Analysts/Institutional Investor Meet/Con. Call Updates

November 09, 2026 The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544664 NSE Symbol: KSHINTL Sub.: Transcript of the Earnings Conference Call held on Thursday, November 05, 2026, in respect of the Company’s Unaudited Financial Results for the quarter six months period ended September 30, 2026. Ref.: 1. Regulation 30 and Regulation 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”); 2. Intimation of Earnings Conference Call dated October 21, 2026 (“Earnings Call Intimation”); and 3. Intimation of Audio recording of Earnings Conference Call dated November 05, 2026 (“Audio Recording Submission”). Dear Sir/Madam, Pursuant to above-referred Listing Regulations and in continuation to the Earnings Call Intimation and Audio Recording Submission, we are pleased to submit transcript of the Earnings Conference Call held on Thursday, November 05, 2026, in respect of the Company’s Unaudited Financial Results for the quarter and six months period ended September 30, 2026. The transcript has been hosted on the Company’s website at: https://kshinternational.com/investor- relations/transcripts/. You are requested to take this intimation on record. Thanking you, For KSH International Limited Nakul Shivaji Patil Company Secretary and Compliance Officer, Head – Secretarial & Legal Membership No.: A39990 Encl.: As above. “KSH International Limited Q2 FY '27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. RAJESH HEGDE – MANAGING DIRECTOR MR. HUKUMCHAND LAKHOTIA – CHIEF EXECUTIVE OFFICER MR. AMOD JOSHI – CHIEF FINANCIAL OFFICER MR. DHRUV CHOPRA – HEAD OF INVESTOR RELATIONS MR. NAKUL PATIL – COMPANY SECRETARY AND HEAD, SECRETARIAL AND LEGAL MODERATOR: MR. MOHIT KUMAR – ICICI SECURITIES Page 1 of 19 KSH International Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to the KSH International Limited Q2 and H1 FY '27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing *, then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar. Thank you and over to you, sir. Mohit Kumar: Thank you. Good morning. On behalf of ICICI Securities, I welcome you all to KSH International Q2 FY '27 Earnings Conference Call. Today, we have with us from the management, Mr. Rajesh Hegde - Managing Director; Mr. Hukumchand Lakhotia - Chief Executive Officer; Mr. Amod Joshi - Chief Financial Officer; Mr. Dhruv Chopra - Head of Investor Relations, and Mr. Nakul Patil - Company Secretary and Head, Secretarial and Legal. Now, I would like to hand over the floor to the management for their opening remarks, post which we will open the floor for Q&A. Thank you and over to you, sir. Rajesh Hegde: Yes, good morning. This is Rajesh Hegde. Welcome to our 2nd Quarter Fiscal 2027 Results Call. As we reach the halfway point of the financial year, I am pleased with the progress we have made across several important areas of our business. Number one being we have continued to grow volumes while maintaining our focus on profitability and utilization. The second point being demonstrated improved penetration to expand the scale of our exports. Thirdly, our Phase- 2 capacity expansion at Supa is largely complete, providing the manufacturing capacity needed to support the next phase of growth. And lastly, improve the efficiency of our working capital cycle. These developments are closely linked to the investments and operating initiatives we have undertaken over the past few years, and I will discuss them in more detail during our today's call. Our 2nd Quarter Financial Results along with supporting information have been submitted to the exchanges and have been uploaded to our website. On today's call, I will focus on the industry and trends operating performance and finally, our capacity utilization and expansion plans. Amod will then discuss the financial and operating metrics. KSH International, as you know, is a 45-year-old manufacturer of Magnet Winding Wires, which is the most critical component of coils used in electric machines, from power Page 2 of 19 KSH International Limited November 05, 2026 transformers down to AC compressors and everything in between. We are the leading manufacturer of Specialized Magnet Winding Wires in India and the largest exporter of winding wires from the country. Our installed capacity as on September 30th, 2026 was 57,845 metric tons, which includes 96% of the total capacity expansion planned at Supa. We are a B2B company servicing over 120 leading domestic and global OEM customers and maintain long term relations with these customers with repeat revenue in excess of 95%. Additionally, our business is make to order, which means we procure the copper or the metal and begin processing only after receiving a purchase order from the customer. Thus, LME copper price and exchange rate is a direct pass through. Roughly, 75% of our revenues comes from supplying specialized Magnet Winding Wires for T&D, renewables, railways and data centers driven by our core continuously transposed conductors or CTC for transformers, in which we are the market leaders in India. CTC is a complex engineer product and all of our exports are exclusively to T&D customers across 5 continents. Let me briefly share some of my thoughts on the industry environment: We see sustained growth and investments across power generation, transmission and related equipment driven by grid infrastructure development, renewable energy integration, electrification and growth, electricity requirements from industrial and digital infrastructure. OEMs are still growing order flows and are investing in manufacturing capacity, particularly across all premium transformer and motor applications. Overseas, equipment manufacturers are also increasingly highlighting the importance of strengthening their manufacturing capacity and supply chain resilience to meet evolving customer requirements. An important aspect of this environment is the increasing emphasis on technical capabilities, product qualifications, delivery reliability and long-term supply availability. For specialized component manufacturers, these requirements create opportunities to deepen customer relationships and participate in more technically demanding applications. Now, against this backdrop, our focus remains on expanding our engagement with domestic and global OEMs, progressively using our available manufacturing capacity and ensuring that our capabilities and the investments remain aligned with the long term requirements of our customers. Over the past few quarters, we have talked about having capacity available to expand our export business, given the supply constraints we faced previously. We spent the last 6 months fulfilling various technical qualifications and test shipments and in Q2, we saw the export volumes begin to increase from both existing customers as well as new OEMs. Export revenue in Q2 grew 108% year-over-year and 44% higher than last quarter. As a result, exports represented almost 32% of our revenue in Q2, up from 26% in Q1. Specialized Magnet Winding Wires revenue overall grew at 87% year-over-year during Q2, with much of that growth driven by exports. Page 3 of 19 KSH International Limited November 05, 2026 CTC contribution in Q2 remained elevated as a percentage of the total revenue as standard wire volumes begin to pick up late in the quarter. As the newly commissioned standard wire capacity ramps up, we expect the overall contribution of standard wires to increase and ou [Showing first 8,000 characters — download PDF for full document]