KSB
Micro CapKsb Limited
Industrials
KSB Limited, established 1960, is an Indian pump and valve manufacturer with 6 manufacturing plants, 6 service stations, 350+ service centers, and 800+ authorized dealers. It also has a technology center (KSB Tech) and a control valves subsidiary (KSB MIL Controls).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -23% YoY · margin compression · Rev +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹601 Cr | +1.0% | -23.3% |
| EBITDA | ₹51 Cr | -25.0% | -60.8% |
| Operating margin | 8.0% | -300 bps | -900 bps |
| PAT | ₹40 Cr | -23.1% | -50.6% |
| PAT margin | 6.7% | -208 bps | -367 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Revenue from sales grew 6.4% YoY to INR 26,957 million in 2025, with EBITDA up 9.5% and PBT up 10.6%, indicating consistent financial performance.
KSB demonstrated consistent financial growth in 2025, driven by steady order intake across key segments like Energy, Water/Wastewater, and Solar. Strong order book and increasing export share support continued performance, though specific margin details are limited.
Solar Business
Started in-house manufacturing of Solar Controllers. Order intake increased from 2021 to 2025.
Energy (Conventional)
Won 1st supercritical power plant order. Localisation of LUV - Boiler Recirculation Pump. Export order received from KSB Inc USA.
Water/Wastewater
First orders received for new products (Sewatec, Vertical turbine pumps, K35). Breakthrough orders from Municipal corporations.
Firefighting
Etanorm FXM received FM/UL certification. Orders received from major commercial buildings like Airport, Metros, AIIMS.
Solar Controllers Manufacturing
Started in-house manufacturing of Solar Controllers.
Central Warehouse
First Central Warehouse established in Chatrapati Sambhaji Nagar for supply chain diversification.
Increasing Export Share
Exports as a percentage of total order intake increased to 17% in FY25 from 12% in FY24.
Strong Order Intake
Average Order Intake / Month increased to INR 2,493 million in 2025 from INR 2,027 million in 2024.
Growing Orders on Hand
Total Orders on Hand reached INR 25,848 million in December 2025, up from INR 22,503 million in December 2024.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides annual financial data and year-on-year trends for key performance indicators, making YoY the most appropriate comparison for assessing long-term performance and growth.
Revenue from sales
INR 26,957 million (2025) vs INR 25,331 million (2024)
EBITDA
INR 3,526 million (2025) vs INR 3,220 million (2024)
Profit Before Tax
INR 3,873 million (2025) vs INR 3,503 million (2024)
PAT
INR 2,645 million (2025) vs INR 2,409 million (2024)
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Average Order Intake / Month | INR 2,493 million (2025) | Sustained growth in average monthly order intake across key segments. |
| Total Orders on Hand (OOH) | INR 25,848 million (Dec 2025) | Continued increase in order book and timely execution of projects. |
| ROCE | 22.8% (2025) | Maintenance or improvement in capital efficiency, especially with new projects and investments. |
| Export Share | 17% of Total OI (2025) | Further diversification and growth in export contribution to total order intake. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +12.3% / mo
Technical chart
KSBdaily · 3Y+7.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 46. Wait for confirmation.
- SMA20 falling (~15.9% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 20% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -22.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 69.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 99th pctile, median 68 · Micro: 98th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 50.90
- P/B
- 8.34
- EV/EBITDA
- 33.68
- Market Cap
- 14004.00Cr
Profitability
- ROE
- 18.40%
- ROCE
- 24.70%
- ROA
- 9.27%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 119.00×
- Altman Z
- 8.43
- Book Value
- 96.50
Cash Flow
- FCF Yield
- 1.02%
- FCF Positive Y
- 9/5
- OCF
- 93.00 Cr
- EPS TTM
- 14.87
Shareholding
- Promoter Hold
- 69.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.