KSB Pumps Ltd - 500249

Name of Company	KSB Pumps Ltd.
BSE Code	500249
NSE Code	KSBPUMPS
ICICI Code
Established	1960 (KSB Pumps, India)
My Take	So-So
Headquarters	Mumbai
Promoters	German group KSB pumps and valves
Story	The Germany based parent group (KSB group) is one of the world’s largest producer of pumps and valves. In India, they produce water pumps, chemical pumps, air conditioning pumps, etc. Plants in Pune, Nashik, Ahmednagar, Coimbatore and Mala. FY is calendar year. Stock split 1:1 in Apr 2011.
Sector	Pumps
Sub-sector
Website	http://www.ksbindia.co.in/ http://www.ksb.com/ (Global parent company
Positives	Promoters are global leaders. Near zero debt. ROCE is greater than 18% in the last 5 years and greater than 30% in 3 of the 5 years.
Negatives	Parent group does not share technology, example pumps that are not manufactured in Indian plants would be bid by parent company and Indian company would only come in for fitting, etc. 16 times seems costly for a moderate growth company. Net profit has not moved anywhere. Valves division is facing issues with profitability. NPMs have come down from 12 to 8% in the last 5 years.
Peers
News
Price @ blogged	242 (18-Jul-11)
Cost of company	842.7 Cr market cap for a 51.57 Cr NP in FY ending Dec ' 10 makes it 16.34 times. This is for a company with 13.73 Cr debt and 345.92 Cr reserves
Group	Dull
Growth	Revenues have grown from 406 Cr to 615 Cr (50%) from FY06 to FY10. NP has remained flat at 50 Cr.