KSH International Limited is a leading Indian manufacturer of magnet winding wires, primarily used in electric motors, transformers, generators, EV components and industrial equipment. The company earns revenue through B2B supply contracts with OEMs across power, automotive, renewable energy and industrial sectors. Its products play a critical role in electrical energy transmission and conversion, making them essential components across multiple industries.

Key Clients and Manufacturing Facilities

The company serves a diversified base of OEMs and industrial customers in electrical equipment, automotive, EV and power sectors. KSH operates four manufacturing facilities located at Chakan (Unit 2 & Unit 3), Taloja (Unit 1), and Supa–Ahilyanagar, Maharashtra. These facilities are strategically located near industrial clusters, enabling efficient logistics, scalability, and cost-effective manufacturing with integrated quality and testing infrastructure.

Product Portfolio, Order Book and Execution

KSH’s portfolio includes enamelled copper wires and specialty winding wires, used across the full product life cycle of motors and transformers. These products sit at the core component level, directly impacting efficiency, durability and energy loss. The company maintains a robust multi-segment order book across industrial motors, transformers and EV applications, supported by in-house execution capabilities and long-term customer contracts ensuring timely deliveries.

Mergers, Capex and Expansion Plans

The company plans to utilise IPO proceeds primarily for capacity expansion, capital expenditure and debt reduction. Expansion focuses on increasing output for high-growth segments such as EV motors, renewable energy transformers and industrial automation. KSH is also integrating operational efficiencies across its manufacturing units to improve margins, execution speed and future scalability without relying heavily on inorganic acquisitions.

Employees and Banker Details

As of June 30, 2025, we had 157 full-time employees. The Banker to the Company is Citibank N.A, Export-Import Bank of India, IndusInd Bank Limited, ICICI Bank Limited, HDFC Bank Limited, State Bank of India, The Federal Bank Limited, Bajaj Finance Limited.

MANAGEMENT AND VISION

The management team, led by Chairman & Executive Director Kushal Subbayya Hegde, has over four decades of industry experience. The leadership’s vision focuses on scalable growth, technology-led manufacturing and margin expansion. Near-term priorities include capacity utilisation and EV-focused products, while long-term goals involve strengthening global OEM relationships. Funding for capex is planned through IPO proceeds, internal accruals and optimised leverage, maintaining balance sheet discipline.

INDUSTRY OVERVIEW

KSH operates in the magnet winding wires industry, a core sub-segment of the electrical equipment supply chain. The Indian market is valued at ₹9,000–10,000 crore, growing at 10–12% CAGR, driven by EV adoption, renewable energy and industrial electrification. Globally, the market exceeds USD 35 billion, growing at 7–8% CAGR. Key global leaders include Sumitomo Electric and Superior Essex, while India remains underpenetrated, offering strong growth potential.

KEY RISK FACTORS

1. Raw Material Price Volatility
   Copper price fluctuations directly impact margins, as copper constitutes a major input cost. Sudden global price movements may affect profitability if cost increases cannot be passed on immediately to customers.
2. Customer Concentration Risk
   A portion of revenues is derived from large OEM customers. Loss of any major client or reduced order volumes could negatively impact revenue stability and capacity utilisation.
3. Industry Cyclicality
   Demand is linked to industrial capex, power infrastructure and automotive cycles. Any slowdown in these sectors may reduce order inflows and delay capacity utilisation.
4. Execution and Expansion Risk
   Delays in commissioning new capacities or cost overruns in capex projects may affect expected returns and operational efficiency.
5. Technological Obsolescence
   Rapid changes in motor efficiency standards and EV technology may require continuous product upgrades, increasing R&D and capital investment requirements.
6. Regulatory and Environmental Compliance
   Manufacturing operations are subject to environmental and industrial regulations. Non-compliance or stricter norms could increase operating costs.

KEY STRENGTHS, MOAT AND OPPORTUNITIES

1. Strong Manufacturing Footprint
   Multiple strategically located plants provide scale, redundancy and logistics efficiency, creating a strong entry barrier for new competitors.
2. Diverse End-Use Exposure
   Presence across EVs, transformers, motors and renewables reduces dependence on any single industry segment.
3. Long-Term OEM Relationships
   Established relationships with leading OEMs ensure repeat business, stable order flow and pricing visibility.
4. High Entry Barriers
   Technical know-how, stringent quality standards and customer qualification processes create a durable competitive moat.
5. EV and Renewable Energy Opportunity
   Rapid electrification and renewable energy adoption present significant demand growth opportunities for high-quality winding wires.
6. IPO-Led Balance Sheet Strengthening
   Debt reduction and capex funding through IPO proceeds will improve leverage ratios and support sustainable long-term growth.