Up 158% in six months! Why this multibagger stock saw downgrade, what's next for it

Following a multibagger returns in the last six months, shares of KSH International Ltd have seen downgrade from domestic brokerage firm even as the analysts remain largely positive on the stock, thanks to its recent rally. They believe that the stock is building scale and structural drivers remain intact.

Shares of KSH International settled at Rs 845 on Thursday, rising 1.30 per cent for the day, commanding a total market capitalization of Rs 5,725 crore. The stock has soared more than 155 per cent from its all time low at Rs 330.15, hit on January 13, 2026. The stock is up 22 per cent in the last one month period.

KSH International, a 45-year-old manufacturer of magnet winding wires, supplies products used in power transformers, industrial motors, EV motors, compressors and other electrical equipment. It is among India’s leading winding wire suppliers and the country’s largest exporter, serving over 120 OEM customers across 24 countries.

About 75 per cent of revenue comes from specialised winding wires for the T&D ecosystem, including CTC, paper-insulated conductors and other value-added products. It operates four facilities with installed capacity of 43,445 MT. Its capacity is like to rise to about 59,000 MT by FY27, supported by expansion, customer relationships and approvals for high-voltage and HVDC transformer applications.

ICICI Securities,  after its visit to KSH’s Supa facility, reaffirmed the structural growth story underpinning the specialised magnetic winding wire leader. The plant is a full-range unit spanning flat, round, CTC, EV and peak wires, with ample headroom for expansion.
Capacity stands at 43kt and is set to reach 59kt by FY27-end, with a further 12kt of expansion headroom should demand warrant, it said.

"The current build plan of 59kt is specialised-skewed (65 per cent of capacity) and reinforces KSH’s moat in a tightening transformer supply chain. Management sees domestic CTC demand climbing from 40kt in FY25 toward 70–75kt by FY27 and 120kt by FY29, with top 3 players, including KSH, holding 75 per cent market share," it said.

Further, large clients are sensing a potential supply crunch and are exploring longer supply agreements, lending higher visibility. Given multi-year transmission tailwinds, KSH’s capacity expansion and utilisation ramp-up, we see a long runway for value-accretive growth, ICICI Securities added but downgraded the stock to 'add' (from buy) and trimmed its target price of Rs 863 (from Rs 900).

Shares of KSH International were listed at the bourses in late December 2025 after the company raised a total of Rs 626 crore via IPO as it sold its shares for Rs 384 apeice with a lot size of 39 equity shares. As of current prices, the stock has delivered a return of more than 125 per cent to the investors.

BP Equities said KSH International is seeing a sharp rise in domestic demand for Continuously Transposed Conductors, with Indian demand increasing from about 40,000 MT historically to 60,000-70,000 MT now and potentially reaching 120,000 MT after CY2030, driven by transmission, renewable integration and grid expansion.

BP Equities said the global CTC market is about 450,000 MT, while KSH International, Apar Industries and Precision Wires together account for most domestic supply. The company is approved for applications up to HVDC 400 kV, while approvals for HVDC 800 kV are still under way.

According to BP Equities, KSH International’s niche positioning, rising transformer demand, exports and capacity expansion support long-term growth, though ramp-up, product mix and execution remain key. The stock trades at 47.1 times FY26 EPS, the report said, without rating the stock.