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Q1 FY27 Concall: Volume Up 30% YoY to ~8,000 MT; Signs 5-Year Hitachi Global Supply Agreement
KSH International reported a 30% YoY increase in Q1 FY27 sales volume to nearly 8,000 metric tons, driven by specialized wire revenue surging 113% YoY and export revenue rising 76% YoY. The company entered into a 5-year supply framework agreement with Hitachi Energy Global to supply winding wires to its Indian and global plants. Installed capacity stood at 43,445 MTPA as of June 30, 2026, with Phase 2 of the Supa expansion on track to reach approximately 59,000 MTPA by the end of FY27 (total project cost ₹150–160 crore). Additionally, it commissioned a 5,000 MT backward integration copper scrap upcast facility in Chakan.
Confidence: HIGH
What changedSubmission of Q1 FY27 concall transcript detailing operational milestones, a 5-year global OEM framework deal, and capacity ramp-up schedules.
Why it mattersConfirms strong volume visibility and margin tailwinds as the company scales to 59,000 MTPA to capture global transformer and grid modernisation demand.
Q1 FY27 Sales Volume: under 8,000 MTVolume Growth YoY: 30%Current Installed Capacity: 43,445 MTTarget Capacity (FY27): roughly 59,000 MTPhase 2 Capex Cost: ₹150-160 croreRecycling Facility Capacity: 5,000 MT
📅 Short termManagement noted minor multi-week order uptake delays by a few transformer OEMs resolving bottlenecks, expected to normalize in subsequent quarters.
📈 Long termStructural tailwinds in power T&D, renewable energy, and data centers combined with doubling capacity position KSH for sustained long-term revenue growth.
⚠ Risk flags
- Short-term pickup delays from transformer OEMs undergoing facility expansions
- Execution timeline for completing Phase 2 capex by end of FY27
Key Highlights
Sales volume grew 30% YoY (5% QoQ) to just under 8,000 MT in Q1 FY27
Secured a 5-year supply framework agreement with Hitachi Energy Global for domestic and global plants
Targeting ~59,000 MTPA capacity by end of FY27 via Phase 2 expansion (current capacity 43,445 MTPA)
Commissioned 5,000 MT copper recycling upcast facility at Chakan for backward integration
Phase 2 expansion capex estimated at ₹150–160 crore, largely funded via IPO proceeds
👀 What to Watch
Track the commissioning progress of Supa Phase 2 capacity in Q2/H2 FY27 and commercial order off-take under the Hitachi Energy framework agreement.
KSH International Q1 FY27: Revenue Hits ₹1,164 Cr, EBITDA Per Ton Surges 41% YoY
KSH International reported a robust Q1 FY27 with revenue reaching ₹1,164.2 crore, a significant jump from ₹558.7 crore in Q1 FY26. Profitability improved sharply as EBITDA per ton rose 41.6% YoY to ₹93,325, driven by a higher mix of specialized wires (75.3% of revenue). The company has successfully increased its annualized capacity to 43,445 MTPA as of June 2026, progressing toward its FY27 target of 59,045 MTPA. Net profit for the quarter stood at ₹42.2 crore, nearly doubling from ₹22.7 crore in the same period last year.
Confidence: HIGH
What changedThe company has successfully commissioned Phase-I of its Supa expansion, raising capacity by ~50% to 43,445 MTPA, and reported a sharp increase in unit profitability.
Why it mattersThe expansion and shift toward specialized wires for HVDC and 765kV transformers position KSH to benefit from India's projected tripling of transformer capacity by FY28.
Q1 FY27 Revenue: ₹1,164.2 crQ1 FY27 PAT: ₹42.2 crEBITDA per ton: ₹93,325Current Capacity: 43,445 MTPATarget Capacity (FY27): 59,045 MTPACapacity Growth Target: 103%
📅 Short termThe stock is likely to react positively to the strong YoY growth in PAT and the significant expansion in EBITDA per ton, indicating high operational efficiency.
