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HSY INTERNATIONAL EARNINGS PRESENTATION Q1 FY2027
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Investor Presentation | KSH International Limited 2 KSH in a Snapshot Robust Demand Environment Transformer capacity in India to triple from ~110 GVA to ~300 GVA by FY28E*. Key drivers include Energy transition, AI data centers as well as global grid upgrades. High Entry Barriers Ultra-precision technology engineered products, stringent vendor approvals, long qualification cycles. KSH is the leader in Specialized Wires used in Transformers, EVs, and motors. HVDC Advantage Only Indian supplier approved for HVDC transformers. Recently received first awards for Specialized wires for HVDC transformers. Capacity Expansion Expanding total capacity from 29,045 MT in FY25 to 59,045 MT by March 2027. At June 30, 2026, Annualized Capacity was 43,445 MTs. Blue Chip OEM Customers Serves 120+ OEM customers including leading local and global companies such as Hitachi Energy, CG Power, BHEL, GE Vernova, Siemens Energy, Bharat Bijlee, Nidec, Suzlon etc. Export Leader Largest Indian exporter of winding wires to 24 countries including Middle East, Europe and USA. ~30% revenue contribution from exports. * ICICI Securities
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Investor Presentation | KSH International Limited 3 Annual Snapshot in Numbers 45+ Year Track Record 4 Manufacturing Plants 43,445 MTPA Manufacturing Capacity* 24+ Export Countries 120+ Domestic and Global OEM Customers 97% Repeat Revenue* 19.9% ROE* 16.2% ROCE* *As of FY26 # 3 Year CAGR Growth up to FY26 43.6% Revenue CAGR # 56.3% EBITDA CAGR# INR 67,625 EBITDA per ton* 60.6% PAT CAGR# India’s Leading Supplier and Largest Exporter of Specialized Magnet Winding Wires
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Investor Presentation | KSH International Limited 4 Key Differentiators with High Barriers to Entry High Value-Added Wire Player • Leader in high-voltage power transformers including HVDC and 765kV • Majority of revenue comes from specialized magnet winding wires (75%) • Higher EBITDA per ton • Strong track record of providing high-voltage power transformers (765kV, traction motors, reactors) Embedded in Critical Infrastructure Ecosystem • Approved supplier to Power Grid, NTPC, NPCIL, RDSO • Multi-year qualification cycles create entry barriers • Long-standing OEM relationships ( local and global transformer leaders) Recurring and Sustainable Business Model • Copper fully passed through • Absolute EBITDA per ton structurally stable • Margin % fluctuation is denominator effect, not profitability erosion Diversified Yet Deep Customer Base • Top 10 contribution declining (de-risking) • High repeat business • Ability to cross-sell across transformer & motor divisions and geographies • Signed global long-term framework agreement with leading multinational OEM Combination of technical capability + regulatory approvals + specialized product mix creates structural differentiation, not cyclical advantage.
