KSB Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 772.70 Cr (+18.96% YoY) and PAT growth of -10.22% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 772.70 Cr (+18.96% YoY) |
| PAT (Q2) | Rs. 60.60 Cr (-10.22% YoY) |
| EBITDA margin | 10.58% (-298 bps YoY) |
| EPS (Q2) | Rs. 3.48 (-10.31% YoY) |
Revenue grew 18.96% YoY, exceeding management's 15% value growth guidance, but EBITDA margin of 10.58% missed the 13-14% target by 242-342 bps and PAT fell 10.22%. The Valves segment margin collapse to 2.85% (vs 12.55% YoY) contradicts management's recovery guidance, while large order wins (ONGC Rs.850 Mn, Dangote Rs.1,180 Mn) and the completed Shirwal expansion offer forward support.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Top-line growth: 10-15% volume, ~15% value | Mgmt guidance, Aug 2026 | Q2 YoY +18.96% (value) — ahead of guidance | Exceeding |
| EBITDA margin: 13-14% | Mgmt guidance (open-ended) | Q2: 10.58% — 242-342 bps gap | Behind |
| Double-digit top-line (full year, contingent on NPCIL) | Mgmt KPI, Aug 2026 | 9M: +8.00% YoY — needs acceleration | At risk |
| Valve margins: return to double digits | Mgmt guidance (open-ended) | Q2: 2.85% — single-digit, compressed further | Significantly behind |
| "Consistent business momentum and positive revenue growth... despite margin pressures" | Aug 2026 press release | Revenue +18.96% YoY; EBITDA margin down 298 bps — revenue momentum visible, margin pressure confirmed | Partially confirmed |
| "Valve margins temporary variations... will return to double digits" | H1 FY27 briefing | Q2 Valves margin 2.85% (vs 4.07% H1) — margins deteriorated further, not recovering | Contradicted |
| "Second half should be much better" for engineered/project pump order intake | Mgmt, H1 briefing | Q2 Pumps segment margin 10.57% (vs implied 13.26% YoY) — margin still compressed | Not yet visible |
| "Operating efficiency and cost discipline" focus | Aug 2026 press release | Employee costs +7.12% vs revenue +18.96% — operating leverage present — employee cost control visible | Confirmed |
| "Export recovery in H2 2026" | Mgmt, H1 briefing | Dangote order Rs.1,180 Mn (Sep 2026), ONGC Rs.850 Mn (Oct 2026) — large export orders announced | On track |
| "We wouldn't see EBITDA margins of 15%, 16%... aiming for 13-14%" | Mgmt, Aug 2026 | Q2 EBITDA margin 10.58% — even the lower target not met | Below guidance |
| Metric | Q-2 ago (Q4 FY26) | Q-1 ago (Q1 FY27) | Current Q (Q2 FY27) | Trend |
|---|---|---|---|---|
| Order book (Mn) | 25,848 (Dec 2025) | 27,445 (Jun 2026) | Not disclosed | Growing (per notes) |
| Solar order book share | Not quantified | 5-7% (H1) | Not disclosed | Stable below target |
| SupremeServ revenue share | ~15% (Mar 2026) | ~15% (H1) | Not disclosed | Stable |
| Valves segment margin | 13-14% (historical) | 4.07% (H1 FY27) | 2.85% (Q2 FY27) | Deteriorating |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.