KSH International Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

KSH International Ltd trades at ₹1,029, in a confirmed uptrend and 25 weeks into that stage. That is +64.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹334 to ₹1,029. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 25 of stage 2, confirmed. At ₹1,029 it trades +64.5% versus its 200-day average and sits at 100% of its 52-week range (₹334–₹1,029).

Against the market, two honest reads. Cumulative: over the last 7 months the stock moved +200% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

KSH International Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: EARLY_EXPANSION. Still open: Jan vs Feb 2026: US duty rate (10% vs 18–25%) and interest savings trajectory ('visible' vs 'not necessarily') — both confirmed by Tijori; no new contradictions in May 2026 call.

Our read, 31 May 2026. India's only HVDC-approved winding wire manufacturer — Q4 confirms earnings inflection, Phase 2 underway, FY27 guided at 21%+ volume growth.

From the numbers. PE 48.8x TTM (₹793/EPS ₹16.25) — INSUFFICIENT_DATA for 10Y percentile analysis given IPO December 2025 (3 quarters listed). PB 6.66x at current price ₹793 vs book value ₹119/share (Mar 2026). FII holding rose from 3.72%…

From the price. Price stage 2, week 25 — above its 200-day line.

From the research. India's only HVDC-approved winding wire manufacturer — Q4 confirms earnings inflection, Phase 2 underway, FY27 guided at 21%+ volume growth.

🚨 Where they disagree. PE 48.8x TTM (₹793/EPS ₹16.25) — INSUFFICIENT_DATA for 10Y percentile analysis given IPO December 2025 (3 quarters listed). PB 6.66x at current price ₹793 vs book value ₹119/share (Mar 2026). FII holding rose from 3.72% (Dec 2025) to 5.05% (Mar 2026) — net addition of 1.33pp in one quarter, indicating institutional accumulation post-IPO listing. DII holding 13.89% (Mar 2026) up from 13.09% (Dec 2025). Cycle analysis will be meaningful from Q2–Q3 FY27 onwards as history accumulates. At current pricing (PE 48.8x, MCap ₹5,374 Cr), the market prices Phase 2 ramp + export acceleration + HVDC optionality simultaneously — limited valuation buffer for execution gaps.

What is proven. India's only HVDC-approved winding wire manufacturer — Q4 confirms earnings inflection, Phase 2 underway, FY27 guided at 21%+ volume growth.

What is not proven yet. Jan vs Feb 2026: US duty rate (10% vs 18–25%) and interest savings trajectory ('visible' vs 'not necessarily') — both confirmed by Tijori; no new contradictions in May 2026 call.

🚨 Layer 1 read, 19 July 2026 — DROP. Real early HVDC-wire inflection, but the multiple has already re-rated and profits aren't converting to cash yet. Q4 FY26 PAT Rs 34.5 Cr (+87%) with EBITDA/ton Rs 74,000 beating the guided Rs 65-67k and revenue roughly doubling over eight quarters confirm a genuine volume-led turn on a niche PGCIL-certified position. But the stock trades at a rich 52.6x PE (75th percentile), and three years of profit produced only 0.27x operating cash (WC bloating) — the negative OCF is disclosed working-capital intensity, not fraud, and the dilution flag is just the Dec-2025 IPO that cut D/E to 0.42x.

What would change Layer 1’s mind. FY27 payable days failing to normalize toward the targeted 25-30 (OCF staying negative another full year while debt rises), or a volume/EBITDA-per-ton miss vs the >=21% growth guide — that would confirm the paper-profit dig and flip P2->DROP; conversely a compressed multiple with cash turning positive would argue P1.

The test written in advance. Management Credibility — Two Confirmed Cross-Call Contradictions — Management Credibility — Two Confirmed Cross-Call Contradictions Any new Tijori consistency flag in next concall; Q1 FY27 interest expense vs Q4 ₹13 Cr baseline by the next result.

The test written in advance. Negative OCF / Working Capital Intensity Delays FCF Realization — Negative OCF / Working Capital Intensity Delays FCF Realization Payable days in Q1 FY27 concall — does it reach 15–20 days as first step toward 25–30 target? by the next result.

The test written in advance. Premium Valuation Requires Continuous Delivery — Premium Valuation Requires Continuous Delivery Q1 FY27 volume run-rate vs 5,900 MT baseline (Q1 FY26); Phase 2 commissioning confirmed by Q2 FY27 by the next result.