📈 Long termStructural growth is supported by a 100%+ capacity expansion plan and a pass-through pricing model that protects absolute margins from copper price volatility.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High working capital intensity due to copper procurement
- Potential denominator effect on EBITDA margin % if copper prices spike
Key Highlights
Revenue from operations grew 108% YoY to ₹1,164.2 crore in Q1 FY27.
EBITDA per ton increased to ₹93,325 from ₹65,885 in Q1 FY26, reflecting improved product mix.
Annualized manufacturing capacity reached 43,445 MTPA as of June 30, 2026, up from 29,045 MTPA in FY25.
Sales volume for the quarter increased 30% YoY to 7,969 MT.
Specialized Magnet Winding Wires, which carry higher margins, now contribute 75.3% of total revenue.
👀 What to Watch
Investors should monitor the timely completion of the remaining 15,600 MTPA capacity expansion at the Supa plant by Q4 FY27. Additionally, track the sustainability of the high EBITDA per ton as the company scales its HVDC transformer wire segment.
108% Revenue Growth: KSH International Reports Record Q1 FY27 Performance
KSH International reported a robust Q1 FY27 with revenue doubling to ₹1,164.24 crore, driven by a 30.3% volume growth and higher copper prices. Profitability improved significantly with PAT rising 86.2% YoY to ₹42.22 crore and EBITDA per ton increasing 41.6% to ₹93,325. The company is on track to reach 59,045 MTPA capacity by FY27, with Phase 2 expansion expected in Q2 FY27. A new 5-year global framework agreement and land acquisition for future growth highlight strong demand visibility.
Confidence: HIGH
What changedKSH International has significantly scaled its revenue and profitability through a higher-margin product mix and improved capacity utilization (73%).
Why it mattersThe sharp increase in EBITDA per ton and specialized wire revenue validates the company's strategy to move up the value chain in the magnet winding wire industry, particularly for transformer OEMs.
Revenue (Q1 FY27): ₹1,164.24 crPAT (Q1 FY27): ₹42.22 crEBITDA per Ton: ₹93,325Total Debt: ₹481 crDebt-to-Equity: 0.57xCapacity Target (FY27): 59,045 MT
📅 Short termThe stock is likely to react positively to the strong earnings beat and the announcement of a long-term global OEM contract.
📈 Long termStructural growth is supported by a 103% total capacity expansion plan (from 29,045 to 59,045 MTPA) and increasing global market share in specialized wires.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High working capital intensity due to copper procurement
- Sensitivity to LME copper price fluctuations affecting optical margins
Key Highlights
Revenue from operations surged 108.4% YoY to ₹1,164.24 crore in Q1 FY27
Specialized Wires revenue grew 113.1% YoY to ₹809.28 crore, reflecting a shift to high-margin products
EBITDA per ton improved by 41.6% YoY to ₹93,325, driven by product mix and unit economics
Working capital cycle improved to 60 days from 71 days in the previous year's quarter
Installed capacity reached 43,445 MT, with a target to hit 59,045 MT by the end of FY27
👀 What to Watch
Monitor the commissioning of Phase 2 capacity in Q2 FY27 and the execution of the new 5-year global OEM framework agreement, which could sustain export momentum.
108% Revenue Growth in Q1 FY27; KSHINTL Acquires 10.13 Acres for Expansion
KSH International reported a robust Q1 FY27 with revenue doubling to ₹1,164.24 cr compared to ₹558.71 cr in the previous year's quarter. Net profit grew 86% YoY to ₹42.22 cr, supported by strong demand in the winding wires segment. The company also announced the acquisition of 10.13 acres of land for future expansion and the commencement of a new in-house copper rod facility on August 4, 2026, which aids backward integration.
Confidence: HIGH
What changedThe company reported a massive scale-up in quarterly operations and secured additional land for expansion beyond its current doubling-of-capacity plan.
