Company Overview

KSH International Limited (BSE: 544664 | NSE: KSHINTL) reported exceptional financial performance for FY26 with record revenue growth and strategic milestones achieved through its recent IPO completion.

Financial Performance Highlights

  • Revenue from Operations: ₹31,070 million (up 61.13% YoY from ₹19,283 million in FY25)
  • Profit After Tax: ₹1,101.26 million (up 61.98% YoY from ₹679.88 million)
  • EBITDA: ₹1,904.84 million (up 55.46% YoY) with EBITDA per tonne at ₹67,625
  • Export Revenue: ₹8,234 million (39.47% growth, representing 27% of total revenue)
  • Balance Sheet Strength: Total assets ₹13,226 million, equity ₹8,081 million, cash ₹721 million
  • Debt Reduction: Debt-to-equity ratio improved to 0.39x from 1.21x after IPO-driven repayment of ₹226 crore

Operational & Strategic Achievements

  • Capacity Expansion: Installed capacity reached 43,445 MTPA with Phase I of Supa facility adding 14,400 MTPA
  • Technology Partnerships: Exclusive license with HPW Metallwerk GmbH for Extruded PEEK wires for 800V EV traction motors
  • Order Book: Received orders for 37 HVDC transformer windings, marking first domestic sourcing in four years
  • Customer Base: 120+ active customers across 24 countries with 97% revenue from repeat business
  • Manufacturing Footprint: 4 facilities across Maharashtra (Taloja, Chakan ×2, Supa) with 72% utilization rate

Corporate Actions & Capital Structure

  • IPO Completion: Successfully completed IPO in December 2025 raising ₹4,200 crore gross proceeds
  • Proceeds Utilization: ₹226 crore for debt repayment, ₹286 million for capex, ₹59.7 million for solar plant
  • Credit Rating Upgrade: CARE upgraded long-term rating to CARE A; Stable from CARE A-; Stable
  • Shareholding Pattern: Promoters hold 74.58%, mutual funds 11.57%, FPIs 5.05% with 100% dematerialization

Corporate Governance & Leadership

  • Board Composition: 8 directors (3 executive, 4 independent, 1 non-executive non-independent)
  • Management Changes: Mr. Rohit Kushal Hegde stepped down as Joint MD; Mr. Hukumchand Lakhotiya appointed as CEO
  • ESOP Scheme: KSH ESOP Scheme 2025 implemented with 107,413 options granted
  • Compliance Status: No material non-compliances reported; unmodified audit opinion on financial statements

Forward Outlook

The company expects continued growth with EBITDA per tonne projected at ₹67,000-74,000 range. Capacity expansion to 59,045 MTPA by FY27 and emerging opportunities in HVDC and EV segments position KSH for sustained growth. The reduced debt burden and improved credit rating provide financial flexibility for future investments.