KSB - Delivering On Its Promises: ICICI Securities

ICICI Securities Report

We hosted an institutional investors meet for KSB Ltd. on March 05, 2024. Takeaways:

1. Order inflow continues to grow at a healthy rate (+13% YoY in CY23) to Rs 20 billion (ex-nuclear orders) led by strong demand for standard products (+18% YoY), valves (+31% YoY) and aftermarket services (+21% YoY). KSB’s order book, as of December 2023, stands at Rs 20 billion (+13% YoY).

2. Management believes that the order inflow outlook remains strong for CY24 with a positive outlook for standard products.

Owing to technology transfer from BP&CL, it has received its first order for reciprocating pumps; while domestically, the market for it remains limited, globally demand remains strong.

KSB is also in talks with Siemens India for a long-term supply agreement of 10 years to supply over 2,000-3,000 pumps for rail locomotives

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