1. Minimum double-digit growth over last year (FY2021) Delivered - At the Q2 2021 announcement, management hoped to achieve minimum double-digit growth over last year (FY2021). The Q1 2022 announcement reported CY2021 all-time high sales of ₹1,497.3 crore, a \~24% increase over the previous year, exceeding the double-digit minimum.
2. 2030 ambitions - \~15% sales CAGR from Act 2025 base of 26,796 MINR Pending - At the Q1 FY27 PPT, management set 2030 ambitions including a sales aspiration of \~15% CAGR from the Act 2025 base of 26,796 MINR to 2030P, with 12 to 13% ROS. Q1 FY27 H1 sales grew only \~2% to 3% over the prior period, below plan, with reported financials showing Q1 FY27 revenue growth of 3.60% YoY.
3. S/4HANA - KSB worldwide implementing in H1 of next year Pending - At the Q1 FY27 call, management said S/4HANA KSB worldwide implementing in H1 of next year, with cost allocation to KSB India in the next year via the OpEx line, amount not yet quantified; the Q1 FY27 PPT set implementation in 2027. An APA signed by KSB India this year, valid for 5 years, will cover S/4HANA costs.
4. Marine/ship-building - INR 100 crore by next year Pending - At the Q1 FY27 call, management said marine/ship-building would be happy reaching INR 100 crore by next year, i.e. 3-5% of sales turnover in that business. Three marine ILN pumps were type-tested with approvals from government agencies and shipbuilders as of Q2 FY26, with qualification started in Q1 FY26 via a license from KSB Spain.
5. Double-digit growth in top-line and bottom-line for full year Pending - At the Q1 FY27 call, management said "we are aiming for a double-digit growth" in top-line and bottom-line for the full year, contingent on NPCIL fixing the test-bed issue. H1 sales grew only \~2% to 3% over the prior period, below plan, with Q1 FY27 revenue of ₹691 cr up 3.60% YoY.
6. Reciprocating pump (API) business - flourish in '27 '28 On track - At the Q3 FY26 call, management stated the reciprocating pump (API) business "in '27 '28 should flourish much better" once EIL/PSU approvals are obtained; by Q1 FY27 BP&CL reciprocating pumps were working on EIL approval requiring 12 months of running. The first prototype was made in-house and approved by NPCIL, with an order from Numaligarh Refineries received.
7. VMD vertical mining pump - manufactured in India for the world Delivered - At the Q2 FY26 call, management said the VMD vertical mining pump will be made in India and supplied to the world, "we will be the plants catering to the world requirement of KSB from India". By Q3 FY26 the foundry was GIW USA-certified for white iron castings, with sourcing interest from GIW USA (tariff-driven) and South Africa, and the FY26 Annual Report designates KSB Ltd. sole manufacturing entity for VMD pumps, enabling domestic and export supply.
8. Data centre business - special slide at next investor meet Delivered - At the Q2 FY26 call, management promised a special slide on the data centre business at the next investor meet. The Q1 FY27 PPT carried data centre order wins including Etabloc pumps for a global cooling manufacturer and firefighting solutions for data centres in Chennai and Navi Mumbai, plus liquid-cooling orders from an international OEM.
9. Group KPI for India - minimum double-digit top-line growth, consistent EBITDA, increasing dividend Partial - At the Q2 FY26 call, management said the group's KPI for India is minimum double-digit top-line growth, maintaining consistent EBITDA, and continuously increasing the dividend. The dividend rose to 220% declared in Q3 FY26, but H1 FY27 sales grew only \~2% to 3% with Q1 FY27 revenue up 3.60% YoY.
10. Non-nuclear business - at least minimum double-digit sustainable growth Partial - At the Q2 FY26 call, management guided to "at least minimum double-digit if not more" sustainable growth for the non-nuclear business for this year and next year, later agreeing to 15-20% ex-nuclear growth in CY 2026. Non-nuclear order intake grew at 16% CAGR and the ex-nuclear order book rose \~30% to \~₹1,300 Cr in CY25, but H1 FY27 sales grew only \~2% to 3%.
