KSH International LimitedCapital Goods & EngineeringKSHINTL
Q1 FY27 concall · earnings callKSH International Limited
The company delivered strong Q1 results with significant revenue growth and record EBITDA per ton, driven by robust demand for specialized wires and exports, while remaining on track with its capacity expansion.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹1,164 Cr | 108% | |
| EBITDA | ₹74.4 Cr | — | |
| EBITDA per ton | INR 93,000 | — | |
| PAT | ₹42.2 Cr | 22% | |
| Sales Volume | a little under 8,000 metric tons | 5% | |
| Utilization | 73.5% | — | |
| Working Capital Days | 60 days | — |
TL;DR
- Revenue grew 108% year-over-year to INR 1,164 crores, with exports up 76%.
- EBITDA per ton reached a quarterly record of INR 93,000, up from INR 74,000 in Q4.
- Sales volume was a little under 8,000 metric tons, up 5% from Q4.
- Utilization improved to 73.5% on an unchanged installed base of 43,445 metric tons.
- The company entered into a five-year supply framework agreement with Hitachi Energy Global.
- Working capital days improved to 60 days from 65 days in Q4.
Said on the call
“I am extremely pleased with the start we have made in the first quarter of 2027.”
From the Q&A
| Topic | What management said |
|---|---|
| EBITDA per ton sustainability and mix | Management clarified that the record INR 93,000 per ton in Q1 was driven by a historically high CTC mix and front-loaded specialized wire capacity; they are comfortable with INR 75,000 per ton for FY27 as the product mix normalizes with Phase 2 expansion. |
| Long-term agreement with Hitachi | The agreement is a framework with no quantity or price defined yet; the EBITDA per ton is expected to be similar to the company average, and the products covered are specialized winding wires like CTC, paper insulated, and enamel insulated rectangular conductors. |
| Capacity expansion and land acquisition | The board authorized evaluating an additional 10 acres in Supa MIDC for long-term needs; the focus for now is completing Phase 2 (to ~59,000 tons) and utilizing it before determining future capacity specifics. |
| Working capital improvement target | Management aims for 30-35 days net working capital days, which is the industry standard, and sees it as a multi-quarter process. |
| Export contribution and target | Export revenue was 27% of operating revenue this quarter; the long-term target is to increase it back to its historical peak of around 40%. |
| Demand outlook and cycle | Management sees a structural long-term cycle in T&D driven by renewables, grid modernization, and data centers, with transformer OEMs sitting on 3-5 year order books; EV motor volumes are expected to become meaningful around FY28/29. |
| Upcast facility benefit | The newly commissioned upcast facility (5,000 ton capacity) will have a modest benefit, adding maybe a few rupees to gross profit this year as it recycles captive scrap. |
Guidance
- EBITDA per ton of approximately INR 75,000 per ton is sustainable for FY27.
- Volume growth rate of 26% (trailing 12 months) should be sustainable for the full year FY27.
- Export revenue target is to increase back to its historical peak of around 40% of total revenue over time.
- Some fixed costs are expected to increase as capacity utilization ramps up in the Supa plant.
Source
Summary written from the transcript filed by KSH International Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:31 IST.
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