KSH International IPO 2025: Financials, and Analysis

KSH International Ltd, a leading Pune-based manufacturer of magnet winding wires, is set to launch its ₹710 crore Initial Public Offering (IPO) on 16 December 2025, marking a significant move in the Indian manufacturing and electrical components sector. This analysis offers a complete breakdown of the company, its financial performance, business model, and IPO details, helping investors, analysts, and industry professionals assess its potential.

Table of Contents

1. Overview of KSH International
2. Company Profile and Operations
3. Business Model and Revenue Streams
4. Financial Performance and Key Metrics
5. Promoters and Ownership Structure
6. IPO Details and Objectives
7. Competitive Advantages and Market Positioning
8. Key Risks and Industry Challenges
9. FAQs on KSH International IPO

Overview of KSH International

KSH International, incorporated in 1979, ranks among India’s top three producers and the largest exporter of magnet winding wires. The company serves diversified sectors including power, renewables, railways, automotive, and electrical equipment. Its upcoming IPO aims to fund expansion, debt reduction, and working capital needs, positioning KSH International for accelerated growth in domestic and global markets.

KSH International Company Profile and Operations

KSH International manufactures insulated rectangular and round winding wires, continuously transposed conductors (CTC), and related products used in transformers, motors, generators, EVs, and appliances.

Key operational highlights:

• Manufacturing facilities: Three plants in Maharashtra, with a combined capacity of 29,045 MT per annum.

• New expansion: A fourth state-of-the-art plant in Supa Industrial Estate, operational in FY26.

• Exports: Operations extend across 24 countries, contributing 30–32% of total revenue.

• Certifications: ISO 9001, ISO 14001, ISO 45001, and IATF 16949.

• Clientele: Includes major OEMs such as ABB, Siemens, Hitachi Energy, BHEL, PGCIL, and NTPC, demonstrating strong industry credibility.

KSH International Business Model and Revenue Streams

KSH follows a dual revenue model:

1. Outright Sales (91.7% of FY25 revenue): The company procures copper or aluminium and delivers finished magnet wires and CTCs.

2. Job Work (7.7% of FY25 revenue): Processing materials supplied by clients, providing steady margins and client retention.

The company’s high barriers to entry stem from:

• Proprietary machinery and long approval cycles.

• In-house R&D for material innovation and product efficiency.

• Multi-year contracts with global OEMs ensure demand stability.

KSH International Financial Performance and Key Metrics

KSH International has shown robust financial growth over the last three years.

Highlights:

• Revenue CAGR of 35.55% and PAT CAGR of 59.83% over FY23–FY25.

• Capacity utilisation: Exceeds 80%, reflecting operational efficiency.

• Repeat business: 94.54%, showcasing strong client relationships.

• Export revenue forms a consistent 30–32%, diversified across 24 markets.

Promoters and Ownership Structure

The company is led by the Hegde family, with key promoters including Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde, Rohit Kushal Hegde, and Rakhi Girija Shetty.

• Pre-IPO holding: 98.4%.

• Post-IPO holding: Expected to reduce to 71.37% after the Offer for Sale (OFS).

• Pre-IPO placement: ₹35 crore raised from Malabar India Fund, underscoring institutional confidence.

KSH International IPO Details and Objectives

Objectives of the IPO:

• ₹226 crore for debt repayment

• ₹87 crore for new machinery at Supa and Chakan plants

• ₹9 crore for solar power installation at manufacturing sites

• Balance for general corporate and working capital purposes

Lead managers: Nuvama Wealth and ICICI Securities
Registrar: MUFG Intime

Get all the latest updates on the KSH International IPO, including offer details, price band, and institutional participation trends.

Competitive Advantages and Market Positioning

KSH International’s strengths position it well for growth in India’s high-voltage and electromobility sectors.

• Vertically integrated operations reduce dependence on suppliers.

• Advanced R&D supports developments in EV components and efficient transformers.

• Export leadership aligns with the global “China Plus One” sourcing strategy.

• Certifications and long-term supplier approvals create high barriers for competitors.

• Sustainability focus: Rooftop solar project and ISO 14001-certified operations.

Key Risks and Industry Challenges

Investors should note the following potential risks:

• Client concentration: Top 10 customers provide 53–59% of revenue.

• Leverage risk: Debt-to-equity ratio at 1.17x, sensitive to borrowing costs.

• Commodity exposure: Copper and aluminium price volatility can affect margins.

• Export challenges: Forex fluctuations and global slowdown risks.

• Capacity scaling: New Supa plant may take time to achieve optimal utilisation.

According to CARE Ratings, gearing beyond 1.5x or PBILDT below ₹40 crore could pressure credit rating and liquidity ratios.

Want to benchmark Corona Remedies with other recent pharma offerings? Use this IPO dashboard for valuation trends and sector-level comparisons.

FAQs on KSH International IPO

Q1. When is the KSH International IPO opening?
The IPO opens on 16 December 2025 and closes on 18 December 2025.

Q2. What is the IPO size and price band?
The issue size is ₹710 crore, priced between ₹365–₹384 per share.

Q3. What will KSH International use the funds for?
Proceeds will primarily go toward debt repayment, plant expansion, a new solar facility, and working capital.

Q4. Who are the lead managers and registrar?
Nuvama Wealth and ICICI Securities are lead managers, with MUFG Intime as registrar.

Q5. What are KSH International’s key strengths?
Strong R&D, integrated supply chain, robust export network, and relationships with leading electrical and power OEMs.

Q6. When will the shares list?
Listing is expected on 23 December 2025 on both BSE and NSE.