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ICICI Securities Report
Given multi-year transmission tailwinds, KSH Internatilnal Ltd.'s capacity expansion and utilisation ramp-up, brokerage firm ICICI Securities sees a long runway for value-accretive growth. Hence the brokerage has downgraded the stock to Add from Buy, with a revised target price of Rs 950 from Rs 900 earlier, implying a potential upside of 10%.
The downgrade comes despite ICICI Securities reiterating its constructive stance on KSH International's structural growth story. The brokerage highlighted that the company is well positioned to benefit from a multi-year upcycle in India's transmission and distribution (T&D) sector, driven by electrification, industrialisation and rising power demand.
KSH International, a specialized magnetic winding wire manufacturer, continues to scale up capacity to meet robust demand. The company's total capacity currently stands at around 43 kt and is expected to expand to ~59 kt by FY27, with further headroom for expansion depending on demand visibility.
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