KSH International Limited IPO

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KSH International Limited is one of India’s leading manufacturers of magnet winding wires, with over four decades of operational history. Established in 1981, the company has evolved into a globally recognised producer of standard and specialized magnet winding wires used across critical industrial applications.

It is the third-largest magnet winding wire manufacturer in India (FY25) and the largest exporter from India in this category, based on export revenues

Product Portfolio

KSH manufactures a comprehensive and technically advanced suite of magnet winding wire products, including:

i) Round enamelled copper and aluminium wires
ii) Paper-insulated rectangular copper and aluminium wires
iii) Continuously transposed conductors (CTC)
iv) Rectangular enamelled copper and aluminium wires
v) Bunched paper insulated copper winding wires

These are essential components used in transformers, motors, alternators, and generators, serving end-use sectors such as power (generation, transmission & distribution), renewables, railways, industrial equipment, electric vehicles (EVs), home appliances, refrigeration and air conditioning.

Market Presence and Customer Base

The company markets its products under the brand “KSH”, which has strong industry recall. KSH serves a diversified and high-quality customer portfolio, including major Indian and global OEMs such as Bharat Bijlee, BHEL, Hitachi Energy, GE Vernova, Siemens Energy, Toshiba Transmission & Distribution, Nidec Industrial Automation

KSH supplied 122 customers in FY25, demonstrating strong client diversification and repeat business.

Global Export Footprint

As of June 30, 2025, KSH exports to 24 countries, including USA, Germany, Romania, Japan, UAE, Saudi Arabia, Oman, Spain, Kuwait, Bangladesh. This demonstrates strong international acceptance and diversified revenue streams.

Key Strengths

i) Top 3 manufacturer in India with global reputation
ii) Largest exporter of magnet winding wires from India
iii) Diversified product range across multiple industries
iv) Strategically located manufacturing facilities with scale
v) Long-standing relationships with marquee OEM customers
vi) High entry barriers ensure limited competition

Objects of the KSH International Limited IPO:

The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner: 1. Prepayment or repayment of portion of certain outstanding borrowings (₹225.98 cr) 2. Funding the capital expenditure requirements towards (87.02 cr): (i) Purchasing and setting up of new machinery for expansion at our Supa Facility (ii) Purchasing and setting up of new machinery in Pune, Maharashtra 3. Capital expenditure requirements towards purchasing and setting up of a rooftop solar power plant at Supa Facility (₹8.83 cr) 4. General corporate purposes.
DRHP of KSH International Limited IPO
RHP of KSH International Limited IPO

KSH International Limited IPO Details:

Open Date: Dec 16 2025
Close Date: Dec 18 2025
Total Shares: 1,84,89,583
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 710 Cr.
Lot Size: 39 Shares
Issue Price: ₹ 365 - 384 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 23 2025

Promoters And Management:

1. Kushal Subbayya Hegde is the Chairman and Executive Director of the Company, overseeing strategy and key management functions. A founder-member, he holds a bachelor’s degree in arts from Bombay University and has served in prominent community leadership roles. With over 45 years of strategic and managerial experience, he continues to guide the Company’s long-term vision. 2. Rajesh Kushal Hegde, the Managing Director, leads strategy development and overall management. He holds engineering and manufacturing degrees from Michigan Technological University and Oklahoma State University. Associated with the Company since 1996, he brings over 28 years of experience and plays a pivotal role in operational excellence and organizational growth. 3. Rohit Kushal Hegde, the Joint Managing Director, contributes to strategic planning and managerial oversight. He holds degrees from Symbiosis College, Sheffield Hallam University, and INSEAD. With more than 24 years of experience, he is instrumental in driving innovation, cultural transformation, and business expansion within the Company.

Financials of KSH International Limited IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 559 1928. 2 1383 1049
EBITDA (Cr) 40 123 71 50
EBITDA Margins 7% 6% 5% 5%
PAT (Cr) 23 68 37 27
PAT Margins 4% 3.5% 2.6% 2.5%
ROCE 5.3% 16.6% 14.2% 13.3%
D/E Ratio 1.16 1.17 0.82 0.59
OPerating Cash Flow 14 -10 -17 62

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
KSH Internatio nal Limited 1928. 2 6% 3.5% 16.6% 1.17 2601.81 38.26
Precision Wires India Limited 4015 4% 2% 27% 0.19 4301 39
Ram Ratna Wires Limited 3677 4% 2% 20% 1.24 2852 40
Note : Forward P/E is 28.28 According to FY26 PAT

Recommendation on KSH International Limited IPO:

Reviews & Recommendations of KSH International Limited IPO by IZ Team is 4/10. 

Lead Manager of KSH International Limited IPO:

  1. ICICI Securities Limited
  2. Nuvama Wealth Management Limited

Registrar of KSH International Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on KSH International Limited IPO:

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