Lever 1 · Operating leverage — BUILDING. Phase 1 utilization ramped to ~70% by Q4 FY26; Phase 2 (59,000 MT total) commencing Q2 FY27 adds the next leg of volume headroom. What proves it keeps working: Operating Leverage from Supa Capacity Ramp (Phase 1 delivered, Phase 2 commencing). It stops working if Any new Tijori consistency flag in next concall; Q1 FY27 interest expense vs Q4 ₹13 Cr baseline.

Lever 2 · Value-added mix — BUILDING. Q4 EBITDA/ton ₹74,000 beat guided ₹65,000–67,000 range; specialized wires (CTC, HVDC) grew 103% in Q4 as export mix and higher-kV share expanded. What proves it keeps working: EBITDA/ton Beat and Specialized Wire Mix (CTC + HVDC, 75% of revenue). It stops working if Any new Tijori consistency flag in next concall; Q1 FY27 interest expense vs Q4 ₹13 Cr baseline.

Lever 10 · New geographies — BUILDING. Export revenue surged 92% in Q4 to 27% of total revenue; all CTC to transformer manufacturers across four continents as global OEM capacity additions commence FY27–28. What proves it keeps working: Export Acceleration — 27% of Revenue, Targeting 40%. It stops working if Any new Tijori consistency flag in next concall; Q1 FY27 interest expense vs Q4 ₹13 Cr baseline.

Lever 3 · Management change — BUILDING. Debt-to-EBITDA 0.39x (per May 2026 call) vs 1.21x pre-IPO; term loan elimination saving ~₹10–11 Cr/year in interest from Q4 FY26 onwards. What proves it keeps working: Interest Cost Reduction / Deleveraging. It stops working if Any new Tijori consistency flag in next concall; Q1 FY27 interest expense vs Q4 ₹13 Cr baseline.

Sources: our stock research file (31 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

KSH International Ltd reported ₹1,164 Cr of revenue in the Jun 26 quarter, +108.2% year on year. That is the 5th straight quarter of year-on-year growth. Over 5 years it has compounded at 45.9% a year. The last full year, FY26, came in at ₹3,107 Cr. The last four reported quarters add to ₹3,712 Cr.

Why this happened. Export revenue accelerated from 22% of revenue in H1 FY26 to 27% in Q4 FY26, a 92% YoY surge in Q4. All exports are CTC to transformer OEMs across Americas, Europe, Middle East, and Asia. FX tailwind: weaker rupee boosts export revenue translation; simultaneously makes Indian CTC cost-competitive vs foreign supply (dollar strength + 10% import duty). Management targets 40% export mix over two years as global OEM capacity projects commission in FY27–28. No customer cancellations from Middle East disruption — geographically contained.

FY26 revenue came in at ₹3,107 Cr (+61.2% on the year), capping 5 years at 45.9% compound. The latest quarter (Jun 26) printed ₹1,164 Cr, +108.2% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +79.5% growth against the decade's 45.9% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

KSH International Ltd's operating margin is 6.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 4.9% to 6.0%. The current quarter sits inside that band.

Why this happened. Supa Phase 1 (13,000 MT, October 2025) reset utilization from 90%+ to 68%, enabling the volume record in Q3 FY26 (7,400 MT) and Q4 FY26 (~7,800–8,000 MT estimated, FY26 total ~28,000–28,500 MT). Phase 2 capacity tranches commence Q2 FY27, with full Phase 2 completion by Q4 FY27 reaching 59,000 MT installed capacity — a 35% increase from Phase 1 levels. FY27 management guidance is volume growth at least 21%, matching the FY26 growth rate but now from a higher base of ~28,000–28,500 MT.

The latest quarter's operating margin is 6.0%, −1.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 4.9%–6.0%, and FY26's 6.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.8 pp year on year while gross margin went −1.7 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

KSH International Ltd earned ₹42.0 Cr of net profit in the Jun 26 quarter, +82.6% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹110 Cr. The 5-year compound rate is 49.0%. That is 3.6% of the quarter's revenue. The same quarter a year earlier earned ₹23.0 Cr.

Jun 26 profit was ₹42.0 Cr, +82.6% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹110 Cr (+61.8%), and the 5-year compound rate is 49.0%.

Why profit moved: revenue contributed +108.2% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +74.1% vs revenue +79.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −43% of KSH International Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−65.0 Cr of operating cash against ₹110 Cr of profit. After ₹146 Cr of capital spending, ₹−211 Cr was left as free cash.

