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KSH International Limited (KSHINTL)

₹936.20 -2.42% last close, 16 Oct

📊 NSE: KSHINTL 🏢 Cables - Electricals 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 04 Nov 2026 (board meeting)

KSH International Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, KSH International's revenue was ₹1,164 Cr (+108.2% year on year, +14.3% on the previous quarter), and net profit ₹42.0 Cr (+82.6% year on year); the operating margin was 6.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,164	+108.2%	+14.3%
Operating profit	₹74.0	+85.0%	+32.1%
Net profit	₹42.0	+82.6%	+20.0%
EPS (₹)	6.23	+56.1%	+22.2%
Operating margin	6.4%	—	—

Full quarterly financials → Results calendar →

KSHINTL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.72% of the KSHINTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.58%. That is close to its usual level.

47.72%Delivery, 16 Oct

41.58%Own 20-session average

0.9×Volume vs its average

₹936.20NSE close · -2.42%

Delivery in the last 5 sessions: 36.4% · 35.0% · 42.0% · 47.1% · 47.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

KSH International Submits Nil Dematerialisation Compliance for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 03:56 PM

KSH International Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended September 30, 2026. The certificate received from its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that nil securities were dematerialised or rematerialised during the period. This filing is a standard quarterly administrative requirement with zero financial or operational impact.

Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
Nil securities were dematerialised or rematerialised during the period
Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 06, 2026

💡 Track upcoming announcements for Q2 FY27 financial results and operational updates, as this filing requires no investor action.

KSH International Independent Director Ajay Shriram Patil Resigns Effective October 01, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 06:11 PM

KSH International Limited announced the resignation of Mr. Ajay Shriram Patil (DIN: 01217000) from his position as Non-Executive Independent Director, effective at the close of business hours on October 01, 2026. The director cited increasing professional and personal commitments that prevent him from devoting the necessary time to board governance. He confirmed that there are no other material reasons for his departure. The company's board noted the resignation during a meeting held on October 01, 2026.

Independent Director Ajay Shriram Patil resigned effective close of business hours on October 01, 2026
Reason cited was increasing personal and professional commitments, with no other material reasons confirmed
Board meeting to note the resignation commenced at 03.45 p.m. and concluded at 4.05 p.m. on October 01, 2026
Director also serves as Joint MD at Kirloskar Ferrous Industries Limited and Independent Director at Ingersoll-Rand (India) Limited

💡 Track subsequent exchange filings for the appointment of a replacement Independent Director to ensure board composition and audit committee compliance.

KSH International Independent Director Ajay Shriram Patil Resigns Effective October 01, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 06:04 PM

Independent Director Ajay Shriram Patil resigned effective close of business hours on October 01, 2026
Reason cited was increasing personal and professional commitments, with no other material reasons confirmed
Board meeting to note the resignation commenced at 03.45 p.m. and concluded at 4.05 p.m. on October 01, 2026
Director also serves as Joint MD at Kirloskar Ferrous Industries Limited and Independent Director at Ingersoll-Rand (India) Limited

💡 Track subsequent exchange filings for the appointment of a replacement Independent Director to ensure board composition and audit committee compliance.

KSH International Independent Director Ajay Shriram Patil Resigns Effective October 01, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 05:45 PM

KSH International Limited announced the resignation of Mr. Ajay Shriram Patil (DIN: 01217000) as Non-Executive Independent Director, effective close of business hours on October 01, 2026. The resignation is cited to be due to increasing professional and personal commitments, with no other material reasons confirmed. Mr. Patil is also Joint Managing Director at Kirloskar Ferrous Industries Limited and an Independent Director at Ingersoll-Rand (India) Limited. The Board noted the resignation during a meeting held on October 01, 2026, between 03:45 p.m. and 04:05 p.m.

Resignation of Non-Executive Independent Director Mr. Ajay Shriram Patil effective October 01, 2026
Reason cited as professional and personal commitments, with no other material reasons confirmed
Board meeting to note the resignation took place from 03:45 p.m. to 04:05 p.m. on October 01, 2026
Mr. Patil holds directorship in 2 other listed firms, including Joint MD at Kirloskar Ferrous Industries

💡 Track the appointment of a new Independent Director to ensure ongoing board independence and committee compliance.

