KSH International Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript KSH International Ltd filed with BSE on 30 May 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 Q4 FY26 revenue of Rs 1,018 crore and full-year FY26 revenue of Rs 3,107 crore, with export revenue up 92% year-on-year in the quarter. Management reported record quarterly PAT of Rs 34.5 crore and record annual PAT of Rs 110 crore, alongside EBITDA per ton of approximately Rs 74,000 in Q4 versus Rs 67,600 for the full year. Management also discussed the Supa capacity expansion, deleveraging of the balance sheet, and impacts from Middle East shipment delays during the quarter.
Numbers mentioned
Revenue from operations: INR 1,018 crores (Q4 FY26)
p. 7
“During FY26 and Q4, our revenues from operations were INR 3,107 crore and INR 1,018 crores respectively.”
Amod Joshi, page 7 of the filed PDF · View the filing
Revenue from operations: INR 3,107 crore (FY26)
p. 7
“During FY26 and Q4, our revenues from operations were INR 3,107 crore and INR 1,018 crores respectively.”
Amod Joshi, page 7 of the filed PDF · View the filing
EBITDA: INR 56 crore (Q4 FY26)
p. 7
“By FY26 and Q4, EBITDA of INR 190 crore and INR 56 crore improved from INR 123 crore and INR 35 crore last year, respectively.”
Amod Joshi, page 7 of the filed PDF · View the filing
EBITDA: INR 190 crore (FY26)
p. 7
“By FY26 and Q4, EBITDA of INR 190 crore and INR 56 crore improved from INR 123 crore and INR 35 crore last year, respectively.”
Amod Joshi, page 7 of the filed PDF · View the filing
EBITDA per ton: approximately INR 74,000 (Q4 FY26)
p. 6
“In Q4 of FY26, we reported an EBITDA per ton of approximately INR 74,000, up from roughly INR 64,500 in Q3 and 60,000 a year ago, largely on account of better product mix and an increase in export volumes.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
EBITDA per ton: approximately 67,600 per ton (FY26)
p. 7
“EBITDA per ton for FY26 was approximately 67,600 per ton on a consolidated basis, up from INR 52,500 in FY25.”
Amod Joshi, page 7 of the filed PDF · View the filing
PAT: INR 34.5 crore (Q4 FY26)
p. 7
“Now during Q4 FY26, we reported a quarterly record PAT of INR 34.5 crore, which increased 87% from Q4 of FY25.”
Amod Joshi, page 7 of the filed PDF · View the filing
PAT: INR 110 crore (FY26)
p. 8
“For FY26, we reported annual record PAT of INR 110 crore, which is an increase of 62% from INR 68 crores in FY25.”
Amod Joshi, page 8 of the filed PDF · View the filing
Export revenue growth: 92% (Q4 FY26 YoY)
p. 6
“Revenues from export growth 92% compared to Q4 FY25 and represented 27% of total revenue, excluding other operating revenue.”
Amod Joshi, page 6 of the filed PDF · View the filing
Debt-to-EBITDA ratio: 0.39x (FY26)
p. 7
“First, we have significantly deleveraged our balance sheet, including most of the long-term debt, in turn, bringing the debt-to-EBITDA ratio at 0.39x to FY26 from 1.21x in FY25.”
Amod Joshi, page 7 of the filed PDF · View the filing
Working capital days: 65 to 68 days (FY26)
p. 8
“And second, working capital days, calculated on average balances, which remain between 65 to 68 days in FY26, though we expect this will start trending lower incrementally over the next several quarters.”
Amod Joshi, page 8 of the filed PDF · View the filing
Sales volumes: approximately 7,600 metric tons (Q4 FY26)
p. 6
“Overall, sales volumes were approximately 7,600 metric tons in Q4, up from 7,400 metric tons in Q3 and 5,900 metric tons a year ago.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
Installed capacity: 43,445 metric tons (as of March 31, 2026)
p. 4
“Our installed capacity at March 31st, 2026 was 43,445 metric tons, and once Phase II of our Supa expansion is complete, we would have an installed capacity of roughly 59,000 metric tons.”
