| Event | Date |
|---|---|
| Open Date | 16-12-2025 , Tuesday |
| Close Date | 18-12-2025 , Thursday |
| Tentative Allotment | 19-12-2025 , Friday |
| Tentative Listing Date | 23-12-2025 , Tuesday |
| Retail Appl. Cut Off Time | 18-12-2025 , Thursday 05:00 PM |
| Non Retail Appl. Cut Off Time | 18-12-2025 , Thursday 04:00 PM |
| Anchor Allotment | 15-12-2025 , Monday |
| Initiation Of Refund | 22-12-2025 , Monday |
| Credit Of Share To Demat | 22-12-2025 , Monday |
KSH International Limited is a manufacturer of magnet winding wires used in critical electrical equipment such as transformers, motors, alternators and generators. The company commenced operations in 1981 at Taloja, Raigad, Maharashtra, and over the last four decades has diversified into standard and specialised magnet winding wires.
As per the company’s disclosures, KSH International Limited is the third largest manufacturer of magnet winding wires in India in terms of production capacity in Fiscal 2025. It is also the largest exporter of magnet winding wires from India in terms of export revenues in Fiscal 2025.
KSH International Limited markets and sells its products under the brand “KSH”. Its products are used in industries such as power generation, transmission and distribution, renewables, industrials, railways, automotives, electric vehicles, internal combustion engine vehicles, home appliances, refrigeration and air conditioning.
The company is not a consumer-facing wire company. It is a B2B industrial component manufacturer supplying critical winding wire products to OEMs and electrical equipment manufacturers.
KSH International manufactures magnet winding wires. These wires are used inside electrical equipment to create electromagnetic fields and support energy conversion, voltage transformation and power movement.
| End Product | Use of KSH Products |
|---|---|
| Transformers | Used in coils to transform voltage levels |
| Motors | Used to create magnetic fields for motor rotation |
| Alternators | Used in power generation systems |
| Generators | Used in electrical generation applications |
| EV traction motors | Used in electric vehicle motor systems |
| AC and refrigerator compressors | Used in compressor motor winding |
| Railway traction transformers | Used in locomotive and metro power systems |
| HVDC transformers | Used in high-voltage long-distance power transmission |
IPORupee View: KSH International is a specialised industrial component manufacturing business connected with India’s electrification, power infrastructure, industrial manufacturing and export opportunity.
The company’s product portfolio is divided into two major categories: standard magnet winding wires and specialised magnet winding wires.
These are generally used in motors, compressors, home appliances, industrial machinery and other electrical equipment.
IPORupee View: The specialised product portfolio is a key business-quality indicator. Specialised products such as CTC, rectangular wires and insulated conductors require technical expertise, precision manufacturing, customer approval and consistent quality. This can support better customer stickiness and stronger entry barriers.
| End-Use Industry | Applications |
|---|---|
| Power generation, transmission and distribution | Transformers, reactors and power equipment |
| Renewables | Wind generators and hydro generators |
| Industrials | LT motors, HT motors, turbo generators and DG set alternators |
| Railways | Loco-traction transformers and metro coach motors |
| Automotives | EV traction motors and ICE vehicle electrical components |
| Data centers | Transformers and electrical infrastructure |
| Home appliances | BLDC motors, ceiling fans, mixers and microwaves |
| Refrigeration and air conditioning | AC compressors, refrigerator compressors and hermetic compressors |
IPORupee View: KSH International has exposure to multiple structural demand themes such as power transmission, renewable energy, electric vehicles, railways, data centers, industrial automation and home appliances. However, demand still depends on OEM orders, industrial capex, export market conditions and raw material cost pass-through.
KSH International supplies products directly to OEMs through two sales models: outright sales model and job work sales model.
Under this model, KSH procures copper raw material itself and invoices customers for both raw material cost and value addition / fabrication cost. This model increases revenue value because metal cost is included in billing, but it also increases working capital requirement.
Under this model, copper is procured by the customer and supplied to KSH for processing. KSH charges only processing fees, and billing excludes the metal cost. This may reduce working capital pressure, but reported revenue value is lower.
IPORupee View: The mix between outright sales and job work affects revenue, margins, cash flow, working capital and raw material exposure. Retail investors should track this mix carefully.