KSH International Appoints Amitabha Mukhopadhyay as Independent Director; Ajay Patil Steps Down

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Oct 2026, 05:35 PM

KSH International announced board-level changes effective October 2026. Mr. Ajay Shriram Patil resigned as Non-Executive Independent Director on October 01, 2026, citing increasing professional and personal commitments, confirming no other material reasons. Concurrently, the Board approved the appointment of seasoned finance executive Mr. Amitabha Mukhopadhyay as an Additional Independent Director for a 3-year term from October 05, 2026, to October 04, 2029, subject to shareholder approval.

Appointment of Mr. Amitabha Mukhopadhyay as Non-Executive Independent Director for a 3-year term from October 05, 2026, to October 04, 2029.
Resignation of Mr. Ajay Shriram Patil as Non-Executive Independent Director effective close of business October 01, 2026.
Incoming director brings over 3 decades of experience, including previous Group CFO roles at Thermax and Tata AutoComp Systems.
Resigning director confirmed no other material reasons beyond increasing professional and personal commitments.

💡 Track the upcoming shareholder vote required to regularize Mr. Mukhopadhyay's 3-year appointment on the board.

KSH International Appoints Amitabha Mukhopadhyay as Independent Director; Ajay Patil Resigns

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Oct 2026, 05:29 PM

KSH International announced board-level changes following its board meeting on October 01, 2026. The board approved the appointment of Mr. Amitabha Mukhopadhyay as an Additional Non-Executive Independent Director for a 3-year term from October 05, 2026, to October 04, 2029, subject to shareholder approval. Concurrently, Mr. Ajay Shriram Patil resigned as Independent Director effective October 01, 2026, citing professional and personal commitments with no other material reasons stated.

Appointment of Mr. Amitabha Mukhopadhyay as Additional Non-Executive Independent Director for 3 consecutive years
Tenure of new appointment spans from October 05, 2026, to October 04, 2029
Resignation of Mr. Ajay Shriram Patil as Independent Director effective close of business October 01, 2026
Board meeting duration was 20 minutes (commenced 03:45 p.m., concluded 04:05 p.m. on October 01, 2026)

💡 Track subsequent shareholder voting on the appointment of the independent director and regular operational execution towards the FY27 capacity expansion targets.

KSH International Schedules Multiple Analyst and Institutional Investor Meets from Sep 24-30

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Sep 2026, 02:53 PM

KSH International Limited has announced a schedule of institutional investor interactions across four separate days between September 24 and September 30, 2026. The engagements include virtual one-on-one sessions, attendance at the PL Capital Mid & Small Cap Conference in Mumbai on September 28, and plant/in-person meetings arranged by Goldman Sachs India in Supa, Ahilyanagar on September 29 and 30. The company confirmed that discussions will rely exclusively on publicly available information without sharing unpublished price-sensitive information (UPSI).

Virtual one-on-one meetings scheduled for September 24, 2026 (09:30 AM to 11:30 AM)
Participation in PL Capital Mid & Small Cap Conference 2026 in Mumbai on September 28, 2026 (09:00 AM to 05:00 PM)
In-person investor meets arranged by Goldman Sachs at Supa, Ahilyanagar on September 29 and September 30, 2026
Company confirmed discussions will focus strictly on publicly available information

💡 Track whether any post-meet investor presentation or transcript is uploaded to exchange filings following the Supa plant site visits.

KSH International Shareholders Approve All 6 Resolutions at 47th AGM with Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 06:25 PM

KSH International Limited submitted the consolidated scrutinizer's report for its 47th Annual General Meeting held on September 15, 2026. All six ordinary resolutions, including the adoption of FY26 financial statements, reappointment of directors, and auditor appointments, were approved by shareholders. Total valid votes cast stood at 5,66,20,817 shares across remote e-voting and venue voting, with each resolution receiving over 99.99% votes in favor.

Resolution 1 (adoption of FY26 audited financial statements) passed unanimously with 5,66,20,817 votes (100.00%) in favor
Re-appointment of directors Ms. Rakhi Shetty and Mr. Rohit Kushal Hegde approved with 99.9998% and 99.9998% votes in favor, respectively
Appointment of M/s KANJ & Co. LLP as Secretarial Auditors passed with 99.9999% votes in favor (5,66,20,778 votes)
Ratification of remuneration for Cost Auditor M/s Joshi Apte & Associates and remuneration to Independent Directors passed with 100.00% and 99.9999% approvals

💡 Track the execution of KSH International's Phase II Supa capacity expansion to 59,045 MTPA and upcoming quarterly earnings announcements.

