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Industry : Industrial Products

KSH International Limited View all IPOs

Price Band

Rs 365 – Rs 384

KSH International Limited is going public with a fresh issue and an offer for sale. The issue opens on 16th December 2025.

MOJO CALL

Why

Avoid

MOJO CALL

Avoid

Neutral

Strong Market Position with Export Leadership

KSH International is among the leading players in India's magnet winding wire industry, supported by its position as the third-largest manufacturer by installed capacity and the largest exporter by revenue, and a well-diversified customer base across domestic and international markets, which reduces dependence on any single geography. Additionally, its long-standing relationships with reputed global OEMs and transformer manufacturers provide revenue visibility and repeat business.

Diversified and Value-Added Product Portfolio

The company manufactures both standard and specialised magnet winding wires, which strengthens its competitive positioning through exposure to high-margin products such as continuously transposed conductors (CTCs) and paper-insulated conductors, applications across multiple end-use industries including power, renewables, EVs and industrials, and reduced vulnerability to cyclical downturns in any single segment.

Exposure to Raw Material Price Volatility

The business is heavily dependent on copper and aluminium, exposing it to fluctuations in global commodity prices that can impact margins, reliance on timely pass-through mechanisms to customers, and supply-side risks due to dependence on a limited pool of large suppliers. The company's dependence on the top 2 suppliers has consistently been over 80%, leading to significant dependence on these suppliers as well as leading to reduced bargaining power.

Premium Valuation with Limited Differentiation

Based on the FY2025 financials, the company is seeking a market-to-sales valuation of over 1.35x and Price to Earnings (P/E) of over 38x. These valuation levels are largely in line with those of its nearest industry peers, despite those peers operating at a significantly larger scale but with comparatively lower margins. Given the absence of meaningful product differentiation, we recommend avoiding the issue.

Issue Details

Issue Opens	16th December 2025
Issue Closes	18th December 2025
Price Band	Rs 365 – Rs 384
Issue size (Upper Band)	Rs. 710 crore
Issue Type	FRESH ISSUE & OFFER FOR SALE
Market cap (based on upper band)	Rs 2601.82 crore
Sales- March 2025 (Rs./Crs)	Rs. 1928.29 Cr
Net Profit - March 2025 (Rs./Crs)	Rs. 67.99 Cr
Industry	Industrial Products
Promoters	KUSHAL SUBBAYYA HEGDE, PUSHPA KUSHAL HEGDE, RAJESH KUSHAL HEGDE, ROHIT KUSHAL HEGDE, RAKHI GIRIJA SHETTY, DHAULAGIRI FAMILY TRUST, EVEREST FAMILY TRUST, MAKALU FAMILY TRUST, BROAD FAMILY TRUST, ANNAPURNA FAMILY TRUST, KANCHENJUNGA FAMILY TRUST AND WATERLOO INDUSTRIAL PARK VI PRIVATE LIMITED
Lead Manager	Nuvama Wealth Management and ICICI Securities

Objective of the Issue

Details

Objectives of the Issue – Fresh Issue: Rs 420 crore & Offer for Sale: Rs 290 crore

The Objectives of the Offer are for:

1. Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company – Rs 225.98 crore

2. Funding the capital expenditure requirements of the company – Rs 87.02 crore

3. Funding the capital expenditure requirements of our Company towards purchasing and setting up of a rooftop solar power plant for power generation at our Supa Facility – Rs 8.83 crore

4. General Corporate Purposes – Rs 98.17 crore

List of Shareholders Selling Their Stake

Name	Type	Value of Shares (in Rs)	% of OFS
Kushal Subbayya Hegde	Promoter	152,80,00,000	53%
Pushpa Kushal Hegde	Promoter	42,20,00,000	15%
Rajesh Kushal Hegde	Promoter	47,50,00,000	16%
Rohit Kushal Hegde	Promoter	47,50,00,000	16%

Business Operations

About Company

KSH International Limited is a leading manufacturer of magnet winding wires in India, with over four decades of operating history. Established in 1981, the company has evolved into the third-largest manufacturer of magnet winding wires in the country by production capacity and the largest exporter in terms of export revenues in FY2025.

KSH International offers a diversified portfolio of standard and specialized magnet winding wires, including round and rectangular enamelled copper and aluminium wires, paper-insulated conductors, and continuously transposed conductors (CTCs). These products are critical components used across a wide range of end-use industries such as power generation, transmission and distribution, renewable energy, electric vehicles, industrial motors, railways, data centres and home appliances.

The company operates three strategically located manufacturing facilities in Maharashtra with an aggregate installed capacity of about 29,000 MTPA. Backed by experienced promoters and a professional management team, KSH International focuses on advanced manufacturing, product innovation, export-led growth and higher value-added applications, positioning itself as a key player in India's evolving electrical equipment ecosystem.

Segment Revenue Breakup

Revenue Breakdown by Segment:
Segment	Q1 FY2026	FY2025	FY2024
Domestic	68.7%	65.8%	59%
Exports	30.5%	32.7%	38%
Processing Charges	0.8%	1.5%	3%

Financials

Financial Overview

The company's revenue grew at a CAGR of 35.6% between FY2023 and FY2025, with revenues of Rs 1,928 crore recorded for FY2025. For Q1 FY2026, the company recorded revenues of Rs 558.7 crore.

The company's Return on Capital Employed stood at 16.60% in FY2025, compared to 14.15% and 13.25% recorded in FY2024 and FY2023, respectively.

For FY2025, the company's EBITDA stood at Rs 122.53 crore, significantly up from Rs 71.46 crore and Rs 49.90 crore recorded in FY2024 and FY2023, respectively. For Q1 FY2026, EBITDA stood at Rs 40.28 crore, with EBITDA margins of 7.21%.

Similarly, the company recorded profits of Rs 67.99 crore in FY2025, significantly up from Rs 37.35 crore and Rs 26.6 crore recorded in FY2024 and FY2023, respectively. For Q1 FY2026, the profits stood at Rs 22.68 crore, with margins of 4.03%.

The company has failed to successfully generate positive cashflow from operations (CFO) for the past 2 years. For FY2025, the company generated a negative CFO of Rs 9.77 crore. Similarly, for the previous year, the company recorded negative CFO of Rs 17.23 crore.

As of 30th June 2025, the company recorded total borrowings (including lease liabilities) of Rs 385 crore.

Financial Performance (Rs/crore)

Rs./Crs	Q1 FY2026	FY2025	FY2024
Sales	558.71	1928.29	1382.82
Net Profit	22.68	67.99	37.35