KSB
KSB
Industrial ProductsKey Fundamentals
MicrocapCompressors Pumps & Diesel EnginesIndustrial ProductsTapetide Score
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 28.5%
Weaknesses
2- Stock is trading at 8.25 times its book value
- Debtor days have increased from 97.1 to 118 days.
Growth Rate
AI Analysis — Bull vs Bear
KSB Ltd is a nearly debt-free industrial products company with a market cap of ₹14,155 Cr, trading at a PE of 57.3x and 8.3x book value. The company has delivered a 5-year compounded profit growth of 25% and maintains an ROE of 18%, though recent TTM sales growth has moderated to 5% and debtor days have risen from 97 to 118 days.
- Company is almost debt free, providing strong balance sheet resilience and financial flexibility in a capital-intensive industrial sector
- 5-year compounded profit growth of 25% significantly outpaces 5-year sales growth of 17%, indicating improving operational leverage and margin expansion
- Consistent ROE of 18% over the last year and 17-18% over 3-5 year periods reflects disciplined capital allocation and sustained profitability
- 10-year compounded sales growth of 13% and profit growth of 16% demonstrate a long track record of steady business expansion
- Healthy dividend payout ratio of 28.5% with a dividend yield of 0.54%, showing commitment to returning capital to shareholders while retaining enough for growth
- 5-year stock CAGR of 27% and 10-year CAGR of 21% reflect strong long-term wealth creation for shareholders
- 3-year compounded sales growth of 14% and profit growth of 17% indicate the business has scaled well in the medium term
- PE ratio of 57.3x is significantly elevated for an industrial products company, leaving limited margin of safety if growth slows further
- TTM sales growth has decelerated sharply to just 5% compared to 3-year CAGR of 14% and 5-year CAGR of 17%, signaling a potential demand slowdown
- Stock is trading at 8.3x book value, a steep premium that prices in considerable future growth expectations
- Debtor days have increased from 97.1 to 118 days, indicating deteriorating working capital efficiency and potential collection challenges
- TTM profit growth of only 2% represents a sharp deceleration from the 3-year CAGR of 17% and 5-year CAGR of 25%
- 1-year stock CAGR of -1% suggests the market has already begun repricing the stock amid slowing growth momentum
- Dividend yield of 0.54% offers minimal income cushion relative to the elevated valuation multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- EBITDA drops 20% in H1FY27 Aug 19
H1FY27 EBITDA fell 20.4% YoY to ₹1,279 million despite revenue growing 2.4% to ₹12,920 million, signaling significant margin compression.
- Corporate Quality head resigns Aug 14
Philip Varghese Puthenpurackal resigned as Head of Corporate Quality, Integrated Management, Safety & Sustainability, effective Aug 14, 2026.
- CMD targets 15-17% value growth Aug 27
KSB CMD projects 10-15% volume growth and 15-17% value growth in the near term, with higher value targets implying improving realisations and product mix.
- Healthy order book at ₹27.4B Aug 19
Order book stands at ₹27,445 million as of H1FY27, providing revenue visibility for upcoming quarters.
- Investor roadshows in Aug 2026 Aug 21
KSB is participating in a non-deal roadshow in Singapore (Aug 26-27) and an ICICI Securities institutional investor meet in Mumbai (Aug 19), engaging domestic and international investors.
TL;DR: KSB Ltd faces near-term margin headwinds with EBITDA declining 20.4% YoY in H1FY27 despite modest revenue growth of 2.4%. On the positive side, management is guiding for 15-17% value growth and the order book remains healthy at ₹27.4 billion. The resignation of a senior quality executive adds minor organizational uncertainty. The key monitorable is whether the strong growth guidance and order pipeline can translate into margin recovery in H2FY27.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 591 | 564 | 603 | 544 | 646 | 616 | 726 | 595 | 667 | 650 | 784 | 601 | 691 |
| Expenses | 506 | 493 | 522 | 483 | 555 | 529 | 628 | 528 | 575 | 565 | 654 | 550 | 609 |
| Operating Profit | 85 | 70 | 81 | 61 | 91 | 88 | 98 | 68 | 91 | 85 | 130 | 51 | 82 |
| OPM % | 14% | 12% | 13% | 11% | 14% | 14% | 14% | 11% | 14% | 13% | 17% | 8% | 12% |
