KSH International (KSHINTL) Q4 25/26 earnings summary

Executive summary

• Achieved strong revenue and profit growth in Q4 and FY26, driven by robust demand in specialized winding wires, exports, and capacity expansion initiatives.

• Export revenue surged 92% year-over-year in Q4, with specialized wire revenues up 103% year-over-year.

• Maintained leadership in specialized magnet winding wires, serving over 120 OEM customers globally and exporting to 24+ countries.

• Embedded in critical infrastructure sectors with high entry barriers due to technical complexity and regulatory approvals.

• Completed an IPO in December 2025, raising ₹4,200 million via fresh issue and ₹2,063.54 million via offer for sale.

Financial highlights

• Q4 FY26 revenue: INR 1,018 crore, up 101% year-over-year; FY26 revenue: INR 3,107 crore, up 61%.

• Q4 EBITDA: INR 56 crore (up from INR 35 crore); FY26 EBITDA: INR 190 crore (up from INR 123 crore).

• Q4 PAT: INR 34.5 crore, up 87% year-over-year; FY26 PAT: INR 110 crore, up 62%.

• EBITDA per ton in Q4: INR 74,000 (up from INR 60,000 a year ago); FY26: INR 67,625 per ton (up from INR 52,500).

• Basic and diluted EPS for FY26 were ₹5.10 and ₹5.09, respectively, up from ₹3.25 in FY25.

Outlook and guidance

• Expect to sustain at least 21% volume growth in FY27, matching FY26 growth.

• Management expects continued momentum into FY27, supported by capacity expansion, diversification, and sustainability initiatives.

• Sustainable EBITDA per ton guided at INR 65,000–74,000, depending on product mix and export share.

• Additional capacity at Supa to come online in Q2 FY27; full-year benefit expected.

• Transformer capacity in India projected to triple by FY28, driven by energy transition, data centers, and global grid upgrades.