What KSH International does

KSH International Limited, headquartered in Pune, India, is a publicly listed manufacturer of specialised magnet winding wires and Continuously Transposed Conductors (CTC) used in power transformers, HVDC transmission systems, EV traction motors, and industrial rotating equipment. The company's product portfolio spans five core lines — CTC, enamelled rectangular wires, enamelled round wires, wrapped rectangular wires, and specialty products including Netted CTC — manufactured at four facilities near Mumbai and Pune. KSH pioneered the indigenisation of CTC technology in India in 2006 and holds an exclusive India licence from Austria's HPW Metallwerk GmbH to produce PEEK-insulated winding wires for EV traction motors, positioning it at the intersection of grid modernisation and EV electrification demand.

The company operates a direct B2B enterprise sales model, supplying approximately 100 premium OEM and utility customers across 24 countries, including Hitachi Energy, ABB, GE Vernova, Siemens, Toshiba, BHEL, CG Power, Meiden T&D, PGCIL, NPCIL, and NTPC. Approved-vendor status with Indian regulators (PGCIL for 765kV and HVDC, NPCIL for nuclear, NTPC for thermal, RDSO for rail) and adherence to ISO 9001/14001/45001, IATF 16949, and UL certifications form the basis of customer qualification. Pricing is quote-based and customised per transformer/traction motor specifications, with multi-year volume contracts typical. Revenue mix is dominated by hardware sales of winding wires and CTC, with the recently commissioned Phase One capacity expansion (43,445 tonnes annualised in Q3 FY26, targeting 59,045 MT by Q4 FY27) funded partly by the December 2025 IPO that raised Rs 626 crore. The company is promoted by the Hegde family and was founded as Bhandary Metal Extrusion Private Limited in 1979 before reincorporating in 1981.

Name

KSH International

Legal name

KSH International Ltd.

Website

https://kshinternational.com

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

101–250 employees

Short description

KSH International is a Pune-based manufacturer of magnet winding wires and Continuously Transposed Conductors (CTC), supplying specialised conductive materials to global power transformer OEMs, Indian utilities, and EV traction motor makers across 24 countries.

Ownership category

akta.pro rank

Product category

Magnet Winding Wires

NAICS

Power, Distribution, and Specialty Transformer Manufacturing (335311), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632), Motor and Generator Manufacturing (335312), Electrical Equipment Manufacturing (33531)

SIC

Electronic Coils, Transformers & Other Inductors (3677), Power, Distribution & Specialty Transformers (3612), Motors & Generators (3621)

akta.pro primary industry

Transmission & Distribution Line Equipment (Bushings, Insulators, Arresters, Conductors, Hardware) (IMAGAAAF)

akta.pro secondary industry

Transformers (Power, Distribution, Instrument, Specialty) (IMAGAAAA)

Keywords

• Magnet winding wires
• Continuously transposed conductors
• Insulated copper conductors
• Power transformer windings
• EV traction motor wires

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Magnet Winding Wires and CTC Sales: KSH International generates revenue primarily through the manufacture and sale of magnet winding wires, including continuously transposed conductors (CTC), enamelled round and rectangular wires, wrapped wires, and specialty products. Revenue mix includes domestic sales to Indian OEMs and exports to 24 countries globally.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

KSH International manufactures bare and insulated rectangular and circular magnet winding wires along with Continuously Transposed Conductors (CTC). Products are supplied to power equipment OEMs, EV traction motor manufacturers, and industrial motor producers for use in HVDC transformers, 765kV/1200kV power transformers, traction motors, alternators, and renewable energy generators. Manufacturing is carried out across four plants near Mumbai and Pune, with products exported to 24 countries.

Product overview

KSH International is a manufacturer of magnet winding wires and conductors with a portfolio of five core and specialty product lines. The core offerings include Continuously Transposed Conductors (CTC) - the company's flagship product pioneered in India in 2006 - along with Enamelled Rectangular Winding Wires, Enamelled Round Winding Wires, and Wrapped Rectangular Magnet Winding Wires. These products serve the power transmission, distribution, EV, automotive, and industrial motor segments. The Specialty Products line including Netted CTC represents value-added variations. All products are manufactured at three facilities near Mumbai and Pune, with customization available per customer specifications.

Differentiator

Problem solved

Functional benefit

Products and services

• Continuously Transposed Conductors (CTC) Specialized conductors assembled from multiple rectangular, film-insulated conductors wrapped with insulating paper layers, arranged in two stacks side by side. Designed for HVDC and 765kV/1200kV power transformers and reactors to improve transformer efficiency and reduce load losses.
• Enamelled Rectangular Magnet Winding Wires

Quantifiable outcome

• Supplied more than 500+ sets for 765kV transformers and 40+ sets for HVDC transformers installed in India's power grid
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• HPW Metallwerk GmbHcoreTechnology or Integration · 6 January 2026Exclusive India licence agreement with Austria-based HPW Metallwerk GmbH to manufacture PEEK-insulated magnet winding wires for electric vehicle traction motors. This partnership enables KSH to enter the EV market with specialized insulation technology.
• Bharat Heavy Electricals (BHEL)coreStrategic or Co-development Partner · 6 January 2026Initial order from BHEL to supply specialised wires for 11 high-voltage direct current transformers for the Khavda-Nagpur PowerGrid project. This represents a significant government infrastructure project order.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Sterlite Technologies (STL): Indian-listed manufacturer of power and telecom cables with global footprint. Adjacent competitor to KSH in electrical conductor products for power infrastructure, though focused on different cable categories.
• Polycab India: India's largest cable and wire manufacturer by revenue with a broad portfolio across power, telecom, and specialty cables. While not a direct CTC competitor, overlaps with KSH in enamelled winding wire and conductors for motors and transformers.
• Finolex Cables: Indian cable manufacturer with diversified portfolio including power cables, communication cables, and enamelled copper winding wires. Overlaps with KSH in the Indian market for motor winding wires and serves similar automotive/EV customer segments.

Regional players

• Universal Cables: India-based manufacturer of power cables and specialty cables with established presence in domestic power infrastructure. Regional Indian competitor to KSH with overlapping utility and industrial customer base, though narrower product portfolio.

Direct peers

• APAR Industries: Indian-listed manufacturer of transformer oils, conductors, and power/telecom cables. Closest India-based peer to KSH with overlapping transformer-industry exposure and similar B2B OEM customer base in Indian and global power equipment markets.
• REA Magnet Wire: US-headquartered specialist manufacturer of magnet wire including continuously transposed conductors (CTC). Direct competitor to KSH in transformer winding wire products serving power equipment OEMs globally.
• Sumitomo Electric Industries: Japanese conglomerate with significant magnet wire and CTC product lines serving power transformer and motor manufacturers globally. Competes with KSH in premium transformer winding wire segments including HVDC applications.
• Essex Furukawa Magnet Wire: Global leader in magnet winding wire manufacturing, jointly owned by Essex (US) and Furukawa Electric (Japan). Directly comparable to KSH as a specialty magnet wire supplier serving transformer, motor, and EV traction motor OEMs worldwide.
• Proterial (formerly Hitachi Metals): Japanese specialty materials company producing magnet wires, CTC, and electrical insulation materials for transformer and motor applications. Direct competitor in high-end continuously transposed conductors, with whom KSH shares key customer Hitachi Energy.

Emerging players

• LS Cable & System: Korean cable and wire manufacturer with growing magnet wire and conductor product portfolio serving EV and power transformer markets. Competes with KSH in export markets and is expanding manufacturing presence in India.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ksh-international

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KSH International