KSB Ltd

The 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.

- 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.

- 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)

- 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.

- 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.