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EARNINGS PRESENTATION Q2 & H1 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, EV Adoption, AI data centers, HVAC Supply chain localization 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. Received domestic award for Specialized wires for HVDC transformers earlier this year, and more recently test orders for HVDC in Europe Capacity Expansion Expanded total capacity from 29,045 MT in FY25 to 57,845 MT in Sept 2026. Board approved further expansion of Specialized wires, taking total capacity to 72,200 MT by 1Q FY2029 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, ABB, Bosch, SGB, VTC etc. Export Leader Largest Indian exporter of winding wires to 26 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 5 Manufacturing Plants 57,845 MTPA Manufacturing Capacity* 24+ Export Countries 120+ Domestic and Global OEM Customers 97% Repeat Revenue# 21.1% ROE* 25.0% ROCE* *As of H1 FY27 (annualized) # 3 Year CAGR Growth up to FY26 # H1 FY27 43.6% Revenue CAGR # 56.3% EBITDA CAGR# INR 97,600 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 • Metal prices 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 and Standard 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 Completed Phase-I+Part of Phase II- of fourth Unit located in Supa#, Maharashtra; located closer to customers focusing on expansion ^Capacity as on September 30, 2026 # within 250 kms radius to several other companies such as CG Power, Siemens, etc. Source: CARE Report. By end of Q1 FY29 Annual Installed Capacity Sept 30, 2026Mar 31, 2025 29,045 MT 57,845 MT 72,200 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 16,812 75.6% 80.3% 64.8% 76.0% FY24 FY25 FY26 H1-FY27 Phase 1 + Phase 2 Balance Phase 2 + Phase 3
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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 17,603 -1.14 -0.94 -0.74 -0.54 -0.34 -0.14 0.0 6 FY23 FY24 FY25 FY26 H1-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 6,121 -1.14 -0.94 -0.74 -0.54 -0.34 -0.14 0.0 6 FY23 FY24 FY25 FY26 H1-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 1,000 100 100 100 Copper @800 k/ton Copper @900 k/ton Copper @1,000 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 Q2-FY27 Financial Highlights Revenue from Operations (INR Mn) 7,121 11,642 13,197 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 Q2 FY26 Q1 FY27 Q2 FY27 EBITDA (INR Mn) PAT (INR Mn) 296 422 480 Q2 FY26 Q1 FY27 Q2 FY27 Specialized and Standard RevenueEBITDA per ton Sales Volume (MT) 461 744 897 Q2 FY26 Q1 FY27 Q2 FY27 7,037 7,969 8,842 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 Q2 FY26 Q1 FY27 Q2 FY27 65,515 93,325 1,01,454 Q2 FY26 Q1 FY27 Q2 FY27 +85.33% +94.79% +62.16% +54.86% +25.65%
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Investor Presentation | KSH International Limited 13 H1-FY27 Financial Highlights Revenue from Operations (INR Mn) 12,709 24,839 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 H1 FY26 H1 FY27 EBITDA (INR Mn) PAT (INR Mn) 523 902 H1 FY26 H1 FY27 Specialized and Standard RevenueEBITDA per ton Sales Volume (MT) 864 1,641 H1 FY26 H1 FY27 13,152 16,812 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 H1 FY26 H1 FY27 65,687 97,600 H1 FY26 H1 FY27 +95.45% +89.93% +72.51% +48.58% +27.83%
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Investor Presentation | KSH International Limited 14 Management Commentary “During the second quarter, we focused on increasing utilization of our expanded capacity, particularly for Specialized Magnet Winding Wires, driven by domestic and international OEMs. Strong export growth fuelled higher contribution to revenue mix. Meanwhile, we also completed 96% of our proposed Supa expansion six-months ahead of schedule, giving us 57,845 MT of available capacity heading into the second half of the year. Together with operating growth, our focus on working capital efficiency contributed to positive operating cash flow during H1 FY2027, and a reduction in