11. API Monogram certification for valves - 2026 Pending - At the Q2 FY26 call, management said it is working on an API Monogram certification for valves "which we will be getting in 2026", targeting Q1-Q2 2026 as an entry requirement for Saudi Aramco approval. No disclosure on the certification was found in later notes.
12. Kaiga manufacturing - started, deliveries after Gorakhpur On track - At the Q2 FY26 call, management said Kaiga manufacturing has started with clearances given, but deliveries will come only after Gorakhpur deliveries are completed. By Q1 FY27 Kaiga 5 & 6 pumps were under manufacturing, with first pour of concrete done and Kaiga moving much faster than Gorakhpur.
13. NPCIL tendering for 10 reactors - next few months or quarters Pending - At the Q1 FY26 call, management said NPCIL tendering for the 10 reactors under pre-project activities is "already a bit delayed, so it should happen in next few months or next few quarters"; later updates pushed tenders to before December, then to ordering in 2027, and by Q1 FY27 to "next few months" for Mahi Banswara and other projects, probably eight reactors. As of Q3 FY26 nothing was officially out.
14. Exports - may cross ₹400-450 crores Pending - At the Q1 FY26 call, management said exports, then around ₹350 crores annually, "may cross ₹ 400 crores, ₹ 450 crores". No export revenue actual is stated in the cited Q1 FY27 pages; exports are \~15% of orders and sales with a 20% target, and export orders await clearance in inventory.
15. Solar business - fund from internal accruals, no borrowings Delivered - At the Q1 FY26 call, management committed to funding solar business growth from internal accruals with no borrowings - "This is our plan". Net financial position stood at ₹316 crores in June 2025, ₹283 Cr at Dec 2025, and reported financials show Debt of 0.00 cr with D/E 0.00.
16. Navy submarine pumps - from Germany, future localised On track - At the Q3 FY25 call, management stated navy submarine pumps for Mazagon Docks/ThyssenKrupp "are coming from Germany. Those will be in future localised". Marine/Navy qualification started in Q1 FY26 via a license from KSB Spain, three marine ILN pumps were type-tested by Q2 FY26, and an INR 100 crore marine target was set for next year.
17. Domestic/residential push - TV ads, dedicated dealers, 22 warehouses Delivered - At the Q3 FY25 call, management stated the domestic/residential push includes TV ads with the East Zone released and North Zone next, dedicated distributor-type dealers, and stocking 22 warehouses. TV commercials launched in Q1 FY26 increased market share wherever run, with domestic business growing around 12% to 14%, and the Q1 FY27 PPT shows 22 warehouses and 800+ authorized dealers.
18. Residential/domestic segment - ₹250-300 crores, potential to double or triple On track - At the Q3 FY25 call, management sized the residential/domestic segment at "maybe around ₹250 crores, ₹300 crores, but the potential is huge to double it or triple it also"; in Q1 FY26 management targeted doubling the business "in the next three years" from ₹200-250 crores. Domestic business grew around 12% to 14% in Q1 FY26, and the business stood at ₹200-250 crores, 8-10% of business, in Q1 FY27.
19. Thermal plant opportunity - ₹50 crores per plant On track - At the Q3 FY25 call, management gave a ballpark of "₹50 crores or something would be for each plant" as the opportunity per thermal plant, dependent on hit rate. KSB received its first supercritical power plant order by Q1 FY26, localized the LUV Boiler Recirculation Pump, and holds Nabinagar and Gadarwara boiler feed pump orders.
20. Sinnar last shed - completed in couple of months / this year Partial - At the Q3 FY25 call, management guided the Sinnar last shed will be completed "in couple of months" / "we should complete this shed in this year"; the timeline slipped to "ready this year" and then to "commissioned by March 2026". A new shed at Shirwal was inaugurated a few weeks before the Q1 FY27 call, adding \~20% to plant capacity.
21. All pumps from Shirwal engineered factory - KSB Guard device Pending - At the Q2 FY25 call, management said all pumps going out of the engineered factory in Shirwal will carry a KSB Guard device. The cited pages describe the device's sensors on pump bearing housings monitored centrally from Pune, building on the around-the-clock remote monitoring run by three engineers established by Q1 FY25, but no source confirms the Shirwal rollout was completed.
