KSH International Poised for Growth as India's Copper Demand Soars

KSH International is poised to benefit from India's growing demand for copper, driven by the country's electrical infrastructure development. The company specializes in manufacturing high-voltage electrical equipment, including transformers and specialized winding wires. As transmission and renewable energy projects expand, India's copper demand is expected to reach 3.3 million tonnes by 2030, up from 1.878 million tonnes in FY25.

KSH International's addressable market will increase with the expansion of India's transmission network, which aims to grow from 5.09 lakh circuit kilometers in June 2026 to 6.48 lakh circuit kilometers by 2032. The company's specialized products are used in high-voltage applications, where technical specifications and customer approvals create a different competitive environment.

While rising copper prices can increase KSH International's revenue, the company's earnings power is not necessarily tied to copper price movements. Instead, the company's EBITDA per tonne has increased by 29% in FY26, driven by higher value-added products, exports, and better utilization. The company's ability to capture the volume component of India's electrification cycle will be crucial in driving its earnings growth.