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Industrial Products
KSB Limited manufactures and sells power-driven pumps and industrial valves in India and internationally. It operates through Pumps and Valves segments. The Pumps segment manufactures and trades in industrial pumps, submersible pumps, effluent treatment pumps, etc.; and offers related spares and services. Its Valves segment is involved in the manufacturing and trading of industrial valves, and related spares and services. The company also produces castings for captive consumption; and offers spare parts kits and mechanical seals. In addition, it offers technical services comprising consultancy and analysis services, such as technical consultancy, energy efficiency consulting, identification of energy-saving potential, SES system efficiency service, and well pump measurement; installation and commissioning; operation services, including inspection service, maintenance inspection management, total pump management, spare parts inventory management, pump monitoring from specialists, and service for automation products; pump, motor, and valve repair services, as well as retrofit, reverse engineering, service for other rotating equipment, and service for mechanical seals; and seminar and training services. The company's products are used in waste water, water, and industry technology; chemicals production; building services; energy technology; mining; dredge; oil and gas technology; and decarbonization applications. The company was formerly known as KSB Pumps Limited and changed its name to KSB Limited in June 2018. KSB Limited was incorporated in 1960 and is headquartered in Pune, India.
Summary of KSB's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: Mar 25
The management of KSB Limited provided an optimistic outlook driven by growth across key segments and strategic initiatives. Key highlights include:
Growth Drivers:
Operational Highlights:
Challenges:
ESG/CSR: Zero waste/liquid discharge certifications; skill development programs for tribal women.
Outlook: Focus on standard pumps, valves, nuclear, and solar for sustained growth. Management remains confident in 20%+ revenue CAGR and margin resilience.
Last updated: Mar 25
Q1: How has the experience been with project execution delays and payment issues, particularly in government sectors like solar?
Rajeev Jain acknowledged challenges in solar project payments due to slow government processes but noted payments eventually occur. Execution delays weren't significant for KSB, as their exposure to government projects is limited to solar and nuclear, with most other segments (energy, refinery) handled via dealers.
Q2: Are nuclear reactor island pumps fully indigenized?
Rajeev Jain confirmed 100% indigenization of nuclear reactor island pumps, including liquid sodium pumps, leveraging KSB's decades of localization and technical expertise.
Q3: What is the status of nuclear power execution and order targets for FY25/26?
Two pumps are slated for delivery in FY25 after testing, with four more planned for FY26. Delays in test-bed readiness pushed timelines, but motors are being dispatched.
Q4: What is current capacity utilization, and is there sufficient capacity for growth?
Capacity utilization is ~85-90%, with expansions in Shirwal and Sinnar plants. Investments in automation, machinery upgrades, and skilled hiring ensure readiness for nuclear and industrial growth.
Q5: Are thermal power inquiries materializing, and what's the opportunity size?
KSB is bidding for thermal projects (e.g., L&T, JSW) with technical bids submitted. Each plant could yield ~Rs.50 crore in orders for boiler feed and condensate pumps.
Q6: Is the strong valves margin sustainable, and what drives growth?
Valve margins (13-15% EBITDA) are stable, driven by product diversification, exports (Poland, Finland), and efficiency improvements. The fragmented market offers scope for market share gains.
Q7: What are KSB's strategies for residential pumps and export opportunities?
KSB is boosting domestic pump branding via ads, dealer networks, and regional customization. Exports focus on the Middle East (petrochemicals) and the U.S. (energy), supported by local supply chains.
Q8: Are solar pump margins competitive, and what's the scope (EPC/panel supply)?
KSB acts as an integrator (pumps + panels), not EPC. Margins are slightly lower than core products but offset by volume. Working capital strain exists due to delayed payments post-installation.
Q9: What are key growth drivers for KSB in the medium term?
Standard pumps (residential, firefighting), SupremeServ (aftermarket/mechanical seals), valves, nuclear, and solar. Nuclear's long-term potential and recurring dealer-driven segments are prioritized.
Q10: Why is non-nuclear order book lower, and is DSO rising due to solar?
Non-nuclear orders dipped due to FY24 slowdown but rebounded in early FY25. Higher DSO stems from solar's extended payment cycles, but manageable given KSB's financial strength.
Q11: How are employee costs and supply chain inflation impacting margins?
Stable supply chains (localized sourcing) limit cost risks. Employee costs rose due to hiring (350+ in 3 years), with 150 open roles, but productivity gains and automation offset pressure.
