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KSHINTL IPO

KSH International Limited
IPO Doc
Start Date16-12-2025
Application Timing10am-5pm
Price Range₹365 - ₹384
Min Qty39
Min. Investment₹14235
Listing Date23-12-2025
Close Date18-12-2025

About KSH International Limited

KSH International Limited, incorporated in 1979, is one of India’s leading manufacturers of magnet winding wires and the largest exporter in its segment. The company operates under the “KSH” brand and caters to OEMs across power, renewable energy, railways, automotive, and industrial sectors. KSH International manufactures a wide range of products including enamelled copper and aluminium winding wires, paper insulated rectangular conductors, continuously transposed conductors, and bunched paper insulated wires. The company supplies to reputed public and private sector clients such as PGCIL, NTPC, NPCIL, and RDSO, and exports to 24 countries including the USA, Germany, UAE, and Japan. The company currently operates three manufacturing facilities in Maharashtra with a combined annual capacity of 29,045 MT, and a fourth plant is under development in Supa, Ahilyanagar, expected to commence operations in FY 2026. Strong in-house R&D, multiple quality certifications, and long-standing customer relationships support its competitive position.

Why To Invest in KSH International Limited

KSH International offers a compelling investment opportunity due to its strong market position and consistent business performance. The company is the third-largest manufacturer and the largest exporter of magnet winding wires in India, operating in a niche segment with high entry barriers. Its long-standing presence and established brand provide stability and competitive advantage in a specialized manufacturing industry. Financially, the company has shown solid growth momentum, with revenue increasing by 39 percent and profit after tax rising by 82 percent in FY 2025 compared to FY 2024. This improvement reflects better operational efficiency and scale benefits. KSH International also benefits from a diversified customer base across power, renewable energy, railways, automotive, and industrial sectors, which reduces dependency on any single industry cycle. Additionally, the company has a strong global footprint, exporting its products to 24 countries including developed markets such as the USA, Germany, and Japan, which supports long-term growth and revenue diversification. The IPO proceeds are planned to be used for repayment of borrowings, expansion of manufacturing capacity, and installation of renewable energy infrastructure, which is expected to strengthen the balance sheet and support sustainable growth going forward.

Financial Table
Period Ended30 Jun 202531 Mar 202531 Mar 202431 Mar 2023
Assets793.28744.91482.71359.18
Total Income562.601,938.191,390.501,056.60
Profit After Tax22.6867.9937.3526.61
EBITDA40.28122.5371.4649.90
NET Worth321.47298.55230.95193.66
Reserves and Surplus 293.07270.14225.26187.97
Total Borrowing379.39360.05206.81120.35
Strengths And Risks
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Established Industry Presence: KSH International has over four decades of operational experience in the magnet winding wire industry, which provides strong credibility, technical know-how, and long-term customer trust.
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Approved Supplier to Large Institutions: The company is an approved supplier to major public and private sector entities such as PGCIL, NTPC, NPCIL, and RDSO, reflecting high product quality and compliance standards.
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Experienced Promoters and Management: The business is led by experienced promoters and a capable senior management team with deep industry understanding, which supports stable execution and long-term strategy.
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Strong Manufacturing Infrastructure: KSH International operates multiple strategically located manufacturing facilities with a combined capacity of 29,045 MT, along with an upcoming plant that supports future growth.
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Healthy Return Ratios: The company reports strong return metrics, including ROE of 22.77 percent, indicating efficient capital utilization and improving profitability over recent years.
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Valuation Appears Fully Priced: Based on recent financial performance and valuation multiples, the IPO is considered fully priced, which may limit short-term listing gains.
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Moderate Profit Margins: Despite revenue growth, EBITDA and PAT margins remain moderate due to the capital-intensive nature of the manufacturing business.
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Raw Material Price Sensitivity: The company’s margins are sensitive to fluctuations in copper and aluminium prices, which could impact profitability if cost increases are not passed on.
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Promoter Shareholding Dilution: Promoter holding will reduce post-IPO, which may be viewed as a concern by some investors from a long-term ownership perspective.
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Cyclical Industry Exposure: Demand is linked to sectors such as power, renewables, and industrial manufacturing, which are cyclical and can impact business performance during slowdowns.
FAQs
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