KEI Industries Ltd logo

KEI Industries Ltd

KEI NSE

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]

AI Verdict: HOLD Confidence: 6%

KEI Industries delivers exceptional growth with 28% profit CAGR over 5 years and is almost debt-free, but trades at a steep PE of 58.8x and 8.1x book value, leaving limited margin of safety. The stock has rewarded patient investors with 49% CAGR over 10 years, yet current valuations price in perfection.

Key Fundamentals

MidcapCables - ElectricalsIndustrial Products
Market Cap
₹50,989 Cr
Volatility
Moderate
P/E Ratio
54.82
EBITDA
₹1,229 Cr
Return on Equity
18.44%
Debt to Equity
0.04
Book Value
₹697.17
EPS
₹67.58
52W High
₹5,708
52W Low
₹3,601.1

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 27.4% CAGR over last 5 years

Weaknesses

1
  • Stock is trading at 7.77 times its book value

Growth Rate

Revenue Growth
19.78% ↗
Net Income Growth
30.80% ↗
Cash Flow Change
-105.28% ↘
ROE
-34.74% ↘
ROCE
-34.09% ↘
EBITDA Margin (Avg.)
-4.80% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

KEI Industries delivers exceptional growth with 28% profit CAGR over 5 years and is almost debt-free, but trades at a steep PE of 58.8x and 8.1x book value, leaving limited margin of safety. The stock has rewarded patient investors with 49% CAGR over 10 years, yet current valuations price in perfection.

Bull Case 8
  • Almost debt-free balance sheet provides financial flexibility and resilience during economic downturns
  • Compounded profit growth of 28% CAGR over 5 years demonstrates strong earnings momentum and operating leverage
  • TTM sales growth of 21% indicates sustained demand tailwinds from India's infrastructure and real estate capex cycle
  • 10-year stock CAGR of 49% reflects consistent long-term wealth creation and market confidence
  • Consistent ROE averaging 16-18% over 3-10 year periods shows disciplined capital allocation
  • Strong analyst consensus with 54.55% buy ratings (12 out of 22 analysts) and only 4.55% sell ratings
  • TTM profit growth of 32% outpacing sales growth of 21% signals improving margin profile and operating efficiency
  • Market cap of Rs 52,920 crore provides institutional-grade liquidity and index inclusion potential
Bear Case 8
  • PE ratio of 58.8x is expensive versus industrial sector median of 30-35x, pricing in years of future growth
  • Price-to-book of 8.1x far exceeds historical averages for cable and wire manufacturers, limiting downside support
  • Dividend yield of just 0.08% offers virtually no income cushion during market corrections
  • ROE has declined from 18% (10-year average) to 15% last year, suggesting potential margin compression
  • 1-year stock CAGR of 58% suggests momentum-driven run-up that may lead to mean reversion
  • Only 5 of 22 analysts rate hold or sell, but consensus crowding can amplify downside when sentiment shifts
  • 10-year sales CAGR of 17% versus current PE of 58.8x implies a PEG ratio above 3x on historical growth, indicating overvaluation
  • With 40.91% of analysts recommending hold, nearly half see limited upside from current levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Zero annual sales reported Jun 13

    KEI Industries reported zero sales for both Q4 and full year ended March 2026 in one data set, with a net loss of ₹0.01 crore for FY26, suggesting data inconsistencies or segment-level reporting challenges.

Positives 2
  • Q4 sales up 19.27% YoY Jun 13

    KEI Industries posted net sales of ₹3,476.40 crore in Q4 March 2026, a 19.27% year-on-year growth indicating strong demand in the power cable segment.

  • Rashmika Mandanna brand ambassador Jun 24

    KEI appointed actor Rashmika Mandanna as brand ambassador for 2 years with an integrated 360° marketing campaign to strengthen consumer engagement and market presence.

Neutral 2
  • Vedika Gupta re-designated as VP Jun 01

    KEI Industries re-designated Mrs. Vedika Gupta from General Manager-Procurement to Vice President effective June 1, 2026.

  • Analyst meet scheduled June 4 May 26

    KEI Industries scheduled a meeting with analysts and institutional investors on June 4, 2026 in Mumbai, organized by Citigroup Global Markets India.

