KEI Industries
KEI Industries
Industrial Products F&OKey Fundamentals
MidcapCables - ElectricalsIndustrial ProductsTapetide Score
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Key Insights
Strengths
2- Company is almost debt free.
- Company has delivered good profit growth of 27.4% CAGR over last 5 years
Growth Rate
AI Analysis — Bull vs Bear
KEI Industries is a wires and cables maker with a market cap of about ₹44,660 crore. It has grown sales at a 23% CAGR and profit at a 27% CAGR over 5 years, and TTM profit growth is 34%, while the company stays almost debt free. The stock trades at 44.9x earnings and 6.71x book, with a 0.1% dividend yield, while ROE has eased from a 10-year average of 18% to 15% last year.
- Earnings are speeding up. TTM profit growth is 34%, above the 3-year profit CAGR of 24%, and TTM sales growth is 20%.
- Profit has compounded at 27.4% a year over 5 years and 31% a year over 10 years, which shows strong growth held up across several business cycles.
- Profit has grown faster than sales over every period: 31% vs 17% over 10 years, 27% vs 23% over 5 years and 34% vs 20% TTM. That points to steadily improving margins and operating leverage.
- Sales growth has picked up over time. The 10-year sales CAGR is 17%, the 5-year CAGR is 23% and the 3-year CAGR is 19%, so demand has held up at around 20% in recent years.
- The company is almost debt free, so growth is being funded mainly from internal cash flows. This limits financial risk while it expands capacity.
- ROE has stayed in a 15-18% range over 1, 3, 5 and 10 years, which suggests steady capital efficiency without leaning on leverage.
- Shareholder returns over the long run have been large, with a 45% stock CAGR over 10 years and 37% over 5 years.
- The PE of 44.9 divided by TTM profit growth of 34% gives a PEG of about 1.3. This is lower than the headline multiple alone would suggest.
- The valuation is high. At a PE of 44.9, the earnings yield is about 2.2%, so the price already assumes growth stays strong for years.
- A price-to-book of 6.71 against last year's ROE of 15% implies a return of only about 2.2% on the price paid for book value. That leaves little room if returns stay flat or fall.
- ROE is slowly falling: 18% over 10 years, 17% over 5 years, 16% over 3 years and 15% last year. Capital efficiency is weakening even as profits grow.
- Stock returns are slowing sharply, from a 45% CAGR over 10 years to 37% over 5 years, 21% over 3 years and 15% over 1 year. Returns from a rising valuation multiple may be fading.
- Measured against the 3-year profit CAGR of 24%, the PE of 44.9 gives a PEG of about 1.9. That is demanding if growth returns to its medium-term average.
- The 3-year sales CAGR of 19% is below the 5-year CAGR of 23%, so top-line growth has cooled somewhat from its peak.
- The dividend yield of 0.1% means almost all of the expected return depends on the share price going up. There is very little income cushion if the stock falls.
- At a market cap of about ₹44,660 crore, keeping up 20%+ growth needs large capacity additions each year. Any slowdown could hit a stock priced at 44.9x earnings hard.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- UltraTech entry erases ₹5,158 cr Sep 2
UltraTech's ₹1,800-crore Ultravolt entry into wires and cables wiped out about ₹21,500 crore of sector market value in two sessions, and KEI lost ₹5,158 crore of that. KEI then fell another 3.06% to ₹4,701.50 on Monday.
- JM Financial downgrades to Add Sep 2
JM Financial cut KEI from 'buy' to 'add' with a ₹5,750 target, and the stock dropped 3.2% intraday to ₹5,177.5. The brokerage said sector-wide derating can't be ruled out, since C&W stocks trade at a 25% premium to their long-term average P/E.
- Gross margin risk of 150-250bp Sep 2
Nuvama now expects a 150-250bp gross margin impact on the C&W industry, up from its earlier estimate of 100-150bp. It also warned that UltraTech's aggressive moves on capacity and distribution could drive an interim de-rating.
- Industry growth outlook trimmed Sep 2
JM Financial estimates UltraTech and Diamond Power will together reach ₹17,000 crore of revenue and 11-12% market share by FY29. That squeezes the domestic opportunity to a 10.5% CAGR over FY26-29 and raises concerns about weak volume growth.
- Citi flags No. 2 ambition Sep 2
Citi said UltraTech aims to become at least India's No. 2 C&W player within 3-5 years, with ₹1,800 crore of capex supporting about ₹12,500 crore of revenue and 7-8% market share. Citi expects more disruption in wires than in cables.
