KW METAL WORK PUBLIC CO LTD

What KW METAL WORK PUBLIC CO LTD does

K.W. Metal Work Public Co Ltd (ticker KWM on the Stock Exchange of Thailand's MAI market) is a Thai agricultural equipment manufacturer founded in 2009 and headquartered in Bangkok with three manufacturing facilities at the Eastern Seaboard Industrial Estate in Rayong. The company's core business is the design, manufacture, and sale of tractor-mounted agricultural implements — including plow discs, harrow discs, furrow discs, plough frames/implements, screw flights, dozer blades, and rotary blades — built using proprietary cold-rolled seamless screw flight production, robotic welding, CNC-level precision machining, and heat treatment of special steels. KWM sells these products both under its own Pegasus brand via dealers and online channels, and as an OEM supplier to Siam Kubota Corporation under the Elephant brand, with Siam Kubota functioning as the dominant single-customer anchor generating an estimated 400-500 million THB annually.

The company also pursued limited diversification outside its core agricultural-equipment business. Between April and August 2021 it acquired controlling stakes in KWM Cannabitec Co Ltd (99.70%, cannabis/hemp extraction machine rental), Lab Active Co Ltd (51%, botanical extraction for cosmetics, pharmaceuticals, food, and animal feed), and KWHB Co Ltd (51%, Thai medicinal herb extraction via a joint venture with Liangtian Agriculture and Forestry Technology). These subsidiaries have largely been unwound: KWM Cannabitec was dissolved in November 2024 and the sale of KWHB was approved by the board in July 2025, leaving Lab Active as the remaining non-core operation with capital increased to 30 million THB in August 2024.

KWM operates with 11-50 employees, holds ISO 9001:2015 certification, is the recognized #1 disc plough manufacturer in Thailand, and has reported recent revenue of 387.81 million THB in FY2028 (down from 519.67 million THB in FY2027) alongside net profit of 38.49 million THB. The company is exploring geographic expansion into Vietnam, Laos, Myanmar, and Cambodia, and pursues a hybrid GTM combining OEM-embedded supply, dealer distribution, and online sales for the Pegasus brand.

Name

KW METAL WORK PUBLIC CO LTD

Legal name

บริษัท เค. ดับบลิว. เม็ททัล เวิร์ค จำกัด (มหาชน)

Website

https://kw-metalwork.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

K.W. Metal Work Public Co Ltd is a Thai agricultural equipment manufacturer producing plow discs, plough frames, screw flights, dozer blades, and rotary blades under the Pegasus brand and as an OEM supplier to Siam Kubota Corporation.

Ownership category

akta.pro rank

Product category

Agricultural Equipment Manufacturing

NAICS

Farm Machinery and Equipment Manufacturing (333111), Metalworking Machinery Manufacturing (33351), Rolling Mill and Other Metalworking Machinery Manufacturing (333519)

SIC

Metalworkg Machinery & Equipment (3540), Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Metal Forming & Fabrication Machines (Presses, Bending, Shearing, Stamping) (IMAHADAC)

Keywords

• Agricultural equipment manufacturing
• Disc plough production
• Tractor attachments
• OEM manufacturing
• Supercritical extraction equipment

Headquarters

HQ city

Rayong

HQ country

Thailand

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Agricultural Equipment Manufacturing and Sales: Core business manufacturing and distributing agricultural equipment including discs, plough frames, screw flights, dozer blades, and rotary blades. Revenue primarily from OEM partnerships (Siam Kubota) and Pegasus branded products.
2. Extraction Equipment Leasing (KWM Cannabitec): Rental services for cannabis and hemp extraction machines. KWM Cannabitec Co., Ltd. (99.70% owned) provides machine rental services.
3. Extraction and Processing (Lab Active): 51% owned subsidiary extracting and processing agricultural raw materials for cosmetics, pharmaceuticals, food, dietary supplements, and animal feed industries.
4. Thai Herb Extraction (KWHB): 51% joint venture extracting essential substances from Thai medicinal herbs and producing herbal products. Production capacity of 200 kg/day with nano-level extraction technology.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

K.W. Metal Work Public Company Limited manufactures agricultural equipment and implements including plow discs, harrow discs, furrow discs, plough frames, screw flights, dozer blades, and rotary blades, sold under the Pegasus brand and as OEM supply to Siam Kubota Corporation. The company also produces supercritical CO2 extraction machines (KWM Extractor 1.0 and 2.0) and operates herbal extraction facilities through subsidiaries for pharmaceutical, cosmetic, food, and dietary supplement applications.

