Valuation & Outlook: KSB possess a net debt free balance sheet with surplus cash of ~| 207 crore as on H1CY19. Over CY18-20E, we expect sales, EBITDA & PAT CAGR of 14.2%, 19.4% & 25.4%, respectively. Core RoICs are also expected to improve to 16.9% by CY20E vs. 13.6% in CY18. We value KSB at | 810 i.e. 25x P/E on CY20E EPS of | 32.4. We maintain our BUY rating on the stock.