NSE: KSB · BSE: 500249
KSB LIMITED
Manufactures industrial pumps and valves used across energy, water utilities, building services, mining and nuclear power. In the quarter ended 31 March 2026, the two segments contributed ₹499.5 crore from pumps (83% of segment revenue, 7.9% EBIT margin) and ₹102.5 crore from valves (17%, 8.2% EBIT margin), totalling ₹602.0 crore. Standard pumps made up 48% of order intake while engineered pumps, SupremeServ aftermarket and valves made up the rest. Demand drivers cited by management are nuclear (NPCIL reactor coolant pumps under test from 22 March 2026), solar (₹245 crore in CY25, targeting ₹300+ crore in CY26), conventional energy, water/wastewater (30% CAGR) and firefighting (68% CAGR). Foundry gas supply, commodity prices and Middle East shipping are flagged as near-term cost and supply risks. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pumps (83%), Valves (17%). Capital goods, multi-vertical industrial manufacturer with order-driven, project-based revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | — | — | — | — |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 617 | 726 | 595 | 667 | 650 | 784 | 601 | 691 |
| Profit before tax | 80 | 94 | 66 | 89 | 88 | 104 | 50 | 71 |
| Net profit | 62 | 73 | 52 | 70 | 68 | 81 | 40 | 57 |
| EPS (₹) | 3.55 | 4.20 | 2.97 | 4.04 | 3.88 | 4.65 | 2.28 | 3.29 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pumps | 2,241 | 82.8 |
| Valves | 465 | 17.2 |
| Total, before eliminations | 2,706 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED ◆ | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 46.2 | 42.2 | 11 of 15 | 29% |
| P/B | 6.7 | 4.7 | 10 of 15 | 36% |
| ROCE | 6.7 | 16.9 | 13 of 15 | 14% |
| ROE | 5.7 | 15.2 | 13 of 15 | 14% |
| Debt / Equity | 0.0 | 0.1 | 1 of 15 | 79% |
| EBITDA margin | 12.6 | 15.8 | 10 of 15 | 36% |
| Revenue growth | 3.6 | 17.9 | 14 of 15 | 7% |
| Profit growth | (18.8) | 11.1 | 11 of 15 | 29% |
| Market cap | 11345 | 4228 | 6 of 15 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · KSB board to approve September quarter results on 3 November 2026 | results | low | — | — |
| 16 Oct 2026 · KSB Limited wins 850 MINR order from ONGC for pump replacement | business updates | high | — | — |
| 29 Sept 2026 · KSB bags 12.4 million USD export order from Dangote Projects | business updates | high | — | — |
| 28 Sept 2026 · KSB strikes off dormant subsidiary Pofran Sales and Agency | strategic transactions | low | — | — |
| 28 Sept 2026 · KSB Limited trading window closure ahead of September quarter results | compliance | minimal | — | — |
| 26 Aug 2026 · KSB investor meet transcript - double-digit FY growth guided | investor communications | low | — | — |
| 24 Aug 2026 · KSB Limited Investor Presentation for Singapore Roadshow | investor communications | medium | — | — |
| 21 Aug 2026 · KSB Limited to attend non-deal roadshow in Singapore on 26-27 August 2026 | board shareholder meetings | low | — | — |
| 19 Aug 2026 · KSB shares recording link of institutional investor meet | investor communications | low | — | — |
| 19 Aug 2026 · KSB Limited Investor Presentation: H1 FY26 Results and Growth Outlook | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.