*MNCL Research: KSB Ltd. (KSB IN): Growth visibility improves, capacity expansion on cards: Company Update* *CMP: Rs609; TP: Rs766; Upside: 26%; Rating: BUY* ~ We upgrade rating to BUY and raise TP to Rs766 (previously Rs730) on the back of improved growth visibility. TP increase reflects 16-18% CAGR in revenue/EBITDA/PAT over CY24-27E, factoring in 40.0x P/E on Dec'26 EPS of Rs19.2. ~ Q4CY24 beat estimates with 20.5% YoY revenue growth, supported by a strong valves segment (18.0% EBIT margin vs pumps 11.0%). PAT grew 33% YoY, outpacing topline attributable to higher interest income. ~ Order book at Rs22.5bn (+5% YoY), though ex-Nuclear declined 18% due to general election induced slowdown. Management is optimistic of stronger order intake going forward with pumps order for Bharat Modular Reactors as an additional optionality. ~ Capacity expansion likely as utilization nears 85-90%. Ongoing upgrades and small expansions at Shirwal & Sinnar plants in progress. *Detailed report:* https://bit.ly/MNCL-KSB-Q4CY24 *Disclaimer:* https://bit.ly/4hsIUGy Regards, Mohit Surana @ Monarch Networth Capital Ltd.