KSB Ltd(KSB)

NSE: KSBBSE: 500249

₹ 669-1.95%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 11,643 crWebsite: www.ksbindia.co.inUpdated: 27 Oct 2026

About

KSB Limited, incorporated in 1960 and headquartered in Pune, manufactures pumps (standard and engineered), valves, and aftermarket services for energy, water and wastewater, building services, petrochemicals, mining, and general industry. The company reported revenue of ₹2,695.7 crores in FY25 and operates six manufacturing plants across India as part of the global KSB Group.^[1][2]

Business segments

Pumps segment contributed 82% of FY25 revenue (₹2,215.0 crores) at an EBIT margin of 12.9%, covering standard, engineered, and solar pumps.^[3]
Valves segment contributed 18% of FY25 revenue (₹485.1 crores) at an EBIT margin of 14.4%, manufactured at the SICCA valves plant in Coimbatore.^[3]
Order intake by segment in FY25: Standard Pumps 48%, SupremeServ aftermarket 19%, Valves 18%, Engineered Pumps 15%.^[1]

Products and brands

SupremeServ, KSB's aftermarket brand, constitutes approximately 15% of revenues and covers maintenance, spares, retrofits, and mechanical seal manufacturing.^[1]
Solar segment sold approximately 12,847 solar pumps in FY25 using SOLOTRAN controllers (MNRE-compliant), delivering revenues of ₹2,450 million in FY25.^[1]
KSB manufactures in-house SOLOTRAN solar controllers as a backward integration step, with a dedicated state-of-the-art manufacturing facility.^[1]
New product additions include firefighting pumps (FM/UL certified), marine/Navy pumps, mechanical seals (~9,000 pieces at ~90% localisation), white-iron mining pumps, and vertical turbine pumps.^[4]
KSB successfully tested its first-ever reciprocating pumps (BP&CL type) for the GAIL PATA project - the first such models designed, built, and tested in KSB's history.^[1]
In H1 CY2026, KSB secured the first-ever order for a domestically manufactured boiler circulation pump (LUV type), previously fully imported; KSB is the only localised supplier.^[5]

Manufacturing operations

Six manufacturing plants: Irrigation & Process Division at Pimpri (est. 1960), Power Projects Division at Chinchwad (est. 1978), Water Pump Division at Sinnar-Nashik (est. 1994), Energy Pump Division at Shirwal-Satara (est. 2017), Foundry Division at Vambori (est. 1974), and Valves Division at Coimbatore (est. 1987).^[1]
Shirwal Energy Pump Division operating at 80 - 90% utilisation in H1 CY2026; a new ~7,000 sqm shed was inaugurated on 15,000 sqm of recently acquired land, adding ~20% capacity for nuclear, thermal, and oil & gas pumps.^[5]
Vambori foundry achieved NORSOK certification for offshore/oil & gas applications, and added new capabilities in white iron casting (mining) and nickel aluminium bronze castings (marine).^[1]
KSB invested ₹1,150 million in FY25 towards capacity expansion, factory modernisation, and digitisation.^[1]
Rooftop solar capacity of 4.6 MWp installed across facilities plus a 6.65 MWp renewable energy PPA, resulting in 65% renewable energy share in total electricity consumption in 2025.^[1]
Shirwal plant is one of only three KSB sites globally (out of ~35) to achieve the 3-Star MBK (Made By KSB) rating, qualifying it to supply orders for other KSB Group entities worldwide.^[4]

Key operating numbers

H1 CY2026 order intake (excluding nuclear): ₹15,307 million; export order intake YTD Jun-26: ₹2,567 million vs full-year CY2025 export intake of ₹5,141 million.^[5]
Export share of order book ~15% as of Jun-26, compared to 17% share of order intake achieved in full CY2025 (the highest ever), representing a 22% CAGR.^[5][6]
Solar share of order book was 5 - 7% as of Jun-26, below the 10 - 12% target, due to delay in the KUSUM 2.0 government scheme; H1 CY2026 solar revenue was ₹50 - 60 crores.^[5]
ROCE was 22.8% as of Jun-26.^[5]
Valves division EBIT margin fell from mid-teens to single-digit in H1 CY2026, attributed to lower export volumes (geopolitical disruption), adverse product mix, and commodity/casting cost pressures.^[5]

Customers and distribution

KSB has an 800+ dealer network across India, 14 branch offices, 4 zonal offices, and 1 liaison office in Bangladesh.^[1]
Key domestic customers include NTPC (supercritical boiler feed pump packages), ONGC (offshore LSTK pump replacement at Neelam platform), and NPCIL (nuclear primary coolant pumps).^[1]
Solar pump orders secured from MSEDCL (Maharashtra) and TREDA (Tripura) under government schemes.^[1]
Export customers include KSB Inc. USA (order worth ₹555 million in FY25), PKN Orlen Poland (SICCA valves for Płock chemical park expansion - highest-value order ever for KSB Coimbatore), and ADNOC/Middle East API pump customers.^[1]
Data centre cooling: orders won from international OEMs in India for liquid cooling in hyperscale data centres in H1 CY2026, with additional HVAC and firefighting projects in Chennai and Navi Mumbai; a dedicated team has been deployed.^[5]

Expansion and capex

Annual capex of ₹80 - 120 crores planned to continue for sustenance and growth investments.^[5]
SAP S/4HANA go-live expected in H1 FY2027, which will carry an opex cost impact on KSB India.^[5]
SupremeServ (aftermarket) targeted to grow from ~15% to 25 - 30% of revenue (excluding agri), currently growing at ~15% per annum; Chinchwad plant fully dedicated to aftermarket.^[5][7]

Recent developments

September 2026: KSB won an export order worth $12,400,051 USD (~₹1,180 million) from Dangote Projects Free Zone Enterprise for supply of ~18 Boiler Feed Pump Packages, to be executed between September 2027 and March 2028.^[8]
H1 CY2026: GHAVP nuclear primary coolant pump testing at NPCIL's Tarapur test bed started in April - May 2026 but was halted due to equipment issues on NPCIL's side; management expects testing restart in September 2026 with deliveries at one pump per quarter (up to six per year).^[5]
H1 CY2026: Middle East geopolitical conflict halted export deliveries of ready pumps, contributing to H1 CY2026 revenue of ₹12,920 million vs ₹12,621 million in H1 CY2025, with EBITDA declining to ₹1,465 million from ₹1,707 million.^[5]
A new nuclear tender for approximately 8 reactors (Mahi Banswara/ASHVINI and others) is expected to be issued within the next few months.^[5]

Market Cap

₹11,643 Cr

High / Low

₹1,028 / 663

Stock P/E

48.3

Price / Book

7.0

Book Value

₹96

EPS

₹15.5

No. of Shares

17.4 Cr

ROCE

23.9%

ROE

17.1%

OPM

13.6%

Debt / Equity

0.00

Sales

₹2,696 Cr

Net Profit

₹271 Cr

Promoter holding

69.8%

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KSB Ltd(KSB)

About

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Products and brands

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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