KSH International Q1 FY27: Revenue Up 108% to ₹1,164 Cr, a 5,000 MT Copper Recycling Unit, and One Hijacked Truck

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1. At a Glance

KSH International makes magnet winding wire, the insulated copper strand wound inside transformers, motors and generators.

Revenue from operations in the three months to June 2026 was ₹1,164 crore. The same quarter a year earlier brought ₹559 crore, a rise of 108%. That is the sort of jump that usually needs either an acquisition or an accounting scandal. Operating profit was ₹74 crore against ₹40 crore. Net profit was ₹42 crore against ₹23 crore. Earnings per share were ₹6.23 against ₹3.99.

The quarter also carried a five-year supply framework agreement with Hitachi Energy Global. An upcast copper recycling facility was switched on at Chakan on 4 August. The board approved buying roughly 10.13 acres of industrial land at Supa. An annual general meeting date and two auditor appointments were settled as well.

Filed in the notes with the emotional register of a parking ticket: goods worth ₹1.08 crore were misappropriated in transit. They were in the custody of an external transporter’s truck driver. An FIR has been lodged and partial quantities have been recovered. The company has classified the incident as below its materiality threshold.

Installed capacity at 30 June 2026 was 43,445 tonnes, unchanged through the quarter. Capacity did not move, so the extra volume came from the existing machines. Per management, utilisation rose to about 73.5% from 70% in the three months to March 2026. Sales volume was 7,969 tonnes.

Management pointed to EBITDA per tonne rather than the margin percentage. EBITDA is profit before interest, tax and depreciation. It was ₹93,325 a tonne for the quarter, against ₹65,885 a year earlier.

2. Introduction

KSH International Limited was incorporated in 1979 and is based in Pune. Per the company’s disclosures, it is India’s third-largest maker and largest exporter of magnet winding wires. Per CARE Ratings, a credit-rating agency, the promoters have been in copper conductors for about five decades. The family was drawing copper into thin insulated strands before most of its current customers’ factories existed.

For forty-six of those years the company was private, with 568,182 shares of ₹100 face value. That is an equity base that fits on a single page, and probably did.

December 2025 changed the arrangement. KSH completed an initial public offering of 16,311,303 equity shares. A fresh issue of 10,937,500 shares raised ₹420 crore. An offer for sale of 5,373,803 shares by promoter selling shareholders raised ₹206 crore. The shares listed on BSE and NSE on 23 December 2025. Per the company’s stated IPO objects, the fresh proceeds go towards repaying borrowings and new machinery at two plants. Rooftop solar and general corporate purposes complete a list that reads like a household budget scaled up by four zeroes.

The nine months since listing have been eventful, in the way first years as a listed company tend to be. In January 2026, Rohit Kushal Hegde stepped down as Joint Managing Director with effect from 1 January 2026. He remains on the board as a Non-Executive, Non-Independent Director. In February the company disclosed the resignation of chief executive Sandesh Bhagwat, effective 31 March 2026. On 31 March the board appointed Hukumchand Lakhotiya as chief executive and Key Managerial Personnel, effective 2 April 2026. Company secretary Sarthak Malvadkar resigned on the same date, staying on in a secretarial and legal role. Nakul Shivaji Patil now signs the filings.

Also in February, CARE Ratings upgraded the long-term facilities to CARE A; Stable from CARE A-; Stable. It raised the short-term facilities to CARE A1 from CARE A2. Per that report, ₹225.98 crore of debt was repaid from IPO proceeds. That was ₹50 crore of short-term borrowing and ₹175.98 crore of long-term borrowing. CARE also records that Phase I of the Supa greenfield project, a plant built from scratch on a new site, was commissioned without cost overrun.

3. Business Model: WTF Do They Even Do?

KSH makes wire. Magnet winding wire is insulated copper, and some aluminium, wound in enormous patient coils inside electrical machines. It goes into transformers, motors, alternators and generators. It also goes into EV traction motors, home appliances and railway traction equipment. If electricity has to go round in circles inside a metal box, somebody had to wind wire around something.

The portfolio splits two ways. Specialised wires were 75.3% of revenue in the year to March 2026. They cover paper-insulated rectangular copper and aluminium wires, continuously transposed conductors, rectangular enamelled wires and bunched paper-insulated copper wires. The continuously transposed conductor, or CTC, is the aristocrat of the range. It goes into 765 kV transformers, HVDC transformers, hydro generators and loco-traction transformers. HVDC means high-voltage direct current, used to carry power over long distances. Per the company’s presentation, KSH is the only Indian supplier approved for HVDC transformers. Standard wires were 24.7%: round enamelled copper and aluminium wires for motors, hermetic compressors, switchgear and home appliances. Same physics, fewer certificates.

The pricing model is the part that rewards close reading. Per the company, revenue is the copper price, passed through in full, plus a value-add component fixed per tonne. When copper rises, revenue rises and the EBITDA margin percentage falls. EBITDA is profit before interest, tax and depreciation. Absolute EBITDA per tonne stands still; the denominator does all the shouting. Per management, orders are booked with the copper price locked at order receipt and fixed with suppliers at the same time. The manufacturing cycle runs roughly 15 to 20 days. Per CARE Ratings, copper is about 90% of total operating cost.

Barriers to entry are approvals rather than machinery. KSH is an approved supplier to Power Grid, NTPC, NPCIL and RDSO. Qualification cycles run for years. Per management, capacity is not fully fungible. Drawing lines can