Date: May 25, 2026
Management Commentary
Rajesh K. Hegde, Managing Director of KSH International, stated that the company enters FY2027 with good momentum based on strong execution across key strategic and operational focus areas in Q4 and FY26. These strategic pillars include planned capacity expansion to address robust demand environment, strengthening of balance sheet, diversifying the business to leverage new growth markets, expanding sustainability initiatives, and leveraging ultra-precision technology to deliver quality engineering to a global customer base.
Key Financial Highlights for Q4 FY26
Performance Metrics
| Metric | Q4 FY26 | Q4 FY25 | % Change |
| Sales Volume (MT) | 7,611.77 | 5,900.04 | 29.01% |
| Revenue from Operations | ₹10,183.42 million | ₹5,078.37 million | 100.53% |
| - Specialized Wires Revenue | ₹7,079.05 million | ₹3,483.80 million | 103.20% |
| - Standard Wires Revenue | ₹2,309.23 million | ₹1,279.54 million | 80.47% |
| - Other Operating Income | ₹795.14 million | ₹315.03 million | 152.40% |
| Export Revenue | ₹2,532.07 million | ₹1,316.69 million | 92.31% |
| EBITDA | ₹563.41 million | ₹351.82 million | 60.14% |
| EBITDA/Ton (INR) | ₹74,018 | ₹59,630 | 24.13% |
| Profit After Tax | ₹345.27 million | ₹184.59 million | 87.05% |
Key Financial Highlights for FY26
Annual Performance
| Metric | FY26 | FY25 |
| Sales Volume (MT) | 28,167.67 | 23,323.80 |
| Revenue from Operations | ₹31,069.71 million | ₹19,282.93 million |
| - Specialized Wires Revenue | ₹21,870.68 million | ₹13,502.67 million |
| - Standard Wires Revenue | ₹7,167.58 million | ₹4,550.78 million |
| - Other Operating Income | ₹2,031.45 million | ₹1,229.48 million |
| Export Revenue | ₹8,233.69 million | ₹5,903.64 million |
| EBITDA | ₹1,904.84 million | ₹1,225.33 million |
| EBITDA/Ton (INR) | ₹67,625 | ₹52,536 |
| Profit After Tax | ₹1,101.26 million | ₹679.88 million |
Key Developments
Financial Performance
- Q4 FY26 Revenue from Operations grew 100.53% year-over-year
- FY26 Revenue from Operations grew 61% year-over-year
- Growth driven by volume growth, product mix, and higher copper prices
- PAT increased 87% in Q4 FY26 and 62% in FY26 compared to prior year periods
Operating Performance
- Volumes increased 29% in Q4 FY26 and 21% in FY26 compared to corresponding periods
- EBITDA/Ton improved to ₹67,625 in FY26, a 29% increase from ₹52,536 in FY25
- Specialized Winding Wires accounted for approximately 75% of revenue in both FY26 and FY25
Capacity Expansion
- Installed capacity at March 31, 2026 was 43,445 MTs, including 14,400 MTs installed at Supa
- Company remains on track to exit FY27 with installed capacity of 59,045 MTs
- Utilization at company level was 70% in Q4 FY26, showing sequential improvement from Q3 FY26
Specialized Wires Growth
- Specialized magnet winding wires revenue growth accelerated to 103% in Q4 FY26 and 62% in FY26
- Growth driven by demand for CTC and exports
- Export growth accelerated to 92% year-over-year in Q4 FY26, versus 37% growth in Q3 FY26
Market Expansion
- Increased demand for export products from new countries and new transformer OEM customers in existing markets
- Signed up new domestic OEM customers for standard wire products
Balance Sheet Position
- Total debt at FY26-end: ₹316 crore, comprising mostly growth-driven working capital
- Debt-to-Equity ratio: 0.39x at FY26-end
- Improved working capital management with payable days improved by 8 days cumulatively in FY26 compared to FY25
Business Overview
KSH International Limited is India's third-largest manufacturer in terms of production capacity in FY2025 and largest exporter of magnet winding wires in terms of revenues in FY2025. The company provides ultraprecision special and standard magnet winding wires to OEMs across power, renewables, railways, motors for EVs and ICE, motors for industrial, home appliances, compressors for air conditioning and refrigeration. The company has four manufacturing facilities in Maharashtra (Taloja, two in Chakan, and Supa) with total annual capacity of 43,445 MTs.