NSE: KSHINTL · BSE: 544664
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialized magnet winding wires (75%), Other magnet winding wires. Asset-heavy manufacturer of copper magnet winding wires serving the T&D transformer supply chain.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 3,107 |
| EBITDA (ex other income) | 190 |
| margin % | 6.1 |
| Owners' profit | 110 |
| EPS, as reported (₹) | 18.38 |
| ROE % · ROCE % | 13.6 · 22.5 |
| Debt / equity (x) | 0.39 |
| Cash from operations | (65) |
| Capex | (163) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 712 | 818 | 1,018 | 1,164 |
| Profit before tax | 37 | 31 | 45 | 57 |
| Net profit | 30 | 23 | 35 | 42 |
| EPS (₹) | 5.21 | 4.00 | 5.10 | 6.23 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PRECISION WIRES INDIA LTD | 7,351 | 41.8 | 9.52 | — | 20.1 | 21.9 | — | — |
| KSH INTERNATIONAL LIMITED ◆ | 6,303 | 45.3 | 7.80 | — | 13.6 | 17.3 | — | 7.1 |
| VIDYA WIRES LIMITED | 1,853 | 28.0 | 3.86 | 19.8 | 12.0 | 15.6 | — | 4.6 |
| BEDMUTHA INDUST LTD | 352 | 21.0 | 2.32 | 7.3 | 4.3 | 1.6 | 30.4 | 3.9 |
| EURO PANEL PRODUCTS LTD | 323 | 12.6 | 2.02 | 8.4 | 16.6 | 19.2 | — | 10.9 |
| CUBEXTUBINGS-ROLLSETT | 296 | 39.3 | 3.56 | — | 8.9 | 10.8 | — | 4.9 |
| CENTURY EXTRUSIONS LTD | 142 | 11.4 | 1.71 | — | 13.2 | 16.9 | — | 7.8 |
| M TEK COPPER LIMITED | 137 | 21.3 | 2.72 | — | 10.6 | 14.0 | — | 3.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.3 | 24.7 | 10 of 10 | 0% |
| P/B | 7.8 | 2.5 | 9 of 10 | 11% |
| ROCE | 17.3 | 14.8 | 3 of 10 | 78% |
| ROE | 13.6 | 11.3 | 3 of 10 | 78% |
| Debt / Equity | 0.4 | 0.5 | 5 of 10 | 56% |
| EBITDA margin | 7.1 | 4.6 | 3 of 9 | 75% |
| Market cap | 6303 | 310 | 2 of 10 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · KSH International gets PGCIL manufacturer approval for 765 kV conductors | business updates | medium | — | — |
| 21 Oct 2026 · Earnings call on Nov 5 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on Nov 4 to approve Q2 FY27 unaudited financial results | results | low | — | — |
| 6 Oct 2026 · Routine RTA compliance certificate filed for July to September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Independent Director Mr. Ajay Shriram Patil resigns effective Oct 01, 2026 | management changes | medium | — | — |
| 1 Oct 2026 · KSH International board reshuffle: one Independent Director exits, another joins | management changes | medium | — | — |
| 1 Oct 2026 · KSH Intl board appoints new independent director, accepts another's resignation | management changes | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 results announcement | compliance | minimal | — | — |
| 19 Sept 2026 · KSH International to hold four analyst and investor meetings from Sept 24 to 30 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · All 6 AGM resolutions passed with near-unanimous shareholder approval | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.