For investors, it can be quite challenging to decide if the KSH International IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the KSH International IPO. This will help you analyze the strengths, risks, and financial details of the KSH International IPO, improving your investment decision.
About Company
Founded in 1981, KSH International is one of the leading magnet winding wire manufacturers in India. They are the 3rd largest manufacturer of magnet wires in Taloja, Raigad, Maharashtra. Its product portfolio consists of round and rectangular enamelled copper/aluminium winding wires, paper-insulated rectangular wires, continuously transposed conductors, and bunched paper-insulated copper winding wires.
Within the last 40 years, it has been involved in the making of copper and aluminium manufacturing in the power sector, generators and transformers, refrigerators, compressors & electric vehicle motors. Its products are approved by PGCIL, NTPC, NPCIL, and RDSO for use in transformers and reactors. As of December 31, 2024, they operate three manufacturing facilities with a combined annual installed capacity of 29,045 MT. Moreover, two of these facilities are located in Chakan, Pune, in Maharashtra, and one in Taloja, Raigad, in Maharashtra.
Strengths
- KSH International is India’s 3rd-largest producer of magnet winding wires. It involves exporting its products to 24+ countries.
- In FY25, profit rose by 82% to ₹67.99 crore, while revenue increased by 39% to ₹1,938 crore.
- The company’s working capital requirement has improved, reducing from 26.0 days to 19.9 days.
- The company holds a long-standing relationship with a diversified customer base in India and overseas.
Weaknesses
- The company generates 70% of its revenue from specialized magnet winding wires. If any drop happens in the demand for these products can badly affect the business, cash flow, and financial performance.
- KSH International depends on the top 3 suppliers for raw materials.
- In the past, the company has experienced negative cash flow. If the company continues to have negative cash flow in the future, it can badly affect the business and overall financial performance.
- KSH International works in a competitive market, if it fails to compete effectively with old or new competitors can adversely impact the financial performance and overall business.
KSH International IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Adroit Financial Services Private Limited | Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Arihant Capital Markets Ltd | Neutral |
| Axis Capital | Not Rated |
| Canara Bank Securities Ltd | Apply |
| SBICAP Securities Limited | Neutral |
| Swastika Investmart Ltd | Apply |
KSH International IPO Details
| IPO Open Date: | December 16, 2025 |
| IPO Close Date: | December 18, 2025 |
| Face Value: | ₹5 Per Equity Share |
| IPO Price Band: | ₹365 to ₹384 Per Share |
| Issue Size: | ₹710 Crores |
| Fresh Issue | ₹420 crores |
| Offer-for-Sale | up to 75,52,083 equity shares |
| Registrar | MUFG Intime India Private Limited |
| IPO Lead Managers | Nuvama Wealth Management Limited ICICI Securities Limited |
| Basis of Allotment | December 19, 2025 |
| IPO Listing Date: | December 23, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 June 2025 | 31 Mar 2025 | 31 March 2024 |
| Total Income | ₹562.60 Crores | ₹1,938.19 Crores | ₹1,390.50 Crores |
| EBITDA | ₹40.28 Crores | ₹122.53 Crores | ₹71.46 Crores |
| EBITDA Margin | 7.21% | 6.35% | 5.17% |
| Profit after Tax (PAT) | ₹22.68 Crores | ₹67.99 Crores | ₹37.35 Crores |
| Net Worth | ₹321.47 Crores | ₹298.55 Crores | ₹230.95 Crores |
| Reserves and Surplus | ₹293.07 Crores | ₹270.14 Crores | ₹225.26 Crores |
| Total Borrowings | ₹379.39 Crores | ₹360.05 Crores | ₹206.81 Crores |
Key Indicators
| KPI | Values |
| ROE | 22.77 |
| ROCE | 16.60 |
| Debt/Equity | 1.17 |
| RoNW | 22.77 |
| PAT Margin | 3.51% |
| EBITDA Margin | 6.35% |
| Price to Book Value | 7.31 |
Peer Comparison with the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| KSH International | 5 | 11.97 | 11.97 | 22.77% | [●] | 52.54 |
| Listed Peers | ||||||
| Precision Wires India Limited | 1 | 5.04 | 5.04 | 15.63% | 50.60 | 32.25 |
| Alkem Laboratories Limited | 5 | 15.06 | 15.04 | 14.39% | 40.37 | 110.74 |
Promoters & Track Records, if any 24
- Kushal Subbayya Hegde, aged 87 years, is a Promoter, Chairman, and Executive Director of the Company. He holds 26,704,570 Equity shares, representing 47.00% of the paid-up Equity Share capital in the company.
- Pushpa Kushal Hegde, aged 77 years, is the Promoter of the Company. She holds 7,386,270 Equity shares, representing 13.00% of the paid-up Equity Share capital in the company.
- Rajesh Kushal Hegde, aged 55 years, is a Promoter and Managing Director of the Company. He holds 10,907,771 Equity shares, representing 19.20% of the paid-up Equity Share capital in the company.
- Rohit Kushal Hegde, aged 51 years, is a Promoter and Joint Managing Director of the Company. He holds 10,907,771 Equity Shares, representing 19.20% of the paid-up Equity Shares capital in the company.
- Rakhi Girija Shetty, aged 52 years, is a Promoter and Whole-Time Director of the Company. She holds 100 Equity shares, representing 0.00% of the paid-up Equity shares capital in the company.
Industry Peer Group P/E ratio
The electrical equipment industry P/E ratio ranges from a low of 40.37 to a high of 50.60, with an average of 45.48.
Expansion
- The proceeds raised from the fresh issue will be utilized for the repayment/prepayment of certain borrowings taken by the company.
- A portion of the fund will be used for the purchase and setup of new machinery at 2 plants.
- Some funds will be utilized for the Purchase and setup of a rooftop solar power plant for power generation at the Supa Facility.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
KSH International IPO – Should You Apply or Not?
KSH International IPO offers a strong presence in the magnet winding wire industry, great financial improvement, expanding global footprint, and entry barriers due to strict qualification norms. However, a competitive industry, dependency on the top 3 suppliers, and high dependence on specialized products are some of the major risks of the company.
As of December 15th, the GMP of the KSH International IPO is ₹0, indicating a listing gain of around 0%. The verdict is that Short-term investors can consider applying for the IPO for listing gains due to attractive GMP and good market sentiment. Whereas Long-term investors must analyze the risks, like valuation and high revenue dependence on specialized magnet winding wires, before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