TL;DR: KEI Industries delivered strong Q4 FY26 revenue growth of 19.27% YoY to ₹3,476.40 crore, signaling robust demand in its core power cable business. The company is investing in brand-building with a high-profile ambassador appointment. Some confusion exists in reported financials with contradictory zero-sales figures alongside strong quarterly numbers. The operational trend appears positive, though investors should watch for clarity on full-year consolidated numbers.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,953
1,783
1,945
2,059
2,330
2,065
2,284
2,472
2,915
2,590
2,726
2,955
3,476
Expenses
1,751
1,604
1,743
1,845
2,075
1,846
2,059
2,226
2,614
2,332
2,457
2,635
3,095
Operating Profit
202
178
202
215
255
219
225
246
301
258
269
320
382
OPM %
10%
10%
10%
10%
11%
11%
10%
10%
10%
10%
10%
11%
11%
Other Income
7
8
9
14
4
13
13
9
37
40
42
34
43
Interest
10
9
8
11
17
14
13
14
14
14
14
17
19
Depreciation
14
15
16
15
16
16
16
19
19
20
20
23
28
PBT
184
163
188
202
227
203
208
221
305
263
277
315
377
Tax %
25%
26%
26%
26%
26%
26%
26%
26%
26%
26%
27%
25%
25%
Net Profit
138
121
140
151
168
150
155
165
227
196
204
235
284
EPS in Rs
15.31
13.46
15.54
16.7
18.67
16.65
17.15
17.25
23.71
20.49
21.29
24.57
29.74
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
2,033
2,351
2,628
3,466
4,231
4,888
4,182
5,727
6,908
8,121
9,736
11,748
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
Operating Profit
194
243
269
339
441
497
461
589
702
854
991
1,229
OPM %
10%
10%
10%
10%
10%
10%
11%
10%
10%
11%
10%
10%
Other Income
5
6
10
9
7
17
20
15
32
32
72
159
Interest
121
127
124
112
136
129
57
40
35
44
56
64
Depreciation
25
25
28
32
34
57
58
55
57
61
70
91
PBT
53
96
126
204
278
328
366
508
642
781
937
1,232
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
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
Div. Payout %
9%
6%
5%
5%
5%
5%
7%
6%
6%
5%
5%
5%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-350
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
95
20
90
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
99
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
101
Working Capital Days
24
32
17
28
19
61
94
81
80
70
89
80
ROCE %
—
28%
23%
23%
29%
28%
21%
24%
26%
27%
21%
20%

Shareholding Pattern

As of Mar 2026
Promoters 35.00%
FIIs 27.27%
DIIs 25.83%
Public 9.73%
Others 2.18%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Nov 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
40.34%
39.23%
38.02%
38.02%
38.02%
38.02%
37.99%
37.32%
37.21%
37.10%
37.08%
37.08%
37.08%
37.08%
37.06%
35.02%
35.02%
35.02%
35.02%
35.00%
35.00%
35.00%
FIIs
0.00%
0.00%
0.03%
0.00%
0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
31.01%
30.76%
31.10%
28.94%
29.75%
25.83%
26.59%
25.83%
25.49%
27.27%
DIIs
23.31%
24.55%
24.39%
23.47%
21.09%
18.66%
16.63%
19.10%
19.56%
19.55%
16.11%
14.58%
16.31%
16.55%
16.01%
20.58%
20.72%
23.51%
25.63%
26.71%
27.27%
25.83%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
14.16%
13.67%
14.03%
13.54%
12.64%
13.41%
13.95%
13.77%
12.95%
12.81%
12.97%
13.08%
12.86%
13.01%
13.21%
12.95%
12.08%
12.65%
10.67%
10.46%
10.03%
9.73%
Others
22.19%
22.55%
23.53%
24.97%
28.19%
29.91%
31.43%
29.82%
30.28%
30.54%
33.84%
35.25%
2.75%
2.60%
2.62%
2.51%
2.43%
2.99%
2.09%
2.00%
2.21%
2.18%
No. of Shareholders
57,417
77,876
94,998
89,292
84,286
93,152
98,128
97,661
98,021
1,08,749
1,25,713
1,30,692
1,29,055
1,55,514
1,65,905
1,76,889
1,66,067
1,97,844
1,69,780
1,59,968
1,53,138
1,58,565

Documents

Frequently Asked Questions about KEI Industries Ltd

What does KEI Industries Ltd do?
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]
Where is KEI Industries Ltd (KEI) listed?
KEI Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: KEI and BSE: 517569. You can view its live share price, financials, and ratios on Tapetide.
Which sector does KEI Industries Ltd belong to?
KEI Industries Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of KEI Industries Ltd?
KEI Industries Ltd has a market capitalisation of approximately ₹50988.58 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of KEI Industries Ltd?
The Price-to-Earnings (PE) ratio of KEI Industries Ltd is 54.82. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of KEI Industries Ltd?
Over the past 52 weeks, KEI Industries Ltd has traded between a low of ₹3,601.1 and a high of ₹5,708. This range helps investors understand the stock's price volatility and recent trading levels.
Does KEI Industries Ltd pay dividends?
Yes, KEI Industries Ltd has a dividend yield of 0.08%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of KEI Industries Ltd?
KEI Industries Ltd has a Return on Equity (ROE) of 18.44%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research KEI Industries Ltd on Tapetide?
On Tapetide, you can view KEI Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website kei-ind.com
CEO Mr. Anil Gupta
Employees 2,050
Listed 2006-03-23
Face Value ₹ 2
Issued Size 9,56,00,595

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