As of June 30, 2025, KSH International operated three manufacturing facilities in India with combined annual installed capacity of 29,045 MT. Two facilities are located in Chakan, Pune, Maharashtra, and one facility is located in Taloja, Raigad, Maharashtra. Phase I of the fourth facility at Supa, Ahilyanagar, Maharashtra, commenced commercial operations in September 2025.
| Facility | Location | Operational Since | Certifications | Nature of Holding | Products Manufactured |
|---|---|---|---|---|---|
| Unit 1 | Taloja, Raigad, Maharashtra | 1981 | ISO 9001:2015 | Leasehold | Insulated round and rectangular copper/aluminium magnet winding wire |
| Unit 2 | Chakan, Pune, Maharashtra | 2001 | ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IATF 16949:2016 | Owned | Insulated round and rectangular copper/aluminium magnet winding wire, CTC, enamelled round copper magnet winding wire |
| Unit 3 | Chakan, Pune, Maharashtra | 2019 | ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IATF 16949:2016 | Leasehold | Enamelled round copper/aluminium magnet winding wire |
| Unit 4 | Supa, Ahilyanagar, Maharashtra | Phase I commenced September 2025 | Expansion facility | Expansion facility | Capacity expansion |
Unit 2 at Chakan, Pune is the largest contributor to revenue.
| Manufacturing Facility | 3 months ended June 30, 2025 Amount | % of Total Sales | Fiscal 2025 Amount | % of Total Sales | Fiscal 2024 Amount | % of Total Sales | Fiscal 2023 Amount | % of Total Sales |
|---|---|---|---|---|---|---|---|---|
| Unit 1, Taloja, Raigad | Rs. 751.25 Mn | 13.45% | Rs. 2,480.81 Mn | 12.87% | Rs. 2,402.88 Mn | 17.38% | Rs. 2,591.38 Mn | 24.69% |
| Unit 2, Chakan, Pune | Rs. 3,403.60 Mn | 60.92% | Rs. 12,247.73 Mn | 63.52% | Rs. 8,247.17 Mn | 59.64% | Rs. 5,830.55 Mn | 55.56% |
| Unit 3, Chakan, Pune | Rs. 1,432.27 Mn | 25.64% | Rs. 4,554.39 Mn | 23.62% | Rs. 3,178.09 Mn | 22.98% | Rs. 2,072.67 Mn | 19.75% |
| Total | Rs. 5,587.12 Mn | 100.00% | Rs. 19,282.93 Mn | 100.00% | Rs. 13,828.15 Mn | 100.00% | Rs. 10,494.60 Mn | 100.00% |
Unit 2 is the backbone of the business. It contributed 63.52% of total sales in Fiscal 2025 and 60.92% in the three months ended June 30, 2025. Any operational disruption at Unit 2 can materially affect revenue, production and deliveries.
The company’s annual installed capacity increased from 25,265 MT in Fiscal 2023 to 29,045 MT in Fiscal 2025.
| Period | Production Capacity | Magnet Winding Wires Sales Volume | Volume Growth |
|---|---|---|---|
| Three months ended June 30, 2025 | 29,045 MT | 6,114 MT | NA |
| Fiscal 2025 | 29,045 MT | 23,324 MT | 8.51% |
| Fiscal 2024 | 28,436 MT | 21,495 MT | 21.82% |
| Fiscal 2023 | 25,265 MT | 17,645 MT | NA |
| Facility / Product | 3 months ended June 30, 2025 Utilisation | Fiscal 2025 Utilisation | Fiscal 2024 Utilisation | Fiscal 2023 Utilisation |
|---|---|---|---|---|
| Taloja Unit 1 – Specialised Magnet Winding Wire | 84.70% | 81.44% | 82.22% | 85.99% |
| Chakan Unit 2 – Specialised Magnet Winding Wire | 97.47% | 96.10% | 92.11% | 74.40% |
| Chakan Unit 2 – Standard Magnet Winding Wire | 35.19% | 21.53% | 18.78% | 3.93% |
| Total Chakan Unit 2 | 87.78% | 84.50% | 80.70% | 68.46% |
| Chakan Unit 3 – Standard Magnet Winding Wire | 82.04% | 72.18% | 62.39% | 62.84% |
| Total | 85.85% | 80.64% | 76.50% | 70.28% |
Chakan Unit 2 specialised magnet winding wire utilisation was 96.10% in Fiscal 2025 and 97.47% in the three months ended June 30, 2025. This indicates strong demand for technical and value-added products.
Chakan Unit 2 standard magnet winding wire utilisation was 21.53% in Fiscal 2025 and 35.19% in the three months ended June 30, 2025. This remains lower and should be monitored.