Why it mattersThe triple-digit revenue growth confirms strong demand from OEM clients in the power T&D sector, while backward integration into copper rods should help protect margins from supply chain volatility.
Revenue (Q1 FY27): ₹1,164.24 crPAT (Q1 FY27): ₹42.22 crYoY Revenue Growth: 108.4%Land Acquisition: 10.13 acresEPS (Q1 FY27): ₹6.23
📅 Short termThe stock is likely to react positively to the strong earnings beat and the strategic land acquisition announcement.
📈 Long termThe company is successfully scaling its capacity and moving towards higher value-add products, supported by a clear roadmap for future land and production expansion.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High finance costs (up 136% YoY)
- Working capital intensity due to copper procurement
- Potential margin compression if LME copper prices spike sharply
Key Highlights
Revenue from operations surged 108.4% YoY to ₹1,164.24 cr in Q1 FY27.
Net profit increased 86.1% YoY to ₹42.22 cr for the quarter ended June 30, 2026.
Board approved acquisition of ~10.13 acres of industrial land at Supa Parner for future growth.
Commenced production at new in-house Upcast Facility (Unit No. 5) on August 4, 2026, for captive copper rod consumption.
Finance costs rose 136% YoY to ₹17.28 cr, reflecting increased working capital and expansion needs.
👀 What to Watch
Monitor the margin benefits from the newly commissioned in-house copper rod facility and the execution timeline for the Phase II expansion to 59,045 MTPA.
5,000 MTPA Upcast Facility Commences Production for Backward Integration
KSH International has commenced commercial production at its new 5,000 MTPA in-house upcast copper rod facility in Chakan, Pune, as of August 4, 2026. This ₹6.71 crore investment marks a strategic backward integration move to manufacture copper rods for captive consumption, reducing reliance on external suppliers. The facility is expected to enhance cost efficiency and supply chain stability, supporting the company's broader objective of doubling total production capacity to 59,045 MTPA by FY27. With current capacity utilization exceeding 90%, this integration is critical for maintaining operational margins.
Confidence: HIGH
What changedThe company has transitioned from zero in-house upcast capacity to 5,000 MTPA, enabling internal production of copper rods for its winding wire business.
Why it mattersBackward integration reduces supply chain risks and captures the value-add of copper rod manufacturing internally, which is vital for a company where copper is a major pass-through cost.
New Upcast Capacity: 5,000 MTPAInvestment Amount: ₹67.13 MillionCurrent Total Capacity: 29,045 MTPATarget Capacity (FY27): 59,045 MTPAInvestment vs Dec 2025 Q Revenue: ~0.82%
📅 Short termPositive sentiment expected as the company executes its expansion roadmap on schedule, potentially improving operational efficiency in the current quarter.
📈 Long termThis is a foundational step in the company's plan to double capacity by FY27, likely leading to better margin protection against commodity fluctuations.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Integration risks of new manufacturing technology
- Increased debt levels for financing expansion
Key Highlights
New upcast capacity of 5,000 MT per annum added for captive consumption
Total investment of ₹67.13 Million (₹6.71 cr) funded through internal accruals and debt
Production commenced on August 4, 2026, meeting the Q2 FY2026-27 timeline
Supports the strategic goal to reach 59,045 MTPA total capacity by FY27, a 103% increase from current levels
👀 What to Watch
Monitor EBITDA margin trends in the next two quarters to quantify the cost-saving benefits of this backward integration.
KSH International Promoters Declare Nil Pledged Shares for FY 2025-26
Rajesh Kushal Hegde, on behalf of the promoter group of KSH International Limited, has submitted a formal declaration under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoter group collectively holds 5,05,32,939 equity shares in the company. The disclosure confirms that no encumbrances, direct or indirect, were made on these shares during the fiscal year. This indicates that 100% of the promoter holding remains unpledged and free of any lien.
