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KEI Industries Q2 FY27 results: net profit up 29.0% to ₹262.45 crore, revenue up 38.5%
KEI Industries Limited reported consolidated revenue of ₹3,776 crore for Q2 FY27, up 38.5% from ₹2,726 crore in the year-ago quarter, with a net profit of ₹262.45 crore against ₹203.51 crore. Against the previous quarter, revenue rose while EBITDA and profit were lower and the EBITDA margin fell 2.4 percentage points to 10.0%.
Key points
- Consolidated revenue for Q2 FY27 was ₹3,776 crore, up 38.5% from ₹2,726 crore in Q2 FY26.
- EBITDA was ₹376.53 crore in Q2 FY27 against ₹269.34 crore a year earlier, with the margin at 10.0% versus 9.9%.
- Net profit was ₹262.45 crore against ₹203.51 crore in the year-ago quarter, and basic EPS was ₹27.45 against ₹21.30.
- Against Q1 FY27, revenue rose 18.6% to ₹3,776 crore while EBITDA fell 4.9% to ₹376.53 crore.
- For H1 FY27, revenue was ₹6,961.76 crore, up 30.9% from ₹5,316.66 crore, and net profit was ₹536.59 crore against ₹399.26 crore.
How did KEI Industries perform in Q2 FY27?
On a consolidated basis, KEI Industries reported revenue of ₹3,776 crore for the July–September 2026 quarter, up ₹1,050 crore or 38.5% from ₹2,726 crore in Q2 FY26. Total income was ₹3,800.93 crore against ₹2,768.64 crore, an increase of ₹1,032 crore or 37.3%. EBITDA rose ₹107.19 crore or 39.8% to ₹376.53 crore, and the EBITDA margin edged up 0.1 percentage points to 10.0%.
Profit before tax was ₹353.23 crore, up ₹75.95 crore or 27.4% from ₹277.28 crore, and net profit was ₹262.45 crore against ₹203.51 crore, an increase of ₹58.94 crore or 29.0%. Basic EPS was ₹27.45 against ₹21.30. The net profit margin was 6.9%, down 0.6 percentage points from 7.5% in the year-ago quarter.
Sequentially, revenue rose ₹591.08 crore or 18.6% from ₹3,185 crore in Q1 FY27, while EBITDA fell ₹19.31 crore or 4.9% to ₹376.53 crore. The EBITDA margin was 2.4 percentage points lower at 10.0% against 12.4%, profit before tax fell 4.3% to ₹353.23 crore and net profit fell 4.3% to ₹262.45 crore. Basic EPS was ₹27.45 against ₹28.68 in Q1 FY27.
The figures above are consolidated. On a standalone basis, Q2 FY27 revenue was ₹3,776 crore and net profit was ₹262.45 crore, against revenue of ₹2,726 crore and net profit of ₹203.51 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,776 | 3,185 | 2,726 | +38.5% | +18.6% |
| Other income | 24.52 | 19.57 | 42.29 | −42.0% | +25.3% |
| Total expenses | 3,448 | 2,836 | 2,491 | +38.4% | +21.6% |
| EBITDA | 376.53 | 395.84 | 269.34 | +39.8% | −4.9% |
| EBITDA margin | 10.0% | 12.4% | 9.9% | +0.1 pp | −2.4 pp |
| Profit before tax | 353.23 | 369.16 | 277.28 | +27.4% | −4.3% |
| Tax | 90.78 | 95.02 | 73.77 | +23.1% | −4.5% |
| Net profit | 262.45 | 274.14 | 203.51 | +29.0% | −4.3% |
| EPS (₹) | 27.45 | 28.68 | 21.30 | +28.9% | −4.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in KEI Industries' costs and profit?
Total expenses for Q2 FY27 were ₹3,448 crore, up ₹956.34 crore or 38.4% from ₹2,491 crore in the year-ago quarter. Cost of materials was the largest rise, up ₹1,028 crore or 46.4% to ₹3,241 crore. Employee cost rose ₹17.24 crore or 20.0% to ₹103.30 crore, depreciation rose ₹10.38 crore or 51.4% to ₹30.58 crore, and finance costs rose ₹3.08 crore or 21.8% to ₹17.24 crore.
Other expenses were ₹357.49 crore in Q2 FY27 against ₹297.88 crore in Q2 FY26, a rise of ₹59.61 crore or 20.0%. Other income was lower by ₹17.77 crore or 42.0% at ₹24.52 crore, against ₹42.29 crore a year earlier. There was no exceptional item in either quarter.
