Pune, India : KSH International Limited (“KSH”) (BSE/NSE: KSHINTL), India’s third-largest manufacturer and largest exporter of magnet winding wires, today announced its financial results for Q2 and H1 FY2026.

Management Commentary:

Rajesh K. Hegde, Managing Director of KSH International said:

“We are pleased to report the highest quarterly revenue and profitability in our 45-year history. These results and achievements have significant and strategic impacts on the long-term development and trajectory of the Company.

  • Our Q2 FY2026 Revenue from Operations and Profit After Tax grew 51% and 129% year-over-year respectively, above our last three-year CAGR of 35.6% and 59.8% respectively;
  • Second, utilization on our original 29,045 MT capacity is running above 90% in Q2 FY 2026 but will now be boosted with 12,000 MTs out of our proposed 30,000 MTs capacity expansion, being completed in Supa, and will be available for the second half of FY 2026. The new capacity was installed at the end of September 2025, taking annualized capacity up to 41,045 MTs, and sales from this facility have commenced on October 1, 2025;
  • Third, we continued to focus on higher value-added products with specialized magnet winding wires revenue growing 50% in Q2 FY26, compared to a year ago, driven by demand for CTC, especially 765kV transformers, as well as exports. This in turn has fuelled an approximate 90-basis point and 140-basis point improvement in EBITDA and PAT margins respectively, compared to Q2 FY25;
  • Fourth, we have received an initial order for eleven HDVC transformers from our existing customer BHEL for the Khavda/Nagpur PowerGrid project. We have also signed an exclusive license agreement for India, with Europe-based HPW Metallwerk GmbH, a global patent holder for PEEK-coated specialized wires used in traction motors for passenger and commercial electric vehicles; and
  • Lastly, with the IPO proceeds, we have now repaid Rs 2,259.77 million of short-and- long-term debt, in Q3 FY2026, further improving our balance sheet position. This includes the repayment of the term debt we availed to fund the Phase 1 expansion of our new Supa facility.”

“Industry tailwinds for the power transformer industry, and long-term potential for EV traction motors and round wires, together with our newly available capacity, positions us well to sustain our industry leading growth and unit economic profitability,” he added.

Key Highlights for the Second Quarter of FY2026:

                                                                                                   In INR Million, except MT data

ParticularsQ2 FY2026Q2 FY2025% Change
Sales Volume (MT)7,037.45,739.022.6%
Revenue from Operations (a + b + c)7,121.54,724.750.7%
a)  Specialized Wires Revenue5,096.83,397.050.0%
b)  Standard Wires Revenue1,542.1968.059.3%
c)  Other Operating Income482.6359.734.2%
Export Revenue1,961.51,612.421.7%
EBITDA461.1264.674.2%
EBITDA/Ton (INR)65,515.946,113.742.1%
Profit After tax295.9129.3128.9%

Key Highlights for the First Half of FY2026:

                                                                                           In INR Million, except MT data

ParticularsH1 FY2026H1 FY2025% Change
Sales Volume (MT)13,151.511,435.515.0%
Revenue from Operations (a + b + c)12,708.69,045.840.5%
a)  Specialized Wires Revenue8,894.96,347.540.1%
b)  Standard Wires Revenue3,038.92,097.944.8%
c)  Other Operating Income774.8600.329.1%
Export Revenue3,576.73,034.817.9%
EBITDA863.9471.483.3%
EBITDA/Ton (INR)65,687.841,218.559.4%
Profit After tax522.7238.0119.6%

Key Developments:

  • We have received an initial purchase order to provide specialized magnet winding wires to our existing customer, BHEL, for eleven HVDC transformers to be deployed in the PowerGrid power project in Khavda/Nagpur over the next 15 months;
  • For our proposed 30,000 MT capacity expansion plan at Supa, we have completed Phase- 1 at the end of September 2025, wherein 12,000 MTs of capacity across both special and standard magnet winding wires have been installed and are available for the second half of FY2026. Our current annualized available capacity is 41,045 MTs; and
  • For the large passenger and commercial EV market, we have signed an exclusive license agreement for India with HPW Metallwerk GmbH in Austria, a global patent holder for PEEK insulated magnet winding wires for large EV motors, to manufacture and sell products based on polyetheretherketone insulated wire technology in India. This technology would allow us to establish a strong market position as OEMs indigenize the manufacturing of large four-wheeler EV traction motors.