Rajesh Hegde, page 4 of the filed PDF · View the filing
Consolidated capacity utilization: approximately 70% (Q4 FY26)
p. 6
“Consolidated company utilization was approximately 70% during Q4.”
Rajesh Hegde, page 6 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.
Volume growth — at least 21% · FY27
stated conditionally by Dhruv Chopra
p. 9
“So now that that additional capacity is available for this year, at the very least we should be able to do last year's growth, which is 21%.”
Dhruv Chopra, page 9 of the filed PDF · View the filing
EBITDA per ton — 65,000 to 70,000 per metric ton · long-term
stated as an aspiration by Amod Joshi
p. 10
“But we feel a range of around 65,000 to 70,000 per metric ton will be sustainable on a long-term basis.”
Amod Joshi, page 10 of the filed PDF · View the filing
EBITDA per ton — 67,000 to 74,000 · FY27-28
stated conditionally by Rajesh Hegde
p. 22
“So we've said it's going to be between 67,000 to 74,000 is what we expect.”
Rajesh Hegde, page 22 of the filed PDF · View the filing
Payable days — upwards of 25 days
stated conditionally by Amod Joshi
p. 10
“And with our negotiation with the bank, we expect the payable days to go upwards of 25 days going forward.”
Amod Joshi, page 10 of the filed PDF · View the filing
Payable days — close to 30 days · by end of year
stated firmly by Amod Joshi
p. 27
“And the current year also are targeted to improve the payable days beyond 25 to close to 30 days by the end of the year, and that should significantly improve the cash flows for '27.”
Amod Joshi, page 27 of the filed PDF · View the filing
Export share of revenue — about 40% · over the next couple of years
stated as an aspiration by Rajesh Hegde
p. 15
“Our endeavor is to take it back up to about 40% over the next couple of years, and that's what we are going to be working on actively as well.”
Rajesh Hegde, page 15 of the filed PDF · View the filing
Additional capacity — another 10,000 tons · next 24 months
stated conditionally by Rajesh Hegde
p. 13
“So, we do have the space required for us to add another 10,000 tons of capacity if required.”
Rajesh Hegde, page 13 of the filed PDF · View the filing
Automotive sector capacity share — 5-10% of total capacity
stated as an aspiration by Dhruv Chopra
p. 26
“Yeah, we haven't specifically mentioned the for PEEK or other EV products, but I think in terms of once our full capacity of 59,000 tons is set, somewhere between 5-10% of that capacity would be for the automotive sector.”
Dhruv Chopra, page 26 of the filed PDF · View the filing
Green copper backward integration facility — H2 of FY27
stated firmly by Rajesh Hegde
p. 6
“In addition, our green copper backward integration project has also made progress, and we expect to commence this facility during H2 of FY27.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
New capacity online — Q2 of this year
stated firmly by Rajesh Hegde
p. 6
“We expect the next set of new capacity to come online around Q2 of this year.”
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.
Around 100-150 tons of dispatches got delayed into April.
Answered by Amod Joshi
Asked by Mohit Kumar: Can you quantify the Middle East impact on Q4 volumes?
p. 8
“Yeah. So, I mean, roughly I can say dispatch is of around 100 tons to 150 tons. What could not happen in March, later on in April were dispatched.”
Amod Joshi, page 8 of the filed PDF · View the filing
Management guided to a range of 65,000-70,000 per ton on a long-term basis.
Answered by Amod Joshi
Asked by Dikshi Jain: What is the sustainable EBITDA per ton for FY27-28?
p. 10
“Right. So like you correctly pointed out, Q4 EBITDA per ton was almost not 70,000, but plus 70,000 per metric ton.”
Amod Joshi, page 10 of the filed PDF · View the filing
Management estimated five to seven years for a new entrant to reach the highest kV segment.
Answered by Rajesh Hegde
Asked by Surya Narayan Nayak: How long does it take a new entrant to get CTC approval from PGCIL?
p. 11
“So, in the past, we've seen new entrants have taken anywhere from five to seven years to finally come up to a 765kV range as well.”
Rajesh Hegde, page 11 of the filed PDF · View the filing
Management said peak utilization is around 85% of installed capacity, typically reached two to three years after a plant starts.