22. Water project business - bigger tubular casing pumps in coming months and years On track - At the Q2 FY25 call, management said water project business entry with split case and vertical turbine pumps was already done, with bigger tubular casing pumps to be looked at "in the coming months and years". By Q3 FY26 the segment grew 30% CAGR with a first Sewatec vertical turbine pump order and breakthrough orders from Kolkata, Amritsar and Navi Mumbai, and KSB is building reference with a 10,000 cubic metre/hour split case export pump.
23. Mining - localizing white iron pump manufacture in own foundry On track - At the Q2 FY25 call, management said mining is localizing white iron pump manufacture in its own foundry, hoping to also export into Asia-Pacific "in the coming years". The Vambori foundry was qualified for white iron mining material in Q1 FY26, and by Q3 FY26 it was certified by GIW (USA), which has begun sourcing castings with a small order received, while South Africa has shown interest in sourcing components under discussion.
24. Nuclear 220 MW reactor program - opportunity in five to seven years Pending - At the Q2 FY25 call, management saw the nuclear 220 MW reactor program, a government initiative of \~50 reactors with private participation, as an opportunity for KSB "in the five to seven years" horizon. The nuclear roadmap has since expanded - 8 reactors under construction, 10 more sanctioned, and five indigenous SMRs by 2033 - but the 5-7 year horizon is not yet reached.
25. Coal/energy - back in business with boiler feed pumps on supercritical projects next year Delivered - At the Q2 FY25 call, management hoped to be back in business with boiler feed pumps and condensate extraction pumps on supercritical projects next year, following L&T's 800 MW supercritical win. KSB received its first supercritical power plant order by Q1 FY26, localized the LUV Boiler Recirculation Pump, and won its first localized LUV boiler circulation pump order in H1 FY27.
26. Engineered mechanical seals - localized in next two years Delivered - At the Q2 FY25 call, management said engineered mechanical seals will be localized "in the next two years". By Q3 FY25, 92% of component seals were localised with 90% import reduction, and by Q1 FY26 localisation reached almost 90% with nearly 9,000 pieces being made, later \~₹15 Cr of business at Chinchwad.
27. Solar receivables - come down by end of this year Partial - At the Q2 FY25 call, management expected solar receivables to come down by the end of this year. Solar net working capital stayed above 120 days through Q1 FY26, though the gap vs the normal business narrowed to "four or five days" by Q3 FY26, with good improvement expected in H2 FY27.
28. Kudankulam order - some pumps definitely next year Partial - At the Q1 FY25 call, management said on the Kudankulam order "they want some pumps definitely next year" with urgency on both sides to turn it into revenue next year; the Q2 FY25 revision set ₹250 crores from nuclear next year including 50% of the ₹267-crore Kudankulam order. Actual Kudankulam revenue was "only ₹30 crores or ₹40 crores" in CY25 against the ₹280-290 Cr order, with safety package deliveries started and continuing.
29. Solar pump business aspiration - ₹500 crores no doubt On track - At the Q1 FY25 call, management said on the solar pump business aspiration "₹500 crores no doubt"; later revisions guided "more than ₹300 crores" for CY26 versus ₹245 Cr in CY25. Solar revenue reached ₹245 Cr in CY25, but H1 FY27 revenue of INR 50 crores to INR 60 crores is much below expectations due to KUSUM 2.0 delay.
30. Valves margins - 12-13% sustainable level Partial - At the Q1 FY25 call, management said valves margins at 12%, 13% are "a good sustainable level"; the Q3 FY25 revision reset the EBITDA range to "13 to 15". Valves profitability reached "almost at 14% to 15% EBITDA" in Q3 FY25 and PBIT margin of 15.11% in FY25, but dropped to single digit in H1 FY27.
