KSH International Limited has informed the Exchange regarding a press release dated February 24, 2026, titled "CARE Ratings Upgrades KSH International Credit Rating to A from A- and Maintains Stable Outlook".
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CARE Ratings has upgraded KSH International's long-term credit rating to 'A' from 'A-', with the outlook maintained as Stable. The short-term rating has also been upgraded to 'A1' from 'A2'. The upgrade was driven by significant growth in scale and profitability (FY25 revenue of Rs. 1,935 crore, up 39% YoY; 9MFY26 revenue of Rs. 2,089 crore), strengthening of the capital structure after the December 2025 IPO that raised Rs. 420 crore, and successful commissioning of the Phase-1 Supa greenfield plant without cost overruns. A substantial portion of the IPO proceeds was used to repay Rs. 226 crore of debt, bringing expected overall gearing below 1x. CARE noted that growth was supported by strong demand from power, railways, and EV/end-use industries, with Phase-II expansion of 18,000 MTPA planned by FY27-end.
This rating upgrade reflects stronger financial health, lower leverage, and improved business scale, which is positive for shareholder confidence. It may also reduce future borrowing costs and improve the company's standing with lenders and investors.