KSH International Shares Soar 15% on Robust Q4; Which Segment Drove the Most Revenue?

Synopsis: KSH International reported strong growth during FY26, supported by rising exports, higher demand for specialised wires, expanding production capacity, and improved operational performance across domestic and international markets.

The shares of this small cap company majorly engaged in manufacturing of insulated rectangular, round winding wires and a leading exporter of it  jumped up to 15 percent after posting robust Q4 FY26 results. 

With the market capitalization of Rs. 5117 Crores, the shares of KSH International Ltd reached an intraday high of Rs. 799 per share rising nearly 15 percent from its previous day close of Rs. 695 per share and is trading at a P/E of 45.9 whereas industry P/E stands at 26.5 

Q4 FY26 Results: 

Year on Year analysis: Revenue from operations has increased from Rs. 508 Crores to Rs. 1018 Crores, up 100 percent. Operating profit has increased from Rs. 35 Crores to Rs. 56 Crores, up 60 percent and net profit has increased from Rs. 18 Crores to Rs. 35 Crores, up 94 percent. 

Quarter on Quarter analysis: Revenue from operations has increased from Rs. 818 Crores to Rs. 1018 Crores, up 24 percent. Operating profit has increased from Rs. 49 Crores to Rs. 56 Crores, up 14 percent and the net profit has increased from Rs. 23 Crores to Rs. 35 Crores, up 52 percent. 

Revenue Growth Driven by Volumes and Product Demand

KSH International delivered a strong financial performance in FY26, supported by healthy demand across specialised and standard magnet winding wires. Q4 FY26 revenue from operations rose 101 percent  YoY to Rs 1,018.3 crore from Rs 507.8 crore. For FY26, revenue increased 61 percent  YoY to Rs 3,106.9 crore compared to Rs 1,928.3 crore in FY25. The company stated that growth was supported by higher sales volumes, better product mix, and increased copper prices.

Strong Growth in Specialised Wires Segment

The specialised winding wires business continued to remain the company’s key revenue contributor. Revenue from specialised wires grew 103 percent  YoY in Q4 FY26 to Rs 707.9 crore and increased 62 percent  YoY in FY26 to Rs 2,187 crore. The company highlighted that specialised winding wires contributed nearly 75 percent  of total revenue during both FY25 and FY26. Demand for continuously transposed conductors (CTC) and export-led orders supported this performance.

Export Business Shows Significant Improvement

Exports remained a major growth driver for the company. Export revenue increased ~92 percent  YoY in Q4 FY26 to Rs 253.2 crore from Rs 131.7 crore. For FY26, export revenue rose ~39 percent  YoY to Rs 823.3 crore. KSH International stated that additional production capacity helped the company expand into new countries while also adding new transformer OEM customers in existing markets. Export growth in Q4 FY26 accelerated sharply  compared to 37 percent  growth recorded during Q3 FY26.

Volume Expansion and Better Operating Efficiency

Sales volumes increased 29 percent  YoY in Q4 FY26 to 7,611 MT from 5,900 MT in Q4 FY25. For the full year, sales volumes rose 21 percent  YoY to 28,167 MT. EBITDA for Q4 FY26 grew 60 percent  YoY to Rs 56.3 crore, while FY26 EBITDA increased 55 percent  YoY to Rs 190.4 crore. EBITDA per ton improved significantly to Rs 67,625 in FY26 from Rs 52,536 in FY25, reflecting stronger operational efficiency and an improved product mix. 

Profitability Improves Sharply

The company reported a sharp increase in profitability during the year. Profit after tax rose 87 percent  YoY in Q4 FY26 to Rs 34.5 crore compared to Rs 18.4 crore in the corresponding quarter last year. For FY26, PAT increased 62 percent  YoY to Rs 110.1 crore from Rs 67.9 crore. The improvement was supported by higher revenue, volume growth, and better operating margins.

Capacity Expansion and Future Growth Plans

KSH International continued expanding its manufacturing capacity to meet rising demand. Installed capacity stood at 43,445 MTs as of March 31, 2026, including 14,400 MTs at the Supa facility. The company plans to increase total installed capacity to 59,045 MTs by the end of FY27. Capacity utilisation during Q4 FY26 stood at 70 percent , impacted partly by newly added capacity at Supa, although management noted sequential improvement over Q3 FY26.

Balance Sheet and Working Capital Position

At the end of FY26, total debt stood at Rs 316 crore, largely linked to growth-driven working capital requirements. The company maintained a debt-to-equity ratio of 0.39x, indicating a relatively controlled leverage position despite expansion activities. KSH International also improved its working capital management, with payable days improving by 8 days during FY26 compared to FY25.  

Conclusion: 

KSH International ended FY26 with strong momentum across its core business segments, supported by healthy volume growth, rising exports, improved operational efficiency, and expanding manufacturing capacity. The company benefited from strong demand for specialised winding wires, particularly in export markets, while maintaining focus on higher value-added products. Profitability improved significantly alongside revenue growth, reflecting better execution and scale advantages. With capacity expansion plans progressing, a stable balance sheet position, and increasing presence across domestic and international markets, the company appears well placed to support future growth opportunities in the magnet winding wires industry.

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