31. EBITDA margin - 13-14% long-term sustainable target Partial - At the Q1 FY25 call, management guided that EBITDA of 13%, 14% is the long-term sustainable target, with "a stability of 13%, 14% is a fair target" over the next one, two years; the range was reiterated through Q1 FY27. OPM held near 13-14% through FY25 and FY26 but fell to 8.45% in Q4 FY26 and 11.81% in Q1 FY27, which management tied to H1 sales growth of only \~2% to 3%.
32. Green hydrogen pump segment - substantial in next 10 years On track - At the Q3 FY24 call, management expected the green hydrogen pump segment to be "quite substantial in the next 10 years", starting with '25, '26, though "not a very big number in '25, '26". Green hydrogen revenue booking started by Q1 FY25 with orders of ₹50 lakhs to ₹1 crore, and the first pump was supplied to L&T for its 1-megawatt prototype plant.
33. Valves capacity enhancement - measures in coming months Partial - At the Q3 FY24 call, management said measures will be taken "in the coming months" to enhance valves capacity, with options including in-house machines, a new site, or outsourcing, as Coimbatore is at its capacity limit; by Q2 FY25 a new bigger location was still under review. Valves grew at 21-22% CAGR in sales and order intake over five years, but no new site was disclosed as finalized.
34. SupremeServ (aftermarket) contribution - beyond 20% of revenue Partial - At the Q3 FY24 call, management reaffirmed the target to take SupremeServ contribution beyond 20% of revenue, from a current 15% to 20%; later revisions raised the ambition to 25-30% for India and 35% for the Group. The share remained \~15-17% of revenue through Q2 FY26 and "almost 15%" at Q3 FY26, growing at 18%-plus.
35. Nuclear island pump opportunity - ₹50-100 crores per project, \~10 projects On track - At the Q2 FY24 call, management sized the nuclear island pump opportunity at \~₹50 crores to ₹100 crores per project, with around 10 such projects. The nuclear order book stood at almost ₹1,300 crores by Q1 FY25 and INR 1,235 crore at Q1 FY26, mainly GHAVP 1 & 2, Kaiga 5 & 6 and the Kudankulam safety package, converting to revenue over at least three years.
36. Vande Bharat locomotive opportunity - sizable sum, above-average margins Delivered - At the Q2 FY24 call, management said the Vande Bharat locomotive opportunity would be "a sizable sum" with margins "above average… fair more than our competitors". A long-term Siemens contract for almost 10 years of supply was finalized, ABB orders followed, and \~400 Etaseco train-cooling pumps were sold in FY26.
37. ROIC - almost 20% plus, will continue Delivered - At the Q2 FY24 call, management said ROIC is almost 20% plus and "we will continue that investments". ROCE stayed above 20% - 21.89% in FY24, 22.39% in FY25, 21.59% in FY26 - and stood at 22.8% in Q1 FY27, or 24% excluding a one-time labour code impact.
38. Annual capex - ₹80-100 crores per annum Delivered - At the Q2 FY24 call, management guided annual investment (CapEx) of roughly ₹80 crores to ₹100 crores per annum, which will continue; by Q1 FY26 this had risen to "almost a ₹ 120 crores, ₹ 130 crores or maybe more" every year. CWIP rose from ₹25.14 in FY23 to ₹91.86 in FY26 and 102 in the latest period, with the new Shirwal shed adding \~20% to plant capacity.
39. Water/wastewater business - almost ₹100 crores Delivered - At the Q2 FY24 call, management said the water/wastewater business is growing "almost going up to ₹100 crores in that business"; the Q3 FY25 revision targeted "more than ₹100 crores" for the year. The segment grew 30% CAGR with breakthrough orders from Municipal Corporation of Kolkata, Amritsar and Navi Mumbai, consistent with the guided faster-than-other-segments growth.
40. Project business mix - hover around 30% of total portfolio Delivered - At the Q2 FY24 call, management guided that project business as a product mix would "hover around 30% of the total portfolio", with strategic focus on standard business and SupremeServ. Engineered products fell from 24% of order intake in September '23 to 16% by Q3 FY25 and 14% by Q1 FY26, well below the 30% level.