Key Highlights
Promoter and Promoter Group hold a total of 5,05,32,939 equity shares as of March 31, 2026.
Declaration confirms zero shares were pledged or encumbered during the 2025-26 financial year.
Major individual holdings include Kushal Subbayya Hegde with 2,38,73,132 shares and Rajesh Kushal Hegde with 1,00,27,579 shares.
The disclosure is a mandatory annual compliance under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
The promoter group includes 52 entities, including individuals, family trusts, and private limited companies.
👀 What to Watch
Investors should take this as a sign of financial stability within the promoter group, as zero pledging reduces the risk of forced liquidation. No immediate action is required other than noting the continued transparency in promoter holdings.
KSH International Seeks Shareholder Approval to Ratify ESOP 2025 for 17.04 Lakh Shares
KSH International Limited has issued a postal ballot notice to ratify its 'KSH Employee Stock Option Scheme 2025' following its recent Initial Public Offering. The scheme proposes to grant up to 17,04,546 equity shares of face value ₹5 each to eligible permanent employees and directors. This ratification is a mandatory regulatory requirement under SEBI (SBEB & SE) Regulations for pre-IPO schemes. The e-voting period for shareholders is scheduled from June 06, 2026, to July 05, 2026.
Key Highlights
Ratification of KSH Employee Stock Option Scheme 2025 involving up to 17,04,546 equity shares.
The scheme aims to retain and reward permanent employees and directors, excluding promoters and independent directors.
E-voting period starts on June 06, 2026, and ends on July 05, 2026, with results expected by July 07, 2026.
The resolution is proposed as a Special Resolution, requiring a 75% majority for approval.
The shares issued under the ESOP will rank pari-passu with existing equity shares of the company.
👀 What to Watch
Investors should view this as a positive step for talent retention post-listing, though they should be mindful of the potential equity dilution of approximately 1.7 million shares.
KSH International Reports Record FY26 PAT of ₹110 Cr; Q4 Revenue Surges 101% to ₹1,018 Cr
KSH International delivered a robust performance in FY26, with annual revenue reaching ₹3,107 crore and PAT growing 62% to ₹110 crore. The company benefited from a 29% YoY volume growth in Q4 and a significant improvement in EBITDA per ton to ₹74,000, driven by a better product mix and high-margin exports. Management is optimistic about FY27, supported by the ongoing Supa capacity expansion to 59,000 MT and strong structural demand from the global T&D and data center sectors. The company's pass-through model for copper prices continues to mitigate raw material volatility.
Key Highlights
Q4 FY26 revenue doubled YoY to ₹1,018 crore, while full-year PAT rose 62% to ₹110 crore.
Export revenue surged 92% YoY in Q4, now representing 27% of total revenue excluding other operating income.
EBITDA per ton improved significantly to ₹74,000 in Q4 FY26 from ₹60,000 in the previous year.
Installed capacity reached 43,445 MT as of March 2026, with a target of 59,000 MT by FY27.
Green copper backward integration project is on track for commencement in H2 FY27 to drive cost efficiencies.
👀 What to Watch
Investors should focus on the company's ability to maintain its high EBITDA per ton as it scales capacity to 59,000 MT. The strong growth in specialized winding wires and exports makes KSH a key beneficiary of the global power infrastructure cycle.
KSH International FY26 PAT Surges 62% to ₹1,101 Mn; Revenue Crosses ₹31,000 Mn
KSH International reported a robust performance for FY26, with revenue growing 61.1% YoY to ₹31,070 million and PAT increasing 62% to ₹1,101 million. The company achieved a significant improvement in profitability, with EBITDA per ton rising to ₹67,625 from ₹52,536 in the previous year. A key highlight is the massive deleveraging of the balance sheet, with the Debt-to-Equity ratio dropping from 1.21 to 0.39. The company is aggressively expanding capacity, targeting 59,045 MT by March 2027 to meet rising demand from the transformer and EV sectors.
