KSH International Limited has announced a significant credit rating upgrade from CARE Ratings Limited, reflecting the company's improved operational and financial performance. The rating agency reviewed and upgraded multiple credit facilities based on the company's audited results for FY 2024-25 and unaudited performance for Q3 2025-26.

Credit Rating Upgrades

CARE Ratings upgraded KSH International's credit ratings across all facility categories. The rating action was communicated through a letter dated February 17, 2026, which the company received and subsequently disclosed to the stock exchanges on February 18, 2026.

Facility Structure and Banking Relationships

The company maintains banking relationships with multiple leading financial institutions for its total rated facilities of ₹450.08 crore. The long-term facilities of ₹61.08 crore primarily consist of term loans from Federal Bank (₹31.00 crore) and ICICI Bank (₹30.08 crore across multiple facilities). These term loans have structured repayment schedules ranging from 18 quarterly installments to 60 monthly installments.

Short-term facilities totaling ₹59.00 crore include fund-based limits of ₹20.00 crore from Federal Bank for sales invoice discounting and non-fund based limits of ₹39.00 crore from State Bank of India and IndusInd Bank for bank guarantees.

Enhanced Credit Limits

The rating upgrade coincided with enhancements in certain credit facilities. Long-term/short-term bank facilities were enhanced to ₹330.00 crore from ₹180.00 crore, while short-term bank facilities increased to ₹59.00 crore from ₹29.00 crore. However, long-term bank facilities were reduced to ₹61.08 crore from ₹195.96 crore.

The long-term/short-term facilities include comprehensive banking arrangements with ICICI Bank (₹135.00 crore), State Bank of India (₹75.00 crore), HDFC Bank (₹50.00 crore), Citi Bank (₹25.00 crore), IndusInd Bank (₹20.00 crore), and Federal Bank (₹25.00 crore). These facilities cover various banking products including working capital demand loans, packing credit, bill discounting, letters of credit, and bank guarantees.

Regulatory Compliance

The rating upgrade disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Sarthak Arun Malvadkar signed the regulatory filing, ensuring proper dissemination of the material information to BSE and NSE where the company's shares are listed under scrip code 544664 and symbol KSHINTL respectively.

Source: KSH International Limited regulatory filing

KSH International Limited has released the official transcript of its Q3FY26 earnings conference call held on February 09, 2026, providing detailed insights into the company's record-breaking performance and strategic expansion initiatives. The transcript was submitted to BSE and NSE on February 12, 2026, under Regulation 30 and Regulation 46(2)(oa) of SEBI Listing Regulations.

Earnings Call Details and Regulatory Compliance

The earnings conference call was conducted to discuss the company's unaudited financial results for the quarter and nine months ended December 31, 2025. The call was hosted by ICICI Securities Limited and featured key management personnel including Managing Director Rajesh Hegde, CFO Amod Joshi, Head of Investor Relations Dhruv Chopra, and Head of Secretarial & Legal Nakul Patil.

Key Management Commentary on Business Performance

Managing Director Rajesh Hegde highlighted the company's position as potentially the second largest winding wire manufacturer in India with installed capacity of 43,445 metric tons. He emphasized that Q4 FY26 would be the first full quarter post-listing and more representative of underlying business trends. The company expects production capability of 28,500 to 29,500 metric tons for the full year.

CFO Amod Joshi provided detailed financial analysis, noting that specialized winding wires represented approximately 75% of total revenue in Q3FY26. He outlined several non-recurring items affecting Q3 performance, including Rs.1.60 crore exceptional expense for new Labour Codes implementation and Rs.2.70 crore interest on Supa facility loan.

Strategic Business Positioning and Market Leadership

The transcript reveals KSH International's strong market position in Continuously Transposed Conductors (CTC), where the company maintains leadership in India. The company serves approximately 120 leading domestic and global OEM customers with over 90% revenue from repeat customers. Export revenue grew 37% year-over-year in Q3FY26, representing around 27% of total revenues.

HVDC and High-Value Product Focus

During the call, management discussed the company's exclusive position in supplying specialized winding wires for HVDC (High Voltage Direct Current) transformers in India. The company has received cumulative orders for 37 HVDC transformers to be supplied over 12-18 months. Management noted that KSH International is the only Indian company approved to supply to HVDC 400kV transformers.

Capacity Expansion and Operational Metrics

The Supa facility Phase 1 expansion added 12,000 metric tons capacity at the end of September 2025, with an additional 2,400 metric tons added during Q3. The facility achieved over 50% capacity utilization in its first three months of operation. Management expects sequential volume increases every quarter, driving better operating leverage.

Financial Performance Insights

The earnings call provided detailed explanations of Q3FY26 financial performance, including the impact of copper price pass-through mechanisms and working capital management strategies. Management confirmed EBITDA per ton sustainability at Rs.65,000-66,000 levels and outlined plans to improve working capital days through better supplier payment terms.

Investor Engagement and Transparency

The comprehensive transcript demonstrates KSH International's commitment to transparent investor communication. The document includes detailed Q&A sessions with analysts from ICICI Securities, LIC Mutual Fund, Inved Research, Birla Family Office, and Nuvama Wealth, covering topics from capacity utilization to market competitiveness and future growth strategies.

Company Secretary Sarthak Arun Malvadkar confirmed the transcript's availability on the company website, ensuring continued stakeholder access to management insights and strategic direction discussions.

Source: KSH International Limited