FY26: operating cash of ₹−65.0 Cr against reported profit of ₹110 Cr, leaving free cash of ₹−211 Cr after ₹146 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −43% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −43%: the cash cycle tightened 16 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 6.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

KSH International Ltd's cash conversion cycle runs 79 days in FY26, down from 95 days in FY21. Capital spending ran ₹296 Cr over the last 3 years. At FY26 sales of ₹3,107 Cr each day of that cycle holds about ₹8.5 Cr, so roughly ₹672 Cr sits inside the business at any moment.

FY26: debtors at 39 days, inventory at 56 days — roughly 1.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 79 days, tighter than FY21's 95.

The full loop: cash goes out to suppliers and production on day 0; stock waits 56 days to sell; customers pay about 39 days after that; and suppliers themselves are paid at 16 days — netting out to the 79-day cycle.

In money terms: at FY26 sales of ₹3,107 Cr, each day of the cycle holds about ₹8.5 Cr — so the 79-day loop keeps roughly ₹672 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹296 Cr over the last 3 fiscal years against ₹47.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹52.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

KSH International Ltd earns a ROCE of 21% in FY26. That is up from a trough of 16% in FY23. Return on invested capital clears the cost of that capital by +2.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.5% net margin on 2.35× asset turns.

FY26 ROCE is 21%, recovered from a FY23 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.5% net margin × 2.35× asset turns × 1.64× balance-sheet leverage ≈ 13.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 14.6% − 12.0% = a +2.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

KSH International Ltd carries total debt of ₹321 Cr against shareholder equity of ₹808 Cr as of Mar 26, a debt-to-equity of 0.40. On the annual view that ratio went from 1.22 in FY25 to 0.40 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹321 Cr against shareholder equity of ₹808 Cr — a debt-to-equity of 0.40. On the annual view, debt-to-equity went from 1.22 (FY25) to 0.40 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of KSH International Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. IPO proceeds deployed ₹226 Cr for debt repayment in December 2025, reducing D/E from 1.35x to 0.42x and term debt balance substantially. Q4 FY26 interest expense ₹13 Cr (down from ₹14 Cr in Q3) confirms term debt savings beginning to materialize, partially offset by higher working capital utilization as guided. Debt-to-EBITDA now 0.39x per May 2026 concall. The G1 miss (interest 'not necessarily' declining in Q4) has been partially resolved — Q4 interest did decline modestly from Q3, though not to the extent implied in the Jan 2026 call.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

KSH International Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

KSH International Ltd trades at 53.2× P/E, at the pricey end of its own range (91st percentile). Its long-run median P/E is 37.1×, measured across 0.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 53.2× is at the pricey end of its own range (91st percentile), against a long-run median of 37.1× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

KSH International Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.3/100 — rank 6 of 6 in Electrical Equipments/HVDC · 69% evidence confidence

KSH International Ltd scores 49.3 out of 100 against the 6 companies it is compared with in Electrical Equipments/HVDC, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 15.8 + 7.6 + 15.9 + 10 = 49.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What KSH International Ltd's management promised, set against what actually arrived — 2 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

US Import Duty Rate Contradiction · 9 February 2026. In the January 2026 call, management explicitly stated that a 10% duty applied to imports, framing it as a manageable gap. However, just one month later in the February 2026 call, they presented a completely different scenario, stating duties were previously 54% and are now uncertain but likely between 18% and 25%, creating material confusion regarding export competitiveness. Earlier call (Jan 2026): “There is a 10% duty element which is applicable on any import. Now you add that 10% on the copper price as well... then it becomes quite, quite a substantial gap.” Later call (Feb 2026): “Before, the duties on the valuation part were around 54%. Now, this is still work in progress... we believe it will be somewhere between 18-25%.”

Interest Expense Reduction Outlook · 9 February 2026. The January 2026 call highlighted the repayment of ₹226 crores in debt, with management asserting the financial benefit would be 'visible going forward,' implying a clear reduction in finance costs. In the February 2026 call, management contradicted this expected trajectory by stating that total interest costs would 'not necessarily' decrease in Q4, as rising working capital interest would offset the term loan savings. Earlier call (Jan 2026): “The company has already paid INR225.9 crores towards reducing its term debt... The benefit of this will become visible going forward.” Later call (Feb 2026): “Not necessarily, because utilization will also go up, so we do not expect working capital interest to go down significantly from Q3 levels.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions