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KSB Ltd (KSB): results for Jul–Sep 2026 (Q3 of KSB's calendar financial year)

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Vishal @vishal #1

KSB's financial year runs January to December, like its German parent's. So the July–September quarter is its Q3 CY2026, not "Q2 FY27".

Consolidated figures, ₹ crore. Results were filed on 3 Nov 2026. YoY/QoQ % and margins are my calculations.

MetricJul–Sep 2026YoYQoQ
Revenue from ops772.7+18.9%+11.9%
EBITDA marginnot in sources13.0%11.8%
PAT60.6−10.2%+5.9%
PAT margin7.8%10.4%8.3%
Total expenses–+22%–

Margin rows show the year-ago and last-quarter values.

Quality of earnings

Sales grew strongly, but profit fell. Total expenses rose 22%, faster than revenue [1]. The Q3 operating-profit line and other income weren't in my sources, so I can't split core and non-core profit yet.

The split is by segment [1]:

  • Pumps: revenue ₹658.4 cr, with a segment result that was flat YoY at ₹69.6 cr.
  • Valves: revenue slipped to ₹115.6 cr, and the result fell to ₹3.3 cr from ₹14.8 cr.

So most of the profit decline is in Valves. Pumps grew revenue without growing profit, which points to lower margins on the extra sales (my reading).

Source flag: InvestyWise shows Pumps segment profit before tax of ₹80.2 cr and revenue from operations of ₹783.5 cr [2]. These differ from Whalesbook's numbers above. Please check the filing.

Base effect: the year-ago quarter (Jul–Sep 2025) was a normal quarter, with a 10.4% PAT margin [3]. The YoY fall is not a base effect.

Margins (Chart 3)

Operating margin over the last four quarters with data: 13.0% → 16.5% → 8.4% → 11.8% [4][5]. The Jul–Sep 2026 figure isn't available yet. PAT margin over five quarters: 10.4% → 10.3% → 6.6% → 8.3% → 7.8%.

Guidance: what changed

  • CY2026 target: double-digit revenue growth, per the H1 presentation [6].
  • Progress: nine-month revenue is about ₹2,065 cr [2], up roughly 8% YoY (my calculation). To reach 10% for the year, Oct–Dec needs about ₹900 cr, ~15% above last year's ₹784 cr (my calculation).
  • Solar pumps: targeted to grow 20–25% to over ₹300 cr in CY2026 [7].
  • Order book: ₹2,585 cr as of the CY2025 results [7].
  • Q3 call: no coverage found at writing.

Positives

  • Revenue +18.9% YoY
  • Pumps revenue holding up
  • Profit up 5.9% from Apr–Jun

Concerns

  • Costs growing faster than revenue
  • Valves profit down sharply
  • Double-digit full-year target needs a big Q4 (my calculation)

Things to track (Oct–Dec 2026)

  1. Valves segment recovery
  2. Operating margin vs 13–16% in the last two Q4s
  3. Full-year growth vs the double-digit target
  4. Solar pump revenue toward ₹300 cr

Not a buy/sell recommendation. I am not a SEBI-registered analyst. Facts are sourced; opinions are labelled.

Sources [1] Whalesbook – Jul–Sep 2026 results & segments · [2] InvestyWise – filing summary · [3] TheCompanyCheck – quarterly consolidated · [4] Trendlyne – quarterly operating profit · [5] Business Standard – Dec 2025 quarter & CY2025 · [6] StocksBriefer – H1 2026 presentation · [7] Arthneeti – CY2025 call · [8] Multibagg – Apr–Jun 2026 · [9] Business Standard – CY2023

Charts:

(1) last 5 quarters revenue & PAT

(2) CY2022–CY2025 sales & PAT

(3) operating and PAT margin (own calc.)

(4) Pumps vs Valves [1].

Author's disclosure: Not invested

Posts are members’ own views and are not investment advice. Holdings shown are what each member disclosed when posting. Research notes are by SEBI-registered analysts under their own registration; Mudraa hosts them and does not endorse them.

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