{"id":179976,"date":"2026-02-09T01:55:29","date_gmt":"2026-02-09T06:55:29","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=179976"},"modified":"2026-02-09T01:55:29","modified_gmt":"2026-02-09T06:55:29","slug":"ksh-international-reports-record-quarterly-revenue-and-ebitda-amid-capacity-expansion","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ksh-international-reports-record-quarterly-revenue-and-ebitda-amid-capacity-expansion\/","title":{"rendered":"KSH International Reports Record Quarterly Revenue and EBITDA Amid Capacity Expansion"},"content":{"rendered":"\n

KSH International Limited (NSE: KSHINTL) India\u2019s largest magnet wire exporter increases annual capacity to 43,445 MTs following Supa facility operationalization and debt reduction of Rs 2,259.77 million.<\/p>\n\n\n\n

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The company reported its highest-ever quarterly revenue and EBITDA for the period ended December 31, 2025. The results were driven by the commencement of sales from the new Supa manufacturing facility and a structural demand cycle in the transformer industry. While revenue grew 59% year-over-over, net profit for the third quarter declined 9.3% due to non-recurring exceptional items and increased interest expenses related to expansion.<\/p>\n\n\n\n

Capacity Expansion<\/h2>\n\n\n\n

The quarter\u2019s performance was primarily driven by the commissioning of Phase I at the new Supa facility, which added 14,400 MT of capacity and increased the company\u2019s total annualised capacity to 43,445 MT. Following its IPO in December 2025, the company used proceeds to repay \u20b92,259.77 million of short- and long-term debt. The repayment reduced the debt-to-equity ratio to 0.42x, excluding IPO proceeds pending deployment.<\/p>\n\n\n\n

Product Highlights<\/h2>\n\n\n\n

KSH International began supplying specialized magnet winding wires for a cumulative order of 37 HVDC transformers during the third quarter, including a significant order from BHEL. Specialized winding wire revenue growth accelerated to 61% year-over-year in Q3 FY2026, supported by demand for Continuously Transposed Conductors (CTC). The company is also pursuing growth in electric vehicle (EV) traction motors and high-value specialized rectangular enamelled wires to adapt to emerging industry trends.<\/p>\n\n\n\n

Financial Performance<\/h2>\n\n\n\n

For the third quarter of FY2026, revenue from operations reached \u20b98,177.7 million, a 58.5% increase compared to \u20b95,158.2 million in the prior year period. EBITDA grew 22.8% to \u20b9493.7 million, though the EBITDA margin contracted to 6.04% from 7.80% a year ago. Profit After Tax (PAT) stood at \u20b9233.3 million, down from \u20b9257.2 million in Q3 FY2025.<\/p>\n\n\n\n

The decline in quarterly PAT was attributed to non-recurring items, including a \u20b916.2 million exceptional charge to comply with new Labor Code laws and \u20b927.2 million in interest expenses related to the Supa expansion. For the nine-month period ended December 31, 2025, revenue grew 47% to \u20b920,886.2 million, and PAT increased 52.6% to \u20b9756.0 million. Export revenue for the quarter rose 36.9% to \u20b92,125.0 million.<\/p>\n\n\n\n

Key Personnel Change<\/h2>\n\n\n\n

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company informs that Mr. Sandesh Suryakant Bhagwat has resigned as Chief Executive Officer (Key Managerial Personnel) to pursue an opportunity outside the organisation, vide his letter dated January 12, 2026.<\/p>\n\n\n\n

The Board of Directors, at its meeting held on February 7, 2026, took note of and accepted his resignation. He will be relieved from the Company\u2019s services with effect from the close of business hours on March 31, 2026.<\/p>\n\n\n\n

EV Tailwinds<\/h2>\n\n\n\n

Electric vehicle (EV) growth remains a key demand driver, supported by rising adoption, rapid market expansion and a structural shift toward specialised components. EV penetration in India is projected at 10\u201312% by FY2026 and 30\u201335% by FY2030, with the domestic EV market expected to expand at a 66.58% CAGR between 2022 and 2029.<\/p>\n\n\n\n

The transition to electric mobility is set to lift consumption of magnet winding wires, particularly for traction motors and automotive electrical systems that require both standard and specialised variants. Product development, including rectangular enamelled magnet wires tailored for EV applications, is aligned with evolving industry requirements.<\/p>\n\n\n\n

KSH International plans to allocate a higher share of incremental capacity at its Supa facility to the EV segment and has already secured purchase orders from EV customers in FY2024\u201325, positioning the company to benefit from anticipated demand growth.<\/p>\n\n\n\n

Investment Thesis: (Bull vs. Bear)<\/h2>\n\n\n\n

Bull Case<\/h2>\n\n\n\n