KSH International first-half profit rises 72% to Rs 90.173 crore

KSH International Limited reported unaudited profit of Rs 90.173 crore for the six months ended September 30, 2026, up 72.5% from Rs 52.271 crore a year earlier, as revenue from operations rose 95.4% to Rs 2,483.889 crore. Profit before tax increased to Rs 120.752 crore from Rs 70.067 crore.

How did KSH International perform in the first half?

KSH International nearly doubled first-half revenue and raised profit for the period by Rs 37.902 crore in the six months ended September 30, 2026. Revenue from operations increased by Rs 1,213.029 crore from Rs 1,270.860 crore in the corresponding 2025 half, while total income rose to Rs 2,497.621 crore from Rs 1,278.313 crore.

Total expenses increased to Rs 2,376.869 crore from Rs 1,208.246 crore, leaving profit before exceptional items and tax of Rs 120.752 crore, compared with Rs 70.067 crore. Other income was Rs 13.732 crore against Rs 7.453 crore, while total tax expense rose to Rs 30.579 crore from Rs 17.796 crore. The statutory auditors issued a limited review report without a modified conclusion on the unaudited results.

KSH International reported basic earnings per share of Rs 13.31 for the first half, compared with Rs 9.20 in the year-earlier period. Diluted earnings per share were Rs 13.29 against Rs 9.20, and the company stated that these figures were not annualised. Paid-up equity share capital was Rs 33.878 crore at September 30, 2026, compared with Rs 28.409 crore a year earlier.

What changed in KSH International’s September quarter?

KSH International reported September-quarter revenue from operations of Rs 1,319.654 crore and profit for the period of Rs 47.953 crore. Revenue was 85.3% higher than Rs 712.148 crore in the quarter ended September 30, 2025, while profit increased 62.1% from Rs 29.591 crore. Profit before tax rose to Rs 63.857 crore from Rs 36.535 crore.

The September 2026 quarter also improved from the June 2026 quarter, when revenue was Rs 1,164.235 crore and profit was Rs 42.220 crore. Other income declined to Rs 5.545 crore from Rs 8.187 crore sequentially, but total income increased to Rs 1,325.199 crore from Rs 1,172.422 crore. Total expenses rose to Rs 1,261.342 crore from Rs 1,115.527 crore over the same comparison.

KSH International’s September-quarter materials cost was Rs 1,171.876 crore, compared with Rs 1,128.656 crore in June 2026 and Rs 680.465 crore a year earlier. Finance costs reached Rs 22.250 crore, up from Rs 17.281 crore in June and Rs 9.264 crore in the September 2025 quarter. Basic earnings per share were Rs 7.08, compared with Rs 6.23 sequentially and Rs 5.21 a year earlier.

Which costs and balance-sheet items changed most?

KSH International’s first-half cost of materials consumed increased to Rs 2,300.532 crore from Rs 1,189.901 crore, broadly alongside the revenue increase. Employee-benefit expense rose to Rs 29.200 crore from Rs 23.548 crore, depreciation and amortisation increased to Rs 17.531 crore from Rs 7.198 crore, and finance costs more than doubled to Rs 39.531 crore from Rs 16.577 crore.

Total assets stood at Rs 1,755.411 crore on September 30, 2026, compared with Rs 1,322.566 crore on March 31, 2026. Trade receivables increased to Rs 586.406 crore from Rs 332.711 crore and inventories rose to Rs 542.008 crore from Rs 424.919 crore. Cash and cash equivalents declined to Rs 41.563 crore from Rs 72.116 crore during the six-month period.

KSH International’s property, plant and equipment increased to Rs 404.476 crore from Rs 307.456 crore, while capital work-in-progress declined to Rs 40.677 crore from Rs 52.077 crore. Total equity rose to Rs 898.856 crore from Rs 808.101 crore. Current borrowings increased to Rs 318.415 crore from Rs 290.225 crore, and trade payables owed to creditors other than micro and small enterprises rose to Rs 413.845 crore from Rs 116.736 crore.

Did KSH International generate operating cash in the first half?

KSH International generated net cash flow from operating activities of Rs 42.571 crore in the first half of 2026, compared with an outflow of Rs 45.685 crore in the corresponding 2025 period. Cash generated from operations before tax was Rs 77.183 crore, against a negative Rs 34.291 crore a year earlier, while income tax paid was Rs 34.612 crore.

Working-capital movements continued to use cash as inventories increased by Rs 117.089 crore and trade receivables increased by Rs 257.696 crore. Trade payables increased by Rs 294.815 crore, compared with a Rs 17.045 crore increase in the prior-year half. Operating profit before working-capital changes was Rs 180.270 crore, compared with Rs 94.456 crore a year earlier.

KSH International used Rs 57.655 crore in investing activities, compared with Rs 62.460 crore in the prior-year half. Property, plant and equipment purchases were Rs 42.342 crore, below Rs 61.201 crore a year earlier, while fixed-deposit investment was Rs 17.465 crore against Rs 1.361 crore. Financing activities used Rs 15.469 crore, compared with an inflow of Rs 106.359 crore in the 2025 half.

What is KSH International’s Supa expansion plan?

KSH International’s board approved capital expenditure of up to Rs 185 crore for Phase 3 expansion of specialised magnet winding wires at its Supa facility on November 4, 2026. The company said the project would ultimately lift its total capacity to approximately 72,200 metric tonnes by the first quarter of financial year 2029.

The filing does not disclose a commissioning schedule, revenue contribution, financing arrangement or profit target for the Supa Phase 3 project. It identifies Rs 185 crore as the maximum approved capital expenditure and 72,200 metric tonnes as the eventual total capacity target. The September 30 balance sheet recorded Rs 404.476 crore of property, plant and equipment and Rs 40.677 crore of capital work-in-progress.

Conclusion

KSH International’s first-half results combined a 95.4% rise in revenue with a 72.5% increase in profit, while materials costs, finance costs, inventories and receivables also increased. Operating cash flow turned positive at Rs 42.571 crore from an outflow of Rs 45.685 crore a year earlier, despite working-capital cash absorption.

The next disclosed development is the Supa Phase 3 expansion, for which KSH International has approved up to Rs 185 crore of capital expenditure. The company’s stated target is total capacity of about 72,200 metric tonnes by the first quarter of financial year 2029, but the filing does not provide interim milestones or a financial contribution estimate.