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Investor Presentation | KSH International Limited 5 Why KSH? Advanced Manufacturing Facilities with Precision Technology Long-Standing Relationships with Diversified Global Customers Certified and Approved Vendor to Leading Global OEMs Strong Financial Track Record & Consistent Growth Experienced Promoters & Senior Management team Leading Manufacturer of Specialized Magnet Winding Wires in India EV-Focused Specialized Rectangular Magnet Wires Expertise in Ultra-Precision Manufacturing for Large (UHV/EHV) & HVDC Transformers
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Investor Presentation | KSH International Limited 6 Strategically located Manufacturing Facility within close Proximity to the Port & Customers Unit 1: Taloja Unit 2: Chakan Unit 3: Chakan Unit 4: Supa (Phase-I 14,400 MT) ^ Completed Phase-I+ of fourth Unit located in Supa#, Maharashtra; located closer to customers focusing on expansion ^Capacity as on June 30, 2026 # within 250 kms radius to several other companies such as CG Power, Siemens, etc. Source: CARE Report. By end of Q4FY27 Annual Installed Capacity June 30, 2025Mar 31, 2022 23,729 MT 29,045 MT Phase 1 & Part Phase 2 14,400 MT PA Phase 2 (Pending) 15,600 MT PA Jun 30, 2026 (43,445 MT) 59,045 MT Strategically Located Manufacturing Footprint with Scalable Capacities located closer to JNPT , Navi Mumbai ; enables KSH to achieve cost efficiencies & reduce logistics costs Sales Volume (MTPA) & Capacity Utilization 21,495 23,324 28,168 7,969 75.6% 80.3% 64.8% 73.4% FY24 FY25 FY26 Q1-FY27
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Investor Presentation | KSH International Limited 7 Power Renewables Industrials Railways Data Centers EV & ICE Home Appliances Refrigeration & AC Diversified End-Use Industry Diversified End-Market with Strong Global Customer Base Strong clientele base
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Investor Presentation | KSH International Limited 8 Comprehensive Suite of Magnet Winding Wires • Focused on high-specification conductors used in transformer and high-voltage applications • Characterized by technical complexity, stringent quality standards and long approval cycles • Typically delivering higher EBITDA per ton driven by value-added, engineered product mix • Positioned in high-entry-barrier applications with strong original equipment manufacturer relationships 7,652 9,643 13,503 21,871 8,093 -1.14 -0.94 -0.74 -0.54 -0.34 -0.14 0.0 6 FY23 FY24 FY25 FY26 Q1-FY27 Revenue (INR Mn) • Comprises of enameled winding wires used in motors, compressors and general electrical equipment • Manufactured through automated processes enabling operational efficiency • Volume-driven segment catering to diversified end markets with stable demand characteristics • Benefits from scale advantages and broad customer penetration across industrial and consumer segments Revenue (INR Mn) 2,024 3,186 4,551 7,168 2,739 -1.14 -0.94 -0.74 -0.54 -0.34 -0.14 0.0 6 FY23 FY24 FY25 FY26 Q1-FY27 Specialized Magnet Winding Wires (75.3% Revenue Share*) Standard Magnet Winding Wires (24.7% Revenue Share*) * FY26
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Investor Presentation | KSH International Limited 9 Product Portfolio & Key Applications Standard Magnet Winding Wires (24.7% Revenue share1) Specialised Magnet Winding Wires (75.3% Revenue Share1) Our Products Paper Insulated Rectangular Copper & Aluminium Magnet Winding Wires Continuously Transposed Conductors Rectangular Enamelled Copper & Aluminium Magnet Winding Wires Bunched Paper Insulated Magnet Winding Copper Wires Power & Distribution Transformers Windings Wind Generator Rotor & Stators HVDC Transformers 765 kV Transformers & Reactors Traction Motors (EV) Electric Motors Power Transformers Traction Transformer Hydro Generators Traction Transformer Loco-Traction Transformer DG Set Alternators Transformers Distribution Transformers End use Industry End use Application Our Products Round Enameled Copper Magnet Winding Wires Round Enameled Aluminium Magnet Winding Wires Traction Motors (EV) Auto Electricals/ EV Hermetic Compressors Home Appliances Motors & Alternators Switchgear End use Industry End use Application * As on FY26
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Investor Presentation | KSH International Limited 10 * Value Addition of Rs 100k/ton and operating cost of INR 40k/ton assumed for illustrative purposes. Pricing Structure What Happens When Copper Prices Move? Copper If Copper Prices Decrease • Revenue decreases • EBITDA margin % improves (denominator decreases) • Absolute EBITDA per ton remains stable Revenue = Copper Price (Pass-Through) + Value-Add • Copper component is fully linked to market prices • Value-add component is fixed per ton (‘000/ton) 800 k/ton 900 k/ton 1,100 k/ton Revenue (Copper) 800 900 1,100 Value Addition/ton* 100 100 100 Operating cost/ton* 40 40 40 EBITDA/ton 60 60 60 EBITDA% 7.5% 6.7% 5.5% 800 900 1,100 100 100 100 Copper @800 k/ton Copper @900 k/ton Copper @1,100 k/ton Copper ('000/ton) Value Addition ('000/tonIf Copper Prices Increase • Revenue increases • EBITDA margin (%) declines (denominator increases) • Absolute EBITDA per ton remains stable Raw Material Pass - Through Mechanism Supporting Stable Profitability An EXAMPLE: Impact of Changes in Price of CopperCopper-Linked Revenue Model - Margin Mechanics Copper price movements affect EBITDA Margin (%), not absolute EBITDA per ton.
