KSB Ltd - Transient Pause in Growth, Recovery Ahead | Q1FY27 Company update
19 Aug 2026
Companies Updates
KSB Ltd’s (KSB) Q2CY26 performance was below our estimates, although the margin trajectory offered a positive surprise, with sequential improvement indicating early signs of operational normalization. Performance remained weighed down by weak Valves execution, supply-chain disruptions, elevated costs, and muted order intakes, while nuclear revenue conversion was constrained by PCP testing delays. Encouragingly, Pumps segment remained resilient, and management sees energy sector as the key growth engine over the next 2-3 years, led by thermal additions and nuclear ordering. We expect H2CY26 to mark an inflection point, supported by easing supply-chain pressures, stronger volumes and gradual profit margin recovery. While CY26 growth remains subdued, the earnings trajectory should accelerate meaningfully in CY27E, supported by operating leverage and cost pass-throughs. We upgrade KSB India to Accumulate with a revised TP of Rs 868.
KSB ltd. Stock Price Chart
Weak quarter; recovery ahead:
Q2CY26 revenue rose 3.6% YoY to Rs6,907mn, 4% below our estimates, while EBITDA/PAT declined 10.7%/18.8% YoY, with margins contracting 190bps/228bps to 11.8%/8.3%. Pumps revenue grew 5.4%, while Valves revenue fell 4.2%, with EBIT margins moderating. We expect stronger H2, though CY26E topline growth should remain muted at ~6.0%, followed by CY27E revenue/PAT growth of 15.5%/40.1%. Ex-nuclear order intake declined 8.8% YoY to Rs15.3bn, with exports contributing ~12.9%. Ex-nuclear backlog rose 9.1% YoY to Rs15.1bn, while total backlog including nuclear stood at Rs27.4bn, up 1.8% YoY
Energy and nuclear offer the strongest structural growth runway:
The management expects Energy to lead growth over the next 2-3 years, driven by thermal additions and nuclear ordering. Localization of boiler circulation pumps could further expand KSB’s addressable market. Nuclear backlog stands at Rs 12.3bn, although GHAVP testing delays could constrain near-term revenue, with >2 units primary coolant pump deliveries appearing difficult in the current year. Successful testing remains the key near-term monitorable.
Exports and operational normalization remain key earnings levers:
The management targets exports at ~20% of sales in CY26E/27E, with opportunities across API pumps, gas-power, desalination and petrochemicals, although geopolitical and logistics issues affected H1 conversion. Valve margins remain under pressure from weak volumes, higher costs and supply-chain constraints, but should gradually recover over 3-6 months. Elevated inventory/receivables and SAP S/4HANA implementation costs in CY27E remain key monitorable.
Valuation and Rating:
Nuclear PCP testing delays, weak H1 execution, valve-margin pressure and elevated working capital warrant caution on the pace of earnings recovery. New growth engines remain potential upside triggers but require further conversion. We have reduced TP to Rs 868 from Rs 940 keeping our valuation multiple of 45x June’28E EPS unchanged. We now expect Revenue/EBITDA/PAT CAGR of 11.0%/10.6%/9.8% over CY25-28E versus 15.8%/13.7%/13.6% earlier. Despite the fall in TP, we have upgraded rating to Accumulate due to lower downside coupled with expected recovery in operational performance going forward. Key risks: Continued spillover effects from Middle East crisis, unfavorable domestic capex cycle, and further delay in NPCIL approvals.
Company website: https://www.ksb.com/en-global
| Rating | Accumulate |
|---|---|
| CMP | INR 806 |
| Target Price | INR 868 |
| Upside | 8% |
Click to download the full KSB Ltd Q1FY27 Company Update
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Analyst:
- Mohit Surana - Senior Research Analyst, Institutional Equities (NISM-202300189881)
- Akhil Khanvilkar - Research Associate, Institutional Equities (NISM-202500193256)
FAQs on KSB Ltd Q1FY27 Company Update
What is the target price for KSB Ltd?
The supplied research sets a target price of ₹868 per share, compared with the reported CMP of ₹806. This is a research-based valuation estimate and is not a guaranteed return.
What is the rating on KSB Ltd?
The supplied research assigns an Accumulate rating to KSB Ltd, citing expected operational recovery and reduced downside at the revised valuation.
How did KSB Ltd perform in Q2CY26?
Revenue increased 3.6% year-on-year to ₹6,907 million. EBITDA declined 10.7% and PAT fell 18.8%, while reported margins contracted year-on-year.
What affected KSB Ltd's Q2CY26 performance?
Performance was affected by weak valves execution, supply-chain disruptions, elevated costs, muted order intake and delays in nuclear primary coolant pump testing.
Which business segments support KSB Ltd's growth outlook?
The supplied research identifies the Pumps segment as resilient, while energy and nuclear are expected to provide structural growth opportunities over the next two to three years.
What is the significance of KSB's nuclear business?
KSB's nuclear business provides a potential growth runway, with a reported nuclear backlog of ₹12.3 billion. However, primary coolant pump testing delays could affect near-term revenue conversion.
What are the key earnings recovery triggers for KSB Ltd?
Potential triggers include easing supply-chain constraints, stronger H2CY26 volumes, recovery in valve margins, improved export conversion, cost pass-throughs and progress in nuclear project testing and approvals.
What are the key risks for KSB Ltd?
The supplied research highlights Middle East-related disruptions, an unfavourable domestic capital expenditure cycle, further delays in NPCIL approvals, execution challenges and elevated working capital as key risks.
Should investors buy KSB Ltd shares?
The supplied research assigns an Accumulate rating. This represents the research firm's view and should not be considered personalised investment advice or a guarantee of future performance. Investors should conduct independent due diligence and consult a SEBI-registered investment adviser where appropriate.
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We upgrade Ratnamani Metals to BUY (from Accumulate earlier); though revise our target price lower to Rs 2,460 given miss to our estimates and consequently the cut in our earnings. Q3FY26 saw core pipes business witness a sharp decline due to delayed...
Carysil Ltd: Crafting the future of modern kitchens - Company Update
We retain our BUY rating on Carysil Ltd with a revised target price of Rs 1,190 (earlier Rs 1,140), factoring in a rollover to Q3FY28E and a ~4% trim to FY27E–FY28E earnings. Strong traction in quartz and stainless-steel sinks, upcoming capacity ex...
Wonderla Holidays: Chennai Takes The Baton As Mature Parks Plateau - Company Update
We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
