KSH International Limited Q2 Revenue Rises 85% to Rs 13,197 Million

KSH International Limited reported Q2 FY27 revenue from operations of Rs 13,197 million, up 85.33% year-on-year, while profit after tax rose 62.16% to Rs 480 million for the quarter ended September 30, 2026. The board also approved a Rs 1,850 million Phase 3 capacity expansion at Supa, Maharashtra.

What did KSH International report for Q2 FY27?

KSH International reported substantial year-on-year growth in revenue, operating profit and profit after tax for the July-September 2026 quarter. Revenue from operations stood at Rs 13,197 million, compared with Rs 7,121 million in Q2 FY26. The company disclosed quarterly EBITDA of Rs 898 million, up 94.79% from the corresponding quarter a year earlier.

Profit after tax was Rs 480 million, versus Rs 296 million in Q2 FY26. The reported PAT margin was 3.63%, while EBITDA margin improved to 6.80% from 6.47% a year earlier. Separately, the results summary showed operating profit of Rs 897.1 million, compared with Rs 461.1 million in Q2 FY26.

The board approved the unaudited quarterly and half-yearly financial results on November 4, 2026. The company has not published an earnings-call transcript for the quarter, and the disclosed figures are based on its results update and investor presentation rather than management guidance.

How did volumes and product mix change during the quarter?

KSH International sold 8,842 metric tonnes in Q2 FY27, a 25.65% increase from 7,037 metric tonnes in Q2 FY26. Revenue grew faster than sales volume over the same period, while EBITDA per tonne increased to Rs 101,454 from Rs 65,515.

Specialized wire accounted for 74% of Q2 FY27 revenue, according to the investor presentation. This mix measure is relevant because the company is expanding its specialized magnet winding wire operations and has identified product-mix improvement as an objective of the next capacity phase.

The quarterly performance also followed a higher revenue base in Q1 FY27. KSH International had reported Q1 FY27 revenue from operations of Rs 11,642.35 million, compared with Rs 5,587.12 million in Q1 FY26. Q2 revenue was therefore higher than the Q1 FY27 figure, although the company has not provided an earnings-call transcript explaining quarter-on-quarter movements.

What expansion has the board approved at Supa?

KSH International's board approved Phase 3 of its Supa expansion, with capital investment of up to Rs 1,850 million. The project is intended to increase specialized magnet winding wire capacity to 72,200 metric tonnes by Q1 FY2029.

The company said 96% of its previously planned capacity expansion of 59,045 metric tonnes had been completed six months ahead of schedule. Available capacity entering the second half of FY27 was 57,845 metric tonnes, and utilisation in Q2 FY27 was 76%.

The Phase 3 proposal follows the earlier expansion programme rather than replacing it. KSH International has stated that the investment is aimed at improving the long-term product mix and strengthening its market position in specialized wire. The disclosed target date remains Q1 FY2029, and the announcement did not provide a detailed construction schedule or phased spending plan.

Why do the results and capacity plan matter to investors?

The results show that KSH International's revenue rose 85.33% year-on-year, while EBITDA increased 94.79%, producing a modest improvement in EBITDA margin. The rise in EBITDA per tonne, from Rs 65,515 to Rs 101,454, was another reported operating metric alongside the increase in sales volume.

For investors, the expansion decision adds a defined capital commitment of up to Rs 1,850 million and a longer-term capacity target. The existing 76% utilisation level and 57,845 metric tonnes of available capacity provide context for the project, but the company has not disclosed projected revenue, profitability, funding mix or commissioning milestones for Phase 3.

The announcement is also relevant to industry operations because it focuses on specialized magnet winding wires rather than only aggregate volume. The reported 74% specialized-wire revenue mix indicates that this category already represents a substantial part of quarterly revenue. However, the company did not issue formal financial guidance alongside the results.

How does the Q2 performance compare with recent quarters?

KSH International's latest reported quarterly sales trend has moved higher from Rs 712 million in September 2025 to Rs 818 million in December 2025, Rs 1,018 million in March 2026 and Rs 1,164 million in June 2026 in the historical quarterly data provided. The Q2 FY27 revenue disclosure of Rs 13,197 million uses the investor-presentation basis of revenue from operations and is substantially higher than the prior-year comparable figure of Rs 7,121 million.

Investors should note that the supplied historical sales series and the results presentation use differently displayed figures and units. The company presentation specifically reports Q2 FY27 revenue from operations of Rs 13,197 million, which is the figure used for the year-on-year comparison in this report. Keeping the reporting basis consistent is important when comparing operating trends across disclosures.

Conclusion

KSH International delivered higher Q2 FY27 revenue, EBITDA and profit after tax, with revenue reaching Rs 13,197 million and PAT reaching Rs 480 million. Sales volumes rose 25.65%, specialized wire represented 74% of revenue, and EBITDA margin improved to 6.80%, linking the reported financial performance with the company's operating mix and capacity utilisation.

The next disclosed milestone is the Phase 3 Supa expansion, which targets specialized magnet winding wire capacity of 72,200 metric tonnes by Q1 FY2029 with investment of up to Rs 1,850 million. Investors will watch for project execution updates, spending details, capacity commissioning information and any future management commentary on demand and margins.