KSH Internationa Q2 FY27 Results (NSE: KSHINTL)
Signal: Steady quarter
The read
KSH delivered robust top-line momentum (+85.3% YoY to ₹13,196.54 Mn) and sequential margin expansion (+35bps GM, +41bps EBITDA margin), supported by early integration benefits of its new captive Upcast copper rod facility commissioned in August 2026. However, working-capital-driven debt pushed finance costs up 140.2% YoY to ₹222.50 Mn, while post-IPO dilution limited EPS growth to +35.9% YoY.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,319.65 Cr | +85.31% | +13.35% |
| EBIT | ₹80.56 Cr | +90.73% | |
| Net profit | ₹47.95 Cr | +62.05% | |
| EPS | ₹7.08 | +35.89% | |
| EBIT margin | 6.10% |
P&L walk
Top-line scaling (+85.3% YoY) drove EBIT growth of +90.7% YoY, while higher finance costs (+140.2% YoY) and post-IPO equity expansion moderated EPS growth to +35.9% YoY.
Key positives
- Revenue grew 85.3% YoY and 13.4% QoQ to ₹13,196.54 Mn, maintaining high growth trajectory from Q1FY27.
- EBITDA margin expanded 41bps QoQ to 6.80% and Gross Margin expanded 35bps QoQ to 10.34%, recovering from Q1 margin lows.
- Operating cash flow swung to positive ₹425.71 Mn in H1FY27 from negative ₹456.85 Mn in H1FY26.
- Receipt of Consent to Operate (CTO) from MPCB for Supa facility, taking total approved capacity to 28,800 MTPA.
Key concerns
- Finance costs surged 140.2% YoY and 28.8% QoQ to ₹222.50 Mn due to working capital debt requirements.
- Trade receivables increased 76.2% over H1 to ₹5,864.06 Mn (from ₹3,327.11 Mn as of March 31, 2026).
- Effective tax rate rose to 24.9% in Q2FY27 compared to 19.0% in Q2FY26, dampening PAT conversion.
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