| Other Income | 11 | 11 | 9 | 13 | 13 | 10 | 14 | 16 | 16 | 22 | -5 | 18 | 9 |
| Interest | 1 | 2 | 2 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 12 | 12 | 14 | 13 | 13 | 14 | 14 | 14 | 14 | 15 | 16 | 14 | 15 |
| PBT | 83 | 67 | 75 | 60 | 90 | 83 | 98 | 69 | 92 | 91 | 108 | 53 | 75 |
| Tax % | 24% | 25% | 27% | 25% | 24% | 26% | 25% | 25% | 24% | 26% | 25% | 25% | 23% |
| Net Profit | 63 | 50 | 55 | 45 | 68 | 62 | 73 | 52 | 70 | 68 | 81 | 40 | 57 |
| EPS in Rs | 3.61 | 2.88 | 3.16 | 2.56 | 3.91 | 3.55 | 4.2 | 2.96 | 4.05 | 3.88 | 4.65 | 2.29 | 3.29 |
Profit & Loss
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 802 | 819 | 826 | 946 | 1,093 | 1,294 | 1,208 | 1,497 | 1,822 | 2,247 | 2,533 | 2,696 | 2,726 |
| Expenses | 701 | 713 | 720 | 838 | 965 | 1,142 | 1,039 | 1,287 | 1,575 | 1,954 | 2,193 | 2,319 | 2,379 |
| Operating Profit | 101 | 106 | 106 | 108 | 128 | 152 | 169 | 210 | 247 | 294 | 340 | 377 | 347 |
| OPM % | 13% | 13% | 13% | 11% | 12% | 12% | 14% | 14% | 14% | 13% | 13% | 14% | 13% |
| Other Income | 23 | 24 | 29 | 35 | 24 | 40 | 33 | 40 | 50 | 42 | 47 | 45 | 44 |
| Interest | 2 | 2 | 3 | 4 | 4 | 5 | 3 | 5 | 6 | 5 | 3 | 3 | 4 |
| Depreciation | 28 | 28 | 29 | 31 | 40 | 46 | 42 | 44 | 45 | 50 | 54 | 58 | 60 |
| PBT | 94 | 100 | 103 | 108 | 109 | 140 | 157 | 201 | 245 | 280 | 331 | 360 | 327 |
| Tax % | 34% | 36% | 33% | 34% | 34% | 28% | 40% | 26% | 25% | 26% | 25% | 25% | — |
| Net Profit | 68 | 69 | 69 | 71 | 72 | 101 | 94 | 149 | 183 | 209 | 247 | 270 | 246 |
| EPS in Rs | 3.93 | 3.95 | 3.94 | 4.07 | 4.12 | 5.79 | 5.39 | 8.59 | 10.5 | 12 | 14.22 | 15.54 | 14.11 |
| Div. Payout % | 28% | 28% | 28% | 29% | 29% | 28% | 32% | 29% | 29% | 29% | 28% | 28% | — |
Balance Sheet
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 |
| Reserves | 522 | 568 | 625 | 676 | 723 | 794 | 856 | 976 | 1,108 | 1,267 | 1,451 | 1,644 | 1,663 |
| Borrowings | 24 | 1 | 7 | 13 | 43 | 60 | 62 | 3 | 3 | 3 | 3 | 5 | 6 |
| Other Liabilities | 332 | 347 | 321 | 354 | 449 | 547 | 588 | 596 | 679 | 761 | 859 | 1,109 | 1,113 |
| Total Liabilities | 914 | 951 | 988 | 1,077 | 1,250 | 1,436 | 1,540 | 1,609 | 1,825 | 2,066 | 2,348 | 2,793 | 2,817 |
| Fixed Assets | 191 | 194 | 219 | 308 | 321 | 307 | 318 | 311 | 350 | 419 | 438 | 462 | 459 |
| CWIP | 10 | 14 | 16 | 4 | 4 | 34 | 25 | 39 | 25 | 32 | 55 | 92 | 102 |
| Investments | 50 | 51 | 54 | 58 | 60 | 64 | 66 | 70 | 74 | 80 | 88 | 97 | 96 |
| Other Assets | 663 | 691 | 699 | 707 | 865 | 1,030 | 1,130 | 1,190 | 1,375 | 1,535 | 1,767 | 2,143 | 2,160 |
| Total Assets | 914 | 951 | 988 | 1,077 | 1,250 | 1,436 | 1,540 | 1,609 | 1,825 | 2,066 | 2,348 | 2,793 | 2,817 |
Cash Flow
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 112 | 58 | -25 | 77 | 202 | 171 | 62 | 38 | 142 | 187 | 93 |
| Investing | — | -33 | -61 | 39 | -86 | -152 | -101 | 2 | -12 | 5 | -146 | 50 |
| Financing | — | -48 | -23 | -21 | 2 | -4 | -32 | -95 | -51 | -59 | -65 | -72 |
| Net Cash Flow | — | 31 | -26 | -7 | -6 | 46 | 39 | -30 | -25 | 88 | -24 | 71 |
| Free Cash Flow | — | 76 | -21 | -107 | 36 | 157 | 122 | 25 | -67 | 49 | 88 | 0 |
| CFO/OP | — | 133 | 93 | 18 | 92 | 157 | 126 | 66 | 40 | 72 | 75 | 53 |
Ratios
| Particulars | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82 | 80 | 72 | 98 | 97 | 84 | 81 | 68 | 81 | 80 | 94 | 118 |
| Inventory Days | 193 | 171 | 200 | 193 | 196 | 170 | 212 | 195 | 207 | 184 | 165 | 197 |
| Days Payable | 147 | 145 | 142 | 139 | 141 | 127 | 155 | 129 | 116 | 98 | 95 | 111 |
| Cash Conversion Cycle | 127 | 106 | 130 | 153 | 152 | 127 | 138 | 134 | 172 | 165 | 163 | 204 |
| Working Capital Days | 45 | 40 | 57 | 83 | 71 | 37 | 26 | 54 | 76 | 77 | 83 | 104 |
| ROCE % | 17% | 17% | 17% | 16% | 15% | 16% | 18% | 21% | 23% | 23% | 24% | 25% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY26.
Documents
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Company Information
KSB Ltd manufactures a range of standard Industrial end suction and high-pressure multistage pumps, submersible motor pumps and monoblock pumps and other value-added parts, for the agricultural, waste-water treatment, energy (nuclear and conventional power), and oil and gas sectors, as well as other industries.[1]
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