KSH International Limited, a manufacturer and exporter of magnet winding wires, is coming up with its ₹710.00 crore IPO, comprising a fresh issue of ₹420.00 crore and an offer for sale (OFS) of ₹290.00 crore. The IPO opens for subscription on December 16, 2025 and closes on December 18, 2025, with listing proposed on BSE and NSE.
Incorporated in 1979, KSH International operates under the “KSH” brand and supplies magnet winding wire products to OEMs across sectors such as power, renewables, railways, automotive, and industrials. The company has both domestic and international customers and exports to multiple geographies.
The sections below outline the company’s operations, financial performance, and key IPO details as disclosed in the RHP.
(Source: Chittorgarh)
Company Overview
KSH International Limited manufactures and supplies magnet winding wires used in electrical equipment and industrial applications.
Key Product Portfolio
- Round enamelled copper and aluminium magnet winding wires
- Rectangular enamelled copper and aluminium magnet winding wires
- Paper insulated rectangular copper and aluminium magnet winding wires
- Continuously transposed conductors
- Bunched paper insulated copper magnet winding wires
The company supplies to OEMs across power, renewable energy, railways, automotive, and industrial segments.
As of June 30, 2025, KSH International had:
- Three manufacturing facilities in Maharashtra (Taloja and Chakan)
- Installed capacity of 29,045 MT per annum
- A fourth facility under development at Supa, Ahilyanagar (expected in FY26)
- 157 full-time employees
Industry Context
The demand for magnet winding wires is driven by:
- Expansion in power transmission and distribution
- Growth in renewable energy capacity
- Increased electrification in railways and automotive sectors
- Rising demand for electrical equipment and transformers
The industry has relatively high entry barriers due to certification requirements, customer approvals, and the need for consistent product quality and reliability.
Business Strengths
- Established Manufacturing Capabilities: Multiple facilities with advanced manufacturing processes and certifications.
- Diversified Customer Base: Approved supplier to major public and private sector entities including PGCIL, NTPC, NPCIL, and RDSO, with exports to 24 countries.
- Export Presence: Exports to markets such as the USA, Germany, UAE, and Japan, supporting revenue diversification.
- Certifications and Accreditations: Holds certifications including ISO 9001, ISO 14001, ISO 45001, and IATF 16949.
- Experienced Promoters and Management: Long operating history with industry experience since 1979.
Financial Performance
KSH International Ltd. – Financial Summary (₹ in crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 793.28 | 744.91 | 482.71 | 359.18 |
| Total Income | 562.6 | 1,938.19 | 1,390.50 | 1,056.60 |
| Profit After Tax | 22.68 | 67.99 | 37.35 | 26.61 |
Key Ratios & Metrics (as of March 31, 2025)
- EBITDA Margin: 6.35%
- PAT Margin: 3.51%
- Price-to-Book Value: 7.31
KSH International reported growth in both revenue and profitability in FY25, supported by higher volumes and improved operating performance.
(Source: RHP | Chittorgarh)
Market Outlook & GMP Trends
As of December 13, 2025, 09:59 AM, grey market indicators suggest muted investor sentiment toward the KSH International IPO. The latest GMP stands at ₹0, indicating that the issue is currently expected to list around its upper price band of ₹384 per share, with no expected premium or discount on listing.
Based on the last three grey market sessions, no major movement has been observed in the GMP, and the trend remains flat. Market participants expect this range-bound trend to continue until the listing date, barring any material change in demand or broader market conditions.
(Source: Chittorgarh)
KSH International IPO Details
| Detail | Information |
|---|---|
| IPO Dates | Dec 16 – Dec 18, 2025 |
| Price Band | ₹365 – ₹384 per share |
| Issue Size | ₹710.00 Cr |
| Fresh Issue | ₹420.00 Cr |
| Offer for Sale | ₹290.00 Cr |
| Lot Size | 39 shares |
| Minimum Investment | ₹14,976 |
| Listing Exchanges | BSE & NSE |
| Listing Date (Tentative) | Dec 23, 2025 |
| Market Cap (Pre-IPO) | ₹2,601.82 Cr |
Conclusion
The KSH International IPO offers exposure to a manufacturing business supplying magnet winding wires to multiple industrial sectors, with both domestic and export customers. The company has demonstrated revenue and profit growth, backed by capacity expansion and long-standing customer relationships.
However, investors should also consider the company’s leverage levels, industry cyclicality, and valuation before making an investment decision. The issue may be more suitable for medium to long-term investors who understand the electrical equipment and industrial manufacturing space.
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