KSH International Ltd

- The company has repaid INR225.9 crores of long-term and short-term debt in December 2025, including term debt for Supa Phase 1 expansion. - The debt-to-equity ratio has reduced significantly to 0.42x (excluding cash earmarked for redeployment from IPO proceeds) from 1.35x in Q2 FY '26. - There is no explicit mention of any new fundraising through debt or equity in the call transcript. - IPO proceeds are being utilized for capex and other purposes as planned, with no indication of fresh equity fundraising. - Working capital interest may increase with higher volume, but no new loan announcements were made. - Management is focused on reducing payables and optimizing working capital, not raising fresh debt currently.

- The company completed Phase 1 of the new Supa facility at the end of September 2025, adding 12,000 metric tons of capacity. - As of December 31, 2025, total capacity reached 43,445 metric tons with an additional 2,400 metric tons added in Q3 FY ’26. - Capacity expansion is across all product lines including CTC, round wires, and standard magnet winding wires. - Future capacity is planned to increase up to 59,000 metric tons over the next 14 months. - Phase two of the Supa facility is to be capitalized in FY ’26–’27, with associated fixed costs expected initially. - IPO proceeds have been parked in deposits and will eventually be utilized for capex and other purposes as per IPO disclosures. - The company expects operating leverage and volume growth from the expanded capacity to improve profitability over the coming years.

- Full year FY '26 volume expected between 28,000 to 29,000 metric tons, up from 23,345 metric tons in FY '25. - Q3 FY '26 volume grew 24% year-over-year, driven by Supa facility contributing to sustainable volume increase. - Quarterly volume run rate expected to increase, with potential to reach around 10,000 tons per quarter by Q1 FY '27 depending on utilization. - Capacity utilization targets around 80-85% over the next 2-3 years on base capacity of 43,400 metric tons. - Revenue growth driven by increased volumes, higher value-added product mix (e.g., HVDC transformers, EV motors), and exports. - EBITDA per ton sustainable around INR 65,000 to INR 66,000, with potential upside from operating leverage and product mix shifts. - Emerging segments like HVDC and EV-related products expected to grow and incrementally benefit revenue and margins in coming years. - Exports growing, representing roughly 27% of total revenues with 37% year-over-year growth in Q3 FY ‘26.

- FY '26 volumes expected at 28,000-29,000 MT, up from 23,345 MT in FY '25, indicating ~18%-30% growth. - EBITDA per ton sustained around INR 65,000-66,000, with potential natural improvement from product mix shifting to higher value-added products like CTC, HVDC, and PEEK wires. - PAT grew 53% in 9 months FY '26, demonstrating strong earnings momentum. - Capacity expansion at Supa expected to ramp up to 85% utilization over 2-3 years, driving improved operating leverage. - Interest expense reducing post repayment of loans; working capital interest linked to higher volumes. - Management expects volume growth and operating leverage to improve EBITDA and profitability, with EBITDA per ton at a sustainable level. - No explicit EPS guidance provided; however, strong volume and profit growth imply positive EPS trajectory going forward.

- KSH International Limited is executing roughly 37 HVDC transformer orders currently (Page 14). - These HVDC orders include some from a BHEL order and other Indian manufacturers of HVDC transformers (Page 12). - The company has additional annualized capacity of 14,400 metric tons added in the second half of FY 2026, supporting volume growth (Page 8). - Volume expectations for the full financial year are between 28,000 to 29,000 metric tons, with a quarterly run rate moving toward 7,500 tons and potentially 10,000 tons by Q1 FY 2027 (Pages 9, 12, 14). - The company is actively working on localization content and expects further HVDC and other projects to materialize, though exact quantities and schedule remain dynamic (Pages 14, 15). - Expansion in new verticals like EV motors and compressors is in early stages, expected to contribute more significantly over 12 to 18 months (Page 14).