KSH INTERNATIONAL LIMITED

Makes magnet winding wires used in power transformers, with specialized grades (including 765kV and HVDC-qualified wire) accounting for 75% of FY26 revenue. Q4 FY26 sales reached 7,600 metric tons (+29% YoY) at a record ₹74,000 EBITDA per ton, with FY26 revenue of ₹3,107 crore and PAT of ₹110 crore. The company sells to 120+ transformer OEMs globally, including Hitachi Energy, Siemens Energy, and GE Vernova, and exports to 24 countries — export revenue grew 92% YoY in Q4. Current installed capacity is 43,445 MT, with Supa Phase II scheduled to lift total capacity to ~59,000 MT by Q4 FY27. A PEEK-insulated wire line for 800V EV traction motors is due by end of Q2 FY27, and a green copper backward-integration facility is targeted for H2 FY27. Materials (largely copper) make up 96% of revenue, leaving just 4% for employee cost, other opex, and depreciation combined. Debt-to-EBITDA improved to 0.39x from 1.21x, working capital days sit at 65-68, and 4 MW of rooftop solar is in place for captive power use.