KSH International Concludes 47th AGM; 6 Resolutions Tabled for Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 04:42 PM

KSH International held its 47th Annual General Meeting on September 15, 2026, with 44 members in attendance. Key agenda items included the adoption of FY2025-26 audited financial statements and director re-appointments for Ms. Rakhi Shetty and Mr. Rohit Kushal Hegde. Special business resolutions covered the appointment of M/s. KANJ & Co. LLP as Secretarial Auditors for a 5-year term through March 31, 2031, alongside remuneration approvals for the Cost Auditor and Independent Directors. No qualifications or adverse remarks were reported by the Statutory or Secretarial Auditors.

47th AGM convened on September 15, 2026, with 44 members present including 1 proxy and 6 authorised representatives
6 ordinary resolutions presented, covering FY26 financial adoption, 2 director re-appointments, and auditor appointments
Appointment of M/s. KANJ & Co. LLP as Secretarial Auditor proposed for a 5-year tenure from April 1, 2026, to March 31, 2031
Statutory and Secretarial Auditors reported zero qualifications or adverse comments on FY26 operations

💡 Track the formal disclosure of consolidated voting results (scrutinizer's report) to verify shareholder approval of all 6 resolutions.

KSH International Secures CTO for 28,800 MTPA Capacity at Supa Facility

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 10 Sep 2026, 04:47 PM

KSH International has received the Consent to Operate (CTO Part-II with amalgamation of Part-I) from the Maharashtra Pollution Control Board on September 09, 2026, for its Supa Facility in Ahmednagar. Consequent to this approval, the total approved manufacturing capacity for specialized and standard magnet winding wires at Supa reaches 28,800 MTPA. The approval is valid through August 31, 2027, under the Orange/LSI category. This regulatory clearance supports the company's broader operational roadmap to expand overall capacity toward 59,045 MTPA by FY27.

CTO granted by Maharashtra Pollution Control Board on September 09, 2026
Brings total approved capacity at the Supa Facility to 28,800 MTPA
Covers manufacturing of both specialised and standard magnet winding wires
Approval valid through August 31, 2027 under Orange/LSI category

💡 Monitor production ramp-up at the Supa plant and volume growth in upcoming quarterly operational updates to verify capacity utilization.

KSH International Applies to NSE for Promoter Group Reclassification of KDPL

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 09 Sep 2026, 03:45 PM

KSH International Limited has submitted an application to the National Stock Exchange of India (NSE) seeking a no-objection certificate for reclassifying KSH Distriparks Private Limited (KDPL) from the 'Promoter Group' category to 'Public'. According to the filing, KDPL holds zero equity shares in the company. This application follows prior intimations and an application filed with the BSE on September 08, 2026.

Application filed with NSE on September 09, 2026, seeking no-objection for promoter re-classification
Entity being reclassified is KSH Distriparks Private Limited (KDPL)
KDPL holds 0 equity shares in KSH International Limited
Follows earlier application submitted to BSE Limited on September 08, 2026

💡 Track subsequent regulatory approvals from NSE and BSE regarding the promoter reclassification, which is an administrative formality.

KSH International Applies to BSE for Reclassification of Promoter Group Entity KDPL to Public

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Sep 2026, 07:36 PM

KSH International Limited has submitted an application to BSE Limited seeking a no-objection certificate for the re-classification of KSH Distriparks Private Limited (KDPL) from the 'Promoter Group' category to the 'Public' category under Regulation 31A(8)(c) of SEBI LODR. KDPL currently holds zero equity shares in the company. This application follows KDPL's initial reclassification request received on September 02, 2026, and subsequent Board approval.

Application filed with BSE on September 08, 2026, under Regulation 31A(8)(c) of SEBI LODR Regulations
Entity seeking reclassification: KSH Distriparks Private Limited (KDPL)
KDPL holds 0 equity shares in KSH International Limited
Follows previous intimation of receipt of request dated September 02, 2026

💡 Track subsequent approvals from stock exchanges (BSE/NSE) to confirm the formal reclassification of the promoter group entity.

