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KSH International is the third-largest manufacturer of magnet winding wires in India by production capacity in FY25 and the largest exporter of magnet winding wires from India by export revenues in FY25. Its products are widely used across power, renewables, industrials, railways, automotive (EV & ICE), home appliances, refrigeration and air-conditioning sectors.
As of June 30, 2025, the company exports to 24 countries including the USA, Germany, Japan, UAE and Saudi Arabia. It operates three manufacturing facilities with a combined installed capacity of 29,045 MT.
KSH International is part of the diversified KSH Group with presence across logistics, infrastructure, services and distribution.
Incorporated in 1981, KSH International serves key OEMs such as BHEL, Hitachi Energy India and Siemens Energy India. It is an approved supplier for HVDC and EHV transformer applications.
Risks include customer and supplier concentration, sector dependency on power, working capital intensity, high debt levels and past negative operating cash flows.
Financially, revenue, EBITDA and PAT grew at a CAGR of ~35%, ~57% and ~60% respectively between FY23–FY25. The IPO is attractively priced at a P/E of ~28x compared to the industry average of ~45x.
India’s expanding power transmission infrastructure, EV adoption and industrial growth provide long-term demand visibility. Long-term investors may consider this IPO.
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