KSH International Ltd(KSHINTL)

NSE: KSHINTLBSE: 544664

₹ 894-1.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,057 crNext results: 4 Nov 2026Website: www.kshinternational.comUpdated: 24 Oct 2026

About

KSH International is India's largest exporter of magnet winding wires and the leading manufacturer of specialized magnet winding wires by production capacity, making Continuously Transposed Conductors (CTC), rectangular enamelled conductors, and paper-insulated wires for transformer OEMs. The company operates five plants and two offices, all in Maharashtra, selling to customers across 15 states and 24 countries. In FY26 it reported revenue from operations of INR 3,106.97 crores, with full-year sales volume of 28,168 MT.^[1][2][3]

Business segments

Specialized magnet winding wires accounted for 75.3% of revenue in FY26, comprising CTC, rectangular enamelled copper and aluminium wires, bunched paper-insulated copper wires, and paper-insulated rectangular conductors.^[1]
Standard magnet winding wires accounted for 24.7% of revenue in FY26.^[1]
Specialized winding wire revenue grew 113% YoY in Q1 FY27, compared with 62% for full-year FY26; specialized wires maintained a 75% revenue share in Q1 FY27.^[4]

Plants and installed capacity

Taloja (Raigad), the founding plant established in 1981, specialises in Paper Insulated Rectangular Copper and Aluminium Conductors and serves as the primary export despatch point due to proximity to JNPT.^[1]
Two Chakan (Pune) units handle the full range of enamelled wires, CTC, and rectangular conductors; a 5,000 MT upcast backward integration facility to recycle copper scrap was commissioned at Chakan in Q1 FY27.^[1][4]
Total installed capacity stands at 43,445 MTPA as of Q1 FY27, unchanged from March 31, 2026, following Phase 1 of the Supa expansion coming online in October 2025.^[4][3]
A 3.2 MW rooftop solar project was commissioned at Supa in May 2026.^[3]

Key operating numbers

Sales volume reached 7,969 MT in Q1 FY27, up 30% YoY and 5% QoQ, versus 28,168 MT for full-year FY26 (+21% YoY).^[4][3]
EBITDA per ton reached INR 93,325/MT in Q1 FY27, up from INR 74,018 in Q4 FY26 and INR 67,625 for full-year FY26.^[4][3]
Capacity utilisation improved to 73.5% in Q1 FY27 from ~70% in Q4 FY26 and ~67% blended for full-year FY26.^[4][1]
Net average working capital days fell to 60 days in Q1 FY27 from 65 days in Q4 FY26 and 71 days in Q1 FY26.^[4]
High-kV CTC (765kV + HVDC) represented more than 25% of CTC volume in Q1 FY27.^[4]

Customers and distribution

KSH had 120+ active customer accounts in FY26; repeat customers contributed over 97% of revenue; the top 10 customers accounted for 51.15% of revenue.^[1]
Named global OEM customers include Hitachi Energy, GE Vernova, Siemens Energy, Toshiba, BHEL, CG Power, and Bharat Bijlee.^[1]
All exports are made exclusively to transformer companies across 24 countries; the export product mix is led by CTC and Paper Insulated Copper Conductors.^[1]
The Middle East (UAE and Saudi Arabia) accounted for ~12% of total revenue in FY26; the Americas (primarily the US) accounted for ~8% of total revenue in FY26.^[1]
Export revenue share was ~27% of operating revenue in Q1 FY27, with export revenue growing 76% YoY in the quarter.^[4]

Approvals and product qualifications

KSH is the only Indian company approved to supply CTC for 400kV HVDC converter transformers, and is an approved vendor for PGCIL, NTPC, NPCIL, and RDSO.^[1]
KSH began supplying winding wires for 37 cumulative HVDC transformer orders in Q3 FY26, the first domestic sourcing of HVDC winding wire in four years.^[1][5]

Expansion and capex

Phase 2 of the Supa expansion targets 30,000 MT of additional capacity; 14,400 MT was completed in Q1 FY27 and the next wave is expected in Q2 FY27, with total installed capacity targeted at 59,045 MTPA by end of FY27.^[4][3]
PEEK insulated EV traction motor wire capacity is under installation as part of Phase 2; commercial contribution is expected 1.5 - 2 years from the Q1 FY27 call date.^[4]
The board authorised management to evaluate acquiring an additional 10 acres in Supa MIDC for long-term capacity expansion beyond the planned 59,045 MT plus 10,000 - 12,000 MT on existing land.^[4]
A green copper backward integration facility is expected to commence during H2 FY27.^[3]

Recent developments

KSH signed a five-year supply framework agreement with Hitachi Energy Global in Q1 FY27 covering both Indian plants and select global plants for specialized winding wires including CTC, PIRC, and rectangular enamelled conductors; quantities and prices are still being finalised.^[4]
Mr. Ajay Shriram Patil resigned as Independent Director effective October 1, 2026, citing professional and personal commitments.^[6][7]
Mr. Amitabha Mukhopadhyay was appointed Additional Director and Non-Executive Independent Director effective October 5, 2026.^[8]

Market Cap

₹6,057 Cr

High / Low

₹1,198 / 330

Stock P/E

46.7

Price / Book

7.5

Book Value

₹119

EPS

₹16.3

No. of Shares

6.78 Cr

ROCE

17.0%

ROE

13.6%

OPM

6.1%

Debt / Equity

0.39

Sales

₹3,107 Cr

Net Profit

₹110 Cr

Promoter holding

74.6%

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