KSB Ltd Q3 FY26 Earnings Analysis
Published 15 Aug 2026 | Industrial Products | Market Cap: ₹13.8K Cr
Price
₹801
Market Cap
₹13.8K Cr
P/E Ratio
52.6
Revenue Rank
Rank 2
Margin Rank
Rank 3
Earnings Summary
Solar business revenue expected to grow by 20%-25% in CY 2026, targeting over ₹300 crores from ₹245 crores in CY 2025 and ₹189 crores in CY 2024. KSB aims to maintain a healthy EBITDA margin of around 13%-14% while focusing on top-line growth.
📊 Revenue & Sales Performance
Rank 2- →Solar business revenue expected to grow by 20%-25% in CY 2026, targeting over ₹300 crores from ₹245 crores in CY 2025 and ₹189 crores in CY 2024. (Page 25, 9)
- →Pump segment (ex-nuclear) aims for 15%-20% growth in CY 2026 based on order book execution. (Page 12)
- →Nuclear business revenue expected to pick up significantly from CY 2026 onwards, with projects extending through to 2028 and potential continuity beyond. (Page 11)
- →Export business currently at 17%, aiming for 25% to 30% in next few years, though timeline is cautious due to delivery and quality improvements needed. (Pages 14-15)
- →Order book growth observed (~30% from CY 2024 to CY 2025) suggests healthy future revenue ramp-up in project businesses. (Page 11)
- →Energy (thermal power plants, nuclear), infrastructure (water, wastewater, river linking), and building segments are key growth drivers. (Page 6)
📈 Profitability & Margins
Rank 3- →KSB aims to maintain a healthy EBITDA margin of around 13%-14% while focusing on top-line growth.
- →Nuclear business revenue expected to grow significantly from ₹30-50 Cr in 2025, with major order execution and testing in 2026 onward.
- →Pump segment (ex-nuclear) growth targeted at 15%-20% in CY 2026 based on strong order book.
- →Solar business expecting at least 20%-25% growth, targeting ₹300 Cr+ revenue in 2026, driven by ongoing KUSUM 2.0 scheme.
- →Export business expected to grow to about 25% of revenue, potentially reaching 30% in good years over the next few years.
- →New segments like SupremeServ, solar, and aftermarket services will drive majority of growth.
- →Growth is driven by energy (thermal and nuclear), infrastructure (water treatment, river linking), and building services sectors.
- →Overall, the company aims for steady profitable growth without compromising EBITDA margins.
🏗️ Capital Expenditure Plans
Yes- →KSB Limited has made investments in foundry and product development, particularly to support new product lines like vertical pumps for mining.
- →There is a focus on increasing installed base and exports, expecting year-on-year business growth from these investments.
- →They have started in-house manufacturing of solar controllers to become more competitive and technically advanced in the solar segment.
- →Implementation of S/4HANA ERP system is underway to improve internal efficiencies and on-time deliveries, especially important for export growth.
- →Plans to expand capacity and readiness to meet growing demands in thermal power plants, nuclear projects, and infrastructure sectors.
- →Continued need to invest in engineered business segments to maintain competitiveness despite price pressures, to support future aftermarket business.
- →There is no explicit mention of a major new large-scale capex but strategic investments in product development, manufacturing capabilities, and digital systems are ongoing.
💰 Fundraising & Capital Structure
No informationThe provided document (pages 1-30) does not mention any current or future plans for fundraising through debt or equity by KSB Limited. Key points related to financials and business updates include:
- Emphasis on maintaining healthy EBITDA margins around 13-14% while focusing on top-line growth.
- Order book and business growth highlighted without reference to new capital raising.
- Discussions focus on operational growth, exports, market segments, product developments, and government projects.
- No explicit statements about upcoming debt issuance, equity offerings, or capital raising plans.
- Financial position mentioned as robust with net financial position ending at ₹283 Cr as of December 2025.
Hence, no information on debt or equity fundraising is disclosed in the institutional investor meeting transcript available.
📋 Order Book & Pipeline
Yes- →As of December 2025, KSB Limited's total order book stands at ₹2,584.8 crores.
- →Order book bifurcation: ₹1,303.2 crores excluding nuclear; nuclear orders constitute ₹1,281.6 crores.
- →Majority of the order book comprises project business, including reactor coolant pumps (RCPs), auxiliary pumps in the primary cycle, and aftermarket spares (₹30-50 crores/year).
- →The current order book has grown ~30% from ₹960 crores in CY 2024.
- →The project order execution is expected over the next 3 years, especially nuclear projects from NPCIL and Kudankulam.
- →Vertical pump for mining has an order book of ₹15-20 crores, expected to grow year-on-year.
- →Solar business is growing with revenues planned to cross ₹300 crores in CY 2026, partly dependent on government schemes.
- →Some export orders initiated from markets like Australia and Indonesia.
- →Payment delays in Maharashtra affecting working capital, but being addressed.
Key Metrics
Revenue
Rank 2
Margin
Rank 3
Capex
Yes
Fundraise
No information
Order Book
Yes
Frequently Asked Questions
What were KSB Ltd Q3 FY26 results?
Solar business revenue expected to grow by 20%-25% in CY 2026, targeting over ₹300 crores from ₹245 crores in CY 2025 and ₹189 crores in CY 2024. KSB aims to maintain a healthy EBITDA margin of around 13%-14% while focusing on top-line growth.
What is KSB Ltd share price analysis?
KSB Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 52.6 with a market cap of ₹13,782 Cr. Investors should review the full earnings analysis for detailed insights.
Is KSB Ltd planning capital expenditure?
KSB Limited has made investments in foundry and product development, particularly to support new product lines like vertical pumps for mining.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.