Product overview

K.W. Metal Work Public Co., Ltd. is a Thai agricultural equipment manufacturer with a diversified product portfolio. The company operates two main business segments: 1) Agricultural Equipment Manufacturing (core business): producing plow discs (ใบผาล), harrow discs (ใบจักร), furrow discs (ใบคัดท้าย), plough frames (โครงผาล), screw flights (ใบเกลียวลำเลียง), dozer blades (ใบดันดิน), and rotary blades (ใบมีดตีดิน) under the Pegasus brand and OEM for Siam Kubota. 2) Extraction Equipment & Herbal Products: manufacturing cannabis/hemp extraction machines (KWM Extractor 1.0 and 2.0 using Supercritical CO2 technology) and operating extraction facilities through subsidiaries (KWHB, Labactive) for Thai herbal products including Andrographis, essential oils, and functional foods. Products are sold domestically and internationally, with major customers including Siam Kubota Corporation.

Differentiator

Problem solved

Functional benefit

Brands

• Pegasus: Primary brand for agricultural equipment including discs, plough implements, screw flights, dozer blades, and rotary blades. Distributed through Siam Kubota Corporation under the Elephant (ตราช้าง) brand and directly under Pegasus brand.
• LABACTIVE
• KWHB

Products and services

• Plow Disc (ใบผาล) Agricultural equipment disc used with plough implements attached to tractors for soil preparation before planting. Made from special heat-treated steel, sold under Pegasus brand.
• Harrow Disc (ใบจักร) Harrow disc component for soil preparation, used in combination with plough implements for breaking up soil clods.
• Furrow Disc (ใบคัดท้าย) Furrow disc for creating planting furrows, part of the disc plough system for agricultural soil preparation.
• Plough Implement / Frame (โครงผาล) Steel frame structure that holds plow discs, designed for various soil conditions and tractor sizes. Includes pioneering, harrowing, and specialized multi-function frames.
• Screw Flight (ใบเกลียวลำเลียง) Seamless screw flight manufactured by cold-rolled process for material handling and conveyor applications. Available in steel and stainless steel, right and left twisted for agricultural and industrial use.
• Dozer Blade (ใบดันดิน) Front-mounted implement for tractors used for ground leveling. Made from high-carbon steel in one seamless piece for durability. Available in BABY (small), LADY (medium), and MAN (large) sizes.
• Rotary Blade (ใบมีดตีดิน) Blade used with rotary hoe attachments for tractors, working to break up soil, till, and prepare seedbeds. Suitable for both wet and dry conditions with approximately 40 blades per rotary implement.
• KWM Extractor 1.0 First generation cannabis and hemp extraction machine using Supercritical CO2 Extraction technology. Target customers in cannabis and hemp extraction industry.
• KWM Extractor 2.0 Second generation extraction machine with improved extraction efficiency using Supercritical CO2 Extraction technology. Patent application filed. Used for food, pharmaceutical and cosmetics applications.
• KWHB Thai Herbal Products Thai herbal extraction products including Andrographis paniculata spray, essential oils, and herbal rice products. Produced by the 51%-owned joint venture KWHB Co., Ltd. with nano-level extraction technology.

