KSB
KSB
Industrial ProductsKey Fundamentals
SmallcapCompressors 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 8.27 times its book value
- Debtor days have increased from 97.1 to 118 days.
Growth Rate
AI Analysis — Bull vs Bear
KSB Ltd, a pump and valve maker with a market cap of about ₹14,113 Cr, has grown sales at a 17% CAGR and profit at a 25% CAGR over 5 years, and ROE has held at 17-18%. Growth has slowed sharply, though: TTM sales are up 5% and TTM profit is up 2%. The stock trades at 56.7x earnings and 8.2x book value, and it returned -1% over the past year against 27% CAGR over 5 years.
- Long-term profit growth has been strong. Profit compounded at 25% over 5 years and 17% over 3 years, ahead of sales growth of 17% and 14% over the same periods, which points to better operating leverage and margins.
- The company is almost debt free, so its balance sheet can fund capacity expansion and working capital without taking on much leverage risk.
- Return ratios are steady and have been improving. ROE is 18% for the last year and on a 3-year basis, up from 17% over 5 years and 15% over 10 years, which suggests capital efficiency is getting better.
- Sales compounded at 13% over 10 years and 17% over 5 years, showing a long record of consistent demand for its pumps and valves across industrial, water, power and irrigation end-markets.
- Shareholders have been rewarded over the long run. The stock delivered 21% CAGR over 10 years and 27% CAGR over 5 years, and pays a healthy dividend payout of 28.5%.
- The stock returned -1% over the past year while 3-year profit CAGR was 17%. Part of the valuation premium has cooled relative to the fundamentals built up over the period.
- A dividend yield of 0.55% and a 28.5% payout mean the company returns cash while still keeping most of its earnings for reinvestment.
- Valuation is rich. At a P/E of 56.7x, the stock trades at a high multiple compared with TTM profit growth of just 2%, which leaves little room for disappointment.
- The stock trades at 8.21x book value, which is high for an industrial manufacturer earning about 18% ROE. That price-to-book level implies the market expects strong growth to continue for a long time.
- Growth has slowed sharply. TTM sales growth of 5% is far below the 3-year CAGR of 14% and 5-year CAGR of 17%, and TTM profit growth of 2% is well below the 5-year CAGR of 25%.
- Working capital is getting worse. Debtor days rose from 97.1 to 118, a jump of about 21 days, which ties up more cash and may point to slower collections or softer customer payment terms.
- Stock momentum has weakened. The 1-year return is -1%, compared with 10% CAGR over 3 years and 27% CAGR over 5 years.
- The dividend yield is low at 0.55%, so returns depend mostly on the stock price going up rather than on income, and that makes them more sensitive to the high valuation.
- ROE of 18% is solid but not exceptional. With a P/B of 8.2x, the implied earnings yield on book value for new investors is only about 2.2%.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rs 1,180 cr Dangote order win Sep 29
KSB won a Rs 1,180 crore order from Dangote Projects for a Boiler Feed Pump Package. The order equals about 169% of its average quarterly revenue, which adds a lot to the order backlog.
TL;DR: KSB's Rs 1,180 crore Dangote order is about 1.7 times its average quarterly revenue, so its revenue visibility looks much better. The risk is execution: a large overseas order brings delivery timelines, margins on a big engineered package, and dependence on a single client. No other headwinds or neutral items came up because only one article was available. The trend looks better for now, and the next few quarters will show whether this backlog turns into steady revenue and margins.
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–FY27.
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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