Answered by Rajesh Hegde
Asked by Mahesh: How much production is possible by FY28 given demand?
p. 13
“Now, obviously, you're asking a question how much we would be manufacturing in FY28. In our endeavor is, when a new plant starts, it does take about two to three years to reach that 85% figure.”
Rajesh Hegde, page 13 of the filed PDF · View the filing
Management said all exports go to T&D transformer customers across four continents and are a mix of long-term and new customers adding capacity.
Answered by Rajesh Hegde
Asked by Jay Shah: What is driving export revenue acceleration and is it recurring?
p. 15
“So, all our exports is actually going to the T&D sector, which is transformer companies around the world.”
Rajesh Hegde, page 15 of the filed PDF · View the filing
Management said the number should stay close to that level if the mix and copper prices remain unchanged.
Answered by Rajesh Hegde
Asked by Govind Chellappa: Would EBITDA per ton stay above 74,000 if mix and copper prices stay the same?
p. 17
“Yeah. Like, it's a blend of exports then the higher value-added products. And if you say -- I mean if the copper prices were to stay at the same level also, I think we should be close to that number of what we are talking about it.”
Rajesh Hegde, page 17 of the filed PDF · View the filing
Management estimated an impact of about 200-300 tons for the quarter.
Answered by Rajesh Hegde
Asked by Vinayak Kariwal: What volumes were lost due to the Middle East disruption?
p. 18
“So, I would say maybe about 200 tons to 300 tons would have been the overall effect when you look at it.”
Rajesh Hegde, page 18 of the filed PDF · View the filing
Management estimated 100,000-120,000 tons of CTC demand by 2030 and noted imports were around 1,000 tons per month a few months ago.
Answered by Rajesh Hegde
Asked by Lovish Soien: What is the total CTC demand estimate for India and how much is met by imports?
p. 19
“Total demand, I mean, what we expect somewhere around 2030 is somewhere between 100,000 tons to 120,000 tons is our estimate, in India that is.”
Rajesh Hegde, page 19 of the filed PDF · View the filing
Management said around 65% of capacity is for specialized wires and the balance for standard.
Answered by Rajesh Hegde
Asked by Rutu Chavan: What is the capacity split between specialized and standard wires?
p. 22
“Around 65% is for specialized and balance is for standard.”
Rajesh Hegde, page 22 of the filed PDF · View the filing
Management said PEEK is at a concept stage with limited initial capacity, expected to mature in one and a half to two years.
Answered by Rajesh Hegde
Asked by Chirag Jain: What is the status of PEEK insulated wires and expected capacity?
p. 25
“This is at a very concept stage. In terms of overall capacity also, it's not a very large capacity that we are starting off with, so -- but we are talking to OEMs”
Rajesh Hegde, page 25 of the filed PDF · View the filing
Management said payable days improvements and working capital management should improve cash flows going forward.
Answered by Amod Joshi
Asked by Vandana Rathi: When will operating cash flow improve?
p. 27
“And the current year also are targeted to improve the payable days beyond 25 to close to 30 days by the end of the year, and that should significantly improve the cash flows for '27.”
Amod Joshi, page 27 of the filed PDF · View the filing
Risks flagged
Middle East shipment delays due to regional conflict
p. 6
“We had some shipments to customers deep in the Gulf that got stuck, but ultimately were rerouted, so the impact was a delay of a few weeks.”
Rajesh Hegde, page 6 of the filed PDF · View the filing
Rising transport-related costs impacting exports
p. 9
“There has been some effect on the -- what do you call, the transport related prices.”
Rajesh Hegde, page 9 of the filed PDF · View the filing
Increase in inventory days from higher copper prices and Middle East delays
p. 10
“And the Middle East also did have some effect, because we were carrying some inventory in the last quarter, which was manufactured in Q4, but finally it got shipped out in Q1 of this year.”
Rajesh Hegde, page 10 of the filed PDF · View the filing
Copper price volatility affecting reported margins
p. 7
“This quarter, copper prices increased sharply, negatively impacting margins, but as you can see, did not impact EBITDA per ton.”
Amod Joshi, page 7 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.