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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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
KSH International Q3 Revenue Jumps 58% YoY to ₹8,178 Mn; PAT Declines to ₹233 Mn
KSH International reported a strong 58.5% YoY revenue growth to ₹8,177.69 million for Q3 FY26, driven by its winding wires business. Despite the top-line surge, net profit fell 9.3% YoY to ₹233.26 million as raw material expenses and finance costs rose sharply. The quarter was marked by the company's successful IPO and listing on December 23, 2025. An exceptional item of ₹16.16 million was also recorded due to the adoption of the New Labour Code, impacting the bottom line.
Key Highlights
Revenue from operations increased 58.5% YoY to ₹8,177.69 million from ₹5,158.77 million.
Net profit (PAT) decreased 21.1% sequentially to ₹233.26 million from ₹295.91 million in Q2 FY26.
Raw material costs surged to ₹7,992.99 million compared to ₹4,871.62 million in the year-ago period.
Exceptional charge of ₹16.16 million recognized for employee benefit obligations under new labor laws.
Successfully completed IPO with a fresh issue of ₹4,200 million and listed on BSE/NSE on December 23, 2025.
💼 Action for Investors
While top-line growth is impressive, the margin compression due to rising input costs is a concern for new investors. Monitor the company's ability to pass on raw material price hikes in subsequent quarters to stabilize profitability.
KSH International Q2 FY26: PAT Surges 129% to ₹29.6 Cr; Revenue Up 51% to ₹712 Cr
KSH International reported a robust Q2 FY26 with revenue growing 50.7% YoY to ₹712 crores and PAT jumping 128.9% to ₹29.6 crores. The company's profitability improved significantly, with EBITDA per ton rising 42.1% to ₹65,500 due to a higher mix of specialized CTC products. Management successfully utilized ₹225.9 crores of IPO proceeds to repay debt, strengthening the financial position. Capacity expansion to 59,045 metric tons is progressing to capture demand from the global power transmission and EV sectors.
Key Highlights
Revenue from operations increased 50.7% YoY to ₹712 crores in Q2 FY26.
PAT grew by 128.9% YoY to ₹29.6 crores, with PAT margins expanding 140 bps to 4.1%.
EBITDA per ton improved to ₹65,500 from ₹46,000 in the previous year, a 42.1% increase.
Repaid ₹225.9 crores of debt using IPO proceeds, significantly reducing interest burden.
On track to expand total capacity to 59,045 metric tons by FY27 from the current 41,045 metric tons.
💼 Action for Investors
Investors should maintain a positive outlook given the strong margin expansion and leadership in the specialized CTC segment. The debt-free balance sheet and upcoming capacity additions provide a clear path for sustained long-term growth.
KSH International: Rohit Kushal Hegde Steps Down as JMD, Transitions to Non-Executive Director
KSH International Limited has announced that Mr. Rohit Kushal Hegde has stepped down from his executive role as Joint Managing Director effective January 1, 2026. He will continue to serve the company as a Non-Executive and Non-Independent Director, remaining on the Board and liable to retire by rotation. The transition is driven by his desire to pursue full-time responsibilities within his own group entity. Mr. Hegde, a promoter with over 24 years of experience in the company, will maintain his strategic association through his board position.
Key Highlights
Mr. Rohit Kushal Hegde resigned as Joint Managing Director effective January 1, 2026.
He will continue to serve as a Non-Executive and Non-Independent Director on the Board.
The reason for the change is to focus on whole-time responsibilities in his own group entity.
Mr. Hegde has been associated with KSH International since 2000 and has 24 years of management experience.
He remains a promoter of the company and is the son of Mr. Kushal Subbayya Hegde.
💼 Action for Investors
Investors should monitor the company's executive leadership structure for any new appointments to fill the Joint Managing Director vacancy. Since the promoter remains on the board, no immediate negative impact on long-term strategy is expected.
