KSHINTL Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹712 Cr
verification pending
Revenue YoY
50.7%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KSH International delivered a record Q2 FY26 with revenue of ₹712 crore (+50.7% YoY) driven by robust T&D sector demand and capacity addition. PAT surged 128.9% to ₹29.66 crore with margin expansion of 140bps to 4.1%, while EBITA improved 74.2% YoY. The company is the third-largest winding wire manufacturer in India with 41,000 MT capacity, benefiting from structural growth in power transformers for renewables, railways, and data centers. The newly commissioned 12,000 MT Supa facility is now operational, with phase 2 targeting 59,045 MT by FY27. Specialized winding wires (77% of revenue) continue to drive superior EBITA per ton of ₹65,500 (+42.4% YoY), supported by higher voltage mix and export growth. Key risks include working capital intensity (75 days payable), customer concentration (top 10 at 50%), and potential backward integration by transformer OEMs.
Colored figures show movement against the previous available record.
Guidance to track
- Phase 2 expansion targeting 59,045 MT total capacity by FY27, with 30,000 MT new capacity split between specialized and standard winding wires. Additional EV/standard wire machines to come online in FY27.
- Received initial order for 11 HVDC 400 KV transformers from BHL for the Badla KV project; more HVDC orders expected as consortium members receive transformer contracts. KSH is the only Indian supplier qualified for HVDC 400 KV.
- Targeting reduction in working capital days (receivable, inventory, payable) over the next 1-2 years by shifting copper purchases from advance payment to supplier credit terms in line with industry peers.
- Licensed HBW's patented 800V+ peak wire technology for EV traction motors; capacity to be set up with initial commercial volumes expected post-FY27 as programs with EV motor manufacturers mature.
Risks flagged
- Company historically generates positive operating cash flows except during growth periods above 30-35%, limiting cash generation during the current high-growth phase. Management targets improvement within 1-2 years.
- Top 10 customers represent ~50% of revenue. One large transformer manufacturer (BHEL) is backward integrating into CTC; management believes complexity and approval barriers mitigate this risk.
- Chinese manufacturers benefit from FTAs with Southeast Asian countries (Indonesia, etc.), making price competition difficult for KSH in those geographies despite competitiveness in US, Europe, and Middle East.
- Rohit Hegde (Joint Managing Director, brother of MD Rajesh Hegde) transitioning to non-executive director role to focus on other group companies. No further details on succession planning or impact on operations provided.
Key quotes
- We are the third largest winding wire manufacturer in India with an installed capacity of 41,045 metric tons annual capacity and we are also the largest exporter of winding wires from India.
- CTC is what differentiates us from all our listed peers and accounts for more than half of our specialized winding wire business. We are the only Indian company approved to supply HVDC 400 KV transformers.
- Working capital days are around 75 days and as compared to peers a little more. We are actively engaging and undertaking steps to bring down the working capital days in the next one or two years at all fronts.
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