Q12: What concerns keep management awake at night?
No major concerns cited. Nuclear project acceleration is a wish. Parent company (KSB SE) provides R&D, IT, and technical support, with royalties and service fees paid transparently.
Growth: Good revenue growth. With 67.9% growth over past three years, the company is going strong.
Technicals: Bullish SharesGuru indicator.
Momentum: Stock price has a strong positive momentum. Stock is up 4.3% in last 30 days.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money has been increasing their position in the stock.
Profitability: Recent profitability of 10% is a good sign.
Size: Market Cap wise it is among the top 20% companies of india.
No major cons observed.
Comprehensive comparison against sector averages
KSB metrics compared to Industrial
| Category | KSB | Industrial |
|---|---|---|
| PE | 52.77 | 38.14 |
| PS | 5.08 | 4.56 |
| Growth | 12.7 % | 12.7 % |
KSB vs Industrial (2021 - 2025)
Understand KSB ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Canadian Kay Pump Limited | 40.54% |
| Industrial And Prudential Investment Company Ltd | 21.55% |
| Paharpur Cooling Towers Limited | 4.17% |
| Tkil Industries Private Limited | 3.1% |
| Icici Prudential Energy Opportunities Fund | 2.82% |
| Nippon Life India Trustee Ltd-A/C Nippon India Elss Tax Saver Fund | 1.64% |
| Bajaj Allianz Life Insurance Company Ltd. | 1.41% |
| Vikram Swarup - Family Trust | 0.17% |
| Bodies Corporate | 0.12% |
| Vikram Swarup | 0.11% |
| Gaurav Swarup | 0.1% |
| Bindu Vikram Swarup | 0.05% |
| Parul Swarup | 0.01% |
| Director or Director's Relatives | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
Analysis of KSB's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2024
| Description | Share | Value |
|---|---|---|
| Pumps | 82.8% | 602.2 Cr |
| valves | 17.2% | 125.2 Cr |
| Total | 727.4 Cr |
Valuation | |
|---|---|
| Market Cap | 13.06 kCr |
| Price/Earnings (Trailing) | 52.77 |
| Price/Sales (Trailing) | 5.08 |
| EV/EBITDA | 34.64 |
| Price/Free Cashflow | 151 |
| MarketCap/EBT | 41.16 |
Fundamentals | |
|---|---|
| Revenue (TTM) | 2.57 kCr |
| Rev. Growth (Yr) | 20.95% |
| Rev. Growth (Qtr) | 18.22% |
| Earnings (TTM) | 247.5 Cr |
| Earnings Growth (Yr) | 33.15% |
| Earnings Growth (Qtr) | 18.48% |
Profitability | |
|---|---|
| Operating Margin | 12.35% |
| EBT Margin | 12.35% |
| Return on Equity | 16.66% |
| Return on Assets | 10.54% |
| Free Cashflow Yield | 0.66% |
Investor Care | |
|---|---|
| Dividend Yield | 0.46% |
| Dividend/Share (TTM) | 3.5 |
| Shares Dilution (1Y) | 0.00% |
| Diluted EPS (TTM) | 11.1 |
Financial Health | |
|---|---|
| Current Ratio | 2.13 |
| Debt/Equity | 0.00 |
| Debt/Cashflow | 0.00 |
Detailed comparison of KSB against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| CROMPTON | Crompton Greaves Consumer ElectricalsHousehold Appliances | 21.56 kCr | 7.83 kCr | -7.01% | +8.10% | 41 | 2.75 | +8.63% | +19.52% |
| KIRLOSBROS | Kirloskar BrothersCompressors, Pumps & Diesel Engines | 13.78 kCr | 4.52 kCr | +2.27% | +30.00% | 31.78 | 3.05 | +14.73% | +45.70% |
| SHAKTIPUMP | Shakti Pumps (India)Compressors, Pumps & Diesel Engines | 10.84 kCr | 2.47 kCr | -3.57% | +193.98% | 27.95 | 4.38 | +161.10% | +614.16% |
| WPIL | WPILIndustrial Products | 6.66 kCr | 1.77 kCr | -1.18% | +15.72% | 9.71 | 3.77 | -5.50% | +198.61% |
| DYNAMATECH | Dynamatic TechIndustrial Products | 4.34 kCr | 1.41 kCr | -1.13% | -20.80% | 51.59 | 3.08 | -4.18% | +2.19% |