KSH International Q2 FY26 Concall Decoded: – Copper goes up, EBITDA per ton laughs, and transformers steal the show

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1. Opening Hook

KSH’s first-ever earnings call post-IPO arrived with the confidence of a company that finally got a microphone—and a balance sheet makeover.

While most manufacturing concalls blame input costs, demand cycles, or “macro uncertainty,” KSH calmly said: “Copper is a pass-through, relax.” That alone set the tone.

This was less a quarterly update and more a victory lap—record revenues, exploding PAT, EBITDA per ton flexing, and a transformer-led demand cycle that looks annoyingly long-term.

Management sounded like they know exactly where the money is coming from, who’s paying it, and why competitors can’t easily copy it.

Of course, there were buzzwords—EVs, HVDC, exports—but unlike most calls, the math actually worked.

Stick around. The real fun begins once EBITDA per ton enters the room and refuses to leave.

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2. At a Glance

• Revenue ₹712 Cr (+50.7% YoY) – Transformers didn’t just hum; they screamed.
• EBITDA ₹46.1 Cr (+74.2% YoY) – Operating leverage finally showed up for work.
• EBITDA margin 6.5% (+90 bps YoY) – Copper volatility politely ignored.
• PAT ₹29.6 Cr (+128.9% YoY) – Net profit clearly didn’t get the memo about “manufacturing is tough.”
• EBITDA/ton ₹65,500 (+42%) – The metric management really wants you to track.

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3. Management’s Key Commentary

“This is our debut earnings call.”
(Translation: Please judge us kindly, but also admire the numbers.) 😏

“We are the third-largest winding wire manufacturer in India.”
(But in CTC, we behave like No.1.)

“Copper prices are a direct pass-through.”
(We don’t speculate, we manufacture.)

“Specialized winding wires form 77% of revenue.”
(Low-margin commodity players, please stay in your lane.)

“CTC differentiates us from all listed peers.”
(Everyone claims differentiation—ours comes with approvals.)

“EBITDA per ton is the right profitability metric.”
(Margins lie, unit economics don’t.) 😌

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4. Numbers Decoded

Metric	Q2 FY26	YoY Change	What It Really Means
Revenue	₹712 Cr	+50.7%	Demand + capacity finally aligned
EBITDA	₹46.1 Cr	+74.2%	Fixed costs surrendered
EBITDA Margin	6.5%	+90 bps	Mix improvement doing the heavy lifting
PAT	₹29.6 Cr	+128.9%	Operating leverage on steroids
EBITDA /