The company has continued to invest in plant and equipment to increase capacity and support product development.
| Period | Addition to Cost of Plant and Equipment | % of Total Capital Expenditure |
|---|---|---|
| Three months ended June 30, 2025 | Rs. 8.13 Mn | 79.63% |
| Fiscal 2025 | Rs. 17.06 Mn | 31.50% |
| Fiscal 2024 | Rs. 258.32 Mn | 54.95% |
| Fiscal 2023 | Rs. 86.39 Mn | 46.71% |
IPORupee View: The Supa facility can support future growth, but new capacity has to be filled with profitable orders. Investors should monitor utilisation, margins and return on capital from the new facility.
KSH International exports to 24 countries as of June 30, 2025, including USA, UAE, Kuwait, Romania, Saudi Arabia, Germany, Oman, Spain, Bangladesh and Japan.
| Particulars | 3 months ended June 30, 2025 Amount | % of Revenue | Fiscal 2025 Amount | % of Revenue | Fiscal 2024 Amount | % of Revenue | Fiscal 2023 Amount | % of Revenue | CAGR FY2023 to FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Domestic revenue | Rs. 3,679.90 Mn | 69.50% | Rs. 12,149.81 Mn | 67.30% | Rs. 7,965.49 Mn | 62.09% | Rs. 5,565.88 Mn | 57.52% | 47.71% |
| Export revenue | Rs. 1,615.13 Mn | 30.50% | Rs. 5,903.64 Mn | 32.70% | Rs. 4,863.35 Mn | 37.91% | Rs. 4,110.36 Mn | 42.48% | 19.85% |
| Total revenue from operations | Rs. 5,295.03 Mn | 100.00% | Rs. 18,053.45 Mn | 100.00% | Rs. 12,828.84 Mn | 100.00% | Rs. 9,676.24 Mn | 100.00% | - |
| Particulars | 3 months ended June 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue from top five export countries | Rs. 1,162.21 Mn | Rs. 4,394.69 Mn | Rs. 3,692.08 Mn | Rs. 3,358.27 Mn |
| % of revenue from operations | 21.95% | 24.34% | 28.78% | 34.71% |
| Total export revenue | Rs. 1,615.13 Mn | Rs. 5,903.64 Mn | Rs. 4,863.35 Mn | Rs. 4,110.36 Mn |
| % of revenue from operations | 30.50% | 32.70% | 37.91% | 39.17% |
IPORupee View: Exports are a major strength, but export share has reduced because domestic revenue grew faster. The decline in top five export country concentration from 34.71% in Fiscal 2023 to 24.34% in Fiscal 2025 is a positive diversification signal.
KSH International supplies mainly to OEMs and has a domestic and global customer base.
Bharat Bijlee Limited, Virginia Transformer Corporation, Bharat Heavy Electricals Limited, Georgia Transformer Corporation, Hitachi Energy India Limited, Siemens Energy India Limited, GE Vernova T&D India Limited, Hind Rectifiers Limited, Transformers and Rectifiers India Limited, Indo-Tech Transformers Limited, TBEA, Atlanta Electricals Limited, Toshiba Transmission & Distribution Systems (India) Private Limited, Meidensha Corporation, SGB-SMIT GmbH, Retrasib S.R.L., CG Power and Industrial Solutions Limited, Nidec Industrial Automation India Private Limited, Al Ahleia Switchgear Co. and Emirates Transformer & Switchgear Limited.
The company has a resident sales network in India, Brazil, North America and Europe, which helps support domestic and global customer relationships.
In Fiscal 2025, 94.54% of operating revenue was generated from repeat customers, meaning customers who were also customers in Fiscal 2024.
