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KSHINTL - KSH Internationa

📊 NSE: KSHINTL 🏢 Cables - Electricals 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

KSH International Clarifies No Undisclosed Information Behind Recent Trading Volume Spurt

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Mar 2026, 09:41 AM

KSH International Limited has responded to a surveillance query from the National Stock Exchange regarding a recent significant increase in trading volumes. The company clarified that it is in full compliance with SEBI (LODR) Regulations and has disclosed all material information to the exchanges. Management explicitly stated that there are no undisclosed events or impending announcements that would explain the recent volume behavior. This response indicates that the volume spurt is likely driven by market sentiment or external factors rather than internal company news.

NSE issued a surveillance inquiry on March 10, 2026, regarding the recent volume spurt in KSHINTL scrip.
Company confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Management stated no undisclosed price-sensitive information or impending announcements exist as of March 11, 2026.
The clarification was submitted to the exchange within 24 hours of the surveillance letter.

💡 Investors should remain cautious and avoid speculating on rumors, as the company has officially denied any internal reasons for the volume surge. Focus on technical levels and fundamental performance rather than volume spikes alone.

KSH International Schedules One-on-One Investor Meeting for March 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Mar 2026, 04:44 PM

KSH International Limited (KSHINTL) has announced a one-on-one meeting with an investor scheduled for March 12, 2026, in Pune. The meeting is set to commence at 12:00 p.m. and follows the disclosure requirements of SEBI's Listing Regulations. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during this interaction. Such meetings are standard practice for listed entities to maintain transparency and engage with the financial community.

One-on-one investor meeting scheduled for March 12, 2026, at 12:00 p.m. in Pune.
Meeting conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirms discussions will be based strictly on publicly available information.
The schedule is subject to change based on exigencies from either party.

💡 Investors should watch for any subsequent corporate presentations or summary of discussions filed with the stock exchanges following the meeting for potential insights into the company's outlook.

KSH International to Attend 11th Annual Valorem Conference on March 23, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 12:24 PM

KSH International Limited has announced its participation in the 11th Annual Valorem Conference scheduled for March 23, 2026, in Mumbai. The company's management will engage in one-on-one and group meetings with institutional investors and analysts throughout the day from 9:00 AM to 6:00 PM IST. These interactions are intended to discuss the company's performance based on publicly available information. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Event scheduled for Monday, March 23, 2026, at the 11th Annual Valorem Conference in Mumbai.
Meetings will be conducted in both one-on-one and group formats between 9:00 AM and 6:00 PM IST.
Discussions will strictly adhere to publicly available information with no UPSI disclosure intended.
The schedule is subject to change based on the exigencies of the company or investors.

💡 Investors should watch for any investor presentations or transcripts released after the conference for insights into management's outlook. No immediate trading action is necessary based on this routine disclosure.

CARE Ratings Upgrades KSH International to 'A' (Stable) Following ₹225.9 Cr Debt Repayment

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 24 Feb 2026, 10:47 AM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 18 Feb 2026, 10:43 AM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:48 AM

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.

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.

💡 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 Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 09 Feb 2026, 04:57 PM

KSH International Limited has officially released the audio recording of its earnings conference call held on February 09, 2026. The call focused on the company's unaudited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure follows the requirements of SEBI Listing Regulations to ensure transparency for shareholders. The recording is now accessible via the company's investor relations portal for public review.

Earnings conference call conducted on February 09, 2026, at 11:00 AM IST
Covers unaudited financial results for the quarter and nine months ended December 31, 2025
Audio recording link published on the official company website as per SEBI Regulation 30
Follows the initial earnings intimation previously released on January 28, 2026

💡 Investors should listen to the recording to understand management's perspective on Q3 performance and future growth guidance. This is a routine but essential step for performing deep-dive fundamental analysis.

KSH International Q3 FY26 Revenue Jumps 59% YoY; Capacity Reaches 43,445 MTPA

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 08 Feb 2026, 08:45 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 07 Feb 2026, 08:20 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 08:00 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 07:51 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 07:32 PM

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.

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.

💡 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 Schedules Multiple Investor Meetings from Feb 9 to Feb 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 05:11 PM

KSH International Limited has announced a series of analyst and institutional investor interactions scheduled from February 9 to February 12, 2026. The engagement includes participation in the Nuvama India Conference 2026 in Mumbai on February 10. Additionally, the company will hold multiple one-on-one and group meetings arranged by Myan Advisors in both Pune and Mumbai. These interactions will be conducted through a mix of in-person and virtual modes, focusing on publicly available information.

Four-day investor engagement window scheduled from February 9 to February 12, 2026
Participation in the Nuvama India Conference 2026 on February 10 in Mumbai
Multiple meetings coordinated by Myan Advisors involving both group and one-on-one formats
Hybrid interaction model featuring in-person sessions in Pune and Mumbai along with virtual meetings
Company confirms no unpublished price sensitive information (UPSI) will be discussed

💡 Investors should watch for any corporate presentations or meeting transcripts released after these dates to understand management's outlook. No immediate trading action is required as these are routine investor relations activities.

KSH International to Host Q3FY26 Earnings Conference Call on February 9, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 10:51 AM

KSH International Limited has scheduled its earnings conference call for Monday, February 9, 2026, at 11:00 AM IST to discuss the Q3FY26 financial results. This follows the Board of Directors meeting scheduled for February 7, 2026, where the unaudited standalone results for the quarter and nine-month period ended December 31, 2025, will be approved. The call will feature top management including the Managing Director and CFO, providing a platform for analysts to probe into the company's operational performance. Investors can access the call via universal dial-in numbers or a Diamond Pass registration.

Board meeting to approve Q3FY26 results is scheduled for Saturday, February 7, 2026.
Earnings conference call scheduled for Monday, February 9, 2026, at 11:00 AM IST.
Management representation includes MD Rajesh Hegde and CFO Amod Joshi.
Discussion will focus on standalone financial results for the nine-month period ended December 31, 2025.
Dial-in details provided for universal access (+91 22 6280 1144) and international toll-free lines.

💡 Investors should review the financial results released on February 7 and join the conference call on February 9 to gain clarity on management's outlook for the remainder of the fiscal year.

KSH International Reschedules One-on-One Investor Meeting to January 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Jan 2026, 05:27 PM

KSH International Limited has announced a revision to its previously scheduled investor meeting. The one-on-one meeting, originally intimated on January 12, 2026, is now set to take place virtually on January 19, 2026, at 11:00 a.m. The company has clarified that the discussions will be based strictly on publicly available information. No unpublished price sensitive information (UPSI) will be shared during the interaction.

Meeting rescheduled to January 19, 2026, starting at 11:00 a.m.
The interaction is a one-on-one meeting to be held via virtual platform.
Revision follows the original intimation sent to exchanges on January 12, 2026.
Company confirms no unpublished price sensitive information (UPSI) will be discussed.

💡 This is a routine administrative update regarding investor relations. No immediate action is required, but investors may look for any subsequent disclosures if the company releases a meeting transcript.

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.