KSH International Limited is the third largest manufacturer of magnet winding wires in India in terms of production capacity in Fiscal 2025 (as per CARE Report). They are also the largest exporter of magnet winding wires from India in terms of export revenues in Fiscal 2025 (as per CARE Report). They commenced the operations in 1981 by manufacturing magnet winding wires in Taloja, Raigad, inMaharashtra. Their key products include round enamelled copper/ aluminium magnet winding wires, paper insulted rectangular copper/ aluminium magnet winding wires, continuously transposed conductors, rectangular enamelled copper/ aluminum 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, automotives (EV and ICE), home appliances, refrigeration and air conditioning. Company market and sell the products through the brand ‘KSH’. They had 122, 117, 117 and 93 customers during the financial years FY25, FY24, FY23, and upto Q1 FY26 respectively. The key customers are primarily OEMs, and include, Bharat Bijlee Limited, Virginia Transformer Corporation, Bharat Heavy Electricals Limited, Georgia Transformer Corporation, Hitachi Energy India Limited, Siemens Energy India Limited, GE Vernova T&D India Limited, Hind Rectifiers Limited, Transformers and Rectifiers India Limited, Indo-Tech Transformers Limited, TBEA, Atlanta Electricals Limited, Toshiba Transmission & Distribution Systems (India) Private Limited, Meidensha Corporation, SGB-SMIT GmbH and Retrasib S.R.L., CG Power and Industrial Solutions Limited, Nidec Industrial Automation India Private Limited, Al Ahleia Switchgear Co. , Emirates Transformer & Switchgear Limited. Company has a significant global footprint and are exporting the products to 24 countries as of June 30, 2025, including, amongst others, USA, UAE, Kuwait, Romania, Saudi Arabia, Germany, Oman, Spain, Bangladesh and Japan. As of June 30, 2025, company operates three manufacturing facilities with a combined annual installed capacity of 29,045 MT. Two of these facilities are located in Chakan, Pune in Maharashtra and one in Taloja, Raigad in Maharashtra. Additionally, operations in our fourth facility in Supa, Ahilyanagar in Maharashtra, have commenced from September 2025. Company's manufacturing facilities have obtained (a) ISO 9001:2015 accreditation for the certification and approval of the quality management system; (b) ISO 14001:2015 accreditation for environment management system; (c) ISO 45001:2018 certification for occupational health and safety management; and (d) IATF 16949:2016 certification for the certification and approval of the quality management system. As per financial performance, KSH International Limited has posted total income / net profits of Rs 1,056.59 Cr / Rs 26.61 Cr (FY23), Rs 1,390.49 Cr / Rs 37.35 Cr (FY24), Rs 1,938.19 Cr / 67.98 Cr (FY25) and Rs 562.60 Cr / 22.68 Cr (upto Q1 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 8.96 and average RoNW of 19.07% for last three fiscals. Issue is priced at a P/BV of 6.79 as per NAV of Rs 56.58/- as on 30.06.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 69.66, 38.27 and 28.68 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Nuvama Wealth Management Limited, ICICI Securities Limited IPO are associated with this IPO, and has handled 95 IPOs in last three fiscal years. ( As on 11.12.25 ) As per financials, KSH International Limited has shown good growth, RoNW is 22.77% and P/E is 69.66, 38.27 and 28.68 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Also, in December 2025, company still providing financials upto Q1 FY26, that is very strange and also comparative data for Q1 FY25 also not given. Company is a manufacturer of magnet winding wires in India, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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