KSH International Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript KSH International Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
KSH International reported revenue of Rs 1,164 crores in Q1 FY27, up 108% year-over-year, with EBITDA per ton rising to approximately Rs 93,000 from Rs 66,000 a year ago. Management attributed the improvement to record CTC contribution within specialized wires, higher export volumes, and favorable value-addition rates from new OEM customers. The company also announced a five-year supply framework agreement with Hitachi Energy Global and progress on its Supa Phase 2 capacity expansion, targeted for completion by March 2027.
Numbers mentioned
Revenue from operations: INR1,164 crores (Q1 FY27)
p. 8
“During Q1 FY27, our revenue from operations was INR1,164 crores, which is 108% higher compared to the same period last year.”
Amod Joshi, page 8 of the filed PDF · View the filing
EBITDA: INR74.4 crores (Q1 FY27)
p. 8
“Q1 EBITDA of INR74.4 crores improved from INR40.3 crores last year and INR56.3 crores last quarter.”
Amod Joshi, page 8 of the filed PDF · View the filing
EBITDA per ton: approximately INR93,000 per metric ton (Q1 FY27)
p. 8
“EBITDA per ton for Q1 was approximately INR93,000 per metric ton on consolidated basis, up from approximately INR66,000 in the last year and INR74,000 in Q4.”
Amod Joshi, page 8 of the filed PDF · View the filing
PAT: INR42.2 crores (Q1 FY27)
p. 8
“During Q1 of FY27, we reported a quarterly record PAT of INR42.2 crores, which increased 86% from Q1 of FY26 and 22% higher than INR34.5 crores reported in Q4 of FY26.”
Amod Joshi, page 8 of the filed PDF · View the filing
Working capital days: 60 days (Q1 FY27)
p. 8
“Working capital days calculated on an average balance basis improved to 60 days from 65 days in Q4 and 71 days in Q1 of FY26.”
Amod Joshi, page 8 of the filed PDF · View the filing
Sales volume: a little under 8,000 metric tons (Q1 FY27)
p. 5
“Overall, sales volume was a little under 8,000 metric tons in Q1, up from roughly 7,600 metric tons in Q4 and 6,100 metric tons a year ago.”
Rajesh Hegde, page 5 of the filed PDF · View the filing
Installed capacity: 43,445 metric tons (as of June 30, 2026)
p. 4
“Our installed capacity at June 30th, 2026 was 43,445 metric tons”
Rajesh Hegde, page 4 of the filed PDF · View the filing
Consolidated utilization: 73.5% (Q1 FY27)
p. 6
“With capacity unchanged, consolidated company utilization improved to about 73.5% in Q1, up from 70% in Q4 of FY26.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
Export revenue growth: 76% year-over-year (Q1 FY27)
p. 5
“Looking at our export performance in Q1 of FY27, our export revenue increased 76% year-over-year and 12% higher than Q4 of FY26.”
Rajesh Hegde, page 5 of the filed PDF · View the filing
Specialized wire revenue growth: 113% year-over-year (Q1 FY27)
p. 5
“Specialized wire revenue overall grew at record 113% year-over-year compared to 62% growth in FY26.”
Rajesh Hegde, page 5 of the filed PDF · View the filing
Standard wire revenue growth: 83% year-over-year (Q1 FY27)
p. 5
“Standard wire revenue grew at a robust 83% year-over-year rate during Q1, similar to the 80% growth in Q4.”
Rajesh Hegde, page 5 of the filed PDF · View the filing
Trailing 12 months EBITDA per ton: approximately INR74,000 (trailing 12 months)
p. 7
“Second, we reported an EBITDA per ton of approximately INR74,000 for the trailing 12 months period.”
Rajesh Hegde, page 7 of the filed PDF · View the filing
Trailing 12 months volume growth: 26% (trailing 12 months)
p. 7
“First, for the trailing 12 months, volume growth was 26%.”
Rajesh Hegde, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Supa Phase 2 capacity completion — 59,000 metric tons installed capacity · by March 2027
stated firmly by Rajesh Hegde
p. 6
“We are on track to complete the remaining phase two capacity by March 2027 with the next wave of addition expected during Q2.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
EBITDA per ton — approximately INR75,000 per ton · FY27
stated conditionally by Rajesh Hegde
p. 7
“We therefore believe that we should be able to sustain approximately INR75,000 per ton for FY27, though the actual performance will depend on the product mix, exports, and currency.”
Rajesh Hegde, page 7 of the filed PDF · View the filing
Volume growth — 26% · FY27
stated conditionally by Rajesh Hegde
p. 7
“The higher phase one capacity will be available for the full year FY27 as opposed to only for a part of FY26, and therefore, we feel that we should be able to sustain this rate of volume growth for the full year.”