| Customer Relationship Duration | Number of Customers from Top 10 Customers of FY2025 |
|---|---|
| Customers for 10 years intermittently | 5 |
| Customers for 5 years | 2 |
| Customers for 2 years | 3 |
| Particulars | 3 months ended June 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue from top 10 customers | Rs. 3,015.48 Mn | Rs. 10,130.32 Mn | Rs. 7,896.04 Mn | Rs. 6,191.05 Mn |
| % of revenue from operations | 53.97% | 52.54% | 57.10% | 58.99% |
| Total revenue from operations | Rs. 5,587.12 Mn | Rs. 19,282.93 Mn | Rs. 13,828.15 Mn | Rs. 10,494.60 Mn |
| Rank | 3 months ended June 30, 2025 Amount | % of Revenue | Fiscal 2025 Amount | % of Revenue | Fiscal 2024 Amount | % of Revenue | Fiscal 2023 Amount | % of Revenue |
|---|---|---|---|---|---|---|---|---|
| Customer 1 | Rs. 660.03 Mn | 11.81% | Rs. 1,963.92 Mn | 10.18% | Rs. 1,446.66 Mn | 10.46% | Rs. 1,303.86 Mn | 12.42% |
| Customer 2 | Rs. 609.48 Mn | 10.91% | Rs. 1,702.54 Mn | 8.83% | Rs. 1,396.23 Mn | 10.10% | Rs. 765.18 Mn | 7.29% |
| Customer 3 | Rs. 352.56 Mn | 6.31% | Rs. 934.53 Mn | 4.85% | Rs. 856.66 Mn | 6.20% | Rs. 672.20 Mn | 6.41% |
| Customer 4 | Rs. 241.41 Mn | 4.32% | Rs. 895.21 Mn | 4.64% | Rs. 774.13 Mn | 5.60% | Rs. 632.42 Mn | 6.03% |
| Customer 5 | Rs. 227.08 Mn | 4.06% | Rs. 873.79 Mn | 4.53% | Rs. 758.39 Mn | 5.48% | Rs. 606.45 Mn | 5.78% |
| Customer 6 | Rs. 220.83 Mn | 3.95% | Rs. 868.64 Mn | 4.50% | Rs. 632.78 Mn | 4.58% | Rs. 541.86 Mn | 5.16% |
| Customer 7 | Rs. 211.66 Mn | 3.79% | Rs. 809.87 Mn | 4.20% | Rs. 576.64 Mn | 4.17% | Rs. 518.98 Mn | 4.95% |
| Customer 8 | Rs. 172.37 Mn | 3.09% | Rs. 763.81 Mn | 3.96% | Rs. 517.62 Mn | 3.74% | Rs. 396.52 Mn | 3.78% |
| Customer 9 | Rs. 165.63 Mn | 2.96% | Rs. 704.69 Mn | 3.65% | Rs. 470.48 Mn | 3.40% | Rs. 384.27 Mn | 3.66% |
| Customer 10 | Rs. 154.43 Mn | 2.76% | Rs. 613.30 Mn | 3.18% | Rs. 466.46 Mn | 3.37% | Rs. 369.31 Mn | 3.52% |
| Total | Rs. 3,015.48 Mn | 53.97% | Rs. 10,130.32 Mn | 52.54% | Rs. 7,896.04 Mn | 57.10% | Rs. 6,191.05 Mn | 58.99% |
Top 10 customers contributed 52.54% of revenue in Fiscal 2025 and 53.97% in the three months ended June 30, 2025. Any reduction in demand from a few large customers can affect revenue, capacity utilisation, profitability and cash flows.
The company’s main raw materials are copper and aluminium, with copper being the principal raw material. It also uses insulating materials such as enamel, paper, consumables and packaging materials.
| Particulars | 3 months ended June 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Cost of raw materials and components consumed | Rs. 5,094.36 Mn | Rs. 17,418.18 Mn | Rs. 12,514.10 Mn | Rs. 9,449.56 Mn |
| % of total expenses | 96.29% | 94.27% | 93.40% | 92.54% |
| Particulars | 3 months ended June 30, 2025 Amount | % of Total Raw Material Cost | Fiscal 2025 Amount | % of Total Raw Material Cost | Fiscal 2024 Amount | % of Total Raw Material Cost | Fiscal 2023 Amount | % of Total Raw Material Cost |
|---|---|---|---|---|---|---|---|---|
| Primary raw materials consumed – copper and aluminium | Rs. 4,891.18 Mn | 96.01% | Rs. 16,669.95 Mn | 95.70% | Rs. 11,885.25 Mn | 94.97% | Rs. 8,957.00 Mn | 94.79% |
| Other raw materials and components consumed | Rs. 203.18 Mn | 3.99% | Rs. 748.23 Mn | 4.30% | Rs. 628.85 Mn | 5.03% | Rs. 492.56 Mn | 5.21% |
| Total cost of raw materials and components consumed | Rs. 5,094.36 Mn | 100.00% | Rs. 17,418.18 Mn | 100.00% | Rs. 12,514.10 Mn | 100.00% | Rs. 9,449.56 Mn | 100.00% |
| Period | Number of Copper and Aluminium Suppliers |
|---|---|
| Three months ended June 30, 2025 | 9 |
| Fiscal 2025 | 14 |
| Fiscal 2024 | 17 |
| Fiscal 2023 | 11 |
| Period | Top 10 Supplier Contribution |
|---|---|
| Three months ended June 30, 2025 | 98.91% |
| Fiscal 2025 | 98.45% |
| Fiscal 2024 | 96.93% |
| Fiscal 2023 | 98.58% |
| Period | Total Amount from Top 10 Suppliers | % of Total Raw Material and Components Purchased |
|---|---|---|
| Three months ended June 30, 2025 | Rs. 5,062.32 Mn | 98.91% |
| Fiscal 2025 | Rs. 17,646.92 Mn | 98.45% |
| Fiscal 2024 | Rs. 12,167.69 Mn | 96.93% |
| Fiscal 2023 | Rs. 9,315.30 Mn | 98.58% |
Raw material cost forms more than 90% of total expenses, and copper/aluminium form more than 95% of raw material cost. Top 10 suppliers contribute almost the entire raw material purchase value. The company has not entered into long-term agreements with these suppliers, which increases supply and pricing risk.
