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 ₹1,036, in a confirmed uptrend and 31 weeks into that stage. That is +42.0% against its own 200-day average. It sits at 84% of a 52-week range of ₹334 to ₹1,171. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a confirmed uptrend — week 31 of stage 2, confirmed. At ₹1,036 it trades +42.0% versus its 200-day average and sits at 84% of its 52-week range (₹334–₹1,171).

Against the market, two honest reads. Cumulative: over the last 8 months the stock moved +202% while the NIFTY 500 moved −5% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 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 22 August 2026. Where it sits in its own cycle: CONTRACTION_WITH_EXECUTION_RISK. Still open: The whole thesis breaks if Supa capacity is available but quarterly revenue growth and EBITDA per ton both retreat for two consecutive prints while working-capital cash absorption persists.

Our read, 22 August 2026. Capacity ramp and CTC-led mix are lifting reported earnings, but the cash conversion gap and a premium multiple require delivery each quarter.

From the numbers. The weekly PE-cycle label is emerging opportunity, but the deeper valuation read is more cautious. Current PE is 49.15 times, while deterministic trailing PE is 50.1 times and normalized PE is 49.7 times. That small…

From the price. Price stage 2, week 31 — above its 200-day line.

From the research. Capacity ramp and CTC-led mix are lifting reported earnings, but the cash conversion gap and a premium multiple require delivery each quarter.

🚨 Where they disagree. The weekly PE-cycle label is emerging opportunity, but the deeper valuation read is more cautious. Current PE is 49.15 times, while deterministic trailing PE is 50.1 times and normalized PE is 49.7 times. That small normalization gap means the current multiple is not explained by depressed margins. The operating-cycle label is contraction despite high growth because OPM is flat and the margin history is short; the normalized verdict is NA_SHORT_MARGIN_HISTORY. FII ownership increased from 3.72% in December 2025 to 5.71% in June 2026, but this does not substitute for cash conversion.

What is proven. Capacity ramp and CTC-led mix are lifting reported earnings, but the cash conversion gap and a premium multiple require delivery each quarter.

What is not proven yet. The whole thesis breaks if Supa capacity is available but quarterly revenue growth and EBITDA per ton both retreat for two consecutive prints while working-capital cash absorption persists.

🚨 What would change our mind. The whole thesis breaks if Supa capacity is available but quarterly revenue growth and EBITDA per ton both retreat for two consecutive prints while working-capital cash absorption persists.

🚨 Layer 1 read, 22 August 2026 — DROP. Real capacity ramp, but profit is not becoming cash, debt is higher than pre-listing, and shares cost 52x. Quarterly revenue doubled to Rs 1,164 Cr with profit of Rs 42 Cr, and the underlying driver is genuine — volume up 30% and profit per tonne up from about Rs 65,000 to Rs 93,000 as specialized wire and exports grew. The problem is that none of it turns into cash: over three years the company reported Rs 215 Cr of profit but its operations consumed Rs 91 Cr, and gross borrowings are still Rs 321 Cr after the flotation repaid Rs 225.9 Cr. Management guides profit per tonne back to about Rs 75,000, which would have cut this quarter operating profit by roughly a fifth — and at 52 times earnings there is no room for that.

What would change Layer 1’s mind. Two consecutive quarters with profit per tonne below Rs 75,000 while operating cash flow stays negative and gross borrowings rise above the March-2026 level of Rs 321 Cr. That combination would say the volume ramp is buying revenue with borrowed working capital and the 52x multiple has nothing beneath it — which is the timeline own falsification condition, sharpened with the debt leg I verified. In the other direction, a single quarter of clearly positive operating cash flow with…

The test written in advance. The whole thesis breaks if Supa capacity is available but quarterly revenue growth and EBITDA per ton both retreat for two consecutive prints while working-capital cash absorption persists. — the thesis as written as stated by the next result.

The test written in advance. Cash conversion and debt-funded growth — Cash conversion and debt-funded growth Operating cash flow remains negative after working-capital days improve. by the next result.

The test written in advance. Premium valuation with limited history — Premium valuation with limited history A quarter of volume or unit-economics delivery below management's range. by the next result.

What the company does. The latest quarter delivered revenue growth of 108.2% and profit growth of 82.6% year on year as utilization and specialized-wire mix improved. Management now targets roughly 26% full-year volume growth and an EBITDA-per-ton baseline near ₹75,000, while Phase 2 remains scheduled for completion by March 2027. The investment case is constrained by operating cash flow below reported profit over the latest three fiscal years and a trailing valuation near the top of its limited listed-history range.

