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

Revenue from operations for the June 2026 quarter came in at ₹1,164 Cr, against ₹559 Cr in the same quarter last year — a 108% increase, which is the sort of number that usually requires either an acquisition or an accounting scandal, and here appears to be neither. Operating Profit was ₹74 Cr against ₹40 Cr. Net Profit was ₹42 Cr against ₹23 Cr. EPS was ₹6.23 against ₹3.99.

The quarter also contained a five-year supply framework agreement with Hitachi Energy Global, an upcast copper recycling facility switched on at Chakan on August 4, board approval to buy roughly 10.13 acres of industrial land at Supa, an AGM date, two auditor appointments, and — filed in the notes with the emotional register of a parking ticket — an incident in which goods worth ₹1.08 crore were misappropriated in transit while in the custody of an external transporter’s truck driver. An FIR has been lodged. Partial quantities have been recovered. The company has classified this as below its materiality threshold, which is how you know the quarter was busy.

Installed capacity at June 30, 2026 was 43,445 MT, unchanged during the quarter, which meant the entire volume increase had to come from running the existing machines harder. Utilisation, per management, rose to about 73.5% from 70% in Q4 FY26. Sales volume was 7,969 MT.

The number management asked everyone to look at instead of margin was EBITDA per ton: ₹93,325 for the quarter, against ₹65,885 a year ago. Why they’d rather you look there is a story about copper, and it starts two sections down.

2. Introduction

KSH International Limited was incorporated in 1979 and is, per the company’s disclosures, the third-largest manufacturer and the largest exporter of magnet winding wires in India. It is based in Pune. Its promoters have been in the copper conductors business for about five decades, per CARE Ratings, which means the family was drawing copper into thin insulated strands before most of its current customers’ factories existed.

For forty-six of those years, it was a private company with 568,182 shares of ₹100 face value — an equity base you could fit on a single page and probably did. Then December 2025 happened. KSH completed an IPO of 16,311,303 equity shares at ₹384 (face value ₹5, premium ₹379), comprising a fresh issue of 10,937,500 shares raising ₹420 crore and an offer for sale of 5,373,803 shares by promoter selling shareholders raising ₹206 crore. The shares listed on BSE and NSE on December 23, 2025. Per the company’s stated IPO objects, the fresh proceeds go toward repayment of borrowings, new machinery at two plants, rooftop solar, and general corporate purposes — a list that reads like a household budget scaled up by four zeroes.

The nine months since listing have been eventful in the way that first years as a listed company tend to be. In January 2026, Rohit Kushal Hegde stepped down as Joint Managing Director effective January 1, 2026, remaining on the board as a Non-Executive, Non-Independent Director. In February, CEO Sandesh Bhagwat’s resignation was disclosed, effective March 31, 2026. On March 31, the Board appointed Hukumchand Lakhotiya as CEO and Key Managerial Personnel effective April 2, 2026, and Company Secretary Sarthak Malvadkar resigned effective the same date while remaining in a secretarial and legal role. Nakul Shivaji Patil now signs the filings.

Also in February, CARE Ratings upgraded the company’s long-term facilities to CARE A; Stable from CARE A-; Stable, and short-term facilities to CARE A1 from CARE A2. Per that report, ₹225.98 crore of debt was repaid from IPO proceeds — ₹50 crore short-term, ₹175.98 crore long-term. The Supa greenfield project’s Phase I was commissioned, per CARE, without cost overrun, a phrase that ratings agencies deploy so rarely it deserves its own font.

3. Business Model: WTF Do They Even Do?

KSH makes wire. Specifically, magnet winding wire — insulated copper (and some aluminium) conductor that gets wound, in enormous patient coils, around the innards of transformers, motors, alternators, generators, EV traction motors, home appliances and railway traction equipment. If electricity has to go around in circles inside a metal box somewhere, someone had to wind wire around something, and increasingly that wire came from Pune.

The portfolio splits two ways. Specialised wires — 75.3% of FY26 revenue — cover paper-insulated rectangular copper and aluminium wires, Continuously Transposed Conductors (CTC), rectangular enamelled wires, and bunched paper-insulated copper wires. CTC is the aristocrat of the range: it goes into 765 kV transformers, HVDC transformers, hydro generators and loco-traction transformers. Per the company’s presentation, KSH is the only Indian supplier approved for HVDC transformers. Standard wires — 24.7% — are 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 equals copper price, fully passed through, plus a value-add component that is fixed per ton. So when copper rises, revenue rises, EBITDA margin percentage falls, and absolute EBITDA per ton doesn’t move — the denominator does all the shouting while the numerator stands still. Per management, orders are booked with the copper price locked at order receipt and simultaneously fixed with suppliers, against a manufacturing cycle of roughly 15–20 days. Copper accounts for about 90% of total operating cost, per CARE. This is a company that spends nine-tenths of its money on a metal whose price it has decided, contractually, to have no opinion about.

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 also not fully fungible — drawing lines can be partly shared, but insulation lines for CTC and for EV “PEEK” insulated wires are product-specific, meaning the machine that makes one thing sits there declining to make the other.

Four manufacturing units — Taloja, two at Chakan, and Supa — with a