Ksh International Limited

KSH’s total operating income (TOI) grew consistently from FY21-FY25, supported by steady volume growth. In FY25, TOI improved by ~39% to ₹1,935.15 crore from ₹1,387.56 in FY24, with a volume growth of ~9% led by customer addition and sustained demand from key end-user industries such as power and railways. Growth continued in 9MFY26, indicated by TOI of ₹2,088.63 crore against ₹1,420.46 crore in 9MFY25 with healthy volume of 20,556 MT (23,324 MT for FY25). CareEdge Ratings

KSH had undertaken a sizeable greenfield project at Supa, Maharashtra for Phase I. The expansion, aimed at enhancing manufacturing capacity by 12,000 MTPA across standard and special grade magnetic winding wires, ha d been primarily funded through a term loan of ₹177 crore. Phase-1 commenced operations in September 2025. In line with its medium-term growth plans and anticipating sustained demand momentum, KSH also proposes to implement Phase

In FY25, the company’s capital structure had exhibited a marginal deterioration driven by higher utilisation of working capital borrowings and additional project -related debt availed in the year. Overall gearing stood at 1.23x and 1.40x as on March 31, 2025, and September 30, 2025, against 0.93x as on March 31, 2024. Interest coverage ratio remained satisfactory at 4.54x in FY25 (4.24x in FY24). TD to gross cash accruals (TD/GCA) stood at 4.53x in FY25 (4.44x in FY24). KSH completed its initial

KSH’s promoters have been in the copper conductors business for about five decades. Kushal Hegde, the Chairman, has experience of over five decades in manufacturing and infrastructure sectors. Second-generation entrepreneur of the Hegde family, Rajesh Hegde has over two decades of industry experience and is ably supported by a second-tier management team with requisite experience and technical competence. Through its four decades of existence, the company has established significant

KSH either undertakes end -to-end work, outright sales or on job-work basis. Considering relatively low value addition of winding wires, the company’s PBILDT margin remained modest and in the range of 5-7%. With fixed fabrication rate per tonne, profitability margins are inversely proportional to copper prices. The PBILDT margin improved to 6.72% in FY25 (5.53% in FY24), supported by a superior sales mix. PAT margin also strengthened to 3.51% in FY25 from 2.69% in FY24. In 9MFY26, KSH reported P

Copper is the major raw material for KSH, accounting for ~90% of its total operating cost. The company procures copper on a back-to-back basis against confirmed customer orders; where copper prices are fixed with customers and simultaneously with suppliers. This mechanism mitigates raw material price volatility to a large extent. KSH also derives a portion of its revenue from exports, exposing it to foreign exchange rate fluctuations. However, the company partially offsets this risk through esta