India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Equity Bottom-Up

<ul>
<li>KSH International is the India’s 3rd largest Magnet Winding Wire Manufacturer (in terms of production capacity) and India’s Largest Exporter of Magnet Winding Wire (in terms of export revenue) for FY2025</li>
<li>India races towards 500GW of Renewable Capacity &amp; expand HVDC corridor, KSH’s specialized conductor (including continuously transposed conductor for 765kV transformer) is at an irreplaceable intersection of power capex supercycle</li>
<li>New 12,000 MT Supa Facility operational, Repaid IPO Funded Debt &amp; Orders covering 37 HVDC transformers, KSH’s revenue &amp; margin trajectory looks beyond 3000 crore Market Cap</li>
</ul>


KSH International is the India’s 3rd largest Magnet Winding Wire Manufacturer (in terms of production capacity) and India’s Largest Exporter of Magnet Winding Wire (in terms of export revenue) for FY2025
India races towards 500GW of Renewable Capacity &amp; expand HVDC corridor, KSH’s specialized conductor (including continuously transposed conductor for 765kV transformer) is at an irreplaceable intersection of power capex supercycle
New 12,000 MT Supa Facility operational, Repaid IPO Funded Debt &amp; Orders covering 37 HVDC transformers, KSH’s revenue &amp; margin trajectory looks beyond 3000 crore Market Cap


KSH International: Capacity Expansion Meets Demand Tailwind

<ul>
<li>Ram Ratna Wires, a winding-wire and copper-products manufacturer, reported FY26 revenue of INR 5,176.6 crore, EBITDA of INR 263.6 crore and PAT of INR 108.6 crore, with tubes contributing 22%.</li>
<li>The shift toward copper tubes, specialised conductors and electrical-component adjacencies can diversify revenue, improve utilisation and reduce dependence on the low-margin winding-wire business.</li>
<li>Future growth could be driven by copper-tube ramp-up, power infrastructure, HVAC localisation, EVs, BLDC motors and renewable-energy demand, subject to disciplined working-capital execution.</li>
</ul>


Ram Ratna Wires, a winding-wire and copper-products manufacturer, reported FY26 revenue of INR 5,176.6 crore, EBITDA of INR 263.6 crore and PAT of INR 108.6 crore, with tubes contributing 22%.
The shift toward copper tubes, specialised conductors and electrical-component adjacencies can diversify revenue, improve utilisation and reduce dependence on the low-margin winding-wire business.
Future growth could be driven by copper-tube ramp-up, power infrastructure, HVAC localisation, EVs, BLDC motors and renewable-energy demand, subject to disciplined working-capital execution.


Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

India

KSH International is a specialized manufacturer of copper products, primarily serving the global electrical infrastructure and automotive industries. The company produces rectangular and round paper-covered copper conductors, continuously transposed conductors (CTC), and specialized magnet wires. KSH International is headquartered in Pune, Maharashtra, India, and was founded in 1979.

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KSH International (KSHINTL IN)

KSH International: Capacity Expansion Meets Demand Tailwind

KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...

Sudarshan Bhandari

Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KSH International: Capacity Expansion Meets Demand Tailwind

​KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...

Sudarshan Bhandari

Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform

​Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...

Sudarshan Bhandari

KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...

Ram Ratna Wires diversifying revenue with focus on copper tubes, electrical components to reduce dependence on low-margin winding-wire business,...