The prices of the company’s primary raw materials, copper and aluminium, are derived from London Metal Exchange prices. These prices are passed on to customers based on the date of order placement.
IPORupee View: LME-linked pricing helps in price discovery and may support raw material pass-through. However, it does not remove all risk. Timing gaps between raw material purchase and customer order pricing, sharp metal price movements, order cancellations, delayed pass-through and higher working capital requirement can still affect margins.
The magnet winding wire industry has high entry barriers because customers, government entities and international organisations require strict pre-qualification before approving suppliers.
| Organisation | Approval / Use Case |
|---|---|
| PGCIL | Supply of PICC and CTC conductor for HVDC converter transformers and transformers/reactors up to 765kV class |
| NTPC | Supply of continuously transposed conductor |
| NPCIL | Supply of CTC up to 220kV class of power transformers |
| RDSO | Supply of CTC conductors for 3-phase drive locomotive transformers |
| Certification | Meaning |
|---|---|
| ISO 9001:2015 | Quality management system |
| ISO 14001:2015 | Environment management system |
| ISO 45001:2018 | Occupational health and safety management |
| IATF 16949:2016 | Automotive quality management system |
IPORupee View: These approvals are a major strength. In critical applications such as HVDC transformers, 765kV transformers, reactors and locomotive transformers, customers do not easily approve untested suppliers. Pre-qualified supplier status can create a strong entry barrier and support repeat business.
KSH International focuses on product and process development. Its development team includes engineers, designers, technicians, product managers, product strategists and subject matter experts.
The company has supplied winding wires for large power transformers of ratings such as 400kV, 765kV and HVDC transformers, where reliability and winding stress tolerance are important.
IPORupee View: This is why KSH is not a simple wire company. Its products are used in critical electrical equipment where failure risk is high and quality standards are strict. Precision manufacturing, customer approval and quality consistency are important entry barriers.
The company strengthened its product portfolio with enamelled round magnet winding wire designed for industrial applications such as motors, air-conditioning compressors and the growing electric vehicle market. It is collaborating with several OEMs in the EV component manufacturing industry and providing customised solutions.
These products are designed for EV traction motors and industrial machinery. The company also highlights its positioning around “Make in India – Make for World”, supplying globally competitive products from India.
IPORupee View: EVs and industrial motors can be important future growth areas. However, EV component supply requires customer approvals, quality consistency, high durability and cost competitiveness.
The company has received recognition from customers such as Toshiba Transmission and Distribution Systems (India) Private Limited, GE Power Grid Solutions and Bharat Heavy Electricals Limited.
IPORupee View: Customer recognition is useful because industrial customers generally reward suppliers based on product reliability, delivery performance and quality consistency. This supports KSH’s credibility with OEM customers.
KSH International benefits from the experience of its Individual Promoters: Kushal Subbayya Hegde, Rajesh Kushal Hegde and Rohit Kushal Hegde. Kushal Subbayya Hegde has more than four decades of experience in the magnet winding wires industry.
KSH International is part of the KSH group, a diversified business conglomerate with presence in logistics, infrastructure, services and distribution.
IPORupee View: Promoter experience is a positive factor because magnet winding wire manufacturing is a technical business. Customer approvals, process control, global relationships and product quality matter.
