KEI INDUSTRIES LTD.

Manufactures and sells electrical cables and wires, which contributed 93.5% of FY26 segment revenue at ₹11,220.566 crore, with smaller EPC Projects (4.7%, ₹561.436 crore) and Stainless Steel Wire (1.8%, ₹216.507 crore) operations. The Cables & Wires segment is the highest-margin contributor, generating EBIT of ₹1,301.359 crore in FY26 versus ₹19.42 crore from EPC and ₹17.164 crore from stainless steel wire. The business sells through a dealer network of 2,125 active dealers that contributed 54% of total sales in FY26, with B2B institutional customers accounting for 40%. The order book stood at ₹3,585 crore as of March 31, 2026, comprising EHV cables at ₹625 crore, domestic cable at ₹2,154 crore, export orders at ₹497 crore, and L1 orders worth ₹233 crore. Exports reached ₹1,833 crore in FY26 (up 45% YoY), with the US market recently reopened after tariff headwinds; management is targeting 20% export share of revenue in FY27. Capacity expansion is underway with Sanand Plant Phase 1 commissioned in December 2025 and Phase 2 (EHV cables) delayed to Q4 FY27. EHV cable revenue grew 82% YoY to ₹559 crore in FY26. The company is also setting up an 11.25 MW captive solar power project in Rajasthan through a 26% stake in Solarcraft Power India 24 Private Limited. Raw materials at 79.2% of revenue are the dominant cost, with EBITDA margin at 11.81% in FY26. Annual capex is guided at ₹600-700 crore for the next 2-3 years, funded internally with the company to remain debt-free.