Karvy initiates coverage on KSB Pumps Ltd (KSB) with a Buy Rating. With demand picking from process industries such as power, oil & gas, petchem and chemicals KSB revenues could grow by a CAGR of 11% during FY14-16E. KSB India has strong backing from parent KSB AG which we believe could act as a key differentiator for market leadership as there are only few players in India capable of manufacturing technologically complex pumps fulfilling requirements of DNI, ANSI, API. In the retail segment, KSB has recently launched solar powered pumps focusing on solarisation of agri pumps which we believe could open-up new market for KSB and other pumps manufacturers, as the focus shifts from initial cost to total cost of ownership in the agri segment. Exports to contribute to over 18% of KSB Indias revenues by FY16E and over 90% of the exports sales are expected to occur between KSB & its associates. KSB India contributes close to 17.5% of KSB AGs consolidated profits.