KSH International Board Approves Promoter Reclassification of KSH Distriparks to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Sep 2026, 12:38 PM

KSH International Limited has informed the exchanges that its Board of Directors approved a request from KSH Distriparks Private Limited for re-classification from the 'Promoter Group' category to the 'Public' category. The approval was granted during the board meeting held on September 05, 2026. The reclassification remains subject to receipt of No Objection Certificates (NOC) from BSE Limited and National Stock Exchange of India Limited under Regulation 31A of SEBI LODR Regulations.

Board approved re-classification of KSH Distriparks Private Limited from 'Promoter Group' to 'Public' category.
Process governed under Regulation 31A read with Schedule III of SEBI LODR Regulations.
Reclassification remains subject to 'No Objection Certificates' (NOC) from BSE and NSE.
Board meeting commenced at 12:04 p.m. and concluded at 12:19 p.m. IST on September 05, 2026.

💡 Track the receipt of No Objection Certificates from NSE and BSE, followed by subsequent quarterly shareholding pattern updates.

KSH International Receives Promoter Reclassification Request from KSH Distriparks

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 02 Sep 2026, 05:48 PM

KSH International Limited has received a formal request letter dated September 02, 2026, from KSH Distriparks Private Limited (KDPL) seeking re-classification from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR. KDPL currently holds 0 equity shares and zero voting rights in the company. KDPL confirmed that it has no management control, board representation, or special rights in KSH International. The request will be placed before the Board of Directors for consideration and subsequent regulatory approvals.

KDPL holds 0 equity shares and less than 1% voting rights in KSH International Limited
KDPL has requested reclassification from 'Promoter Group' to 'Public' category on September 02, 2026
KDPL confirmed having no direct or indirect management control, board seat, or special shareholder rights
Request is subject to approval from the Board of Directors and Stock Exchanges per SEBI Regulation 31A

💡 Track subsequent filings for Board approval, shareholder resolution (if applicable), and final approval from NSE and BSE for the reclassification.

KSH International Renews Unit 3 Factory License in Pune Up to Dec 31, 2030

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Sep 2026, 04:13 PM

KSH International Limited has received the renewal of its factory license for Unit 3 situated at Khalumbre, Pune, from the Directorate of Industrial Safety and Health, Maharashtra. The license renewal was received on September 01, 2026, and is valid up to December 31, 2030. Unit 3 is engaged in the manufacturing of round enamelled Copper and Aluminium winding wires. This is a routine regulatory renewal ensuring continuity of manufacturing operations under the Factories Act, 1948.

Factory license renewal received from Directorate of Industrial Safety and Health on September 01, 2026
License validity extended for operations up to December 31, 2030
Applies to Unit 3 in Khalumbre, Pune, manufacturing round enamelled Copper and Aluminium winding wires

💡 Track regular quarterly operating performance and execution milestones on the company's broader Phase II capacity expansion to 59,045 MTPA by FY27.

View All KSHINTL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for H1 FY26 reached INR 1,270.86 Cr, representing a 40.5% YoY growth from INR 904.58 Cr. The Specialized Winding Wires segment contributed 77% of total revenue in Q2 FY26, up from 72% in Q1 FY26, while Standard Wires accounted for 23%.

Geographic Revenue Split

Exports accounted for 70.03% of revenue in H1 FY26 (INR 889.98 Cr), showing a steady increase from 67.30% in FY25 and 62.09% in FY24. Domestic revenue contributed the remaining 29.97% (INR 380.88 Cr).

Profitability Margins

Gross Profit Margin for H1 FY26 stood at 11.1%, a slight improvement of 18 bps YoY. PAT Margin significantly improved to 4.1% in H1 FY26 compared to 2.6% in H1 FY25, a 147 bps increase, driven by better fixed cost absorption and higher value-added product sales.

EBITDA Margin

EBITDA Margin for H1 FY26 was 6.8%, up 159 bps from 5.2% in H1 FY25. Absolute EBITDA grew 83.3% YoY to INR 86.39 Cr. EBITDA per ton increased 42.1% YoY to INR 65,515 in Q2 FY26 from INR 46,114 in Q2 FY25.

