KSB Ltd. share price target

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a stellar Q3CY17 performance with the company displaying higher double digit growth in topline (24%) after a long with a stable EBITDA margin profile of 10.5% Total standalone revenues came in at | 200.5 crore, up 24.1% YoY with pump sales at | 159 crore, up 22% YoY and valves sales at | 41 crore, up 53% YoY. Valves segment reported EBIT margins of 6.6% Standalone EBITDA in Q3CY17 came in at | 21.1 crore while PAT for...

KSB Revenues Flat; Large Orders Under Execution: Revenue (net) for KSB grew YoY by meagre 0.6% to Rs.4157mn in H1CY17 while the same for Q2CY17 grew by 3.6% to Rs.2,102mn. In terms of segmental performance, Pumps segment revenue reached to Rs.3725mn while for the Valves segment grew by 1.7% to Rs.681mn inH1CY17 while revenues for Pumps and Valves grew by 3.1% and 3.8% to Rs.1,890mn and Rs.343mn respectively in Q2CY17.

Total standalone revenues came in at | 210.3 crore, up 3.6% YoY Standalone EBITDA in Q2CY17 came in at | 23.8 crore (EBITDA margins at 11.3%). Standalone PAT in Q2CY17 was at | 15.4 crore KSB is due to commission its new manufacturing facility in H2CY17E, which amid incremental capex of domestic refineries (change in euro norms) and increasing thrust on irrigation projects (lift irrigation) will drive the next leg of growth, going forward KSB previously supplied pump to NPCIL. Hence, it would be a key...

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a subdued Q1CY17 performance largely tracking a de growth in the pumps segment (down 3% YoY) Total standalone revenues came in at | 205.5 crore, down 2.2% YoY Standalone EBITDA in Q1CY17 came in at | 20.2 crore (EBITDA margins at 9.9%). Standalone PAT in Q1CY17 was at | 13.3 crore At the AGM, KSB guided for early commissioning of its new facility in Satara, which will initially manufacture engineered pumps...

KSB Delivers Below Par Performance; Profitability Under Stress: Revenue (net) for KSB Pumps dropped marginally to the tune of 2.2% on YoY basis during Q1CY17 to Rs.2,054mn. In terms ofsegmental revenue, on YoY basis, Pumps revenue de-grew by 3.0% to Rs.1,834mn while Valves revenue dropped marginally by0.4% when compared to Q1CY16 and reached to Rs.337mn.

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a robust performance in Q4CY16 largely tracking the impressive show from its valves segment, up 11.8% YoY Total standalone revenues came in at | 251.2 crore, up 3.1% YoY Standalone EBITDA in Q4CY16 came in at | 36.2 crore (EBITDA margins at 14.4%). Standalone PAT in Q4CY16 was at | 23.0 crore The valve segment managed to arrest its struggle post two dismal quarters as EBIT margins turned positive at 7.6%...

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a dismal Q3CY16 performance with sales de-growing 13.0% YoY. Pump segment sales de-grew 14.5% YoY while valves segment sales de-grew 11.0% YoY Total standalone revenues came in at | 161.6 crore Standalone EBITDA in Q3CY16 came in at | 12.7 crore (EBITDA margins at 7.9%). Standalone PAT in Q3CY16 was at | 7.4 crore Valve segment continued to struggle on the profitability front with...

Second largest pump manufacturer in India with 15% market share having an planned capex of ` 250 crores in next three years Company expects the market for pumps and services to grow moderately & market for valves is expected to be sluggish, primarily due to poor demand from the power sector. Whereas, company has taken effective steps to improve operational efficiency to maintain the earnings. As a part of its growth strategy, company plans to expand its operations over the next five years. KSB will set up a new plant for manufacturing high-end engineered pumps for super critical thermal power plants at an estimated capex of around ` 250 Crores to be financed partially from internal generations and...

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a subdued Q2CY16 performance with sales growing 1.7% YoY. Pump segment sales grew 4.4% YoY while valves segment sales de-grew 14.2% YoY Total standalone revenues came in at | 203.6 crore, up 1.7% YoY Standalone EBITDA in Q2CY16 came in at | 24.3 crore (EBITDA margins at 11.9%). Standalone PAT in Q2CY16 was at | 16.0 crore. However, EBIT margin in valves segment came in muted at -4.2%...

ICICI Securities Ltd | Retail Equity Research KSB Pumps (KSB) reported a robust Q1CY16 performance with a strong margin recovery at the EBITDA level (by 550 bps), driving...