KSH International Q2 FY26 PAT Surges 129% YoY; Capacity Expands to 41,045 MTPA
KSH International reported a robust performance for Q2 FY26, with revenue growing 50.7% YoY to ₹7,121.5 million and PAT jumping 128.9% to ₹295.9 million. The company successfully completed Phase 1 of its Supa facility, increasing total capacity to 41,045 MTPA, with a target to reach 59,045 MTPA within 15 months. Operational efficiency improved significantly, with EBITDA per ton rising to ₹65,515 from ₹46,114 a year ago, driven by a higher mix of value-added products and better capacity utilization. Furthermore, the company utilized IPO proceeds to repay ₹226 crore of debt, significantly strengthening its balance sheet.
Key Highlights
Revenue for H1 FY26 grew 40.5% YoY to ₹12,708.6 million, driven by volume growth and copper price pass-throughs.
EBITDA margins expanded by 87 bps YoY to 6.5% in Q2 FY26, while PAT margins improved from 2.7% to 4.1%.
Repaid ₹226 crore of short-and-long-term debt using IPO proceeds, including debt for the Supa facility expansion.
Secured an exclusive license with HPW Metallwerk GmbH for patented PEEK high-performance wires for the Indian EV market.
Received a strategic order from BHEL for 11 HVDC transformers for the PowerGrid project in Khavda/Nagpur.
💼 Action for Investors
Investors should view the strong margin expansion and debt reduction as positive indicators of operational efficiency and financial health. The focus on high-value EV and HVDC segments provides a clear path for sustained growth in the coming quarters.
KSH International Q2 FY26 PAT Surges 129% YoY; Capacity Expands to 41,045 MT
KSH International reported a stellar Q2 FY26 with revenue growing 51% YoY to ₹7,121.5 million and PAT jumping 129% to ₹295.9 million. The company successfully operationalized Phase 1 of its Supa facility, increasing total capacity to 41,045 MT, which is expected to drive H2 growth. Profitability margins improved significantly, with EBITDA per ton rising 42% YoY due to a higher mix of specialized magnet winding wires. Additionally, the company utilized IPO proceeds to repay ₹2,259.77 million in debt, significantly strengthening its balance sheet.
Key Highlights
Revenue from operations grew 50.7% YoY to ₹7,121.5 million in Q2 FY26.
Net profit (PAT) increased by 128.9% YoY to ₹295.9 million with EBITDA margins expanding by 90 bps.
Total annualized capacity reached 41,045 MT following the completion of the 12,000 MT Phase 1 Supa facility.
Repaid ₹2,259.77 million of short and long-term debt in Q3 FY26 using IPO proceeds.
Signed exclusive license with HPW Metallwerk GmbH for PEEK-insulated wires for the EV traction motor market.
💼 Action for Investors
The stock shows strong momentum with massive margin expansion and successful capacity ramp-up; investors should monitor the utilization of the new Supa facility. The strategic entry into the high-tech EV motor wire segment via the HPW partnership provides a significant long-term growth catalyst.
KSH International Q2 PAT Surges 129% YoY to ₹295.9 Million; Revenue Up 50.7%
KSH International reported a strong performance for the quarter ended September 30, 2025, with revenue from operations growing 50.7% YoY to ₹7,121.48 million. Net profit for the quarter more than doubled to ₹295.91 million compared to ₹129.26 million in the same period last year. For the first half of FY26, the company achieved a PAT of ₹522.71 million, which is nearly 77% of its total FY25 profit in just six months. These results are the first reported since the company's listing in December 2025, reflecting robust operational momentum.
Key Highlights
Revenue from operations grew 50.7% YoY to ₹7,121.48 million in Q2 FY26.
Net Profit (PAT) increased by 128.9% YoY to ₹295.91 million for the quarter.
Half-year (H1 FY26) PAT reached ₹522.71 million, representing a 119.6% growth over H1 FY25.
Earnings Per Share (EPS) for Q2 FY26 rose to ₹5.21 from ₹2.27 in the year-ago period.
The company successfully completed its IPO in December 2025, raising ₹4,200 million via fresh issue.
💼 Action for Investors
The company exhibits strong growth momentum and significant margin expansion in its first post-listing financial disclosure. Investors should monitor the upcoming utilization of IPO proceeds for expansion and the stability of raw material costs.