KSB Ltd (KSB) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

KSB Ltd manufactures pumps and valves for energy, water, industry and nuclear projects, and its Q2 FY 2026-2027 print arrives with H1 margins (11.34% EBITDA margin) running well below the guided 13-14% level. The quarter will speak to whether the September commodity price spike compressed margins further and whether nuclear pump testing and the promised H2 export recovery are on track.

KSB Ltd Q2 Results Date and Time

As per the board-meeting intimation, the Board will meet on November 3, 2026 to consider the results for the quarter ended September 30, 2026. The trading window was shut from October 1, 2026 ahead of the results.

What to expect from KSB Ltd's Q2 FY27 results

The key question for KSB's Q2 FY 2026-2027 print is the margin bridge: H1 EBITDA margin stood at 11.34% against management's guided 13-14% level, and WPI inflation hit a series-high 11.39% in September 2026, with basic metals at 16.96% and fuel and power at 25.85% — a cost backdrop that works directly against margin recovery given management's admitted sub-100% pass-through of commodity costs. On the nuclear front, the ₹28,000 Cr Mahi Banswara NIMEP tender (bids due September 30, 2026) and RAPP-8 fuel loading on September 19, 2026 confirm the PHWR pipeline behind KSB's ₹1,235 Cr nuclear pump order book, but no confirmation was found that GHAVP main-coolant-pump testing resumed in September — the proof point management tied double-digit full-year top-line growth to, leaving the 2-4 pump invoicing commitment for this fiscal unverified entering the print. Solar remains back-loaded: PM-KUSUM 2.0 was still only 'launching soon' as of September 9, 2026, against H1 solar revenue of ₹50-60 Cr that was below expectations, though MSEDCL's state awards (₹235.92 Cr for 10,000 pumps to Shakti Pumps) show the tender tap opening. The export recovery management guided to for H2 2026 had not visibly begun at quarter-end, with the Middle East conflict escalating through the window and US tariffs of 10-12.5% on 60 trading partners still in force — the Dangote order ($12.4 Mn, September 4) is the one in-window export positive. Working capital is another watch area, with inventories at ₹961 Cr and trade receivables at ₹800.5 Cr as of June 30, 2026 against H1 operating cash flow of just ₹15.5 Cr, and management has promised an H2 improvement in receivable days and inventory drawdown.

Key Things To Watch

Performance vs Guidance Tracking: Key guidance items management has previously committed to, and what to check on this call:

• EBITDA margin — 13-14% (open-ended) — H1 actual 11.34%; recovery trajectory is the central question
• Top-line growth — 10-15% in volume / around 15% in value over the next 18 months — check for reaffirmation or revision
• Double-digit full-year top-line — FY/CY 2026 — contingent on resolving the NPCIL test-bed challenge
• Nuclear invoicing — 2-4 pumps this fiscal year — GHAVP testing was expected to resume in September
• Solar execution — more than ₹300 Cr in the current year — KUSUM 2.0 launch and Maharashtra tenders to watch
• Export recovery — H2 2026 rebound — ONGC/Dangote order flow
• Valve margins — return to double digits (open-ended) — Q2 segment result margin was 4.07% in the June quarter
• SupremeServ mix — 25-30% of revenue (open-ended) — progress vs almost 15% today
• Capex — ₹80-120 Cr p.a. (ongoing) — Shirwal ramp post-inauguration

Nuclear execution and NPCIL test-bed dependency

• Whether GHAVP pump testing resumed in September as expected and whether the 2-4 pump invoicing commitment for this fiscal year remains intact
• Updates on Mahi Banswara and future NPCIL tenders; the ₹28,000 Cr NIMEP EPC package for Mahi Banswara 4x700 MW had bids due September 30, 2026
• Any quantification of the nuclear/non-nuclear split of the ₹27,445 Mn June 2026 order book, which was not disclosed

Margin bridge and commodity pass-through

• Q2 EBITDA margin vs H1's 11.34% against the guided 13-14% level
• How much of the September commodity spike (basic metals WPI inflation 16.96%, fuel and power 25.85%) passed through versus hit the P&L, given admitted sub-100% pass-through
• Whether valve margins recover from the 4.07% segment margin in the June quarter toward the guided double digits

Order intake momentum and export recovery

• Whether H2 engineered/project pump intake improves as management guided ('temporary thing... second half should be much better')
• Whether the ONGC order (approx ₹850 Mn, October 16) and Dangote order ($12.4 Mn / approx ₹1,180 Mn, September 4) signal an order-intake re-acceleration despite the escalating Middle East conflict
• Any update on the KUSUM 2.0 scheme launch and the Maharashtra tender orders expected to boost Q3

Working capital: receivables and inventory

• First evidence of the promised H2 inventory drawdown from ₹961 Cr at June 30, 2026 (export clearances, FGD closure, solar slowdown)
• Receivable-days improvement from trade receivables of ₹800.5 Cr, against H1 operating cash flow of just ₹15.5 Cr
• Whether the MSEDCL solar awards start converting to KSB intake as KUSUM 2.0 launches