KSH International (KSHINTL) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue and EBITDA in Q3 FY26, driven by new capacity from the Supa facility, robust demand in T&D and export markets, and successful IPO completion.

• Export revenues surged, with significant growth in specialized winding wires and new HVDC transformer orders.

• Company now ranks as the second-largest winding wire manufacturer in India, with a strong export presence and long-term customer relationships.

• 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.

Financial highlights

• Q3 FY26 revenue from operations was INR 8,177.69 million, up 59% year-over-year; nine-month revenue was INR 20,886.29 million, up 47%.

• Specialized winding wires contributed 75% of revenue, growing 61% in Q3 and 48% in nine months year-over-year.

• Export revenue rose 37% year-over-year in Q3, representing up to 29% of total revenue.

• Q3 FY26 PAT was INR 233.26 million, down year-over-year due to one-time costs; nine-month PAT was INR 755.99 million, up 53%.

• EBITDA for Q3 and nine months was INR 490 million and INR 1,360 million, respectively, with EBITDA per ton at INR 66,044, up from INR 50,133 last year.

Outlook and guidance

• Full-year FY26 production expected between 28,500–29,500 metric tons, with Q4 volumes projected to continue Q3's growth trajectory.

• Targeting 80–85% utilization of current 43,445 MT capacity over the next 2–3 years; capacity to reach 59,045 MT after Supa phase 2.

• EBITDA per ton expected to remain sustainable at INR 65,000–66,000, with upside possible from product mix shift.

• Positioned for sustained growth with new capacity, industry tailwinds in EV, railways, and round wires.

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