 tons vs 1,56,487 tons)

Realisations, costs, and profitability drivers mentioned

The same commentary states that sales realisation for pig iron declined by 8% for the quarter and 6% for the full year, and that tube realisations fell by about 4% (₹74,000 vs ₹76,800 per ton, as stated). It adds that castings maintained product mix and had no drop in realisation, with growth coming through volumes and value.

On costs, it states power and fuel reduced from 8.6% last year to 6.7%, an improvement of 1 percentage point. It also links margin improvement in pig iron to lower coking coal prices and reduced effective iron ore costs due to in-house iron ore mining and consumption.

Capex and capacity notes referenced

A forward capex figure was stated as being of the order of ₹500-600 crore for the year, aimed at cost reduction, productivity, production increase, and debottlenecking. There is also a capacity note on tubes, stating that production and realizable capacity in Baramati improved to 1,50,000 tons, and that together between Nagar and Baramati the company expects a higher quarterly run-rate (the text does not provide the final quarterly number).

Key data table

What investors are likely to watch next

The provided text states that Q4 FY26 results were declared and described as “better than expectation” as steel prices were firming up, and that several projects are expected to be completed during FY27 with a positive impact on FY27. While no detailed project list or quantified impact was provided, the combination of volume growth, realisation movements, and cost actions helps explain why the market tends to focus on quarterly operating commentary.

For KFIL, the near-term checklist from the data points shared is straightforward: whether sales realisations stabilise across pig iron and tubes, whether cost improvements (including power and fuel) sustain, and how capex execution translates into capacity and efficiency gains.

Conclusion

KFIL’s May return pattern (positive in 3 of 4 years) is being viewed alongside a set of FY26 operating and financial updates that show revenue near ₹1,600-1,700 crore per quarter and profits that have varied across quarters. December 2025 sales were reported at ₹1,589.88 crore (standalone) and ₹1,618.01 crore (consolidated), with Q2 FY26 standalone PAT cited at ₹92.34 crore. The next set of updates to watch will be the company’s FY27 project completions and how they align with volumes, realisations, and the stated ₹500-600 crore capex plan.