Tax expense rose ₹17.01 crore or 23.1% to ₹90.78 crore from ₹73.77 crore. Against the previous quarter, other income was ₹4.95 crore or 25.3% higher at ₹24.52 crore, while total expenses rose ₹611.95 crore or 21.6% to ₹3,448 crore, led by cost of materials at ₹3,241 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,241 | 2,213 | +1,028 | +46.4% |
| Employee cost | 103.30 | 86.06 | +17.24 | +20.0% |
| Finance costs | 17.24 | 14.16 | +3.08 | +21.8% |
| Depreciation | 30.58 | 20.20 | +10.38 | +51.4% |
| Other expenses | 357.49 | 297.88 | +59.61 | +20.0% |
| Total expenses | 3,448 | 2,491 | +956.34 | +38.4% |
| Other income | 24.52 | 42.29 | −17.77 | −42.0% |
| Tax | 90.78 | 73.77 | +17.01 | +23.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹6,961.76 crore, up ₹1,645.1 crore or 30.9% from ₹5,316.66 crore in H1 FY26. Total income rose ₹1,607.29 crore or 29.8% to ₹7,005.85 crore from ₹5,398.56 crore.
Profit before tax in H1 FY27 was ₹722.39 crore against ₹540.51 crore, an increase of ₹181.88 crore or 33.6%. Net profit was ₹536.59 crore against ₹399.26 crore, up ₹137.33 crore or 34.4%, and EPS was ₹56.13 against ₹41.78, a rise of ₹14.35 or 34.3%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 6,962 | 5,317 | +30.9% |
| Profit before tax | 722.39 | 540.51 | +33.6% |
| Net profit | 536.59 | 399.26 | +34.4% |
| EPS (₹) | 56.13 | 41.78 | +34.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹9,619.29 crore against ₹8,955.98 crore at 31 March 2026, and total equity was ₹7,203.36 crore against ₹6,664.95 crore. Borrowings were ₹285.07 crore against ₹186.2 crore, while cash fell to ₹695.01 crore from ₹1,444.04 crore.
Inventories rose to ₹3,604.48 crore from ₹2,400.79 crore at the previous balance sheet date. Trade receivables were ₹1,676.81 crore against ₹1,841.66 crore, and trade payables were ₹1,333.04 crore against ₹1,334.58 crore.
For H1 FY27, operating cash flow was negative ₹488.97 crore against positive ₹382.9 crore in H1 FY26. Investing cash flow was negative ₹324.48 crore against negative ₹193.67 crore, financing cash flow was positive ₹64.46 crore against negative ₹28.9 crore, and capital expenditure was ₹415.56 crore against ₹759.21 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 9,619 | 8,956 |
| Total equity | 7,203 | 6,665 |
| Borrowings | 285.07 | 186.20 |
| Cash and equivalents | 695.01 | 1,444 |
| Inventories | 3,604 | 2,401 |
| Trade receivables | 1,677 | 1,842 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −488.97 | 382.90 |
| Cash from investing | −324.48 | −193.67 |
| Cash from financing | 64.46 | −28.90 |
| Capital expenditure | 415.56 | 759.21 |
Source: Company's results filing (XBRL).
How has KEI Industries done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, and profit has also risen year on year in each of the last eight quarters. Revenue peaked at ₹3,776.42 crore in Q2 FY27 after ₹3,476.4 crore in Q4 FY26, and the lowest reading in the series was ₹2,467.27 crore in Q3 FY25.
Net profit reached a high of ₹284.31 crore in Q4 FY26 before easing to ₹274.14 crore in Q1 FY27 and ₹262.45 crore in Q2 FY27, against a low of ₹164.81 crore in Q3 FY25. The EBITDA margin peaked at 12.4% in Q1 FY27 and was 10.0% in Q2 FY27, while the lowest margin in the series was 9.8% in Q3 FY25.
Which businesses drove the quarter?
Cables and Wires was the main segment, with revenue of ₹3,668.52 crore in Q2 FY27 against ₹2,625.61 crore a year earlier, a rise of 39.7%. Segment EBIT was ₹412.91 crore against ₹287.05 crore, with an EBIT margin of 11.3%.
Stainless Steel Wire reported revenue of ₹62.7 crore against ₹53.88 crore in Q2 FY26, up 16.4%, and EBIT of ₹5.35 crore against ₹4.43 crore, with an EBIT margin of 8.5%.
EPC Projects reported revenue of ₹103.56 crore against ₹101.35 crore, up 2.2%. Segment EBIT was a loss of ₹8.93 crore against EBIT of ₹5.13 crore a year earlier, and the EBIT margin was negative 8.6%. The Unallocated Segment reported no revenue or EBIT in either quarter.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Segment-Cables & Wires | 3,669 | +39.7% | 412.91 | 11.3% |
| Segment-Stainless Steel Wire | 62.70 | +16.4% | 5.35 | 8.5% |
| Segment-EPC Projects | 103.56 | +2.2% | −8.93 | -8.6% |
| Unallocated Segment | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2026, along with the limited review report of the statutory auditors. The board meeting commenced at 03.15 p.m. and concluded at 1 p.m. on 21 October 2026. The company also filed an investor presentation for Q2 FY27 on 21 October 2026.