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Kubota Corporation (คูโบต้า)coreStrategic or Co-development PartnerStrategic partnership with Kubota Corporation. The company was established recognizing the growth opportunity in agricultural equipment production combined with good relationship with Kubota. Serves as OEM manufacturer supplying Siam Kubota Corporation.
• Siam Kubota Corporation Co., Ltd. (สยามคูโบต้าคอร์ปอเรชั่น)coreStrategic or Co-development PartnerLong-term OEM partnership manufacturing agricultural equipment under the Elephant (ตราช้าง) brand. Major customer generating 400-500 million baht annually.
• Adlertec Co., Ltd. (อัดเลอร์เทค จำกัด)coreStrategic or Co-development Partner99.80% owned subsidiary distributing agricultural equipment under Pegasus brand. Investment in March 2015 to streamline company structure and expand product diversification through Fighting Brand strategy.
• Liangtian Agriculture and Forestry Technology Co., Ltd.coreStrategic or Co-development Partner51% joint venture partner in KWHB for Thai herb extraction business. Chinese partner providing technology and market access for herb processing operations.
• KWHB Co., Ltd. (เคดับบลิวเอชบี จำกัด)coreStrategic or Co-development Partner51% owned joint venture extracting essential substances from Thai medicinal herbs. Extraction capacity of 200 kg/day with nano-level technology. Serves pharmaceutical, cosmetic, food, and beverage industries.
• Lab Active Co., Ltd. (แล็บแอคทีฟ จำกัด)coreStrategic or Co-development Partner51% owned subsidiary for extraction and processing of agricultural raw materials for cosmetics, pharmaceuticals, food supplements, and animal feed. Capital increased to 30 million baht in 2024.

Scale indicators19 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Mahindra & Mahindra (Farm Equipment Sector): Indian manufacturer of tractors and farm implements with the largest tractor market share in India and growing presence across Asia. Mahindra competes in similar smallholder mechanization markets where KWM is expanding (Southeast Asia), making it a regional comparable for both products and growth strategies.

Direct peers

• Kverneland Group: European specialist in tillage implements including ploughs, harrows, and disc equipment, now owned by Kubota. Kverneland's product line directly overlaps with KWM's core disc plough, harrow, and screw flight portfolio, making it one of the most directly comparable specialty tillage manufacturers in the global market.
• ISEKI & Co., Ltd. Japanese manufacturer specializing in compact tractors, rice paddy equipment, and agricultural implements for Asian markets. ISEKI's focus on small-to-mid scale mechanization solutions and strong Asian distribution makes it comparable to KWM in scale, regional orientation, and product-mix strategy.
• Bourgault Industries Ltd. Canadian manufacturer of tillage and seeding equipment including disc harrows and specialized cultivators. Bourgault's specialty focus on tillage implements and similar mid-market positioning makes it a strong comparable to KWM in product breadth, customer profile, and scale.
• Yanmar Holdings Co., Ltd. Japanese agricultural equipment manufacturer with a strong Southeast Asian presence through its Thailand operations. Yanmar produces tractors, tillage implements, and rice paddy equipment directly comparable to KWM's product portfolio, and competes for similar OEM and dealer relationships across the region.
• Alamo Group Inc. US-based manufacturer of agricultural and infrastructure maintenance equipment with a portfolio of vegetation management and ground-engaging implements. Alamo's mid-cap specialty equipment focus and similar product positioning in niche agricultural implements makes it a relevant public-market comparable.

Broad incumbents

• AGCO Corporation: Global agricultural equipment manufacturer with brands including Massey Ferguson, Fendt, and Valtra. AGCO produces tractors and tillage implements serving the same farmer and contractor end-customers as KWM, but at vastly larger scale across a broad product portfolio.
• CNH Industrial N.V. Global agricultural and construction equipment manufacturer operating the Case IH and New Holland brands. CNH's broad portfolio includes tractors, tillage equipment, and implements serving the same global farmer customer base as KWM, though at substantially larger scale and broader geographic reach.
• Kubota Corporation: Japanese global manufacturer of agricultural equipment, tractors, and tillage implements. Kubota is the parent of Siam Kubota Corporation, KWM's largest OEM customer, and produces overlapping product categories including ploughs, harrows, and tractor attachments. It represents both KWM's biggest customer relationship and its most formidable global competitor.
• CLAAS KGaA: German agricultural machinery manufacturer offering tractors, combines, and tillage implements. CLAAS's broader portfolio spans equipment categories overlapping with KWM's, but at significantly larger scale and with global distribution, positioning it as a broad incumbent in the same end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pegasusdisc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 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 KW METAL WORK PUBLIC CO LTD