KSH International IPO

About KSH International

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include equity up to 1,09,37,500 shares (aggregating up to ₹420.00 crores). The offer for sale portion includes up to 75,52,083 shares of ₹5 (aggregating up to ₹290.00 crores). The total number of shares and aggregate amount are 1,84,89,583 shares (aggregating up to ₹710.00 crores).

KSH International price band is set at ₹365 to ₹384 per share. The lot size for an application is 39. The minimum amount of investment required by a retail is ₹14,976 (39 shares) (based on upper price). The lot size investment for sNII is 14 lots (546 shares), amounting to ₹2,09,664, and for bNII, it is 67 lots (2,613 shares), amounting to ₹10,03,392.

KSH International is part of the KSH Group, a diversified business conglomerate with presence in logistics, infrastructure, services, and distribution. Over the years, their commitment to quality, innovation, and customer satisfaction has been recognised by several of their key customers. In the past, they have received awards from companies such as Toshiba Transmission and Distribution Systems (India) Private , and GE Power Grid Solutions, Bharat Heavy Electricals (BHEL) acknowledging the performance and reliability of their products.

Objectives of KSH International IPO

• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company.
• Funding the capital expenditure requirements of the Company towards: (i) Purchasing and setting up new machinery for expansion at their Supa facility ("Phase II expansion at their Supa facility") (ii) Purchasing and setting up new machinery at Unit 2 in Chakan, Pune in Maharashtra
• Funding the capital expenditure requirements of the Company towards purchasing and setting up a rooftop solar power plant for power generation at their Supa facility.
• General corporate purposes.

Industry Outlook

The electric wires and cables market in India is experiencing robust growth, fuelled by a confluence of factors that are reshaping the industrial and technological landscape of the nation. Electric wires and cables play a pivotal role in supporting various industries, including electrical equipment, telecommunications, motor vehicles, and construction. India's electric wires and cables market was valued at USD 1,770 crores in CY23, reflecting a CAGR of 4.84% from CY19 to CY23. The market is projected to reach USD 2,983 crores by CY28, expanding at a CAGR of 11.00% from CY23 to CY28. This will create an incremental growth opportunity worth USD 1,212 crores between 2023 and 2028. This growth is driven by expanding infrastructure development, including enhancements in electricity generation, transmission, and distribution networks, which demand reliable and efficient cables suited for diverse environmental conditions.

The rapid growth of the real estate and construction sectors, driven by urbanisation and industrialisation, has significantly increased the demand for wiring solutions across residential, commercial, and industrial buildings. Smart city initiatives and sustainable infrastructure projects further drive the need for advanced, energy-efficient cables to support modern technologies. Simultaneously, the growth of digitalisation and connectivity has boosted demand for high-quality cables in the telecommunications sector, with the proliferation of mobile networks, broadband services, and fibre optics requiring seamless data transmission solutions. The automotive industry, particularly the electric vehicle (EV) market, is also a key growth driver, as India’s focus on sustainable transportation fuels the demand for specialised, lightweight, and efficient cables to power EVs and enable their advanced features. These factors collectively contribute to the robust expansion of the electric wires and cables market in India.

KSH International Company Information

KSH International is the third largest manufacturer of magnet winding wires in India in terms of production capacity in Fiscal 2025 (Source: CARE Report). They are also the largest exporter of magnet winding wires from India in terms of export revenues in Fiscal 2025 (Source: CARE Report). They commenced their operations in 1981 by manufacturing magnet winding wires in Taloja, Raigad, in Maharashtra. Over the last four decades they have diversified their operations to include manufacturing various types of standard and specialised magnet winding wires which are tailored to customer-specific requirements. Their key products include round enamelled copper/aluminium magnet winding wires, paper insulated rectangular copper/aluminium magnet winding wires, continuously transposed conductors, rectangular enamelled copper/aluminium magnet winding wires and bunched paper insulated copper magnet winding wires. Their products are critical components of capital goods such as transformers, motors, alternators and generators. These products (transformers, motors, alternators and generators) find application in end-use industries such as power (generation, transmission and distribution), renewables, industrials, railways, automotive (EV and ICE), home appliances, refrigeration and air conditioning.

They market and sell their products through their brand ‘KSH’, which they believe has developed a strong brand recall and reputation in the industry over the years. They had 122, 117 and 117 customers during the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively.

