Financials KSB Limited

Equities

KSB

INE999A01015

Industrial Machinery & Equipment

Market Closed - Bombay S.E. Other stock markets 06:00:47 2024-04-30 am EDT			5-day change	1st Jan Change
4,510 ^INR	-2.06%		-2.69%	+30.20%

Apr. 26	KSB Gets Board Nod for Stock Split; Shares Slide 6%	MT
Apr. 26	KSB Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	27,124	23,495	22,514	42,305	67,419	156,994	156,994	-
Enterprise Value (EV) ¹	27,124	23,495	22,514	42,305	67,419	120,580	156,994	156,994
P/E ratio	37.9 x	23.3 x	-	28.3 x	36.9 x	57.8 x	59.1 x	41.2 x
Yield	0.77%	1.19%	-	1.03%	0.77%	0.51%	0.49%	0.49%
Capitalization / Revenue	2.48 x	1.82 x	1.86 x	2.83 x	3.7 x	5.37 x	5.97 x	5 x
EV / Revenue	2.48 x	1.82 x	1.86 x	2.83 x	3.7 x	5.37 x	5.97 x	5 x
EV / EBITDA	23.6 x	13.1 x	13 x	20.2 x	27.3 x	41.1 x	43.4 x	33.3 x
EV / FCF	77,608,047 x	-	-	-	-98,135,827 x	-	70,717,936 x	62,948,604 x
FCF Yield	0%	-	-	-	-0%	-	0%	0%
Price to Book	3.58 x	2.83 x	-	4.19 x	5.9 x	9.26 x	10.6 x	8.8 x
Nbr of stocks (in thousands)	34,808	34,808	34,808	34,808	34,808	34,808	34,808	-
Reference price ²	779.2	675.0	646.8	1,215	1,937	4,510	4,510	4,510
Announcement Date	2/27/19	2/27/20	2/25/21	2/24/22	2/24/23	2/28/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	10,931	12,939	12,081	14,973	18,220	22,472	26,290	31,413
EBITDA ¹	1,150	1,788	1,731	2,094	2,467	2,936	3,615	4,712
EBIT ¹	887	-	-	-	2,014	2,439	3,524	4,833
Operating Margin	8.11%	-	-	-	11.05%	10.85%	13.4%	15.39%
Earnings before Tax (EBT) ¹	1,093	1,405	-	1,946	2,375	2,709	3,468	5,018
Net income ¹	716	1,007	-	1,494	1,827	2,087	2,654	3,814
Net margin	6.55%	7.78%	-	9.98%	10.03%	9.29%	10.1%	12.14%
EPS ²	20.57	28.94	-	42.92	52.50	59.97	76.30	109.6
Free Cash Flow	349.5	-	-	-	-687	-	2,220	2,494
FCF margin	3.2%	-	-	-	-3.77%	-	8.44%	7.94%
FCF Conversion (EBITDA)	30.39%	-	-	-	-	-	61.41%	52.93%
FCF Conversion (Net income)	48.81%	-	-	-	-	-	83.65%	65.39%
Dividend per Share ²	6.000	8.000	-	12.50	15.00	17.50	22.00	22.00
Announcement Date	2/27/19	2/27/20	2/25/21	2/24/22	2/24/23	2/28/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	4,177	4,484	4,313	5,246	-	5,913	5,247
EBITDA	547	611	541	-	-	-	-
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	404	474	390	-	409	-	561
Net margin	9.67%	10.57%	9.04%	-	-	-	10.69%
EPS	-	-	-	-	11.76	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	5/11/22	8/11/22	11/2/22	2/24/23	5/9/23	8/3/23	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	350	-	-	-	-687	-	2,220	2,494
ROE (net income / shareholders' equity)	9.75%	12.7%	10.9%	15.7%	17%	17.1%	19%	20.8%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	218.0	238.0	-	290.0	328.0	374.0	427.0	512.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	425	586	-	382	1,069	933	1,000	1,000
Capex / Sales	3.89%	4.53%	-	2.55%	5.87%	4.15%	3.8%	3.18%
Announcement Date	2/27/19	2/27/20	2/25/21	2/24/22	2/24/23	2/28/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for KSB Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,510 INR

Average target price

4,076 INR

Spread / Average Target

-9.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Pump & Pumping Equipment

	1st Jan change	Capi.
KSB LIMITED	+30.20%	1.88B
IDEX CORPORATION	+1.97%	16.69B
GRACO INC.	-7.42%	13.56B
FLOWSERVE CORPORATION	+14.60%	6.21B
FRANKLIN ELECTRIC CO., INC.	+0.98%	4.44B
HAYWARD HOLDINGS, INC.	-0.59%	2.92B
KIRLOSKAR BROTHERS LIMITED	+48.26%	1.25B
KSB SE & CO. KGAA	+0.75%	1.2B
GUANGDONG LINGXIAO PUMP INDUSTRY CO.,LTD.	+26.50%	1.09B
THE GORMAN-RUPP COMPANY	-7.71%	869M

Pump & Pumping Equipment