In a quiet corner of India’s robust industrial ecosystem, a company that powers everything from electric vehicles and power grids to home appliances and massive transformers is stepping into the limelight.
KSH International, India’s third-largest manufacturer and the top exporter of magnet winding wires, has submitted its draft papers with the Securities and Exchange Board of India (SEBI), officially beginning its journey toward a public listing. The company plans to raise up to INR 745 crore through a combination of fresh equity and offer for sale (OFS). The company is commanding a 12.6% of market share in India.
With roots stretching back to 1981, KSH has been a hidden engine in India’s industrial growth, drawing wires and drawing global interest — now, it’s ready for the spotlight.
KSH International IPO Blueprint
The proposed public issue consists of:
- Fresh Issue of equity shares aggregating up to INR 420 crore
- Offer for Sale (OFS) worth INR 325 crore by key promoters
Including:- Kushal Subbayya Hegde: INR 152.8 crore
- Rajesh Kushal Hegde and Rohit Kushal Hegde: INR 65 crore each
- Pushpa Kushal Hegde: INR 42.2 crore
KSH International IPO will be managed by ICICI Securities and Nuvama Wealth, with MUFG Intime India acting as the registrar.
Inside KSH’s Industrial Empire
Started in a modest facility in Taloja, Maharashtra, KSH today operates three manufacturing plants with a combined annual installed capacity of 29,045 MT, and a fourth under construction in Supa, Ahilyanagar, slated to open in FY26.
The plants are more than just machines and metal — they are innovation hubs producing critical components like:
- Round and rectangular enamelled copper and aluminium wires
- Continuously transposed conductors (CTCs)
- Paper-insulated magnet wires for transformers and HVDC systems
These wires end up inside India’s energy backbone — from power grids to EV traction motors to ceiling fans.
The Export Engine
KSH’s international footprint is impressive — its products reach 24 countries, including USA, Germany, Japan, UAE, and Saudi Arabia.
- In the 9-months ending Dec 2024, exports brought in INR 458.7 crore — 34.5% of total revenue
- In FY24, it served 117 recurring customers, 97% of whom were repeats from FY23
- KSH is a supplier to global giants like Hitachi Energy, Siemens, GE Vernova, Meidensha, and BHEL
It’s not just about volume — it’s about trust. KSH is pre-approved by PGCIL, NTPC, NPCIL, and RDSO, which impose some of the toughest technical standards in India.
📊 Financial Pulse: Growth with Grit
KSH’s financials tell the story of a company in expansion mode:
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
| Revenue | 870.6 | 1,049.5 | 1,382.8 | 1,420.5 |
| EBITDA | 49.4 | 49.9 | 71.5 | 87.4 |
| PAT | 27.6 | 26.6 | 37.3 | 49.5 |
| ROE | 16.5% | 13.7% | 16.2% | 17.7% |
| PAT Margin | 3.15% | 2.52% | 2.69% | 3.47% |
In a high-volume, margin-sensitive business, these consistent numbers — particularly the growing EBITDA and ROE — show operational discipline and market strength.
Its Net Debt-to-Equity stands at 1.0x, and proceeds from the IPO are targeted toward further deleveraging.
IPO Objectives: More Than Just Capital
Here’s how the INR 420 crore in fresh capital will be used:
- Repay existing borrowings: INR 225.98 crore
- Capex for Supa Phase II & Chakan Unit 2: INR 90.06 crore
- Set up rooftop solar plant at Supa: INR 10.41 crore
- General corporate purposes
These investments reflect a dual strategy — capacity building for tomorrow’s demand, and sustainability, with the solar plant marking a green milestone.
The company may also raise up to INR 84.0 crore via Pre-IPO Placement, potentially reducing the issue size.
Electrifying the Future: EVs, Renewables & More
KSH’s wires may be hidden from sight, but they’re at the heart of modern infrastructure. The company’s products are mission-critical in:
- EV motors and traction systems
- Wind and hydro power generators
- Metro and loco-traction motors
- Refrigeration compressors
- Data center transformers
As the world transitions to clean energy and electrification, magnet winding wire demand is set to surge — positioning KSH right in the sweet spot of the transformation.
Its recent launch of specialized enamelled round wires for EVs reflects that shift. These are custom-engineered, high-durability products already being trialed by EV OEMs.
🧲 Brand Legacy Meets Modern Ambition
For over four decades, the ‘KSH’ brand has quietly built a reputation of trust and precision among OEMs and PSU giants alike. But this IPO is not just a capital raise — it’s a brand relaunch.
With public listing, KSH aims to:
- Enhance its visibility
- Diversify its shareholder base
- Strengthen its corporate governance
- Cement its role in “Make in India, Make for the World”
Conclusion: Quiet Performer, Loud Potential
KSH International IPO is more than just a financial event — it’s a coming-of-age story for a company that has spent over four decades quietly enabling India’s industrial backbone. From powering HVDC transformers to driving the motors inside EVs and home appliances, KSH’s wires are intricately woven into the fabric of modern infrastructure.
Now, as the company prepares to go public, it brings with it a proven track record of export excellence, deep-rooted customer relationships, strategic manufacturing capabilities, and an eye on sustainable growth. For investors, this IPO offers a rare window into a legacy industrial business that’s adapting confidently to the future — one that’s electrified, automated, and global.
If India’s growth story is to be powered by resilient infrastructure and clean energy, KSH International may well be one of the companies providing the invisible wires holding that vision together.