| Particulars | Unit | 3 months ended June 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|---|
| Revenue from Operations | Rs. million | 5,587.12 | 19,282.93 | 13,828.15 | 10,494.60 |
| YoY Revenue Growth | % | NA | 39.45% | 31.76% | NA |
| Total Income | Rs. million | 5,626.04 | 19,381.90 | 13,904.95 | 10,565.95 |
| EBITDA | Rs. million | 402.83 | 1,225.34 | 714.63 | 499.00 |
| EBITDA Margin | % | 7.21% | 6.35% | 5.17% | 4.75% |
| Profit After Tax | Rs. million | 226.81 | 679.88 | 373.50 | 266.13 |
| PAT Margin | % | 4.03% | 3.51% | 2.69% | 2.52% |
| ROE | % | 7.06% | 22.77% | 16.17% | 13.74% |
| ROCE | % | 5.26% | 16.60% | 14.15% | 13.25% |
| Net Debt / Equity | Times | 1.16 | 1.17 | 0.82 | 0.59 |
| Net Debt / EBITDA | Times | 9.27 | 2.85 | 2.65 | 2.28 |
| Fixed Asset Turnover Ratio | Times | 4.46 | 15.19 | 10.42 | 10.66 |
| Net Working Capital Days | Days | 72 | 80 | 76 | 73 |
| Revenue CAGR FY2023-FY2025 | % | NA | 35.55% | - | - |
| EBITDA CAGR FY2023-FY2025 | % | NA | 56.70% | - | - |
| PAT CAGR FY2023-FY2025 | % | NA | 59.83% | - | - |
| Particulars | Unit | 3 months ended June 30, 2025 | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|---|
| Production Capacity | MT | 29,045 | 29,045 | 28,436 | 25,265 |
| Magnet Winding Wires Sales Volume | MT | 6,114 | 23,324 | 21,495 | 17,645 |
| Volume Growth | % | NA | 8.51% | 21.82% | NA |
| Revenue from Exports | Rs. million | 1,615.13 | 5,903.64 | 4,863.35 | 4,110.36 |
IPORupee Financial Insight: Revenue from operations increased from Rs. 10,494.60 million in Fiscal 2023 to Rs. 19,282.93 million in Fiscal 2025. EBITDA increased from Rs. 499.00 million to Rs. 1,225.34 million, and PAT increased from Rs. 266.13 million to Rs. 679.88 million during the same period.
Revenue CAGR from FY2023 to FY2025 was 35.55%, EBITDA CAGR was 56.70% and PAT CAGR was 59.83%. However, margins remain moderate because this is a raw-material-heavy manufacturing business.
The IPO includes a fresh issue and an offer for sale, as per the IPO structure. A part of the fresh issue proceeds is proposed to be used for repayment or prepayment of borrowings, and a part is expected to support capital expenditure, machinery and expansion-related requirements.
| Use of Proceeds | Why It Matters |
|---|---|
| Repayment / prepayment of borrowings | Can reduce finance cost and improve balance sheet strength |
| Capital expenditure / machinery | Can support capacity expansion and product development |
| General corporate purposes | Provides flexibility for operational and business needs |
| OFS component | Money goes to selling shareholders, not to the company |
IPORupee View: A fresh issue is useful because a portion of IPO proceeds goes into the company. If debt repayment is meaningful, it can reduce interest burden and improve net debt metrics. Investors should check exact IPO object amounts, post-IPO debt level and whether new machinery / capacity generates profitable revenue.
The company is the third largest manufacturer of magnet winding wires in India by production capacity in Fiscal 2025.
The company is the largest exporter of magnet winding wires from India by export revenue in Fiscal 2025.
KSH manufactures both standard and specialised magnet winding wires, including CTC, rectangular wires and enamelled wires.
The company exports to 24 countries and has a sales network in India, Brazil, North America and Europe.
94.54% of operating revenue in Fiscal 2025 came from repeat customers.
Approvals from PGCIL, NTPC, NPCIL and RDSO support credibility in high-voltage and critical transformer applications.
Overall utilisation improved from 70.28% in Fiscal 2023 to 80.64% in Fiscal 2025.
The company has expanded into specialised products, EV-focused winding wires and high-voltage transformer applications.
The company benefits from promoters with long industry experience and established customer relationships.
KSH International Limited is a niche B2B industrial manufacturing company with strong positioning in magnet winding wires. Its products are critical components used in transformers, motors, alternators and generators, giving the company exposure to power infrastructure, renewables, EVs, railways, data centers, industrials and home appliances.
The company’s key positives include strong market position, export leadership, specialised product portfolio, high repeat customer revenue, approvals from major institutions, improving capacity utilisation, technical capabilities and long promoter experience.
KSH International should be understood as a niche B2B industrial component manufacturer, not a regular wire company. Its products are used in transformers, motors, alternators and generators.
Specialised products require precision, quality approval and technical manufacturing capabilities. High utilisation in specialised magnet winding wire indicates strong demand for technical products.
Revenue, EBITDA and PAT grew strongly between FY2023 and FY2025. However, PAT margin was only 3.51% in Fiscal 2025, showing sensitivity to raw material costs and working capital.
