Our View
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.
Frequently Asked Questions (FAQs)
When does the IPO open and close?
The IPO opens on December 16, 2025 and closes on December 18, 2025.
What is the price band and lot size?
The price band is ₹365-384 with a lot size of 39 shares.
What does the company manufacture?
The company manufactures magnet winding wires for power, EV, railway and industrial applications.
Is the IPO attractively priced?
Yes, the IPO is priced at a lower P/E compared to the industry average.
Who should consider investing?
Long-term investors seeking exposure to India’s infrastructure and manufacturing growth may consider investing.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
5,626.04 |
19,381.90 |
13,904.95 |
10,565.95 |
| Total Expenditure |
5,290.72 |
18,477.60 |
13,398.77 |
10,211.25 |
| EBITDA |
402.83 |
1,225.34 |
714.63 |
499.00 |
| Profit before Tax |
335.32 |
904.30 |
506.18 |
354.70 |
| Profit after Tax |
226.81 |
679.88 |
373.50 |
266.13 |
| E.P.S. (Diluted) |
3.99* |
11.97 |
6.57 |
4.68 |
| P/E (x) (Diluted) |
- |
32 |
- |
- |
| RONW (%) |
7.06* |
22.77 |
16.17 |
13.74 |
*Not annualised for the three months ended June 30, 2025.
PRICE CHART (@ ₹ 384) (Retail Category)
| LOT SIZE |
| Amount |
| 39 |
14,976 |
| 78 |
29,952 |
| 117 |
44,928 |
| 156 |
59,904 |
| 195 |
74,880 |
| 234 |
89,856 |
| 273 |
104,832 |
| 312 |
119,808 |
| 351 |
134,784 |
| 390 |
149,760 |
| 429 |
164,736 |
| 468 |
179,712 |
| 507 |
194,688 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
546 |
209,664 |
| Big HNI |
2,613 |
1,003,392 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
19/12/2025 |
| Initiation of refunds/unblocking ASBA Fund |
22/12/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
22/12/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
23/12/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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