KSH International Limited has received a significant credit rating upgrade from CARE Ratings Limited, reflecting the company's improved operational performance and strengthened capital structure following its recent Initial Public Offering. The rating agency upgraded multiple credit facilities based on the company's audited results for FY25 and unaudited performance for 9MFY26.

Credit Rating Upgrades

CARE Ratings upgraded KSH International's credit ratings across all facility categories through a comprehensive review. The rating action was communicated through a letter dated February 17, 2026, with the company receiving and disclosing the information to stock exchanges on February 18, 2026. CARE Ratings subsequently issued a detailed press release on February 23, 2026, providing the rationale for the upgrade.

Key Rating Drivers and Company Performance

CARE Ratings highlighted substantial improvement in KSH's scale of operations and profitability in FY25 and 9MFY26. The company's total operating income grew by approximately 39% to ₹1,935.15 crore in FY25 from ₹1,387.56 crore in FY24, with volume growth of around 9%. Growth continued in 9MFY26 with total operating income reaching ₹2,088.63 crore against ₹1,420.46 crore in 9MFY25.

Capital Structure Strengthening Through IPO

The rating upgrade significantly factors in the strengthening of KSH's capital structure following its IPO completion in December 2025. The company raised equity proceeds of approximately ₹420.00 crore, with a substantial portion deployed towards debt repayment. KSH repaid ₹225.90 crore of combined long-term and short-term debt, including ₹175.98 crore in long-term debt and ₹50.00 crore in short-term debt.

The company's overall gearing improved from 1.23x as of March 31, 2025, to below unity levels following the equity infusion and debt reduction. Interest coverage ratio remained satisfactory at 4.54x in FY25, with expectations of further improvement post-IPO.

Facility Expansion and Manufacturing Capacity

KSH successfully commissioned its Phase-1 expansion at the new Supa facility without cost overrun, adding 12,000 MTPA capacity across standard and special grade magnetic winding wires. The facility commenced operations in September 2025, bringing the company's total annual capacity to 43,445 MTPA across four manufacturing facilities in Maharashtra.

The company plans to implement Phase-2 expansion at the same location, expected to add another 18,000 MTPA capacity by FY27-end. This phase will be largely funded through IPO proceeds, limiting additional debt requirements.

Market Position and Business Strengths

CARE Ratings recognized KSH's position as India's third-largest manufacturer and largest exporter of magnet winding wires. The company maintains long-standing relationships with over 100 clients across India and overseas markets, including several reputed OEMs. The rating agency noted KSH's established presence in the copper winding wire industry, experienced promoter group with five decades of experience, and diversified customer base across power, automotive, railways, and consumer durables sectors.

Regulatory Compliance and Disclosure

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 on February 24, 2026, ensuring proper dissemination to BSE (scrip code: 544664) and NSE (symbol: KSHINTL) where the company's shares are listed.

Source: None/Company/INE987S01020/467c2852-8dfc-45c6-a211-0d50db7bafd6.pdf

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