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Investor Presentation | KSH International Limited 12 Q1-FY27 Financial Highlights Revenue from Operations (INR Mn) 5,587 10,183 11,642 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 Q1 FY26 Q4 FY26 Q1 FY27 EBITDA (INR Mn) PAT (INR Mn) 227 345 422 Q1 FY26 Q4 FY26 Q1 FY27 Specialized and Standard RevenueEBITDA per ton Sales Volume (MT) 403 563 744 Q1 FY26 Q4 FY26 Q1 FY27 6,114 7,612 7,969 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 Q1 FY26 Q4 FY26 Q1 FY27 65,885 74,018 93,325 Q1 FY26 Q4 FY26 Q1 FY27
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Investor Presentation | KSH International Limited 13 Management Commentary “Growth in our higher value-addition Specialized Wires, specifically CTC, meaningfully outpaced the healthy growth in Standard Wires, driving volumes, exports and unit economic profitability in Q1. During the quarter, we also signed a long-term framework agreement with a large Global transformer OEM to supply their global production facilities over the next five years. Our next phase of capacity expansion in Phase 2 is on track to come online in Q2, and last week, we commissioned our upcast backward integration facility as well. In summary, Q1 was another quarter of strong execution as we build out capacity to capitalise on the strong demand environment in our end use industries.” – Rajesh K. Hegde, Managing Director Financial Summary Operating Summary Capacity We remain on track to exit FY27 with available capacity of 59,045 MTs. Focus on High Value Addition Balance Sheet FY26 Debt comprises mostly growth- driven working capital loans Key Trends ➢ Strong demand for specialized wires, especially CTC, domestically and in exports ➢ Signed new long-term framework agreement with key global OEM client Q1 FY27 Q1 FY26 Revenue Ops (Y/Y) +108% +29% PAT (INR Mn) 422 227 PAT (Y/Y) +86% +108% Q1 FY27 Q1 FY26 Volume Growth +30% +7% EBITDA/Ton (in Rs) 93,325 65,885 Specialized Wire Mix 75% 72% Q1 FY27 Avl Capacity (MTs) 43,445 Utilization 73% Q1 FY27 Q1 FY26 Total Debt (INR Mn) 4,810 3,794 Debt/Equity 0.57 1.18 Net Avg WK Days 60 71 Q1 FY27 Q1 FY26 Specialized Revenue Growth (Y/Y) 113% 29% Export Revenue Growth 83% 32%
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Investor Presentation | KSH International Limited 14 Quarterly Financial Performance Income Statement (INR Mn) Q1 FY27 Q1 FY26 Y-o-Y Q4 FY26 Q-o-Q Revenue from Operations 11,642 5,587 108.4% 10,183 14.3% Cost of Goods Sold 10,479 4,937 9,214 Gross Profit 1,163 650 78.9% 969 20.0% Gross Profit Margin % 9.99% 11.63% 9.52% Employee benefits expenses 143 113 154 Other Expenses 276 135 252 EBITDA 744 402 85.1% 563 32.2% EBITDA Margin % 6.39% 7.20% 5.53% Depreciation and amortisation expense 84 33 77 Finance Costs 173 73 132 Other Income 82 39 93 Exceptional Items - - - Profit before Tax 569 335 69.9% 447 27.3% Profit before Tax Margin % 4.89% 6.00% 4.39% Tax 147 108 102 Profit After Tax 422 227 85.9% 345 22.3% Profit After Tax Margin % 3.63% 4.06% 3.39% Diluted EPS (INR) 6.22 3.99 5.09
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Investor Presentation | KSH International Limited 15 Historical Income Statement Particulars (INR Mn) FY24 FY25 FY26 Revenue from Operations 13,828 19,283 31,070 Cost of Goods Sold 12,318 17,144 27,864 Gross Profit 1,510 2,139 3,206 Gross Profit Margin % 10.92% 11.09% 10.32% Employee benefits expenses 337 397 529 Other Expenses 458 517 755 EBITDA 715 1,225 1,921 EBITDA Margin % 5.17% 6.35% 6.18% Depreciation and amortisation expense 110 140 219 Finance Costs 176 280 440 Other Income 77 99 214 Exceptional Items - - 16 Profit before Tax# 506 904 1,459 Profit before Tax Margin % 3.66% 4.69% 4.70% Tax 132 224 358 Profit After Tax 374 680 1,101 Profit After Tax Margin % 2.70% 3.53% 3.54% Diluted EPS (INR) 6.57 11.97 18.37 * Finance costs of 9M-FY 26 include non-recurring interest costs amounting to INR 27.20 million pertaining to Supa related debt. # Profit before tax for 9M-FY 26 includes exceptional items amounting to INR 16.16 million.