- Nuvama retains KEI as top pick Sep 2
Despite the competitive threat, Nuvama kept Polycab and KEI as its top picks. It sees the C&W sector as well placed for healthy revenue and PAT growth in the near and medium term.
- Cable-heavy mix limits UltraTech exposure Sep 2
Citi expects UltraTech's disruption to hit wires harder than cables, naming RR Kabel and Havells as the more exposed players. Ultravolt's initial range targets residential home wires, flexible wires and light-duty cables.
- ₹8.55 lakh GST demand, appeal planned Oct 1
Central GST Ahmedabad South issued a demand of ₹8,55,352 plus an equal penalty on FY23 unbilled revenue on September 30, 2026. KEI says the demand is not maintainable, plans to appeal and expects no significant financial impact.
- 34th AGM confirms ₹4.50 dividend Sep 28
KEI held its 34th AGM by video conference on September 28, 2026. Shareholders approved the FY26 financial statements and a final dividend of ₹4.50 per share.
- Active institutional investor outreach Sep 15
KEI met analysts and institutional investors in Mumbai on September 10-11 (organised by Axis Capital and UBS) and in Gurugram on September 18, 2026 (organised by Jefferies).
TL;DR: Sentiment on KEI has turned sharply negative since UltraTech entered the C&W market. The stock lost ₹5,158 crore of market cap and was downgraded by JM Financial, while brokerages warn of 150-250bp margin pressure and slower industry growth of about 10.5% CAGR over FY26-29. KEI's cable-heavy mix leaves it less exposed than wire-focused peers, Nuvama still rates it a top pick, and the GST demand is immaterial. Near term, the trend is getting worse as rich valuations unwind, and the next few quarters' margins and volume growth will show whether this is a temporary de-rating or a lasting compression.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,783 | 1,945 | 2,059 | 2,330 | 2,065 | 2,284 | 2,472 | 2,915 | 2,590 | 2,726 | 2,955 | 3,476 | 3,185 |
| Expenses | 1,604 | 1,743 | 1,845 | 2,075 | 1,846 | 2,059 | 2,226 | 2,614 | 2,332 | 2,457 | 2,635 | 3,095 | 2,790 |
| Operating Profit | 178 | 202 | 215 | 255 | 219 | 225 | 246 | 301 | 258 | 269 | 320 | 382 | 396 |
| OPM % | 10% | 10% | 10% | 11% | 11% | 10% | 10% | 10% | 10% | 10% | 11% | 11% | 12% |
| Other Income | 8 | 9 | 14 | 4 | 13 | 13 | 9 | 37 | 40 | 42 | 34 | 43 | 20 |
| Interest | 9 | 8 | 11 | 17 | 14 | 13 | 14 | 14 | 14 | 14 | 17 | 19 | 18 |
| Depreciation | 15 | 16 | 15 | 16 | 16 | 16 | 19 | 19 | 20 | 20 | 23 | 28 | 29 |
| PBT | 163 | 188 | 202 | 227 | 203 | 208 | 221 | 305 | 263 | 277 | 315 | 377 | 369 |
| Tax % | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 27% | 25% | 25% | 26% |
| Net Profit | 121 | 140 | 151 | 168 | 150 | 155 | 165 | 227 | 196 | 204 | 235 | 284 | 274 |
| EPS in Rs | 13.46 | 15.54 | 16.7 | 18.67 | 16.65 | 17.15 | 17.25 | 23.71 | 20.49 | 21.29 | 24.57 | 29.74 | 28.68 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,033 | 2,351 | 2,628 | 3,466 | 4,231 | 4,888 | 4,182 | 5,727 | 6,912 | 8,104 | 9,736 | 11,748 | 12,343 |
| Expenses | 1,839 | 2,108 | 2,360 | 3,126 | 3,790 | 4,391 | 3,721 | 5,138 | 6,206 | 7,267 | 8,745 | 10,519 | 10,976 |
