KSB

KSB reported a revenue of ₹2,695.7 crores for CY 2025, marking a 6.49% year-over-year growth from ₹2,533.1 crores in the previous year. EBITDA increased by 10.57% to ₹387 crores from ₹350 crores, with profit before tax rising to ₹352 crores from ₹322 crores. The company maintained a robust net financial position of ₹283 crores and declared a dividend of 220%, reflecting a steady financial performance with a 17% CAGR in both revenue from operations and EBITDA.

As of December 2025, KSB's total orders on hand stood at ₹2,584.8 crores, comprising ₹1,303.2 crores from non-nuclear segments and ₹1,281.6 crores from nuclear projects. The company achieved a 14% CAGR in order intake, with an average monthly intake of ₹249 crores in 2025. Key growth drivers include energy (thermal and nuclear), infrastructure (water, wastewater, river linking), and building services, alongside a strong 22% CAGR in exports, which accounted for 17% of the total business in 2025.

KSB is actively expanding its product portfolio and market reach, with new introductions like the B Pump (Vertical Turbine Pump) and localization of LUV and Boiler Recirculation Pumps. The company is making inroads into new segments such as data centers and green hydrogen, leveraging its parent company's global experience. Export efforts have led to new orders from the USA and entry into the Africa region for submersible borehole pumps, demonstrating a focus on global market diversification.

The solar business is a significant growth area, with a 112% order intake CAGR and CY 2025 revenue of ₹245 crores, targeting over ₹300 crores for CY 2026. KSB has increased its in-house manufacturing share of the solar package to 30-35%, including controllers. While profitability is slightly lower than other businesses, the company is actively addressing working capital challenges, particularly in Maharashtra, aiming to reduce the difference in working capital days from 4-5 days to 1-2 days maximum.

The nuclear business remains a long-term growth opportunity, with testing for nuclear pumps scheduled to commence on March 22, 2026. KSB expects to invoice 2-4 nuclear pumps in CY 2026 and has an order on hand of ₹1,300 crores for nuclear projects, anticipated to be delivered over the next three years. The company projects annual nuclear revenue to be in the range of ₹300-400 crores in a good year, with ongoing finalization of orders for Gorakhpur, Haryana, and Kaiga projects.

The aftermarket segment, branded as SupremeServ, continues to grow year-over-year, contributing around 15% to the overall order intake. KSB targets a 25-30% growth rate for its aftermarket business, which includes mining pumps where aftermarket constitutes 70% of the business. The mechanical seals business, currently around ₹15 crores, is also growing healthily and is expected to grow faster than overall pump growth, supported by investments in manufacturing capabilities.

KSB is committed to sustainability, achieving a 59% reduction in GHG emissions and 65% green energy generation. The company has also made progress in eco-friendly packaging and sustainability assessments, surpassing its 80% target for supplier audits. CSR activities include skill development programs in ITIs, reconstruction efforts in Kerala, and digitalization of schools in Pune, reflecting a strong focus on social and environmental responsibility.

The company acknowledges the impact of geopolitical situations on its supply chain, specifically LPG and gas supply restrictions affecting foundries, and temporary disruptions to exports to the Middle East. Management is actively mitigating these risks. Additionally, the potential for commodity price spikes is a concern, which could put pressure on margins in project businesses that lack protective PVC clauses, though standard business can pass on cost increases.