PACRA Maintains the Entity Ratings of KSB Pumps Company Limited

The ratings reflect the dominant domestic position of KSB Pumps Company Limited (“KSB Pumps” or “the Company”) as Pakistan’s foremost manufacturer of industrial pumps, valves and related services. The Company is a subsidiary of KSB SE & Co. KGaA, Germany (“KSB Germany”), one of the world’s leading pump manufacturers with operations in over 100 countries. KSB Germany’s continued equity participation and strategic oversight underscore its confidence in the Pakistan operations. The Company’s MBK (Made by KSB) certified facility in Hassanabdal ensures adherence to global quality standards and provides access to the parent’s technical expertise and production systems. Operating in a specialized segment with limited local comparables, KSB Pumps serves a diversified client base across industrial, infrastructure and export markets. For public-sector projects, the Company now works through private contractors rather than dealing directly with government clients, which has improved liquidity and reduced receivable risk. Exports sustained their momentum, rising ~25% YoY to PKR 1.9bln in CY25 and contributing ~29% of total sales, as MBK certification enables the Company to serve KSB group entities and other global clients. Overall revenue grew ~14% YoY to PKR 6.6bln, backed by a similar rise in pump production to 3,903 units (CY24: 3,415 units). Gross margin expanded to 23.8% and finance costs declined sharply, lifting net profit to PKR 210mln (CY24: PKR 56mln). Order intake of PKR 8.2bln, well above annual sales, indicates a healthy pipeline. Following the 2024 rights issue, the Company remains debt-free with equity of PKR 4.2bln, providing considerable financial flexibility. On the operational front, solar and energy-efficiency initiatives, the launch of an e-Sales platform for authorized partners (10% of sales in its first year), and the expansion of SupremeServ and reverse-engineering capabilities have strengthened efficiency and earnings stability. Effective September 1, 2026, Mr. Fida Hussain, previously Chief Manufacturing Officer, succeeded Mr. Imran Ghani as Managing Director & CEO; his internal elevation supports continuity in strategy and execution.
The ratings are dependent on the Company’s ability to sustain and build on its profitability through healthy core margins and continued export growth, while maintaining a diversified revenue base. Operational efficiency, disciplined working capital management and optimal capacity utilization remain important to protect margins and liquidity. Preserving the debt-free position and strong coverages, along with effective use of group synergies for technology and growth, will be key to ratings stability going forward.

About the Entity
KSB Pumps is a public listed company, incorporated in 1959 and listed on the Pakistan Stock Exchange in 1971. It is a subsidiary of KSB SE & Co. KGaA, Germany, which holds 80.00% of its shareholding. Headquartered in Lahore, the Company manufactures a wide range of industrial pumps, valves and castings at its Hassanabdal facility, along with auto parts for clients such as Honda, Toyota and Millat Tractors. It also provides aftermarket and service solutions through its SupremeServ division. The seven-member Board is chaired by Dr. Sven Baumgarten, while Mr. Fida Hussain is the Chief Executive Officer.