They are an approved supplier of insulated rectangular wires and CTC for certain entities, used in High Voltage Direct Current ("HVDC"), 765 kV extra high voltage ("EHV") transformers and reactors. The magnet winding wire industry presents significant barriers to entry, primarily due to stringent pre-qualification requirements imposed by corporate, state, central government, and international organisations during their procurement processes (Source: CARE Report).

Strengths of KSH International

• One of the leading manufacturers of magnet winding wires in India with a comprehensive suite of products used across multiple end-use industries.
• Large, strategically located manufacturing facilities with a focus on advanced technologies and new product and process development.
• Long-standing relationships with their diversified customer base, both domestically and globally.
• Proven track record with necessary certifications and accreditations in an industry which has high barriers to entry.
• Track record of financial performance and consistent growth.
• Experienced promoters and senior management team.

Risks of KSH International

• Any shortfall in the supply or availability of raw materials including aluminium or copper.
• Any economic cyclicality coupled with reduced demand or negative trends in the power sector industry or other industries they operate in.
• Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of their manufacturing facilities.
• Failure to compete effectively against their competitors and new entrants to the industry.
• Exchange rate fluctuations.
• Changes in tax laws may materially and adversely affect business, prospects, financial condition, results of operations and cash flows
• They have entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.

*As certified by Kirtane & Pandit LLP, Chartered Accountants, the Statutory Auditors, by way of their certificate dated December 10, 2025.

#For Fiscal 2025

**All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the financial statements of the respective companies for the year ended March 31, 2025 submitted to the Stock Exchanges.

^^To be finalised upon determination of the Offer Price and updated in the Prospectus.

Notes:

1. P/E ratio for the listed industry peers has been computed based on the closing market price of equity shares on BSE as on November 21, 2025 divided by the diluted earnings per share for the year ended March 31, 2025.
2. EV/ Operating EBITDA ratio for the listed industry peers has been computed as the market capitalization of the industry peers based on the closing market price of equity shares on BSE on November 21, 2025, plus the net debt as on March 31, 2025 divided by Operating EBITDA for the year ended March 31, 2025.
3. Return on Net Worth (%) = Ratio of Profit /(loss) for the year attributable to owners of the company for the Fiscal to Net Worth as of the last day of the relevant Fiscal. Net Worth means sum of equity share capital and other equity as of the last day of relevant fiscal.
4. Net Asset Value per Equity Share = Net worth / Weighted average number of Equity Shares outstanding during the year. Net Worth means sum of equity share capital and other equity as of the last day of relevant fiscal. Operating EBITDA for the company the year ended March 31, 2025 is calculated as profit for the period minus other income plus finance costs, depreciation and amortisation and total tax expense.
5. Operating EBITDA for listed industry peers the year ended March 31, 2025 has been computed as profit for the period minus other income plus finance costs, depreciation and amortisation and total tax expense.

Anchor Investor Bidding Date: Monday, December 15, 2025

The company, in consultation with the Book Running Lead Managers, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations.

Registrar: MUFG Intime India Private
Book Running Lead Managers: Nuvama Wealth Management
ICICI Securities

KSH International Business Model

The company earns its revenue through the following:
Manufacturing various types of standard and specialised magnet winding wires which are tailored to customer-specific requirements.

KSH International Growth Trajectory

Their total income has grown from ₹1390.495 crores in fiscal 2024 to ₹1938.190 crores in fiscal 2025.

Their profit after tax has grown from ₹37.350 crore in fiscal 2024 to ₹67.988 crore in fiscal 2025.

Their EBITDA has grown from ₹71.463 crores in fiscal 2024 to ₹122.534 crores in fiscal 2025.

KSH International Market Position

They have a diversified customer base across various industries such as power (generation, transmission and distribution), industrials, data centers, automotives (EV and ICE), home appliances and refrigeration and air conditioning. Over the years, they have established long-standing relationships with several Indian and global customers. They had 122, 117 and 117 customers during the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. Further, during the three month period ended June 30, 2025, they invoiced 93 customers

Their business footprint reached across geographies and as of June 30, 2025, they served customers across 24 countries including USA, UAE, Kuwait, Romania, Saudi Arabia, Germany, Oman, Spain, Bangladesh and Japan, amongst others. Their global network of sales helps in reducing their dependence on any single product or geography.

As of 31st March, 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1938.190 crores, ₹67.988 crores, and ₹122.534 crores, respectively.

How to apply for KSH International IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.