Key Highlights
Revenue grew 61.1% YoY to ₹31,070 Mn, while PAT surged 62% to ₹1,101 Mn in FY26.
EBITDA per ton improved significantly to ₹67,625 from ₹52,536 in FY25.
Debt-to-Equity ratio improved to 0.39 from 1.21, indicating a much stronger balance sheet.
Manufacturing capacity reached 43,445 MT in FY26, with a target of 59,045 MT by March 2027.
Specialized high-value products now contribute 75.3% of total revenue with 97% repeat business.
👀 What to Watch
Investors should note the strong volume growth and margin expansion as positive indicators of KSH's leadership in the high-voltage transformer market. The significant debt reduction and ongoing capacity expansion provide a clear runway for sustained growth.
KSH International FY26 Revenue Jumps 61% to ₹31,070 Mn; Net Profit Rises 62% YoY
KSH International reported a stellar FY26 performance with total revenue reaching ₹31,069.71 million, a 61% increase from the previous year. Net profit followed suit, growing 62% YoY to ₹1,101.26 million, while Q4 revenue alone doubled to ₹10,183.42 million. A key highlight is the strategic use of IPO proceeds to prepay ₹2,259.77 million in debt, leading to a much leaner balance sheet. The company also navigated a one-time exceptional cost of ₹16.38 million related to new labor code adjustments.
Key Highlights
FY26 Revenue from operations increased by 61.1% YoY to ₹31,069.71 million.
Full-year Net Profit grew to ₹1,101.26 million, up 62% from ₹679.88 million in FY25.
Q4 FY26 Revenue saw a massive 100.5% YoY growth, reaching ₹10,183.42 million.
Utilized IPO proceeds to prepay debt worth ₹2,259.77 million, significantly reducing long-term borrowings.
Basic Earnings Per Share (EPS) increased to ₹18.38 from ₹11.97 in the previous fiscal year.
👀 What to Watch
With strong top-line growth and a strengthened balance sheet post-debt repayment, the company shows robust fundamental momentum. Investors should monitor the sustainability of these margins as the company scales its copper winding wire business.
KSH International Commissions 3220 kWp Rooftop Solar Plant at Supa Facility
KSH International has successfully commissioned a 3220 kWp rooftop solar power plant at its Supa Facility in Ahmednagar, Maharashtra. This project was a primary object of the company's IPO as outlined in its December 2025 prospectus. The energy generated will be used for captive consumption, which is expected to significantly reduce operational costs at the facility. This move enhances the company's sustainability profile while improving long-term margins through energy cost savings.
Key Highlights
Successfully commissioned a 3220 kWp capacity rooftop solar power plant on May 18, 2026.
Project fulfills a key commitment made in the IPO Prospectus dated December 18, 2025.
Located at the Supa Parner Industrial Park facility in Ahmednagar, Maharashtra.
Power generated will be utilized for captive consumption to lower utility expenses.
The initiative aligns with ESG goals and contributes to overall operational sustainability.
👀 What to Watch
Investors should view this as a positive operational milestone that will likely lead to margin expansion through reduced power costs. Monitor upcoming quarterly results for improvements in the 'Power and Fuel' expense line item.
KSH International Appoints IIT Bombay Alumnus Hukumchand Lakhotiya as CEO
KSH International Limited has appointed Mr. Hukumchand Lakhotiya as its new Chief Executive Officer, effective April 02, 2026. Mr. Lakhotiya brings over 30 years of experience in the electrical and power sectors, including 25 years at industry leaders like CG Power and Schneider Electric. The company is a leading manufacturer and India's largest exporter of magnet winding wires, operating four facilities with a total annual capacity of 43,445 MTs. This strategic hire is aimed at driving global expansion and operational excellence across its specialized wire segments.
Key Highlights
Mr. Hukumchand Lakhotiya appointed as CEO effective April 02, 2026.
