KSH International IPO: Issue Details, Price, Review, Financials & Investment Analysis
KSH International Ltd is set to enter the primary market with its much-anticipated Initial Public Offering (IPO), attracting attention from investors looking for exposure to India’s growing engineering, infrastructure, and industrial solutions space. The company operates in a niche segment, offering specialised products and services catering to domestic as well as international markets.
The IPO marks an important milestone in KSH International’s growth journey, enabling it to strengthen its balance sheet, expand capacity, and capitalise on rising demand from infrastructure, industrial, and export-oriented sectors.
India’s infrastructure and industrial sectors continue to witness strong momentum driven by government spending, private capex revival, and export opportunities. Demand for engineered products, industrial components, and customised solutions is rising steadily, benefiting companies like KSH International.
The government’s focus on Make in India, infrastructure modernisation, and industrial development further supports long-term sector growth.
Business Strengths
1. Diversified Product Portfolio
KSH International offers a wide range of industrial and engineered products, reducing dependency on a single revenue stream.
2. Experienced Management Team
The company is led by promoters and professionals with deep industry knowledge and execution capabilities.
3. Strong Client Relationships
Long-standing relationships with repeat customers help ensure steady order inflows.
4. Export Exposure
International market presence adds revenue diversification and foreign currency earnings.
5. Quality & Compliance Focus
Adherence to quality standards and regulatory norms enhances credibility with clients.
About KSH International Ltd
KSH International Ltd is engaged in the manufacturing, supply, and trading of industrial-grade products and engineered solutions. The company caters to multiple sectors including:
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Infrastructure and construction
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Engineering and industrial manufacturing
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Power and utilities
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Export-driven industrial markets
With years of operational experience, KSH International has built a diversified client base and focuses on quality, compliance, and timely execution.
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Core Business: India’s third-largest manufacturer and largest exporter (by revenue in FY25) of magnet winding wires under the ‘KSH’ brand.
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Products: Enamelled copper/aluminium winding wires, paper insulated rectangular wires, continuously transposed conductors, and specialized insulated conductors.
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End-Use Sectors: Power, renewables, railways, automotive (EV and ICE), motors, transformers, generators, industrials, and home appliances.
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Market Position: Strong export presence in 24 countries (30-40% of revenue) and an approved supplier for major entities like PGCIL, NTPC, BHEL, and Siemens.
KSH International IPO Details
| Detail | Value |
| Issue Dates | December 16, 2025, to December 18, 2025 |
| Price Band | ₹365 to ₹384 per equity share |
| Total Issue Size | ₹710.00 Crores |
| Components | Fresh Issue (₹420 Cr) and Offer for Sale (OFS) (₹290 Cr) |
| Lot Size | 39 Shares |
| Minimum Investment (Retail) | ₹14,976 (at upper price band) |
| Listing | BSE and NSE |
| Tentative Listing Date | December 23, 2025 |
Objects of the Issue (Fresh Issue Proceeds)
The company plans to utilize the fresh issue proceeds primarily for:
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Repayment/Prepayment of Debt: Approximately ₹226 crore.
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Capital Expenditure: Purchase and installation of new machinery at its Supa and Chakan facilities (approx. ₹87 crore).
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Solar Power Plant: Setting up a rooftop solar power plant at the Supa facility.
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General Corporate Purposes.
Financial Highlights (FY25 Consolidated)
KSH International has reported consistent revenue growth over recent years, supported by increasing order volumes and improved operational efficiencies. Profit margins have shown stability, reflecting disciplined cost management and scale benefits.
Key financial indicators such as EBITDA margins and return ratios will be crucial factors for investors to evaluate once detailed financials are disclosed.
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Total Income: ₹1,938.19 crore
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Profit After Tax (PAT): ₹67.99 crore
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Revenue CAGR (FY23-FY25): $\approx 36\%$
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PAT CAGR (FY23-FY25): $\approx 60\%$
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Return on Equity (ROE): $22.77\%$
Analyst Views (Should You Apply?)
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Positives: Strong growth in revenue and PAT, leadership in the magnet winding wires segment (especially exports), favorable industry tailwinds (EV, renewables, power infra), good Return on Equity, and capacity expansion plans.
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Concerns/Risks: Fair (not deeply discounted) valuation compared to peers, higher debt-to-equity ratio (though IPO proceeds will reduce it), high customer/supplier concentration, and volatility in copper/aluminium prices.
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Recommendation Consensus: Generally, Subscribe for the long term, with caution for short-term listing gains seekers due to fair pricing.
Risks to Consider
1. Raw Material Price Volatility
Fluctuations in input costs may impact margins if not passed on to customers.
2. Sector Cyclicality
Infrastructure and industrial demand can be cyclical and dependent on economic conditions.
3. Competition
The company faces competition from both organised and unorganised players.
4. Client Concentration
High dependence on a few major clients could pose risks if orders decline.
Should You Invest in KSH International IPO?
The KSH International IPO could appeal to investors seeking exposure to the industrial and infrastructure-linked manufacturing segment. The company’s diversified operations, experienced management, and sector tailwinds are positives. However, investors should carefully assess valuation, financial metrics, and risk factors mentioned in the RHP before applying.
Conclusion
KSH International Ltd is well-positioned to benefit from India’s infrastructure push and industrial growth. The IPO offers investors an opportunity to participate in the company’s next growth phase. As with any IPO, a detailed review of financials, valuations, and long-term prospects is essential before making an investment decision.