Copper and aluminium dominate the cost structure. Primary raw materials formed 95.70% of raw material cost in Fiscal 2025. Even small price movements can affect profitability if pass-through is delayed.
LME-linked pricing provides a mechanism for metal cost pass-through, but it does not fully protect the company from timing gaps, customer order behaviour, demand reduction or working capital pressure.
Repeat customer revenue of 94.54% in Fiscal 2025 is a strong point. But top 10 customers still contributed more than half of revenue, so customer concentration remains material.
Top 10 suppliers accounted for almost all raw material purchases. This is significant because there are no long-term supplier agreements.
The company exports to 24 countries and is India’s largest exporter of magnet winding wires by export revenue in Fiscal 2025. Reducing concentration in top five export countries is a positive sign.
Enamelled round magnet winding wire and specialised rectangular enamelled wire for EV traction motors and industrial machinery can support future growth, but customer approval and competitive pricing are important.
Fresh issue proceeds can help repay debt and support capex. Investors should verify post-IPO debt, execution timeline and return on new capacity.
For retail investors, KSH International IPO should be studied as a specialised industrial component manufacturing story, not simply as a wire company. The business benefits from electrification, transformer demand, power infrastructure, EVs, exports and specialised product approvals.
At the same time, investors should carefully study IPO valuation, post-IPO debt reduction, capacity utilisation, margin sustainability, cash flow quality, customer concentration and the company’s ability to manage copper and aluminium price volatility.
| Short Form | Full Form |
|---|---|
| B2B | Business to Business |
| OEM | Original Equipment Manufacturer |
| CTC | Continuously Transposed Conductor |
| PICC | Paper Insulated Copper Conductor |
| HVDC | High Voltage Direct Current |
| EHV | Extra High Voltage |
| kV | Kilovolt |
| EV | Electric Vehicle |
| ICE | Internal Combustion Engine |
| LT | Low Tension |
| HT | High Tension |
| DG Set | Diesel Generator Set |
| BLDC | Brushless Direct Current |
| AC | Air Conditioner |
| ISO | International Organization for Standardization |
| IATF | International Automotive Task Force |
| PGCIL | Power Grid Corporation of India Limited |
| NTPC | National Thermal Power Corporation |
| NPCIL | Nuclear Power Corporation of India Limited |
| RDSO | Research Designs and Standards Organisation |
| LME | London Metal Exchange |
| MT | Metric Tonne |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| PAT | Profit After Tax |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| KPI | Key Performance Indicator |
| RHP | Red Herring Prospectus |
| OFS | Offer for Sale |
This business overview and IPORupee insight is prepared only for educational and informational purposes based on IPO-related disclosures and information provided for understanding the company’s business model, operational profile, financial performance and key risks. It is not a recommendation to apply, avoid, buy, sell or hold any IPO or security.
IPORupee is not a SEBI-registered investment adviser, research analyst, broker or portfolio manager. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 92,44,790 | 355.00 Cr |
Retail | 35.00 % | 64,71,355 | 248.50 Cr |
Total HNI | 15.00 % | 27,73,438 | 106.50 Cr |
SHNI | 5.00 % | 9,24,479 | 35.50 Cr |
BHNI | 10.00 % | 18,48,959 | 71.00 Cr |
KSH International Ltd allotted 55,46,874 equity shares to anchor investors at ₹384 per share on 15 Dec 2025 before the IPO opening. The total anchor allocation stood at 213.00 Cr across 13 anchor investors.
Mutual funds received 41,40,591 shares worth 159.00 Cr, representing 74.65% of the total anchor investor allocation. Within the mutual fund portion, Kotak Mutual Fund had the highest fund-house level allocation with 20,83,341 shares worth 80.00 Cr across 3 schemes. Other leading fund houses by allocation included HDFC Mutual Fund, LIC Mutual Fund, ITI Mutual Fund and Bank of India Mutual Fund.
At scheme level, the largest mutual fund allocations included HDFC MUTUAL FUND - HDFC MANUFACTURING FUND, KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND, KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MANUFACTURE IN INDIA FUND, KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OPPORTUNITIES FUND and LIC MF LARGE AND MID CAP FUND.