The same-day filings covered the quarterly results and the company's financial position. The filings state that the results were uploaded on the company website. No dividend, fund raise or appointment was disclosed in the same-day filings cited here.
What did KEI Industries' management say?
Management said FY27 value growth guidance was raised to more than 25% from the 20% earlier target. The company expects an EBITDA margin close to 11% in FY27, with 11–11.5% and then 11.5–12% across FY27–FY28, and reiterated a 20% revenue CAGR over the next 3–4 years. The company expects annual capex of approximately INR 600 crores over that period.
Chairman and Managing Director Anil Gupta said: "Now based on the strong demand in domestic and overseas markets, we are hopeful to grow in the current year by more than 25% and in next 3 to 4 years by 20% CAGR." CFO Rajeev Gupta said: "So whatever guidance this year, we have upgraded to grow by 25%, so we are still maintaining that we will be growing at a 25%-plus growth rate and our EBITDA margin will be close to 11%."
Management said the wire-and-cable order book reached INR 4,927 crores, with around INR 991 crores of export orders, and that Sanand Phase 2 EHV and HT commercial production is due by March 2027. The company expects an EPC EBIT loss of INR 5–7 crores over the next 1–2 quarters.
On risks, management flagged new entrants, copper-price and geopolitical volatility, Sanand commissioning and utilisation, the working-capital build from Sanand inventory, and quarterly margin volatility from copper-linked inventory valuation. Domestic institutional demand was said to be lagging retail and exports, and export order visibility was described as concentrated in the United States.
How did KEI Industries shares react?
The stock moved lower after the filing appeared after market hours, falling 5.2% in the first five minutes, 5.0% after 15 minutes and 5.4% after 30 minutes. On the reaction day it fell 8.4% from its previous close, and by the next day's close it was down 11.9% from that pre-results close, while by five sessions it was down 9.4%.
Earlier results-day moves were mixed: 9.5% on 3 August 2026, negative 0.8% on 4 May 2026, negative 2.5% on 21 January 2026, negative 6.3% on 15 October 2025, negative 0.3% on 22 July 2025, 2.9% on 6 May 2025, 1.7% on 21 January 2025 and negative 7.0% on 15 October 2024.
| After the filing | Stock | Cables - Electricals median |
|---|---|---|
| 5 minutes | −5.2% | |
| 15 minutes | −5.0% | |
| 30 minutes | −5.4% | |
| Reaction day | −8.4% | −2.4% |
| Next day | −11.9% | −5.9% |
| 5 days | −9.4% | −2.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | +9.5% |
| 4 May 2026 | −0.8% |
| 21 January 2026 | −2.5% |
| 15 October 2025 | −6.3% |
| 22 July 2025 | −0.3% |
| 6 May 2025 | +2.9% |
| 21 January 2025 | +1.7% |
| 15 October 2024 | −7.0% |
Source: MarketPing price-reaction measurement.
How did other Cables - Electricals companies do?
Five other Cables - Electricals companies had filed for this quarter by 4 November 2026, and their median revenue growth was 30.9%. Three of those peers grew slower than KEI Industries and two grew faster than KEI Industries on revenue. Four of the four peers whose profit was compared reported higher profit.
| KEI Industries revenue growth (YoY) | +38.5% |
|---|---|
| Median of 5 other Cables - Electricals companies | +30.9% |
| Companies with slower revenue growth than KEI Industries | 3 of 5 |
| Companies with faster revenue growth than KEI Industries | 2 of 5 |
| Companies whose net profit rose | 4 of 4 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was KEI Industries' revenue in Q2 FY27?
Revenue from operations was ₹3,776 crore, up 38.5% from ₹2,726 crore in Q2 FY26 (consolidated).
Did KEI Industries make a profit in Q2 FY27?
Yes. Net profit was ₹262.45 crore, against a net profit of ₹203.51 crore in Q2 FY26.
What was KEI Industries' EPS in Q2 FY27?
Basic earnings per share were ₹27.45, against ₹21.30 in Q2 FY26.
How did KEI Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −8.4% from the previous close; the median Cables - Electricals stock moved −2.4%.
When did KEI Industries announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Outcome Of Board Meeting - Disclosure/ Announcements Pursuant To Regulation 30 And 33 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015 (BSE, 21 October 2026) · PDF
- Outcome Of Board Meeting - Disclosure/ Announcements Pursuant To Regulation 30 And 33 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015 (BSE, 21 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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