outstanding debt during the second quarter. Lastly, our Board has approved a Phase 3 expansion at Supa for Specialized Magnet Winding Wires that would result in total capacity increasing to 72,200 MTs by Q1 FY2029, while also improving the long-term product mix of the Company.” – Rajesh K. Hegde, Managing Director Financial Summary Operating Summary Capacity We have completed installation of 96% of our planned capacity of 59,045 MTs six months ahead of schedule Focus on High Value Addition Balance Sheet Debt comprises mostly growth-driven working capital loans Key Developments ➢ Strong Specialized wires, acceleration in exports ➢ Trial HVDC export orders received ➢ Pick up in Standard wire volumes during Q2 FY2027 ➢ Delivered positive OCF in H1 FY2027 Q2 FY27 Q2 FY26 Revenue Ops (Y/Y) +85% +51% PAT (INR Mn) 480 296 PAT (Y/Y) +62% +129% Q2 FY27 Q2 FY26 Volume Growth +26% +23% EBITDA/Ton (in Rs) 101,454 65,515 Specialized Wire Mix 74% 77% Q2 FY27 Avl Capacity (MTs) 57,845 Utilization (available capacity) 76% Q2 FY27 Q2 FY26 Total Debt (INR Mn) 3,413 4,843 Debt/Equity 0.38 1.38 Net Avg WK Days 52 70 Q2 FY27 Q2 FY26 Specialized Revenue Growth (Y/Y) 87% 50% Export Revenue Growth 108% 22%
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Investor Presentation | KSH International Limited 15 STRATEGIC EXPANSION OF SPECIALIZED WIRE CAPACITY AT SUPA 59,045 MT 72,200 MT PLANNED CAPITAL INVESTMENT Up to Rs 1,850 Mn Post Phase II +22% KEY DETAILS Supa, Ahilyanagar Location Brownfield expansion + Land Acquisition Project type Q1 FY2029 Expected completion Maintain Continuity of Supply Large OEM customers with multi- year back logs prefer to work with qualified suppliers with capacity. Transformers Railways Renewable energy EVs STRATEGIC RATIONALE Improve Long-Term Product Mix Will drive further long-term product mix towards Specialized wires Support Export Penetration Address opportunities through higher wallet share of existing clients and addition of new OEMs Strengthen Market Position Improve readiness to pursue larger orders and new customer opportunities. 1 2 3 4 SPECIALIZED WIRE CAPACITY EXPANSION Post expansion
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Investor Presentation | KSH International Limited 16 Quarterly Financial Performance Income Statement (INR Mn) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q Revenue from Operations 13,197 7,121 85.33% 11,642 13.35% Cost of Goods Sold 11,832 6,365 10,479 Gross Profit 1,365 756 80.55% 1,163 17.37% Gross Profit Margin % 10.34% 10.62% 9.99% Employee benefits expenses 149 123 143 Other Expenses 318 172 276 EBITDA 898 461 94.79% 744 20.69% EBITDA Margin % 6.80% 6.47% 6.39% Depreciation and amortisation expense 91 39 84 Finance Costs 223 93 173 Other Income 55 36 82 Profit before Tax 639 365 75.07% 569 12.30% Profit before Tax Margin % 4.84% 5.13% 4.89% Tax 159 69 147 Profit After Tax 480 296 62.16% 422 13.74% Profit After Tax Margin % 3.63% 4.16% 3.63% Diluted EPS (INR) 7.07 5.20 6.22
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Investor Presentation | KSH International Limited 17 Half Yearly Consolidated Financial Performance Income Statement (INR Mn) H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 24,839 12,709 95.45% Cost of Goods Sold 22,312 11,302 Gross Profit 2,527 1,407 79.64% Gross Profit Margin % 10.17% 11.07% Employee benefits expenses 292 236 Other Expenses 594 307 EBITDA 1,641 864 89.93% EBITDA Margin % 6.61% 6.80% Depreciation and amortisation expense 175 72 Finance Costs 395 166 Other Income 137 75 Profit before Tax 1,208 701 72.34% Profit before Tax Margin % 4.86% 5.51% Tax 306 178 Profit After Tax 902 523 72.51% Profit After Tax Margin % 3.63% 4.11% Diluted EPS (INR) 13.29 9.20
