KSH International Q2 revenue rises 85% as EBITDA gains 95%

KSH International Limited reported Q2 FY2027 revenue from operations of Rs 1,319.65 crore, up 85.31% year on year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 94.57% to Rs 89.71 crore as sales volume increased 25.65%, export revenue more than doubled and capacity utilisation improved.

How did KSH International perform in Q2 FY2027?

KSH International reported higher revenue, EBITDA and profit in Q2 FY2027, with revenue from operations increasing to Rs 1,319.65 crore from Rs 712.15 crore in Q2 FY2026. Sales volume reached 8,842 metric tonnes (MT), compared with 7,037 MT a year earlier, while quarterly revenue was 13.35% above Rs 1,164.24 crore in Q1 FY2027.

EBITDA rose to Rs 89.71 crore from Rs 46.11 crore in Q2 FY2026 and Rs 74.37 crore in Q1 FY2027. Profit after tax (PAT) was Rs 47.95 crore, up 62.05% from Rs 29.59 crore a year earlier and 13.58% from Rs 42.22 crore in the previous quarter. Management attributed revenue growth to higher volume, sales mix and copper prices.

For H1 FY2027, revenue from operations was Rs 2,483.89 crore, 95.45% above Rs 1,270.86 crore in H1 FY2026. H1 EBITDA increased 89.93% to Rs 164.08 crore from Rs 86.39 crore, while PAT rose 72.51% to Rs 90.17 crore from Rs 52.27 crore. The first-half growth therefore exceeded the 28% increase in sales volume to 16,812 MT.

What drove KSH International’s higher operating profitability?

KSH International said EBITDA per tonne increased by about 55% to approximately Rs 1.01 lakh in Q2 FY2027 from about Rs 65,500 in Q2 FY2026. The company attributed the improvement to a higher export contribution, better utilisation, a weaker rupee and operating efficiencies, alongside the 25.65% rise in quarterly volume.

Volume also improved sequentially, rising 10.95% from 7,969 MT in Q1 FY2027 to 8,842 MT in Q2 FY2027. Utilisation of available company capacity increased to 76% from 73% in Q1, after available capacity reached 57,845 MT by September 30, 2026 following progress on the Supa Phase 2 expansion.

H1 FY2027 EBITDA per tonne was Rs 97,600, up 48.58% from Rs 65,687 in H1 FY2026. The Q2 level of approximately Rs 1.01 lakh was above the H1 average, consistent with sequential increases in volume, export revenue and utilisation during the second quarter.

How did KSH International’s product and export mix change?

KSH International generated Rs 951.06 crore of Q2 FY2027 revenue from Specialized Magnet Winding Wires, up 86.60% from Rs 509.68 crore in Q2 FY2026 and 17.52% from Rs 809.28 crore in Q1 FY2027. Revenue from Standard Magnet Winding Wires rose faster in percentage terms, increasing 119.31% to Rs 338.19 crore from Rs 154.21 crore a year earlier.

Export revenue increased 107.69% year on year to Rs 407.40 crore in Q2 FY2027 from Rs 196.15 crore. It was also 43.69% above Rs 283.52 crore in Q1 FY2027, and exports represented 32% of quarterly revenue compared with 26% in the preceding quarter, according to KSH International.

Other operating income moved in the opposite direction, falling 36.98% to Rs 30.41 crore in Q2 FY2027 from Rs 48.26 crore in Q2 FY2026. KSH International said Standard Magnet Winding Wires benefited from improving volumes from domestic original equipment manufacturer (OEM) customers added during the preceding six months, while Specialized Magnet Winding Wires were supported by domestic and international OEM demand.

What changed in KSH International’s cash flow and debt?

KSH International recorded positive operating cash flow of Rs 42.60 crore in H1 FY2027 and reduced total debt to Rs 341.30 crore in Q2 FY2027 from Rs 481 crore in Q1 FY2027. Debt to equity declined to 0.38 times from 0.57 times over the quarter, based on the figures in the company’s release.

Average working-capital days improved to 52 days in Q2 FY2027 from around 70 days a year earlier. Management said its focus on working-capital efficiency contributed to the positive first-half operating cash flow while the company increased production and sales volumes.

KSH International also disclosed a new trial export order for Specialized Magnet Winding Wires used in high-voltage direct-current (HVDC) transformers. Separately, Powergrid approved the Supa facility to manufacture specialized wires for 765-kilovolt transformers and reactors; the release did not disclose an order value, volume or revenue timing for either development.

What is KSH International’s Phase 3 expansion plan?

KSH International’s board approved a Phase 3 Supa expansion for Specialized Magnet Winding Wires intended to raise total capacity to approximately 72,200 MT by Q1 FY2029. The company plans to spend up to Rs 185 crore, including on an additional 10 acres of land at Supa, building work, plant and machinery.

KSH International said it intends to fund the up-to-Rs 185 crore expansion through internal accruals and long-term debt. Management described the project as part of its long-term plan to provide continuity of supply to global OEM customers and improve the product mix as the business expands.

Installed capacity was 57,845 MT as of September 30, 2026, across five Maharashtra facilities: one in Taloja, three in Chakan and the newest and largest site in Supa. Management said the Phase 2 Supa expansion was 96% complete, six months ahead of schedule, when the results were announced on November 4, 2026.

Conclusion

KSH International’s Q2 FY2027 results show revenue and EBITDA growing substantially faster than sales volume, with revenue up 85.31%, EBITDA up 94.57% and volume up 25.65%. Export revenue rose 107.69%, exports reached 32% of revenue and EBITDA per tonne reached approximately Rs 1.01 lakh as utilisation increased to 76%.

The next disclosed milestone is the Phase 3 project, which is targeted to lift capacity from 57,845 MT at September 30, 2026 to approximately 72,200 MT by Q1 FY2029. Execution of the up-to-Rs 185 crore project, its funding through internal accruals and long-term debt, and any commercial progress from the HVDC trial order and Powergrid approval remain matters to watch.