Transcript of Analysts/Investors Call pertaining to the Audited Financial Results for the quarter and year ended on March 31, 2026.
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KEI Industries reported Q4 FY26 net sales of INR3,476 crore (up 19.3% YoY) with EBITDA margin of 12.21% and PAT of INR284 crore. Full-year FY26 net sales came in at INR11,746 crore (up 20.7%), with EBITDA of INR1,387 crore (up 30.6%) and PAT of INR918 crore at a margin of 7.82%. Management guided for 17-18% volume growth in FY27 driven by the Sanand facility ramp-up and Chinchpada wire capacity, with EBITDA margin expected in the 10.5-11% range. Export sales reached INR1,833 crore (up 45%) with the US market restarting after tariff headwinds. The company reiterated its 20% revenue CAGR target and plans INR600-700 crore annual capex for the next 2-3 years, maintaining a debt-free status. The total order book stands at INR3,585 crore (ex-dealer), including EPC INR309 crore, EHV INR625 crore, domestic cable INR2,154 crore, and export INR497 crore.
Strong execution with margin expansion and robust order backlog supports continued growth; capacity ramp-up at Sanand in FY27 is the key catalyst for volume acceleration. Debt-free balance sheet with multi-year capex plans provides earnings visibility.