Appointee has over 30 years of domestic and international experience in electrical and power sectors.
KSH International maintains a total annual manufacturing capacity of 43,445 MTs across four facilities.
Mr. Lakhotiya is an IIT Bombay MTech graduate and a Gold Medallist in Electrical Engineering.
👀 What to Watch
Investors should view this as a positive move to professionalize leadership with a seasoned industry veteran. Monitor the company's ability to scale its 43,445 MTs capacity and expand global market share under the new CEO.
KSH International Appoints Industry Veteran Hukumchand Lakhotiya as CEO Effective April 2026
KSH International has appointed Mr. Hukumchand Lakhotiya as its new Chief Executive Officer and Key Managerial Personnel, effective April 02, 2026. Mr. Lakhotiya brings over 30 years of domestic and international experience in the electrical and power sectors, including a 25-year tenure at CG Power and Schneider Electric. His expertise spans P&L management, multi-plant operations, and green energy, having previously served as COO at SAEL Industries. This leadership transition is expected to strengthen the company's operational and strategic execution in the power sector.
Key Highlights
Mr. Hukumchand Lakhotiya appointed as CEO and Key Managerial Personnel effective April 02, 2026.
Brings over 30 years of experience, including 25+ years at CG Power & Industrial Systems and Schneider Electric.
Academic background includes an MTech from IIT Bombay and a Gold Medal in Electrical Engineering.
Extensive leadership experience in P&L, multi-plant operations, and green energy across Asian markets.
Previously served as the Chief Operating Officer (COO) of Waste to Energy at SAEL Industries Ltd.
👀 What to Watch
Investors should view this high-caliber appointment positively as it brings seasoned leadership from top-tier firms like CG Power to KSH International. Monitor for any shifts in strategic direction or operational efficiency improvements following his takeover in April 2026.
CARE Ratings Upgrades KSH International to 'A' (Stable) Following ₹225.9 Cr Debt Repayment
CARE Ratings has upgraded KSH International's long-term rating to 'A' from 'A-' following a significant strengthening of its capital structure. The company utilized proceeds from its ₹420 crore IPO in December 2025 to repay ₹225.9 crore of debt, which is expected to bring gearing below 1x. Operational performance is robust, with 9MFY26 revenue at ₹2,088.63 crore, already exceeding the full FY25 revenue of ₹1,935.15 crore. Additionally, the successful commissioning of the 12,000 MTPA Supa plant expansion provides a clear path for continued volume growth.
Key Highlights
Credit rating upgraded to 'A' (Stable) from 'A-' and short-term rating to 'A1' from 'A2' by CARE Ratings.
Repaid ₹225.9 crore of debt using proceeds from the ₹420 crore IPO completed in December 2025.
9MFY26 revenue reached ₹2,088.63 crore, surpassing the total FY25 revenue of ₹1,935.15 crore.
Phase-1 capacity expansion of 12,000 MTPA commissioned at Supa plant; Phase-2 (18,000 MTPA) planned by FY27.
Overall gearing projected to fall below 1x from 1.40x (as of September 2025) following debt reduction.
👀 What to Watch
The rating upgrade and debt reduction significantly lower the company's risk profile and interest costs. Investors should monitor the ramp-up of the new Supa facility as a key driver for future earnings growth.
KSH International Credit Rating Upgraded to 'CARE A; Stable' for ₹450.08 Cr Facilities
CARE Ratings Limited has upgraded the credit ratings for KSH International Limited's bank facilities totaling ₹450.08 crore. The long-term rating has been raised to 'CARE A; Stable' from 'CARE A-; Stable', while the short-term rating improved to 'CARE A1' from 'CARE A2'. This upgrade is based on the company's improved operational and financial performance during FY 2024-25 and the first nine months of FY 2025-26. Such an upgrade typically indicates a stronger credit profile and may lead to lower borrowing costs for the company.