The largest anchor investor received 18.78% of the anchor portion. The top five anchor investors together received 34,63,551 shares, representing about 62.44% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | HDFC MUTUAL FUND - HDFC MANUFACTURING FUND | 10,41,690 | 18.78 % | 40.00 Cr |
| 2 | KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 7,81,248 | 14.08 % | 30.00 Cr |
| 3 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MANUFACTURE IN INDIA FUND | 6,51,066 | 11.74 % | 25.00 Cr |
| 4 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OPPORTUNITIES FUND | 6,51,027 | 11.74 % | 25.00 Cr |
| 5 | MALABAR INDIA FUND LIMITED | 3,38,520 | 6.10 % | 13.00 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | HDFC MUTUAL FUND - HDFC MANUFACTURING FUND | HDFC Mutual Fund | 10,41,690 | 18.78 % | 40.00 Cr |
| 2 | KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | Kotak Mutual Fund | 7,81,248 | 14.08 % | 30.00 Cr |
| 3 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MANUFACTURE IN INDIA FUND | Kotak Mutual Fund | 6,51,066 | 11.74 % | 25.00 Cr |
| 4 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OPPORTUNITIES FUND | Kotak Mutual Fund | 6,51,027 | 11.74 % | 25.00 Cr |
| 5 | LIC MF LARGE AND MID CAP FUND | LIC Mutual Fund | 3,38,520 | 6.10 % | 13.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 39 (1) | ₹ 14,976 |
Retail MAX | - | 507 (13) | ₹ 1,94,688 |
SHNI MIN | - | 546 (14) | ₹ 2,09,664 |
SHNI MAX | - | 2574 (66) | ₹ 9,88,416 |
BHNI MIN | - | 2613 (67) | ₹ 10,03,392 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 420.00 Cr |
Offer for Sale | - | 290.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Nuvama Wealth Management Limited | Lokesh Shah/ Soumavo Sarkar | +91 22 40094400 | ksh.ipo@nuvama.com | www.nuvama.com |
ICICI Securities Limited | Kishan Rastogi / Abhijit Diwan | +91 22 6807 7100 | ksh@icicisecurities.com | www.icicisecurities.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of KSH International Ltd. The issue is scheduled to open on Tuesday, 16 December 2025 and closes on Thursday, 18 December 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For KSH International Ltd IPO, the total issue size is Rs 710 crore, consisting of a fresh issue of Rs 420 crore and an Offer for Sale (OFS) of Rs 290 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 365 per share and the upper price band is Rs 384 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For KSH International Ltd IPO, the minimum lot size is 39 shares. At the upper price band of Rs 384 per share, the minimum application amount is Rs 14,976. Applications must be made in multiples of 39 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For KSH International Ltd IPO, the Fresh Issue size is Rs 420 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For KSH International Ltd IPO, the Offer for Sale (OFS) size is Rs 290 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For KSH International Ltd IPO, the IPO opens on Tuesday, 16 December 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
KSH International Ltd IPO closes on Thursday, 18 December 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For KSH International Ltd IPO, the tentative allotment date is Friday, 19 December 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
KSH International Ltd IPO is expected to list on Tuesday, 23 December 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For KSH International Ltd IPO, refund initiation is expected on Monday, 22 December 2025, and credit of shares to demat accounts is expected on Monday, 22 December 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For KSH International Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In KSH International Ltd IPO, 50% shares are reserved under the QIB category, with 92,44,790 shares offered, and an allocation amount of ₹355.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In KSH International Ltd IPO, 35% shares are reserved under the Retail category, with 64,71,355 shares offered, and an allocation amount of ₹248.50 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In KSH International Ltd IPO, 15% shares are reserved under the NII/HNI category, with 27,73,438 shares offered, and an allocation amount of ₹106.50 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In KSH International Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 9,24,479 shares offered, and an allocation amount of ₹35.50 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In KSH International Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 18,48,959 shares offered, and an allocation amount of ₹71.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For KSH International Ltd IPO, the minimum lot size is 39 shares. At the upper price band of Rs 384 per share, the minimum application amount is Rs 14,976. Applications must be made in multiples of 39 shares.
Retail minimum application shows the minimum application size for retail investors.
For KSH International Ltd IPO, the Retail minimum application is 39 shares (1 lot) for about Rs 14,976.
Retail maximum application shows the maximum application size generally available under the retail category.
For KSH International Ltd IPO, the Retail maximum application is 507 shares (13 lots) for about Rs 1,94,688.
SHNI minimum application shows the minimum application size for the Small HNI category.
For KSH International Ltd IPO, the SHNI minimum application is 546 shares (14 lots) for about Rs 2,09,664.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For KSH International Ltd IPO, the SHNI maximum application is 2,574 shares (66 lots) for about Rs 9,88,416.
BHNI minimum application shows the minimum application size for the Big HNI category.
For KSH International Ltd IPO, the BHNI minimum application is 2,613 shares (67 lots) for about Rs 10,03,392.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.