41. BPNCL products - upgrade to latest API editions and qualify for new business On track - At the Q1 FY24 call, management expressed intention to upgrade BPNCL products to latest API editions and qualify them for new business "in the years to come"; revisions set a ₹25 crores target for the year, then a medium-term INR 40 crores to INR 50 crores annual scale over 3-5 years. BP&CL order intake rose from 42 Mio in '23 to 162 Mio in '24, with the first reciprocating pump prototype approved by NPCIL.
42. Mechanical seals - double sales this year from \~10,000 seals Partial - At the Q1 FY24 call, management said mechanical seals sold almost 5,000 in the aftermarket last year and "this year we are targeting to double that"; at Q3 FY24 the commitment was renewed from the \~10,000 seals base. Sales reached more than 10,000 seals with ₹22 crores of business by Q3 FY25, but stood at \~₹15 Cr with 9,000-10,000 seals made at Chinchwad by Q3 FY26.
43. FGD aftermarket - ₹50-60 crore annual annuity business Missed - At the Q1 FY24 call, management confirmed an FGD aftermarket of ₹50-60 crore annually once the 250+ pump installed base is commissioned; revisions pushed revenue generation to "2026 onwards" and then "after 2027 onwards, roughly". By Q1 FY26 the FGD segment "suddenly overnight has vanished" due to government regulation change, and the pump opportunity is currently not much.
44. Turnover ₹2,400-2,500 crore by next year and ₹2,000 crore order inflow Delivered - At the Q1 FY24 call, management softly reiterated the outlook of ₹2,400-2,500 crore turnover by next year and ₹2,000 crore order inflow, saying "we should be able to meet our goals, targets" if the market supports. FY25 revenue closed at ₹2,533.1 crore and CY24 order intake at ₹2,703.5 crore, both above the targets.
45. Gross margins - maintain or recover slightly Missed - At the Q1 FY24 call, management hoped to "maintain or recover slightly those gross margins in the coming time" on commodity-price stability; the Q2 FY24 revision set the aim of returning to the earlier \~47% levels from current 43-44%. Gross margin stayed around 43.5% in Q1 FY25 and \~44-43% in 2024, with fixed-price project pressure persisting into H2 FY27.
46. Export share of revenue - target 20% Partial - At the Q1 FY24 call, management targeted export share of revenue at 20%, "we always have a target to reach to that level actually 20%"; revisions saw the ratio dip to 15% hoped in Q1 FY25 and 25% being tried by Q3 FY26. Exports reached 17% of 2025 revenue and grew 33% to INR 467 crores last year, with 20% still the target at Q1 FY27.
47. First solar controller prototype - by September '23 Delivered - At the Q1 FY24 call, management said the first solar controller prototype was expected by September '23; revisions moved testing completion and release to end of that year with own manufacturing in the early part of next year. Backward integration with own controller was achieved by Q1 FY26 and in-house manufacturing of solar controllers by Q3 FY26, with in-house share of the package up to "maybe 30%, 35% from initially 10%".
48. Solar business - surpass budget in 2023, good business in 2024 Partial - At the Q1 FY24 call, management said the solar business was "on track" to surpass the budget in 2023 with good business expected in 2024 on SECI tender participation across 15 states; revisions guided ₹150 crores by year end, then "more than ₹300 crores" for CY26. Solar revenue reached ₹183-189 cr in CY24 and ₹245 Cr in CY25, but H1 FY27 revenue of INR 50 crores to INR 60 crores is much below expectations due to KUSUM 2.0 delay.
49. Nuclear pump delivery - two pumpsets in CY24, \~₹100 cr revenue Missed - At the Q1 FY24 call, management's conservative best-case was two nuclear (GHAVP RSR 400) pumpsets by April '24, roughly half the \~₹500 crore order value; Q3 FY24 confirmed "around INR100 crores, total" of revenue, with repeated slippages through the ledger. No nuclear pump was supplied in CY23, no nuclear revenue was booked in FY24, CY25 nuclear revenue was "hardly anything, ₹30 crores to ₹50 crores", and GHAVP testing stalled on NPCIL's test-bed issues.