🚨 What the surface reading misses. The surface reading is: Higher guidance implies faster earnings growth. The research reads it further: The guidance follows a quarter with elevated CTC and export mix, while management expects standard-wire contribution and Supa fixed costs to rise.

🚨 What the surface reading misses. The surface reading is: The quarter indicates a step-up in profitability. The research reads it further: The reported unit economics were driven by mix, exports and utilization rather than a permanent commodity-price gain, because copper is described as pass-through.

Lever 1 · Operating leverage — BUILDING. Higher utilization and the next Supa capacity wave can raise volume from the newly expanded base. What proves it keeps working: Supa capacity ramp. It stops working if Phase 2 is delayed beyond March 2027 or utilization retreats despite installed capacity.

Lever 2 · Value-added mix — BUILDING. CTC, higher-voltage products and exports drove the latest unit economics. What proves it keeps working: CTC and export mix. It stops working if Standard-wire mix expands faster than specialized-wire demand and lowers blended unit economics.

Lever 6 · Order-book wins — BUILDING. A five-year Hitachi framework expands supply visibility while commercial terms remain open. What proves it keeps working: Transformer OEM framework. It stops working if The framework does not convert into disclosed volumes, pricing or recurring orders.

Lever 3 · Management change — BUILDING. The commissioned captive recycling facility can add operating efficiency, though near-term benefit is limited. What proves it keeps working: Upcast recycling facility. It stops working if The facility does not improve scrap conversion economics or utilization as production scales.

Sources: our stock research file (22 August 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. The framework covers Indian plants and some global plants. It supports demand visibility, but quantities and pricing have not been disclosed and should not be treated as booked revenue.

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. The Capex Inflection Point applies because utilization reached 73.5% sequentially on the existing base and Phase 2 remains scheduled to complete by March 2027. The driver needs demand conversion rather than just installed capacity.

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 −42% 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 −42% 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 −42%: the cash cycle tightened 15 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 80 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 ₹681 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 80 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 14 days — netting out to the 80-day cycle.

In money terms: at FY26 sales of ₹3,107 Cr, each day of the cycle holds about ₹8.5 Cr — so the 80-day loop keeps roughly ₹681 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. The facility has 5,000 MT capacity and recycles copper scrap. Management expects only a modest current-year gross-profit contribution, so it is an efficiency option rather than the central earnings driver.

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 50.9× P/E, at the pricey end of its own range (92nd percentile). Its long-run median P/E is 40.7×, measured across 0.8 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 50.9× is at the pricey end of its own range (92nd percentile), against a long-run median of 40.7× measured over 0.8 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 25 August 2026 price, KSH International Ltd was paying for profit growth of about 26.7% a year. Profit itself has compounded 49.0% a year over the past 5 years. Today the market pays 50.9× P/E, the 92nd percentile of its own 1-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 25 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 28 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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

61.2/100 — rank 3 of 3 in Electrical Equipment and HVDC · 70% evidence confidence

KSH International Ltd scores 61.2 out of 100 against the 3 companies it is compared with in Electrical Equipment and HVDC, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.4 + 15.8 + 15 + 10 = 61.2. 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 — 4 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.

EBITDA-per-ton Sustainable Baseline Raised Above Prior Range · 11 August 2026. Management materially raised the sustainable EBITDA-per-ton baseline in Aug 2026. May 2026 described INR 65,000-70,000 as sustainable on a long-term basis, and Feb 2026 characterized INR 65,000-67,000 as sustainable, whereas Aug 2026 said approximately INR 75,000 should be sustainable for FY27. The latest call attributes the Q1 spike to record CTC mix, exports and favorable new-customer value-addition, but also says the CTC mix should normalize, and it does not explicitly reconcile the higher full-year baseline with the earlier ranges.

Backward-Integration Facility Timeline Accelerated Without Reconciliation · 11 August 2026. May 2026 stated that the green copper backward-integration facility was expected to commence in H2 FY27. In Aug 2026, management said the upcast backward-integration facility had already been commissioned, before H2 FY27, without explaining the schedule change or clarifying whether the two references describe the same project. This changes the timing assumptions for expected operating-efficiency and sustainability benefits.

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