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KSH International IPO
KSH International Ltd
₹14,235 /39 sharesMinimum Investment
KSH International IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 16 Dec ‘25 - 18 Dec ‘25 | ₹14,235 | 39 | ₹365 - ₹384 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 710 Cr | RHP PDF | 19 Dec ‘25 | 23 Dec ‘25 |
| Face value |
|---|
| 5 |
About KSH International
Founded in
1979
MD/CEO
Mr Rajesh Kushal Hegde
Parent organisation
KSH International Ltd
Strengths & Risks of KSH International
Strengths
Risks
KSH International claims to be one of the leading manufacturers of magnet winding wires in India, having started operations in 1981 in Taloja, Raigad, Maharashtra. Over the years, it has diversified from manufacturing a single type of magnet winding wire to producing various standard and specialised magnet winding wires tailored to customer-specific requirements.
KSH International operates large magnet winding wire manufacturing facilities and, according to a CARE report, was the third-largest manufacturer in India by production capacity in FY25. As of June 30, 2025, it has three facilities, two in Chakan, Pune, and one in Taloja, Raigad, with a combined annual installed capacity of 29,045 MT, and it has commenced Phase I operations at a fourth facility in Supa, Ahilyanagar, in September 2025. The plants are located near Jawaharlal Nehru Port in Navi Mumbai, which the company claims supports logistics and cost efficiency.
The company’s facilities are ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 certified for occupational health and safety management, and hold IATF 16949:2016 certification.
KSH International claims to have a diversified customer base across industries such as power, industrials, data centres, automotive (EV and ICE), home appliances, and refrigeration and air conditioning, with 122, 117, and 117 customers in FY25, FY24, and FY23, respectively, and 93 customers invoiced in the three months ended June 30, 2025. Of its top 10 customers by revenue in FY25, five have been associated for around 10 years intermittently, two for five years, and three for two years. It also claims to serve customers in 24 countries, including the USA, UAE, Germany, and Japan, and to maintain a sales network in India, Brazil, North America, and Europe, with its magnet winding wires recognised by companies such as Toshiba Transmission & Distribution Systems (India) Private Limited and Meidensha Corporation.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue increased from Rs 1,049.46 crore in FY23 to Rs 1,382.81 crore in FY24 and Rs 1,928.29 crore in FY25. PAT increased from Rs 26.61 crore in FY23 to Rs 37.35 crore in FY24 and Rs 67.99 crore in FY25.
The top 10 customers accounted for Rs 301.55 crore (53.97 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,013.03 crore (52.54 percent) in FY25; Rs 789.60 crore (57.10 percent) in FY24; and Rs 619.10 crore (58.99 percent) in FY23. Any failure to retain these key customers, any material reduction in business from them, or an inability to diversify the customer base could adversely affect the company’s business, results of operations, financial condition, and cash flows.
The top supplier accounted for Rs 211.97 crore (41.41 percent) of the company’s total cost of raw materials and components purchased for the period ended June 30, 2025; Rs 861.58 crore (48.07 percent) in FY25; Rs 851.87 crore (67.86 percent) in FY24; and Rs 584.52 crore (61.86 percent) in FY23. The company works largely on purchase-order-based arrangements with this vendor for copper, aluminium, enamel, and paper, so any disruption in supply, pricing pressure, or inability to renew or replace this relationship on acceptable terms could adversely affect its production schedules, costs, and overall business and financial performance.
The cost of materials consumed accounted for Rs 509.44 crore (96.29 percent) of the company’s total expenses for the period ended June 30, 2025; Rs 1,741.82 crore (94.27 percent) in FY25; Rs 1,251.41 crore (93.40 percent) in FY24; and Rs 944.96 crore (92.54 percent) in FY23. Any significant increase or volatility in the prices of these raw materials that the company is unable to fully pass on to customers could adversely impact its pricing, margins and business.
The UAE accounted for Rs 211.97 crore (41.41 percent) of the company’s total raw materials and components purchased for the period ended June 30, 2025; Rs 685.66 crore (38.52 percent) in FY25; Rs 248.88 crore (19.83 percent) in FY24; and Rs 297.07 crore (31.44 percent) in FY23. Any adverse political, social, economic, or regulatory developments in the UAE, including changes in trade policy, tariffs, sanctions, or currency volatility, could disrupt supplies, increase input costs, and negatively impact the company’s operations, margins, and financial condition.
The power sector accounted for Rs 379.81 crore (71.73 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,350.27 crore (74.79 percent) in FY25; Rs 964.29 crore (75.17 percent) in FY24; and Rs 765.23 crore (79.08 percent) in FY23. Any economic cyclicality, policy change, reduction in sectoral spending, or negative trend in the power sector could reduce demand from these customers, which could adversely affect the company’s sales and financial condition.
Revenue from exports accounted for Rs 161.51 crore (30.75 percent) of the company’s total sales of products for the period ended June 30, 2025; Rs 590.36 crore (33.20 percent) in FY25; Rs 486.33 crore (39.15 percent) in FY24; and Rs 411.04 crore (43.93 percent) in FY23. Any adverse developments in export markets or changes in trade laws and duties, including recent US tariff hikes that can result in an effective 50 percent import duty on electrical components classified under HTS 8544, could reduce overseas demand and negatively impact the company’s revenue, profitability, and cash flows.
The company reported negative cash flow from operating activities amounting to Rs 9.77 crore in FY25 and Rs 17.23 crore in FY24. This was mainly due to higher inventories and trade receivables. Persistent or future negative operating cash flows could strain the company’s liquidity, affect its ability to fund working capital and growth plans, and adversely impact its business and financial condition.
The company, its directors, and promoters are involved in certain ongoing legal proceedings. Adverse judgments in any of these cases could hurt the company’s business prospects.
The company’s four facilities are all located within Maharashtra. Any adverse political, social, economic, or weather-related developments, natural disasters, or regional disruptions in this region could simultaneously impact all plants, disrupt production and deliveries, and negatively affect the company’s business, results of operations, and cash flows.
As of October 31, 2025, the company had outstanding financial indebtedness of Rs 519.42 crore. Failure to service or repay these loans can harm the company’s operations and financial position.
KSH International Financials
*All values are in Rs. Cr
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Application Details of KSH International IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹365 - 384 | Upto ₹2 Lakh | 39 |
| High Networth Individual | ₹365 - 384 | ₹2 - 5 Lakh | 39 |
For KSH International IPO, eligible investors can apply as Regular.