Capital Expenditure

The company invested INR 61.20 Cr in H1 FY26 and INR 120.16 Cr in FY25 for property, plant, and equipment. Total non-current assets increased to INR 319.83 Cr as of September 2025 to support the Supa plant expansion.

Credit Rating & Borrowing

Finance costs for H1 FY26 were INR 16.58 Cr, up 27.8% YoY from INR 12.97 Cr. The company utilizes significant working capital limits, with short-term borrowings at INR 344.52 Cr as of September 2025.

⚙️ Operational Drivers

Raw Materials

Copper is the primary raw material, accounting for approximately 88.9% of total revenue (COGS of INR 1,130.19 Cr vs Revenue of INR 1,270.86 Cr in H1 FY26).

Import Sources

Sourced from both domestic vendors and international markets to support a global supply chain reaching 20+ countries including the USA, Brazil, and Germany.

Key Suppliers

Not specifically named in the documents, but the company procures copper on a back-to-back basis against customer orders to mitigate price volatility.

Capacity Expansion

Current installed capacity is 29,045 MTPA. The company is executing a Phase II expansion at Supa, which will increase total capacity to 59,045 MTPA by FY27, a 103% increase.

Raw Material Costs

Raw material costs (COGS) were INR 1,130.19 Cr in H1 FY26, up 40.2% YoY from INR 806.09 Cr. The company uses a pass-through model where LME copper prices are directly billed to clients.

Manufacturing Efficiency

Capacity utilization reached 90%+ in Q2 FY26, a significant improvement from 81.1% in Q2 FY25. Sales volume grew 15% YoY to 13,151 MT in H1 FY26.

Logistics & Distribution

Distribution and other expenses accounted for 2.4% of revenue in H1 FY26. The company services 120 global and domestic OEM customers.

📈 Strategic Growth

Expected Growth Rate

35.55%

Growth Strategy

Growth will be driven by doubling production capacity to 59,045 MTPA by FY27, increasing the share of high-margin specialized winding wires (currently 77%), and expanding international wallet share with 120+ existing OEM clients.

Products & Services

Magnet Winding Wires, including specialized Continuously Transposed Conductors (CTC), Paper Insulated Copper Conductors (PICC), and standard winding wires for power generation and T&D applications.

Brand Portfolio

KSH International (part of KSH Group); operates under an exclusive license agreement with HPW Metallwerk GmbH for certain specialized products.

New Products/Services

Focus on higher value-added specialized products which now represent 77% of revenue, up from 72% in the previous quarter, contributing to a 159 bps expansion in EBITDA margins.

Market Expansion

Expanding international presence in 20+ countries including the USA, Brazil, Romania, and Japan. Exports grew 21.7% YoY in Q2 FY26.

Market Share & Ranking

India's largest exporter and one of the leading manufacturers of magnet winding wires.

Strategic Alliances

Maintains an exclusive license agreement with HPW Metallwerk GmbH for specialized winding wire technology.

🌍 External Factors

Industry Trends

The industry is shifting toward high-efficiency specialized conductors for large transformers. KSH is positioned as a leader with 77% revenue from specialized products and a 35.5% revenue CAGR.

Competitive Landscape

Competes with domestic and global winding wire manufacturers; maintains leadership through higher EBITDA per ton (INR 65,515) compared to peers.

Competitive Moat

Moat is built on long-term OEM relationships (40-year vintage with oldest client), high switching costs due to stringent quality approvals, and a 90%+ repeat business rate.

Macro Economic Sensitivity

Highly sensitive to global T&D (Transmission and Distribution) and power generation capex cycles, which drive demand for magnet winding wires.

Consumer Behavior

Shift toward green energy and grid modernization is increasing demand for high-quality specialized winding wires in the power sector.

Geopolitical Risks

Exposure to trade barriers in 20+ export markets; however, diversified geographic reach across Americas, Europe, and Asia mitigates single-region risk.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to international manufacturing standards for power equipment and B2B OEM quality certifications.

Environmental Compliance

Not specifically disclosed in INR, but the company emphasizes improving sustainability efforts as a core strategic pillar.

Taxation Policy Impact

Effective tax rate for H1 FY26 was 25.4% (INR 17.80 Cr tax on INR 70.07 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Working capital management is a key risk, with net debt/EBITDA at 5.48x as of September 2025 due to high inventory and receivable levels during high-growth phases.