KSH International IPO Review & Recommendations

KSH International IPO Peer Comparison

KSH International Ltd. peer comparison with similar listed entities. (As on March 28, 2025)

All the financial information for the listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on a standalone basis). It is sourced from the financial statements of the respective companies for the year ended March 31, 2025 submitted to stock exchanges.

^^To be updated upon finalisation of the Price Band. Notes:

1. The P/E ratio for the listed industry peers has been computed as the closing market price of equity shares on BSE Limited ("BSE") as on November 21, 2025, divided by the diluted earnings per share for the year ended March 31, 2025.

2. EV/ Operating EBITDA ratio for the listed industry peers has been computed as the market capitalisation of the industry peers based on the closing market price of equity shares on BSE on November 21, 2025, plus the net debt as on March 31, 2025, divided by Operating EBITDA for the year ended March 31, 2025.

3. Return on Net Worth (%) = Ratio of Profit /(loss) for the year attributable to owners of the company for the Fiscal to Net Worth as of the last day of the relevant Fiscal. Net Worth means the sum of equity share capital and other equity as of the last day of the relevant fiscal year.

4. Net Asset Value per Equity Share = Net worth / Weighted average number of Equity Shares outstanding during the year. Net Worth means the sum of equity share capital and other equity as of the last day of the relevant fiscal.