KSH International Limited Q2 FY26 Concall Decoded: Export Engine on Steroids, Margins Finally Lift Their Head
4
1. Opening Hook
Freshly listed, still basking in IPO afterglow, and already dropping a Q2 that screams, “We didn’t come to the market for chai-samosa money.” While most new listings spend quarters explaining “one-offs,” KSH International decided to show what scale plus specialization actually looks like. Revenues surged, margins expanded, and utilization flirted with levels that make plant managers smile nervously.
Copper prices jumped, EBITDA didn’t blink, and exports quietly kept doing the heavy lifting. Management sounded confident, almost suspiciously calm, as if HVDC orders and EV wires are just another Tuesday.
Read on—because behind the polished slides lie aggressive capacity bets, leverage questions, and a Supa facility that may decide how bold this story really gets.
2. At a Glance
Revenue up 50.7% YoY – Copper inflation passed through like a hot potato, volumes did the real work.
EBITDA up 74.2% YoY – Operating leverage finally clocked in on time.
EBITDA margin at 6.5% – Thin, but clearly bulking up.
PAT up 128.9% YoY – Profits woke up and chose violence.
Utilisation above 90% – Factories running like they owe someone money.
3. Management’s Key Commentary
“We are focused on higher value-added specialised products.” (Translation: Commodity wires are boring, margins live elsewhere. 😏)
“Copper price increases are fully passed through to customers.” (We refuse to play roulette with metal prices.)
“EBITDA per ton improvement was driven by product mix and utilisation.” (Scale works—who knew?)
“Exports now contribute ~30% of operating revenue.” (Domestic is good, dollars are better.)
“Phase I of Supa is operational with 12,000 MTPA.” (Capacity expansion: unlocked, now no excuses.)
