KSB Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

KSB Ltd trades at ₹904, in a confirmed uptrend and 14 weeks into that stage. That is +8.9% against its own 200-day average. It sits at 74% of a 52-week range of ₹687 to ₹979. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹904 it trades +8.9% versus its 200-day average and sits at 74% of its 52-week range (₹687–₹979).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +744% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 83rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

KSB Ltd trades at 54.8× P/E, at the pricey end of its own range (83rd percentile). Its long-run median P/E is 37.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 54.8× is at the pricey end of its own range (83rd percentile), against a long-run median of 37.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +9.3% against a +3.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +33.2%/yr price move, ~+16.7%/yr came from earnings growth and ~+16.5 pp from the multiple (expanding); over 10y, of the +20.2%/yr price move, ~+14.9%/yr came from earnings growth and ~+5.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

KSB Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +20.6% at its peak → +1.6% latest) while ROCE still reads 21.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

41.3/100 — rank 2 of 4 in Pumps · 93% evidence confidence

KSB Ltd scores 41.3 out of 100 against the 4 companies it is compared with in Pumps, ranking 2. Price leads the evidence: RS versus the benchmark is 10%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 7 + 18.6 + 2.3 + 13.4 = 41.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

KSB Ltd reported ₹601 Cr of revenue in the Mar 26 quarter, +1.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.7% a year. The last full year, FY25, came in at ₹2,696 Cr. The last four reported quarters add to ₹2,702 Cr.

KSB Ltd reported ₹601 Cr of revenue in the Mar 26 quarter, +1.0% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.7% a year. The last full year, FY25, came in at ₹2,696 Cr. The last four reported quarters add to ₹2,702 Cr.

FY25 revenue came in at ₹2,696 Cr (+6.4% on the year), capping 10 years at 12.7% compound. The latest quarter (Mar 26) printed ₹601 Cr, +1.0% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +4.5% growth against the decade's 12.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.6% over the last 4 quarters against +8.3%/yr over the last 8 — rolling over; TTM profit +1.6% vs +10.3%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

KSB Ltd's operating margin is 8.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 11.0% to 14.0%. The current quarter is running below every full year in that window.

KSB Ltd's operating margin is 8.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 11.0% to 14.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 8.0%, −3.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 11.0%–14.0%, and FY25's 14.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −2.9 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit −23.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

KSB Ltd earned ₹40.0 Cr of net profit in the Mar 26 quarter, −23.1% year on year. Full-year FY25 profit was ₹270 Cr. The 10-year compound rate is 14.6%. That is 6.7% of the quarter's revenue. The same quarter a year earlier earned ₹52.0 Cr.

KSB Ltd earned ₹40.0 Cr of net profit in the Mar 26 quarter, −23.1% year on year. Full-year FY25 profit was ₹270 Cr. The 10-year compound rate is 14.6%. That is 6.7% of the quarter's revenue. The same quarter a year earlier earned ₹52.0 Cr.

Mar 26 profit was ₹40.0 Cr, −23.1% year on year. On the full year, FY25 printed ₹270 Cr (+9.3%), and the 10-year compound rate is 14.6%.

🚨 Why profit moved: revenue contributed +1.0% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +0.1% vs revenue +4.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 58% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 58% of KSB Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹93.0 Cr of operating cash against ₹270 Cr of profit. After ₹119 Cr of capital spending, ₹−26.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹93.0 Cr against reported profit of ₹270 Cr, leaving free cash of ₹−26.0 Cr after ₹119 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 58% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 58%: the cash cycle stretched 66 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 66 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 204-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

KSB Ltd's cash conversion cycle runs 204 days in FY25, up from 138 days in FY20. Capital spending ran ₹341 Cr over the last 3 years. At FY25 sales of ₹2,696 Cr each day of that cycle holds about ₹7.4 Cr, so roughly ₹1,507 Cr sits inside the business at any moment.

FY25: debtors at 118 days, inventory at 197 days — roughly 6.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 204 days, looser than FY20's 138.

The full loop: cash goes out to suppliers and production on day 0; stock waits 197 days to sell; customers pay about 118 days after that; and suppliers themselves are paid at 111 days — netting out to the 204-day cycle.

In money terms: at FY25 sales of ₹2,696 Cr, each day of the cycle holds about ₹7.4 Cr — so the 204-day loop keeps roughly ₹1,507 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹341 Cr over the last 3 fiscal years against ₹162 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹92.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 25% and the ROIC − WACC spread is +4.4 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

KSB Ltd earns a ROCE of 25% in FY25. That is up from a trough of 15% in FY18. Return on invested capital clears the cost of that capital by +4.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.0% net margin on 0.97× asset turns.

FY25 ROCE is 25%, recovered from a FY18 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 10.0% net margin × 0.97× asset turns × 1.66× balance-sheet leverage ≈ 16.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 16.4% − 12.0% = a +4.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

KSB Ltd carries total debt of ₹5.0 Cr against shareholder equity of ₹1,679 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹5.0 Cr against shareholder equity of ₹1,679 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.00 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 1.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.7 points of KSB Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.8% of the company. Foreign institutions moved −1.3 points over the same window, to 4.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.7 points over 8 quarters to 11.8%; Foreign institutions: −1.3 points over 8 quarters to 4.1%; Promoters: +0.0 points over 8 quarters to 69.8%.

Why the register moved: domestic institutions drove it (+1.7 points), absorbed on the other side by foreign institutions (−1.3 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

KSB Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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