KSH International IPO

KSH International Limited, incorporated in 1979, is India’s third-largest manufacturer and the largest exporter of magnet winding wires, operating under the ‘KSH’ brand. The company supplies a wide range of OEMs across power, renewables, railways, automotive, and industrial sectors. Its product portfolio includes round and rectangular enamelled copper and aluminium magnet winding wires, paper-insulated rectangular wires, continuously transposed conductors, and bunched paper-insulated copper winding wires. KSH is an approved supplier to leading public and private entities such as PGCIL, NTPC, NPCIL, and RDSO, and exports to 24 countries including the USA, Germany, the UAE, and Japan.

The company operates three manufacturing facilities in Maharashtra at Taloja and Chakan, with a combined annual capacity of 29,045 MT, and is developing a fourth plant at Supa, Ahilyanagar, expected to commence operations in Fiscal 2026. Supported by an in-house R&D and engineering team, KSH focuses on product innovation, process optimization, and cost efficiency, and holds certifications including ISO 9001, ISO 14001, ISO 45001, and IATF 16949. Its commitment to quality has earned recognition from customers such as Toshiba T&D Systems India, GE Power Grid Solutions, and BHEL, and as of June 30, 2025, the company employs 157 full-time staff.

KSH International IPO Strengths

• KSH International is among India’s top manufacturers of copper and aluminium magnet wires, CTC conductors and specialty insulated conductors used in transformers, motors, railways, EVs and power equipment, giving it a strong niche positioning.​​
• Around 30 – 32% of revenue comes from exports to 24 countries, supported by multi‑year qualification and approvals from global OEMs and utilities, benefiting from “China+1” sourcing trends.​​
• The company operates in specialised segments like CTC, HVDC and PICC that require precision engineering, advanced machinery, stringent ISO/IATF certifications and long approval cycles with PGCIL, NTPC, NPCIL, RDSO and global OEMs, making it difficult for new players to replicate.​
• KSH serves about 122 OEMs with repeat business of roughly 94.5%, indicating strong trust, mission‑critical usage and low substitution risk.​
• Capacity utilisation above 80% signals strong asset sweating, and expansion via new machinery can unlock further revenue without proportionate cost escalation.​

KSH International IPO Risks

• Copper and aluminium are key inputs; volatility in LME prices and forex can affect margins, especially where pass‑through in contracts is delayed or partial.
• Although diversified by end‑use, a material portion of revenue is driven by power T&D, large OEMs and utility/railway orders; slowdown or capex deferment in these segments can impact growth.​
• Multi‑year qualification processes with large utilities and OEMs mean that gaining new customers or entering new product lines is slow, and any loss of approval can materially hurt volumes.​
• Demand for magnet wires and conductors is linked to capex cycles in power, industrial and railways; macro slowdowns or policy delays can affect order inflow.
• The business is working‑capital heavy due to inventory of metals, in‑process goods, and credit to OEMs and utilities, which can tighten cash flows in adverse cycles.​