NSE: KEI · BSE: 517569
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cables & Wires (94%), EPC Projects (5%), Stainless Steel Wire (2%). Capital-intensive cable manufacturer with demand tied to power transmission, infrastructure, and real estate cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,727 | 6,912 | 8,104 | 9,736 | 11,748 |
| EBITDA (ex other income) | 589 | 706 | 837 | 991 | 1,229 |
| margin % | 10.3 | 10.2 | 10.3 | 10.2 | 10.5 |
| Owners' profit | 376 | 477 | 581 | 696 | 918 |
| EPS, as reported (₹) | 41.77 | 52.94 | 64.37 | 75.65 | 96.09 |
| ROE % · ROCE % | 17.6 · 25.0 | 18.4 · 25.5 | 18.4 · 25.6 | 12.0 · 16.9 | 13.8 · 18.8 |
| Debt / equity (x) | 0.16 | 0.05 | 0.04 | 0.03 | 0.03 |
| Cash from operations | 229 | 514 | 611 | (32) | 840 |
| Capex | (60) | (76) | (255) | (691) | (1,132) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,280 | 2,467 | 2,915 | 2,590 | 2,726 | 2,955 | 3,476 | 3,185 |
| Profit before tax | 208 | 221 | 305 | 263 | 277 | 315 | 377 | 369 |
| Net profit | 155 | 165 | 227 | 196 | 204 | 235 | 284 | 274 |
| EPS (₹) | 17.16 | 17.87 | 23.71 | 20.49 | 21.30 | 24.57 | 29.74 | 28.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Segment - Cables & Wires | 3,297 | 27.5 |
| Segment-Stainless Steel Wire | 217 | 1.8 |
| Segment-EPC Project | 223 | 1.9 |
| Segment-Cables & Wires | 7,924 | 66.0 |
| Segment-EPC Projects | 239 | 2.0 |
| Segment-EPC project | 99 | 0.8 |
| Total, before eliminations | 11,999 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLYCAB INDIA LIMITED | 1,15,996 | 40.3 | 9.57 | 27.3 | 22.3 | 28.9 | 26.5 | 15.1 |
| KEI INDUSTRIES LTD. ◆ | 36,806 | 36.9 | 5.52 | 25.6 | 13.8 | 17.9 | 22.9 | 13.0 |
| R R KABEL LIMITED | 25,055 | 41.2 | 9.73 | 30.7 | 19.1 | 23.9 | — | 10.4 |
| FINOLEX CABLES LTD | 17,543 | 21.9 | 2.88 | 17.6 | 11.7 | 14.1 | 18.0 | 16.7 |
| UNIVERSAL CABLES LTD | 4,616 | 23.0 | 2.44 | 20.0 | 8.6 | 5.0 | 18.7 | 10.0 |
| PARAMOUNT COMM LTD | 1,944 | 32.0 | 2.50 | 17.5 | 7.7 | 10.2 | 29.8 | 7.1 |
| DYNAMIC CABLES LIMITED | 1,633 | 17.9 | 3.57 | — | 18.5 | 24.2 | — | 11.2 |
| QUADRANT FUTURE TEK LTD | 1,624 | — | 6.30 | — | (16.6) | (19.8) | — | (7.1) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.9 | 21.9 | 9 of 11 | 20% |
| P/B | 5.5 | 3.2 | 7 of 10 | 33% |
| ROCE | 17.9 | 13.5 | 5 of 13 | 67% |
| ROE | 13.8 | 8.6 | 4 of 11 | 70% |
| Debt / Equity | 0.0 | 0.1 | 4 of 11 | 70% |
| EBITDA margin | 13.0 | 10.2 | 3 of 10 | 78% |
| Revenue growth | 23.0 | 36.1 | 7 of 10 | 33% |
| Profit growth | 40.0 | 35.0 | 4 of 10 | 67% |
| Market cap | 36806 | 1788 | 2 of 12 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · KEI Industries to hold virtual institutional investor meeting on October 28 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · KEI Industries shares Q2 FY27 analysts call audio recording | investor communications | low | — | — |
| 22 Oct 2026 · KEI Industries shares audio recording of Q2 FY26 analyst call | investor communications | low | — | — |
| 22 Oct 2026 · Newspaper publication of September 2026 financial results | compliance | minimal | — | — |
| 22 Oct 2026 · KEI Industries receives Strong CRISIL ESG rating | credit debt | low | — | — |
| 21 Oct 2026 · No deviation; Rs1,922.27 crore of Rs2,000 crore issue funds deployed | compliance | minimal | — | — |
| 21 Oct 2026 · Q2 FY26 results: Revenue up about 38%, PAT up about 29% YoY | results | high | — | — |
| 21 Oct 2026 · KEI Industries Q2 FY27 results, revenue up 38.5%, net cash position | investor communications | high | — | — |
| 21 Oct 2026 · KEI Industries Q2 FY26 PAT up 29% YoY at Rs 262 cr, revenue up 38% | results | high | — | — |
| 21 Oct 2026 · Q2 results: profit rises, cash use and tax search in focus | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.