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KSB Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤25th Feb 26

Summary : KSB Limited reported strong financial results for 2025, with increased revenue and profit, and an unmodified audit opinion, despite an exceptional charge from new labor codes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Cost of materials consumed: INR 12,746 million (2025).
  2. Standalone Employee benefits expense: INR 3,643 million (2025).
  3. Standalone Other expenses: INR 5,016 million (2025).
  4. Exceptional item (Impact of new labour codes): INR 255 million (2025).
  5. Standalone Revenue from operations: INR 26,957 million (2025) vs INR 25,331 million (2024).
  6. Consolidated Revenue from operations: INR 26,957 million (2025) vs INR 25,331 million (2024).
  7. Consolidated Segment Revenue - Pumps: INR 22,150 million (2025) vs INR 21,081 million (2024).
  8. Consolidated Segment Revenue - Valves: INR 4,851 million (2025) vs INR 4,288 million (2024).
  9. Standalone Net cash from operating activities: INR 926 million (2025) vs INR 1,871 million (2024).
  10. Standalone Net cash from investing activities: INR 497 million (2025) vs INR (1,464) million (2024).
  11. Standalone Net cash used in financing activities: INR (721) million (2025) vs INR (648) million (2024).
  12. Standalone Cash and cash equivalents at end: INR 1,668 million (2025) vs INR 959 million (2024).
  13. Standalone Total Assets: INR 27,266 million (2025) vs INR 22,855 million (2024).
  14. Standalone Total Equity: INR 16,128 million (2025) vs INR 14,251 million (2024).
  15. Consolidated Total Assets: INR 27,926 million (2025) vs INR 23,481 million (2024).
  16. Consolidated Total Equity: INR 16,788 million (2025) vs INR 14,854 million (2024).
  17. Pofran Sales and Agency Limited (subsidiary).
  18. KSB MIL Controls Limited (associate).
  19. Both standalone and consolidated audited financial results are presented.
  20. Consolidated results include subsidiary Pofran Sales and Agency Limited and associate KSB MIL Controls Limited.

Corporate Overview

  1. India (Mumbai, Pune, Chennai, Kolkata, NOIDA)
  2. Significant financial impact from new labour codes.
  3. KSB Limited operates in the pumps and valves industry.
  4. Formal and factual reporting of financial results and audit outcomes.
  5. Pumps
  6. Valves

Risk Factors

  1. New labor codes impacted expenses.
  2. Reliance on unaudited subsidiary data.
  3. Future events could affect going concern.

Key Drivers

  1. Revenue from operations increased significantly.
  2. Profit for the period showed growth.
  3. Board recommended a dividend.
  4. Auditors issued an unmodified opinion.

Auditor’s Report

  1. Unmodified opinion for both standalone and consolidated financial results.
  2. Consolidated results include unaudited financial information of a subsidiary, deemed immaterial.

Board Commentary

  1. Board recommended a dividend of INR 4/- per share (220%) for FY2025.
  2. Financial impact from new labour codes, primarily gratuity.
  3. Impact of new labour codes (Code on Wages, Industrial Relations, Social Security, OSHWC) on financial results.

Corporate Governance

  1. Audit Committee reviewed and Board approved financial results.

Management Discussion & Analysis

Performance Drivers

  1. Increased revenue from operations.
  2. Growth in net profit for the period.

Risk Control Measures

  1. Company monitoring finalisation of Central/State Rules for labour codes.

Critical Risks

  1. Impact of new labour codes on expenses.