Ksb Limited (KSB)
Micro CapIndustrials stocks · Micro cap · NSE
KSB Limited, established 1960, manufactures industrial, energy, water, and standard pumps, and valves. Operates 6 manufacturing plants, 6 service stations, and 350+ service centers across India, with a technology center and a control valve subsidiary.
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 mixed.
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 30 Jun 2026
Bad · 0/100PAT -19% YoY · margin compression · Rev +4% YoY · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹691 Cr | +3.6% | +15.0% |
| EBITDA | ₹82 Cr | -9.9% | +60.8% |
| Operating margin | 12.0% | -200 bps | +400 bps |
| PAT | ₹57 Cr | -18.6% | +42.5% |
| PAT margin | 8.3% | -224 bps | +159 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
KSB reported robust financial growth for FY25, with revenue up 6.4%, EBITDA up 10.6%, and PBT up 9.5% YoY. Order intake and order on hand also showed healthy increases, driven by diverse segments and rising exports.
KSB's consistent financial performance, growing order book, and strategic focus on key growth drivers like Solar, Energy, Water, and Firefighting, coupled with increasing export share, suggest the investment thesis remains intact. ESG achievements are also notable.
Solar Business
Started in-house manufacturing of Solar Controllers and diversified supply chain for key components.
Conventional Energy
Won first supercritical power plant order, localized Boiler Recirculation Pump, and secured export order from KSB Inc USA.
Water/Wastewater
Launched new products (Sewatec, Vertical turbine pumps, K35, B Pump) and secured breakthrough municipal orders.
Firefighting
Etanorm FXM pumpset received FM/UL certification; orders secured from major commercial buildings (Airport, Metros, AIIMS).
Increasing Export Share
Exports share of total Order Intake increased to 17% in 2025 from 12% in 2024, indicating growing international demand.
Competitive Pressures
Competitive pressures from other players in the pump and valve industry.
Regulatory Changes
Changes in government policies, environmental regulations, or industry standards.
Macroeconomic Trends
Broader economic slowdowns or geopolitical instability impacting industrial demand.
Currency Fluctuations
Adverse movements in foreign exchange rates affecting import costs or export revenues.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Financial data is presented annually (Year ended 31st December), making year-over-year comparison the only relevant basis for assessing performance trends.
Revenue from sales
Revenue from sales increased to 26,957 MINR in 2025 from 25,331 MINR in 2024.
EBITDA
EBITDA grew to 3,873 MINR in 2025 from 3,503 MINR in 2024.
Profit Before Tax (PBT)
PBT rose to 3,526 MINR in 2025 from 3,220 MINR in 2024.
Average Order Intake / Month
Average Order Intake / Month increased to 2,493 MINR in 2025 from 2,027 MINR in 2024.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Intake / Month | 2,493 MINR (2025) | Sustained growth in average monthly order intake. |
| Total Orders on Hand | 25,848 MINR (Dec 2025) | Order book stability and timely execution. |
| Exports (% of Total OI) | 17% (2025) | Continued increase in export contribution to total order intake. |
| Green Energy Generation | 65% (2025) | Further progress towards higher green energy adoption. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -7.7% / mo · MACD +
Technical chart
KSBdaily · 1Y · AUTO+8.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 48. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 22% 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
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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.
- Quality contributes 14/20 to the score.
Main drags
- Fair-value margin of safety is negative at -45.6%.
- 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 97th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 69.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 97th pctile, median 68 · Micro: 95th pctile, median 73
68 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 54.00
- P/B
- 8.35
- EV/EBITDA
- 34.80
- Market Cap
- 14159.00Cr
Profitability
- ROE
- 18.40%
- ROCE
- 24.70%
- ROA
- 8.73%
- Dividend Y
- 0.54%
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
- 86.75×
- Altman Z
- 8.42
- Book Value
- 97.50
Cash Flow
- FCF Yield
- 1.01%
- FCF Positive Y
- 9/5
- OCF
- 93.00 Cr
- EPS TTM
- 14.11
Shareholding
- Promoter Hold
- 69.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.