India’s third largest magnet winding wire producer aims to double capacity and scale exports to over 24 countries
KSH International Ltd., India’s third-largest manufacturer of magnet winding wires by production capacity in Fiscal 2024, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹745 crore through an Initial Public Offering.
The IPO will consist of a fresh issue of shares aggregating up to ₹420 crore and an offer for sale of up to ₹325 crore by promoter group shareholders. With proceeds earmarked for debt reduction, capital expenditure, and solar energy adoption, the company plans to expand aggressively across domestic and international markets.
Capital Deployment Strategy and Growth Focus
KSH International will utilize ₹226 crore from the fresh issue to repay and prepay certain outstanding borrowings. Another ₹90 crore will be used to fund new machinery at its Supa and Chakan facilities in Maharashtra, and ₹10 crore is earmarked for installing a rooftop solar plant at the Supa site.
This expansion will more than double the company’s current annual production capacity from 29,045 metric tonnes to 59,045 metric tonnes by Fiscal 2026. The IPO proceeds will also support general corporate purposes and strengthen the balance sheet as the company prepares for a scale-up in exports and capital goods manufacturing.
Segment Leadership and Product Portfolio
KSH International manufactures a wide range of standard and customized magnet winding wires including:
- Round enamelled copper and aluminium wires
- Paper-insulated rectangular copper and aluminium wires
- Continuously transposed conductors
- Bunched paper-insulated copper wires
These products are critical for high-performance applications in transformers, motors, alternators, and generators. KSH serves sectors such as energy, renewables, railways, industrial automation, and electric vehicles.
The company markets its offerings under the KSH brand, which has built strong recognition and trust among OEMs and large institutional buyers across India and global markets.
Export Leadership and Global Presence
According to its DRHP, KSH International is India’s largest exporter of magnet winding wires by revenue in Fiscal 2024. It serves over 112 customers and exports to more than 24 countries, including the United States, Germany, Saudi Arabia, Japan, UAE, Kuwait, Romania, and Bangladesh.
Major clients include Bharat Heavy Electricals Ltd., GE Vernova T&D India Ltd., Siemens Energy India Ltd., Hitachi Energy India Ltd., and CG Power and Industrial Solutions Ltd.
Its Taloja, Chakan, and upcoming Supa plants are strategically located to support large-scale exports and timely order fulfillment.
Financial Performance Snapshot
In Fiscal 2024, KSH International recorded a 31.76 percent increase in revenue from operations to ₹1,382.82 crore, up from ₹1,049.46 crore in FY23. The company’s EBITDA rose to ₹71.46 crore from ₹49.90 crore, while profit after tax increased to ₹37.35 crore from ₹26.61 crore.
For the nine months ended December 31, 2024, the company posted revenue of ₹1,420.45 crore, EBITDA of ₹87.35 crore, and PAT of ₹49.53 crore.
The company’s market share increased from 11.19 percent to 13.70 percent between FY22 and FY24, highlighting its upward trajectory amid a competitive landscape led by Precision Wires India Ltd. and Ram Ratna Wires Ltd.
Manufacturing Expansion and Solar Integration
KSH currently operates three facilities — two in Chakan and one in Taloja. A fourth manufacturing unit is under construction at Supa, Ahilyanagar (formerly Ahmednagar), which will feature upgraded machinery and rooftop solar installations. The solar plant investment aligns with KSH’s long-term vision for operational sustainability and reduced energy costs.
The Supa facility is expected to begin operations in Fiscal 2026 and will play a critical role in fulfilling future demand from renewable and EV sectors.
IPO Structure and Listing
The IPO will be conducted through a book-building process. Up to 50 percent of the net offer will be allocated to Qualified Institutional Buyers, with 15 percent reserved for Non-Institutional Investors and 35 percent for retail individual bidders.
Nuvama Wealth Management Ltd. and ICICI Securities Ltd. are the book-running lead managers to the issue, and MUFG Intime India Pvt. Ltd. is the registrar. The equity shares will be listed on the National Stock Exchange of India and BSE Ltd.
About KSH International
KSH International Ltd., part of the Pune-based KSH Group, began operations in 1981 and has since evolved into a global supplier of critical magnet wire solutions for electrical machinery. The company’s focus on high-quality manufacturing, customer-centric innovation, and consistent delivery has established it as a preferred vendor for both public and private sector energy companies. KSH International Files ₹745 Cr IPO to Expand Capacity, Solar, and Exports
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