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Investor Presentation | KSH International Limited 18 Historical Income Statement Particulars (INR Mn) FY24 FY25 FY26 H1 FY27 Revenue from Operations 13,828 19,283 31,070 24,839 Cost of Goods Sold 12,318 17,144 27,864 22,312 Gross Profit 1,510 2,139 3,205 2,527 Gross Profit Margin % 10.92% 11.09% 10.32% 10.17% Employee benefits expenses 337 397 529 292 Other Expenses 458 517 755 594 EBITDA 715 1,225 1,921 1,641 EBITDA Margin % 5.17% 6.35% 6.18% 6.61% Depreciation and amortisation expense 110 140 219 175 Finance Costs 176 280 440 395 Other Income 77 99 213 137 Exceptional Items - - 16 - Profit before Tax 506 904 1,459 1,208 Profit before Tax Margin % 3.66% 4.69% 4.70% 4.86% Tax 132 224 358 306 Profit After Tax 374 680 1,101 902 Profit After Tax Margin % 2.70% 3.53% 3.54% 3.63% Diluted EPS (INR) 6.57 11.97 18.37 13.29
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Investor Presentation | KSH International Limited 19 Particulars (INR Mn)16 FY24 FY25 FY26 H1 FY27 ASSETS Non-Current Assets Property, Plant & Equipment 1,327 1,269 3,075 4,045 Capital Work-in-Progress 74 1,078 521 407 Intangible Assets 13 10 8 5 Right of Use Assets 57 51 43 314 Financial Assets Other Financial Assets 23 36 128 298 Other Non-Current Assets 58 255 558 28 Total Non-Current Assets 1,552 2,700 4,333 5,105 Current Assets Inventories 1,329 2,110 4,249 5,420 Financial Assets Trade Receivables 1,592 2,239 3,327 5,864 Cash & Cash Equivalents 156 104 721 416 Other Bank Balances 21 6 124 122 Other Financial Assets 1 1 10 16 Other Current Assets 176 289 462 611 Total Current Assets 3,275 4,749 8,893 12,449 TOTAL ASSETS 4,827 7,449 13,226 17,554 Particulars (INR Mn) FY24 FY25 FY26 H1 FY27 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 57 284 339 339 (b) Other Equity 2,253 2,701 7,742 8,650 Total Equity 2,310 2,985 8,081 8,989 Non-Current Liabilities Financial Liabilities Borrowings 343 1,159 260 229 Lease Liabilities 47 31 23 291 Provisions 6 9 11 29 Deferred Tax Liabilities (Net) 77 63 82 106 Total Non-Current Liabilities 473 1,262 376 655 Current Liabilities Financial Liabilities Borrowings 1,725 2,442 2,902 3,184 Lease Liabilities 26 33 26 14 Trade Payables 184 325 1,235 4,183 Other Financial Liabilities 50 133 317 358 Provisions 5 10 23 10 Other Current Liabilities 32 207 191 152 Liabilities for Current Tax (net) 22 52 75 11 Total Current Liabilities 2,044 3,202 4,769 7,911 TOTAL EQUITY AND LIABILITIES 4,827 7,449 13,226 17,554 Historical Balance Sheet
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Investor Presentation | KSH International Limited 20 Revenue from Operations (INR Mn) Historical Financial Highlights 10,495 13,828 19,283 31,070 24,839 -1.14 -0.94 -0.74 -0.54 -0.34 -0.14 0.0 6 FY23 FY24 FY25 FY26 H1-FY27 EBITDA (INR Mn) & Margin (%) 499 715 1,225 1,921 1,641 4.75% 5.17% 6.35% 6.18% 6.61% FY23 FY24 FY25 FY26 H1-FY27 PAT (INR Mn) & Margin (%) 266 374 680 1,101 902 2.53% 2.70% 3.53% 3.54% 3.63% FY23 FY24 FY25 FY26 H1-FY27 Debt / Equity 0.62 0.90 1.21 0.39 0.38 0 0.0 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 FY23 FY24 FY25 FY26 H1-FY27 ROE & ROCE (%) 14.76% 17.59% 25.68% 19.90% 21.13% 13.25% 14.15% 16.60% 16.17% 24.98% FY23 FY24 FY25 FY26 H1-FY27 ROE ROCE 32,326 33,244 52,536 67,625 97,600 FY23 FY24 FY25 FY26 H1-FY27 EBITDA per ton (INR)
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Investor Presentation | KSH International Limited 21 Capital Market Information Promoters, 74.58% Public, 11.09% FII, 6.60% DII, 7.73% Price Data (As on Sept 30, 2026) INR Face Value 5.0 CMP 1000.8 52 Week H/L 1198.00/ 330.15 Market Cap (INR Mn) 67,809.90 Shares O/S (Mn) 67.76 Avg. Vol. (‘000) 474.02 Stock Performance up to September 30, 2026 -50% 0% 50% 100% 150% 200% 250% Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 KSH International Ltd SENSEX Shareholding Pattern (as on Sept 30, 2026) Capital market data is from the date of listing, i.e., 23rd December 2025 to 30th September 2026. Top Shareholders as on Sept 30, 2026 Holding (%) MALABAR Fund/Investment 2.45 HSBC Mutual Fund 1.90 HDFC Mutual Fund 1.18 LIC Mutual Fund 1.07
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Investor Presentation | KSH International Limited 22 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/