KSB Pumps - Strong Levers Ahead, Attractive Valuations: Anand Rathi

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Anand Rathi Report

Strong opportunities exist for KSB Pumps Ltd. in the next two to five years in flue gas desulphurisation, Nuclear Power Corporation of India Ltd., oil and gas and exports.

Such prospects would boost aftermarket and services (19% of its sales).

Led by both pumps and valves, KSB Pumps' Q2 CY21 revenue was up 38% YoY.

Cost savings and efficiencies, pricing and a favourable product-mix continue to benefit it, leading to a healthy 14.8% Ebitda margin in H1 CY21 (13.9% in CY20).

With a strong H1 CY21, we have raised our estimates.

Strong operations, execution abilities, sturdy margin expansion and attractive valuations keep us upbeat.

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