Key Highlights
Long-term bank facilities of ₹61.08 crore upgraded from CARE A- to CARE A with a Stable outlook.
Combined Long-term/Short-term facilities of ₹330.00 crore upgraded to CARE A; Stable / CARE A1.
Short-term bank facilities of ₹59.00 crore upgraded from CARE A2 to CARE A1.
Total bank facilities covered under the rating review amount to ₹450.08 crore.
The upgrade reflects strong financial performance across audited FY25 and unaudited 9MFY26 results.
👀 What to Watch
Investors should take this as a positive signal of the company's improving financial health and debt-servicing capability. The upgrade could potentially reduce interest costs and improve net margins in the coming quarters.
KSH International Q3 Revenue Jumps 59% to ₹818 Cr; Volume Growth Hits 10-Year High of 24%
KSH International reported a robust 59% YoY revenue growth in Q3 FY26, driven by a 24% increase in sales volumes, the highest in a decade. While Q3 PAT dipped 9% to ₹23 crore due to one-time expansion costs and higher depreciation from the new Supa facility, 9M FY26 PAT rose 53% to ₹75.6 crore. The company utilized IPO proceeds to repay ₹225.9 crore of debt, drastically reducing its debt-to-equity ratio from 1.35x to 0.42x. Management is targeting a total capacity of 59,045 MT within 14 months to capitalize on global T&D and HVDC transformer demand.
Key Highlights
Revenue for Q3 FY26 grew 59% YoY to ₹818 crore, with 9M FY26 revenue reaching ₹2,089 crore.
Sales volume increased 24% YoY to 7,400 MT in Q3, the highest growth rate in nearly 10 years.
Debt-to-equity ratio improved to 0.42x from 1.35x following a ₹225.9 crore debt repayment using IPO proceeds.
Export revenue surged 37% YoY in Q3, now representing 27% of total revenue excluding other operating income.
Installed capacity reached 43,445 MT as of December 2025, with a Phase 2 target of 59,045 MT.
👀 What to Watch
Investors should monitor the capacity utilization ramp-up at the new Supa facility and the execution of high-margin HVDC orders. The significant deleveraging and strong volume growth in the T&D sector position the company well for long-term capital appreciation.
KSH International Q3 FY26 Revenue Jumps 59% YoY; Capacity Reaches 43,445 MTPA
KSH International reported a robust performance for Q3 FY26, with revenue from operations growing 59% YoY to ₹8,178 million and 9M FY26 EBITDA rising 55% to ₹1,358 million. The company successfully expanded its manufacturing capacity to 43,445 MTPA, with a roadmap to reach 59,045 MTPA within 14 months. A significant debt repayment of ₹2,260 million in December 2025 has deleveraged the balance sheet, resulting in a debt-to-equity ratio of 0.42x. Growth is primarily driven by specialized winding wires and a 37% surge in export revenues during the quarter.
Key Highlights
Revenue from operations grew 59% YoY in Q3 FY26 to ₹8,178 million, while 9M FY26 revenue rose 47% to ₹20,886 million.
EBITDA per ton improved to ₹66,044 in 9M FY26 compared to ₹50,133 in the previous year, reflecting better product mix.
Repaid ₹2,260 million of short and long-term debt in December 2025, significantly strengthening the financial position.
Export revenue accelerated by 37% YoY in Q3 FY26 to ₹2,130 million, supported by increased capacity availability.
Commenced supply for 37 HVDC transformer orders for BHEL and other clients, with a delivery timeline of 12-24 months.
👀 What to Watch
Investors should take note of the company's successful deleveraging and aggressive capacity expansion in the high-margin specialized wire segment. The strong order book in HVDC transformers provides good revenue visibility for the next two years.
