KSHINTL Q3 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
₹818 Cr
verification pending
Revenue YoY
59%
reported change
EBITDA
₹49 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KSH International reported strong top-line momentum with Q3 FY26 revenue of Rs 818 crore, up 59% YoY, driven by 24% volume growth to 7,400 metric tons—reported as the highest volume growth in nearly a decade. Export revenues surged 37% YoY with specialized winding wires (TND segment) comprising ~75% of revenue. EBITDA of Rs 49 crore grew 22.5% YoY, with EBITDA per ton steady at ~Rs 66,000, sustainable per management. However, PAT declined 9% YoY to Rs 23 crore due to upfront costs from the Supa facility expansion (Rs 2.7 crore interest, Rs 3.8 crore additional depreciation, Rs 1.6 crore labor code implementation). Management expects Q4 to be the first full post-IPO quarter reflecting sustainable trends. Full-year volume guidance of 28,500-29,500 metric tons represents 30-35% growth. Key risks include elevated working capital days (75-80 vs. peers at 50-60 days), near-term margin pressure from new capacity ramp-up, and competitive intensity from Chinese players despite duty advantages.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year volume growth of 30-35% YoY given 14,400 MT of additional annualized capacity available in H2 FY26.
- Based on analyst question, management confirmed expecting similar volume increase in Q4 as seen in Q3 (~7,800-8,000 MT implied for Q4).
- With 43,445 MT current capacity, management targets optimal utilization of 80-85% within 2-3 years as volumes ramp at Supa facility.
- Management comfortable that current EBITDA per ton levels of Rs 66,000 are sustainable even as Phase 2 capacity comes online.
Risks flagged
- Supa facility saw 50%+ capacity utilization in first 3 months but pushed consolidated utilization down to 68% from 90%+ previously, creating upfront fixed cost burden that will normalize as volumes grow.
- Working capital days at 75-80 (vs. peers at 50-60 days) results in higher interest costs. Management targets improvement over 2-year horizon but acknowledged this is not an overnight fix.
- Analyst questioned why KSH's implied realization (~Rs 1,100/kg) appears lower than peers reporting ~Rs 1,300-1,350/kg. Management gave evasive answer citing different LME pricing mechanisms without clear explanation.
- Post-US trade deal, duty rates are 'work in progress' with conflicting information between 18-25%. India at 20-25% vs China at 34% provides competitive advantage, but final rates remain uncertain.
Key quotes
- Higher volumes generally also drive better operating leverage which has adversely affected in Q3 of FY26 due to the upfront costs related to the substantial capacity addition that came online in the quarter.
- During the first three months of operation, we achieved more than 50% capacity utilization at Supa, bringing consolidated company utilization down to 68% from 90% plus last quarter.
- EBITDA per ton for 9 months of FY26 was approximately Rs 66,000 per metric ton which is almost similar to Q3 FY26 and up from Rs 50,000 for 9 months FY25. This performance is consistent with our prior commentary that EBITDA per ton at current levels are sustainable.
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