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Investor Presentation | KSH International Limited 16 Particulars (INR Mn) FY24 FY25 FY26 ASSETS Non-Current Assets Property, Plant & Equipment 1,327 1,269 3,075 Capital Work-in-Progress 74 1,078 521 Intangible Assets 13 10 8 Right of Use Assets 57 51 43 Financial Assets Other Financial Assets 23 36 128 Other Non-Current Assets 58 256 558 Total Non-Current Assets 1,552 2,700 4,333 Current Assets Inventories 1,329 2,110 4,249 Financial Assets Trade Receivables 1,592 2,239 3,327 Cash & Cash Equivalents 156 104 721 Other Bank Balances 21 6 124 Other Financial Assets 1 1 10 Other Current Assets 176 289 462 Total Current Assets 3,275 4,749 8,893 TOTAL ASSETS 4,827 7,449 13,226 Particulars (INR Mn) FY24 FY25 FY26 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 57 284 339 (b) Other Equity 2,253 2,701 7,742 Total Equity 2,310 2,985 8,081 Non-Current Liabilities Financial Liabilities Borrowings 343 1,159 260 Lease Liabilities 47 31 23 Provisions 6 9 11 Deferred Tax Liabilities (Net) 77 63 82 Total Non-Current Liabilities 473 1,262 376 Current Liabilities Financial Liabilities Borrowings 1,725 2,442 2,902 Lease Liabilities 26 33 26 Trade Payables 184 325 1,235 Other Financial Liabilities 50 133 317 Provisions 5 10 23 Other Current Liabilities 32 207 191 Liabilities for Current Tax (net) 22 52 75 Total Current Liabilities 2,044 3,202 4,769 TOTAL EQUITY AND LIABILITIES 4,827 7,449 13,226 Historical Balance Sheet
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Investor Presentation | KSH International Limited 18 Capital Market Information Promoters, 74.58% Public, 8.84% FII, 5.71% DII, 10.87% Price Data (As on June 30, 2026) INR Face Value 5.0 CMP 863.7 52 Week H/L 908.00/ 330.15 Market Cap (INR Mn) 58,520.60 Shares O/S (Mn) 67.76 Avg. Vol. (‘000) 517.06 Stock Performance up to August 07, 2026 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 KSH International Ltd SENSEX Shareholding Pattern (as on June 30, 2026) Capital market data is from the date of listing, i.e., 23rd December 2025 to 07th August 2026. Top Shareholders as on June 30, 2026 Holding (%) Kotak Mahindra Mutual Fund 3.73 MALABAR Fund/Investment 2.45 LIC Mutual Fund 1.48 HSBC Mutual Fund 1.22 HDFC Mutual Fund 1.18
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Investor Presentation | KSH International Limited 19 Disclaimer No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management KSH International Limited (“Company” or “KSH International Ltd.”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. For further details, please feel free to contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-35075100 Email: ksh@valoremadvisors.com Investor Kit Link: https://www.valoremadvisors.com/ksh KSH International Ltd Dhruv Chopra EmaIl: dhruv.chopra@kshinternational.com Web: https://kshinternational.com/investor-relations/