KSH International CEO Sandesh Bhagwat Resigns Effective March 31, 2026
KSH International Limited has announced that Mr. Sandesh Suryakant Bhagwat has resigned from his position as Chief Executive Officer (CEO) and Key Managerial Personnel. The Board of Directors accepted his resignation during their meeting on February 07, 2026, following his formal notice submitted on January 12, 2026. Mr. Bhagwat will remain in his role until the close of business hours on March 31, 2026, to facilitate a smooth leadership transition. The departure is attributed to his decision to pursue a new career opportunity outside the organization.
Key Highlights
Mr. Sandesh Bhagwat to step down as CEO effective March 31, 2026.
The resignation was formally accepted by the Board on February 07, 2026.
The outgoing CEO provided a notice period starting from January 12, 2026, allowing for a transition period of over two months.
The company confirmed there are no other material reasons for the resignation other than external career opportunities.
👀 What to Watch
Investors should monitor the company's upcoming announcements regarding the appointment of a new CEO to ensure leadership continuity. The extended notice period suggests an orderly transition, which minimizes immediate operational concerns.
KSH International Q3 FY26 Revenue Jumps 58.5% YoY to ₹8,178 Mn; Capacity Reaches 43,445 MTPA
KSH International reported a robust 58.5% YoY revenue growth in Q3 FY26, reaching ₹8,178 million, primarily driven by volume growth and copper price pass-throughs. While EBITDA grew 22.8% YoY to ₹494 million, PAT saw a 9.3% decline to ₹233 million due to non-recurring interest costs and exceptional items. The company significantly strengthened its balance sheet by repaying ₹226 crore of debt, resulting in a Debt-to-Equity ratio of 0.42x. Operational capacity was expanded to 43,445 MTPA, with a clear roadmap to reach 59,045 MTPA over the next 14 months.
Key Highlights
9M FY26 Revenue grew 47% YoY to ₹20,886 Mn, with PAT increasing 52.6% to ₹756 Mn.
Export revenues surged 37% YoY to ₹213 crore in Q3 FY26, now contributing 29% of 9M operating revenue.
Repaid ₹226 crore of short and long-term debt in December 2025, significantly improving leverage.
Manufacturing capacity increased to 43,445 MTPA following the addition of 2,400 MTs at the Supa facility.
Commenced supplies for 37 HVDC transformer orders, including 11 from BHEL, with a 12-24 month delivery window.
👀 What to Watch
Investors should monitor the EBITDA per ton metric, which remains the primary profitability driver as the company is insulated from copper price volatility. The aggressive capacity expansion and debt reduction signal strong management confidence in the high-voltage transformer and EV sectors.
KSH International Q3 Revenue Jumps 58.5%; Capacity Expands to 43,445 MTs
KSH International reported a robust 58.5% YoY revenue growth in Q3 FY26, reaching ₹8,177.7 million, driven by volume growth and the commencement of sales from the new Supa facility. While Q3 PAT saw a 9.3% decline due to non-recurring labor code compliance costs and one-time interest expenses, the 9M FY26 PAT surged 52.6% to ₹756 million. The company significantly strengthened its balance sheet by repaying ₹2,259.77 million in debt, reducing its debt-to-equity ratio to 0.42x. Capacity has been scaled to 43,445 MTs to meet structural demand from renewable energy, thermal power, and AI data centers.
Key Highlights
Revenue from operations grew 58.5% YoY in Q3 FY26 to ₹8,177.7 million.
EBITDA/Ton for 9M FY26 improved significantly to ₹66,044 from ₹50,133 in the previous year.
Total annualized capacity increased to 43,445 MTs following the addition of 2,400 MTs at the Supa facility.
Repaid ₹2,259.77 million of debt, bringing the debt-to-equity ratio down to 0.42x.
Specialized magnet winding wires revenue grew by 60.6% YoY in Q3 FY26, driven by HVDC transformer orders.
👀 What to Watch
Investors should focus on the strong 9M growth trajectory and significant debt reduction rather than the one-time PAT dip in Q3. The company is well-positioned to benefit from structural tailwinds in the power and EV sectors with its newly expanded capacity.
