Ksb Pumps EBITDA decreased on 6.5% and EBITDA Margin decreased slightly on 0.79 pp from 12.9% to 12.1%
20-02-2017 • About Ksb Pumps (
$KSBPUMPS) • By InTwits
Ksb Pumps reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 12.1% in FY2016 vs. 12.9% in FY2015 vs. 13.1% in FY2012
- The company has business model with average profitability: ROIC is 11.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Ksb Pumps's Revenue showed almost no change in FY2016. During the last 5 years Revenue growth topped in FY2014 at 10.7% and was decelerating since that time. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased slightly on 0.79 pp from 12.9% to 12.1% in FY2016.
Net Income margin showed almost no change in FY2016. During FY2012-FY2016 Net Income margin topped in FY2013 at 9.2% and was declining since that time.
Return on investment
The company operates at low ROIC (11.1%) and ROE (10.5%). ROIC decreased slightly on 1.9 pp from 13.0% to 11.1% in FY2016. ROE decreased slightly on 1.4 pp from 11.8% to 10.5% in FY2016. During the last 5 years ROIC topped in FY2013 at 15.1% and was declining since that time. During the last 5 years ROE topped in FY2013 at 13.6% and was declining since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is -2.0x and Debt / EBITDA is 0.1x. Debt surged on 299% while cash dropped on 11.5%.
Ksb Pumps has no short term refinancing risk: cash is higher than short term debt (3,903.1%).
Valuation and dividends
The company's trades at EV/EBITDA 19.0x and P/E 31.9x while industy averages are 17.8x and 21.9x.
Financial and operational results
Ksb Pumps ($KSBPUMPS) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7,114 | 7,260 | 8,037 | 8,207 | 8,176 | -0.4% |
| EBITDA | 929 | 1,023 | 1,011 | 1,059 | 991 | -6.5% |
| Net Income | 553 | 668 | 684 | 687 | 653 | -5.0% |
Balance Sheet
|
|---|
| Cash | 1,045 | 1,601 | 1,788 | 2,284 | 2,022 | -11.5% |
| Short Term Debt | 169 | 32 | 244 | 13 | 52 | 299.4% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 534 | 256 | 399 | 370 | | |
Ratios
|
|---|
| Revenue growth | -5.4% | 2.1% | 10.7% | 2.1% | -0.4% | |
| EBITDA growth | 24.2% | 10.2% | -1.2% | 4.7% | -6.5% | |
|
|---|
| EBITDA Margin | 13.1% | 14.1% | 12.6% | 12.9% | 12.1% | -0.8% |
| Net Income Margin | 7.8% | 9.2% | 8.5% | 8.4% | 8.0% | -0.4% |
| CAPEX, % of revenue | 7.5% | 3.5% | 5.0% | 4.5% | | |
|
|---|
| ROIC | 14.0% | 15.1% | 13.3% | 13.0% | 11.1% | -1.9% |
| ROE | 12.4% | 13.6% | 12.8% | 11.8% | 10.5% | -1.4% |
| Net Debt/EBITDA | -0.9x | -1.5x | -1.5x | -2.1x | -2.0x | 0.2x |
Peers in Industrial Machinery
Below we provide Ksb Pumps benchmarking against other companies in Industrial Machinery industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Batliboi ($BATLIBOI) | - | - | - | -54.5% | 74.2% |
| Wpil ($WPIL) | - | 38.4% | 0.3% | -5.5% | 51.3% |
| Revathi Equipment ($REVATHI) | - | 10.3% | -19.9% | -7.2% | 50.3% |
| Nitin Fire Protection Industries ($NITINFIRE) | - | 31.5% | 44.2% | 12.2% | 29.8% |
| Lloyd Electric & Engineering ($LLOYDELENG) | - | - | - | 22.3% | 27.3% |
| |
|---|
| Median (29 companies) | -0.0% | 2.3% | 0.3% | 3.3% | 6.7% |
|---|
| Ksb Pumps ($KSBPUMPS) | - | 2.1% | 10.7% | 2.1% | -0.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bell Agromachina ($BELAGRO) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Texmaco Infrastructure & Holdings ($TEXINFRA) | - | - | - | 40.5% | - |
| Dhp India ($DHPIND) | - | - | - | 26.3% | - |
| Shilp Gravures ($SHILGRAVQ) | - | - | - | 19.4% | - |
| Solitaire Machine Tools ($SOLIMAC) | - | - | - | 19.4% | - |
| Wendt (India) ($WENDT) | 28.3% | 21.6% | 18.6% | 19.0% | 16.5% |
| |
|---|
| Median (46 companies) | 11.3% | 9.5% | 10.5% | 10.5% | 9.8% |
|---|
| Ksb Pumps ($KSBPUMPS) | 13.1% | 14.1% | 12.6% | 12.9% | 12.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kabra Extrusiontechnik ($KABRAEXTRU) | 6.5% | 1.8% | 0.5% | 8.8% | 16.2% |
| Wpil ($WPIL) | 2.0% | 9.1% | 2.9% | 1.2% | 12.7% |
| Nitin Fire Protection Industries ($NITINFIRE) | 3.0% | 4.9% | 2.6% | 2.4% | 11.6% |
| Wendt (India) ($WENDT) | 13.5% | 9.0% | 8.8% | 9.4% | 9.3% |
| Kennametal India ($KENNAMET) | 8.6% | 4.9% | 1.5% | 3.1% | 7.6% |
| |
|---|
| Median (20 companies) | 5.6% | 4.6% | 2.9% | 3.1% | 3.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Greaves Cotton ($GREAVESCOT) | - | 24.8% | 16.3% | 26.7% | 25.7% |
| Honda Siel Power Products ($HONDAPOWER) | 16.9% | 8.8% | 11.5% | 15.3% | 18.3% |
| Lakshmi Machine Works ($LAXMIMACH) | 18.0% | 11.7% | 16.2% | 17.6% | 18.2% |
| Kabra Extrusiontechnik ($KABRAEXTRU) | - | - | 11.9% | 13.9% | 17.0% |
| Ion Exchange (India) ($IONEXCHANG) | 11.0% | 15.1% | 8.8% | 13.1% | 16.4% |
| |
|---|
| Median (53 companies) | 12.8% | 10.9% | 9.7% | 13.0% | 10.6% |
|---|
| Ksb Pumps ($KSBPUMPS) | 14.0% | 15.1% | 13.3% | 13.0% | 11.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wpil ($WPIL) | 2.4x | 2.3x | 2.2x | 0.8x | 5.4x |
| Kirloskar Brothers ($KIRLOSBROS) | 2.4x | 1.3x | 1.1x | 1.5x | 4.7x |
| Forbes & Company ($FORBESCO) | 2.2x | 3.3x | 4.7x | 6.3x | 4.3x |
| Elecon Engineering Co ($ELECON) | 3.0x | 3.2x | 4.0x | 3.1x | 3.9x |
| Dynamatic Technologies ($DYNAMATECH) | 5.0x | 4.1x | 3.4x | 2.7x | 3.8x |
| |
|---|
| Median (41 companies) | 1.4x | 1.5x | 0.0x | 0.0x | 0.0x |
|---|
| Ksb Pumps ($KSBPUMPS) | -0.9x | -1.5x | -1.5x | -2.1x | -2.0x |