Rajesh Hegde, page 7 of the filed PDF · View the filing
Working capital days — 30-35 days
stated as an aspiration by Amod Joshi
p. 11
“But we feel that 30, 35 days is something that is fairly achievable, and that is what our aim in the going forward will be to do better than that also if possible.”
Amod Joshi, page 11 of the filed PDF · View the filing
Export revenue as % of total revenue — historical peak of around 40% of total revenue
stated as an aspiration by Dhruv Chopra
p. 13
“And what we have said is over time, so not specifically in this period of this year, the target is to increase it back to its historical peak of around 40% of total revenue.”
Dhruv Chopra, page 13 of the filed PDF · View the filing
Land acquisition for future capacity — 10 acres within Supa MIDC
stated firmly by Rajesh Hegde
p. 6
“our board last night authorized management to evaluate acquiring an additional 10 acres of land within Supa MIDC for its long-term expansion requirements.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA per ton for standard wires had improved marginally, and reiterated comfort with roughly INR75,000/ton for the full year.
Answered by Dhruv Chopra
Asked by Dikshi Jain: How sustainable is the elevated EBITDA per ton and has it improved for standard wires too?
p. 9
“So from our perspective where we feel comfortable is INR75,000 a ton for the remainder of FY27, or for the full FY27.”
Dhruv Chopra, page 9 of the filed PDF · View the filing
Management clarified this is not formal guidance but a comfort level, and that EBITDA would grow in absolute terms for both segments even as mix normalizes.
Answered by Dhruv Chopra
Asked by Gaurav Bhatia: Will absolute CTC revenue fall as non-specialized capacity ramps, and is 74,000/75,000 a guidance figure?
p. 11
“So, so, Gaurav, again, we have mentioned that this is not a, a guidance in that this is a number we are going to deliver. We have said that 75,000 is a level we are comfortable delivering.”
Dhruv Chopra, page 11 of the filed PDF · View the filing
Management said exports were about 27% of operating revenue this quarter, with a longer-term target of returning to the historical peak of around 40%.
Answered by Dhruv Chopra
Asked by Shubham Borade: What is the export revenue percentage this quarter and outlook for FY27?
p. 13
“So on that basis, I think it was 27%, around 27%. Yes, this quarter it was 27%.”
Dhruv Chopra, page 13 of the filed PDF · View the filing
Management described T&D order books of 3-5 years and continued capacity expansion by customers, with EV motor demand seen ramping meaningfully around FY28-FY29.
Answered by Rajesh Hegde
Asked by Jenish Karia: How does management see the demand cycle for T&D, EV, and other segments playing out over the next few years?
p. 15
“Passenger car and bus in terms of volumes, I feel that still, we would say around 2028, you know, FY28, FY29 is where the incremental meaningful volumes would really play.”
Rajesh Hegde, page 15 of the filed PDF · View the filing
Management said no single factor was outsized, with the main driver being higher CTC contribution rather than inventory gains.
Answered by Dhruv Chopra
Asked by Abhi Jain: What portion of the Q1 EBITDA per ton came from inventory gains?
p. 23
“No, I think Abhi, we've mentioned that you know everything played a role. Nothing played an outsized role. The main impact on the EBITDA per ton came from the mix and the contribution, the higher contribution this quarter from CTC specifically.”
Dhruv Chopra, page 23 of the filed PDF · View the filing
Management indicated the full-year capex figure would be much higher than Rs 50 crores, with the overall Phase 2 project cost around Rs 150-160 crores largely IPO-funded.
Answered by Amod Joshi
Asked by Rahul: How much capex is expected for Phase 2 for the rest of FY27?
p. 26
“Yes, I think it will be more than that. If you see, for this particular full year if you look at it, it will be much higher than 50.”
Amod Joshi, page 26 of the filed PDF · View the filing
Risks flagged
Some transformer OEM customers delaying order pickup due to their own capacity expansion bottlenecks
p. 5
“we have seen a few of the transformer OEM customers who are in active capacity expansion mode, delay picking up their orders by a few weeks.”
Rajesh Hegde, page 5 of the filed PDF · View the filing
Rising fixed costs as Supa plant capacity utilization ramps up
p. 7
“We also want to highlight that we expect some fixed costs to increase as we ramp up capacity utilization going forward in the Supa plant.”
Rajesh Hegde, page 7 of the filed PDF · View the filing
Additional costs from Supa Phase 2 capacity coming online over the next few quarters could offset EBITDA per ton
p. 9
“First of all, as our Supa Phase 2 capacity comes in over the next three quarters, there will be additional higher costs which is a counter.”
Dhruv Chopra, page 9 of the filed PDF · View the filing
Copper price and exchange rate fluctuations affecting reported revenue and margins, though treated as pass-through
p. 8
“As we have stated, reported margins can fluctuate due to movement in copper prices, given that copper is a pass-through.”
Amod Joshi, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.