KSH International (KSHINTL) Q3 25/26 earnings summary

Executive summary

• Achieved 24% year-over-year volume growth and record quarterly revenue and EBITDA in Q3 FY26, driven by new Supa facility capacity, robust demand in T&D and export markets, and successful capacity expansion.

• Export revenues surged, with significant growth in specialized winding wires and new HVDC transformer orders; over 90% of revenue from repeat B2B customers.

• Strategic focus on higher value-added products, international market expansion, and operational efficiency improvements.

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved and released following a board meeting on February 7, 2026.

• IPO concluded late in Q3 FY26, with shares listed on BSE and NSE on December 23, 2025; Q4 expected to be the first full representative quarter post-listing.

Financial highlights

• Q3 FY26 revenue: INR 8,177.69 million (up 59% YoY); nine months revenue: INR 20,886.29 million (up 47% YoY).

• Q3 FY26 EBITDA: INR 490 million (up from INR 400 million YoY); nine months EBITDA: INR 1,360 million (up from INR 870 million YoY).

• Q3 FY26 PAT: INR 233.26 million, down 9% YoY due to one-time costs and higher depreciation; nine months PAT: INR 755.99 million, up 53% YoY.

• Export revenue grew 37% YoY in Q3, now 27–29% of total revenue.

• Gross profit per ton improved 4% sequentially and 12% YoY; EBITDA per ton for nine months FY26: INR 66,044 (up from INR 50,133 YoY).

Outlook and guidance

• FY26 full-year volume expected at 28,500–29,500 MT, with Q4 volumes projected at ~8,000 MT.

• Targeting 80–85% utilization of current capacity over next 2–3 years; phase II expansion to double capacity to 59,045 MT in 14 months.

• Positioned for sustained growth with new capacity, industry tailwinds in EV, railways, and round wires; focus on higher value-added products and international market presence.

• The company continues to monitor regulatory changes, particularly the implementation of new labor codes, and will adjust accounting as needed.