KSB Limited

KSB.BO

Industrial - Machinery · Industrials

Price

₹785.05

-3.00 (-0.38%)

Market Cap

₹136.63B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

KSB Limited is an Indian industrial company that makes pumps, valves, and related systems used to move water, chemicals, and other fluids. Its customers include power plants, water utilities, oil and gas companies, and construction projects across India. KSB Limited is the Indian subsidiary of the German engineering group KSB SE, one of the largest pump and valve manufacturers in the world.

The company earns revenue by selling pumps and valves outright, along with aftermarket services like spare parts and maintenance. It operates primarily in India but also exports to other markets, and its connection to the KSB global group gives it access to advanced engineering technology that smaller local competitors cannot easily match. Key growth drivers include India's large infrastructure spending programs, especially in water supply and energy, though the business faces risk from raw material cost swings and delays in government-funded projects.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

<−1,000% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-231.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

70.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 years

$38M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$38M cash & investments at current burn rate

Revenue declining

KSB Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 175.1M (2021) → 174.1M (2025)

Score breakdown

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Quality

Gross Margin

45.3%

Healthy — 45.3% gross margin

Operating Margin

11.6%

Modest — 11.6% operating margin

ROCE

-467.7%

Weak — -467.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+104.7%

Fast-growing sales (+104.7% YoY)

EPS YoY

-99.6%

Earnings shrinking (-99.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

46%

Weak — only 46% of profit becomes cash

FCF Margin

1.1%

Thin free cash flow (1.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

105.07x

Comfortably covers interest (105.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

47.5x

Expensive — P/E 47.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+8.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.5 → 39.1)

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Dividends

Dividend Yield

0.56%

Small dividend — 0.56% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-42.3%

Dividend cut (-42.3% YoY) — warning sign

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