KSH International IPO: Powering India’s Electrification Boom

Before you consider investing in electric vehicle (EV) stocks, renewable energy companies or power infrastructure plays, there's one important segment that most investors overlook.

Not EV makers. Not transformer companies. But the company that quietly powers all of them.

Enter KSH International, a 45-year-old manufacturing company at the core of India's electrification supply chain. And in 2025, it's stepping into the public market with an IPO that could be among the most solid industrial plays of the year.

This blog breaks down everything you need to know about the KSH International IPO: its journey, business model, financials, IPO structure, opportunities, risks and considerations for retail investors.

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A 45-year Journey: From Small Workshop to Global Supplier  

The story of KSH International began in 1979.

At a time when India was still building its heavy electrical equipment ecosystem, a small workshop in Maharashtra began manufacturing magnet winding wires. It wasn’t flashy. It wasn’t high-tech. But it was absolutely essential.

Fast forward to today, KSH International is:

• India’s third-largest producer of magnet winding wires

• Largest exporter in this segment from India

• A trusted supplier to global OEMs in power, renewables, railways, EVs and industrial equipment

This is not a consumer brand. It’s the backbone of electrification.

What Exactly does KSH International Manufacture?  

KSH specialises in magnet winding wires, which are precision-engineered conductors used in critical applications such as:

• Transformers

• EV motors

• Railway traction systems

• Renewable energy equipment

• Industrial motors and alternators

These components are mission-critical and require:

• High electrical and thermal durability

• Precise engineering with tight tolerances

• Long-term reliability and performance

Once an OEM qualifies a supplier like KSH, switching becomes costly and risky. This creates strong customer retention and long-term relationships.

Manufacturing Capacity & Product Range  

KSH operates three manufacturing plants in Maharashtra, with a total installed capacity of 29,045 metric tonnes (MT).

Its diverse product range includes:

• Enamelled copper and aluminium wires

• Rectangular insulated winding wires

• Continuously Transposed Conductors (CTC)

• Specialised conductors for EV and high-voltage applications

This diversification enables KSH to cater to a wide range of industries while maintaining operational efficiency at scale.

RHP Financial Deep-Dive: Growth that Stands Out  

KSH International’s Red Herring Prospectus (RHP) presents a compelling growth story.

Revenue Growth  

• FY23: ₹1,049 crore

• FY25 (est.): ₹1,928 crore

Revenue CAGR: ~35.5% over two years.

Profit Growth  

• FY23: ₹26.6 crore

• FY25 (est.): ₹68 crore

Profit CAGR: ~59.8%

This isn’t financial engineering. Growth is fuelled by:

• Volume expansion

• Export growth

• Operating leverage from scale

India’s Largest Exporter of Magnet Winding Wires  

KSH’s export strength is a major differentiator. It is India’s largest exporter of magnet winding wires, supplying global OEMs across regions.

Why this matters:  

• Foreign exchange income helps hedge against domestic currency volatility

• Global client base reduces overreliance on the Indian market

• Beneficiary of the China+1 shift in global manufacturing

• Fits the Make in India, Sell to the World narrative

This makes KSH a global electrification play, not just a domestic one.

How KSH International Makes Money  

KSH operates a scale-driven manufacturing model:

1. Procures copper and aluminium

2. Converts them into specialised winding wires

3. Supplies to OEMs who integrate them into motors, transformers and other components

The margins are stable, not high. But this is typical for capital goods manufacturers where volume, consistency, and trust are more important than high margins.

Once a supplier is embedded in an OEM's supply chain, they tend to stay there.

Structural Demand Tailwinds  

KSH’s products are aligned with three major mega-trends:

• Growing electric vehicle adoption

• Expansion in renewable energy

• Upgrades in power transmission and grid infrastructure

Every EV motor, wind turbine, alternator or transformer needs winding wires. So as electrification expands, so does KSH’s addressable market.

KSH International IPO Details  

Use of IPO proceeds  

The proceeds are allocated towards:

• ₹225.97 crore for debt repayment

• ₹87 crore for new machinery at two plants

• ₹8.82 crore for a rooftop solar power project

• Remaining for general corporate purposes

This combination of debt reduction and capacity expansion strengthens the balance sheet and supports long-term growth.

Opportunities vs Risks  

Key Opportunities  

• Strong demand from EVs, renewables and power infrastructure

• Export leadership with long-term OEM relationships

• Capacity expansion funded via IPO

• High customer stickiness due to switching costs

Key Risks  

• Fluctuating copper and aluminium prices

• Exposure to cyclical capital goods demand

• Export concentration risk

• Scale-driven model – execution missteps can hurt margins

Should Retail Investors Apply?  

KSH isn’t a speculative IPO.

It’s a 45-year-old industrial player with:

• Physical manufacturing assets

• Long-term export relationships

• Profitable operations

For retail investors:

• Listing gains: Depends on grey market premium and demand

• Long-term view: A solid manufacturing play with structural tailwinds

• Risk profile: Not defensive, but suited for core-plus portfolio allocation

Conclusion

KSH International isn’t selling a dream. It’s selling a proven industrial backbone that supports India’s electrification journey.

It may not be a household name, but it's powering:

• EVs

• Railways

• Renewable energy systems

• Transformers and more

If you're looking for stability, scale and structural demand alignment, KSH International is worth a close look.

Eligible investors can apply for the IPO through ASBA-enabled brokers, including via the FYERS platform.