| Operating Profit | 194 | 243 | 269 | 339 | 441 | 497 | 461 | 589 | 706 | 838 | 991 | 1,229 | 1,367 |
| OPM % | 10% | 10% | 10% | 10% | 10% | 10% | 11% | 10% | 10% | 10% | 10% | 10% | 11% |
| Other Income | 5 | 6 | 10 | 9 | 7 | 17 | 20 | 15 | 28 | 49 | 72 | 159 | 139 |
| Interest | 121 | 127 | 124 | 112 | 136 | 129 | 57 | 40 | 35 | 44 | 56 | 64 | 67 |
| Depreciation | 25 | 25 | 28 | 32 | 34 | 57 | 58 | 55 | 57 | 61 | 70 | 91 | 100 |
| PBT | 53 | 96 | 126 | 204 | 278 | 328 | 366 | 508 | 642 | 781 | 937 | 1,232 | 1,338 |
| Tax % | 35% | 35% | 26% | 29% | 35% | 22% | 25% | 26% | 26% | 26% | 26% | 25% | — |
| Net Profit | 34 | 63 | 94 | 145 | 181 | 256 | 273 | 376 | 477 | 581 | 696 | 918 | 997 |
| EPS in Rs | 4.43 | 8.1 | 12.04 | 18.47 | 22.92 | 28.64 | 30.33 | 41.73 | 52.93 | 64.35 | 72.88 | 96.07 | 104 |
| Div. Payout % | 9% | 6% | 5% | 5% | 5% | 5% | 7% | 6% | 6% | 5% | 5% | 5% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 16 | 16 | 16 | 18 | 18 | 18 | 18 | 18 | 19 | 19 |
| Reserves | 288 | 352 | 446 | 589 | 762 | 1,489 | 1,760 | 2,118 | 2,571 | 3,130 | 5,767 | 6,646 |
| Borrowings | 452 | 498 | 813 | 842 | 599 | 367 | 305 | 355 | 162 | 166 | 217 | 253 |
| Other Liabilities | 588 | 599 | 622 | 773 | 1,387 | 1,395 | 930 | 1,036 | 1,019 | 1,342 | 1,232 | 2,038 |
| Total Liabilities | 1,345 | 1,464 | 1,896 | 2,220 | 2,764 | 3,269 | 3,014 | 3,527 | 3,770 | 4,656 | 7,235 | 8,956 |
| Fixed Assets | 298 | 328 | 405 | 407 | 489 | 554 | 537 | 531 | 567 | 770 | 993 | 1,686 |
| CWIP | 4 | 29 | 3 | 23 | 32 | 11 | 7 | 17 | 15 | 121 | 385 | 1,002 |
| Investments | 3 | 3 | 3 | 3 | 2 | 1 | 1 | 2 | 1 | 2 | 2 | 2 |
| Other Assets | 1,039 | 1,103 | 1,485 | 1,787 | 2,242 | 2,703 | 2,469 | 2,978 | 3,187 | 3,764 | 5,854 | 6,266 |
| Total Assets | 1,345 | 1,464 | 1,896 | 2,220 | 2,764 | 3,269 | 3,014 | 3,527 | 3,770 | 4,656 | 7,235 | 8,956 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 199 | 186 | -29 | 191 | 623 | -13 | 154 | 229 | 514 | 610 | -32 | 840 |
| Investing | -17 | -98 | -63 | -76 | -275 | 11 | 75 | -58 | -137 | -353 | -1,501 | -349 |
| Financing | -182 | -87 | 229 | -69 | -386 | 99 | -129 | -31 | -256 | -72 | 1,919 | -98 |
| Net Cash Flow | 0 | 1 | 137 | 45 | -38 | 97 | 101 | 139 | 121 | 186 | 386 | 392 |
| Free Cash Flow | 182 | 88 | -91 | 126 | 501 | -93 | 131 | 169 | 416 | 210 | -726 | -412 |
| CFO/OP | 107 | 85 | 1 | 72 | 161 | 16 | 53 | 60 | 98 | 97 | 20 | 90 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 85 | 88 | 114 | 108 | 94 | 102 | 118 | 89 | 73 | 68 | 67 | 57 |
| Inventory Days | 109 | 95 | 114 | 97 | 95 | 103 | 103 | 96 | 79 | 84 | 87 | 100 |
| Days Payable | 119 | 97 | 110 | 110 | 139 | 139 | 99 | 68 | 54 | 63 | 39 | 55 |
| Cash Conversion Cycle | 75 | 86 | 119 | 95 | 49 | 66 | 121 | 117 | 99 | 89 | 115 | 102 |
| Working Capital Days | 24 | 32 | 17 | 28 | 19 | 61 | 94 | 81 | 80 | 71 | 89 | 80 |
| ROCE % | — | 28% | 23% | 23% | 29% | 28% | 21% | 24% | 26% | 27% | 21% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Incorporated in 1968, KEI Industries Ltd manufactures wires and cables (W&C) like EHV cables, HT cables, LT cables, and sells them in India and overseas[1]
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