KEI Industries Ltd
KEI NSE
KEI Industries Ltd
Industrial Products F&ONSE: KEI BSE: 517569 Cables - Electricals
Key Fundamentals
MidcapCables - ElectricalsIndustrial ProductsMarket Cap
₹55,687 Cr
Volatility
High Risk
P/E Ratio
55.35
EBITDA
₹1,229 Cr
Return on Equity
12.04%
Debt to Equity
0.04
Book Value
₹697.17
EPS
₹67.58
52W High
₹5,880
52W Low
₹3,728.7
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view KEI Industries Ltd insights
49 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 8.42 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 claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
KEI Industries is a nearly debt-free cable and wire manufacturer with a market cap of ₹55,687 crore, trading at a PE of 54.8x and 8.2x book value. The company has delivered compounded profit growth of 27% CAGR over 5 years and revenue growth of 20% TTM, with FY25 EBITDA margin stable at 10.92% and a pending order book of ~₹4,292 crore supporting near-term visibility.
Bull Case 8
- Almost debt-free balance sheet with cash and bank balances of ₹1,054 crore as of Q1 FY27, providing significant financial flexibility
- Compounded profit growth of 27% CAGR over 5 years and 34% TTM profit growth indicate strong earnings momentum
- Revenue CAGR of 23% over 5 years and 20% TTM growth driven by both institutional and retail cable demand
- Pending order book of ₹4,292 crore provides revenue visibility for the next several quarters
- Pan-India retail distribution network of 1,900+ dealers across 23 depots supports B2C growth channel
- EBITDA margin improved to 11.61% in Q4 FY25 from 11.15% YoY, with FY26 full-year margin expanding to 11.81%
- Stock price CAGR of 48% over 10 years reflects sustained long-term value creation and consistent re-rating
- Management has guided 17-18% revenue growth for FY26, with capacity expansions underway to support further scale
Bear Case 8
- PE ratio of 54.8x is significantly elevated relative to manufacturing sector peers, leaving limited margin of safety
- Price-to-book of 8.2x implies a steep premium over tangible net asset value for a capital-intensive business
- ROE has declined from 18% (10-year average) to 15% in the last year, suggesting diminishing return on incremental capital
- Dividend yield of just 0.08% indicates negligible income return for shareholders at current valuations
- EBITDA margin remained flat at 10.92% in FY25 vs FY24, showing limited pricing power despite revenue scale-up
- Cables and wires is a commoditized industry where raw material (copper/aluminium) price volatility can compress margins
- TTM profit growth of 34% would need to sustain for several years to justify 54.8x PE, creating execution risk if growth slows to guided 17-18%
- Stock has appreciated 51% in just one year, increasing vulnerability to sharp corrections on any earnings miss
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Positives 3
- Q1 profit jumps 40% YoY Aug 7
KEI Industries reported Q1 FY27 net profit of ₹2,741 crore, up 40% YoY, with EBITDA margin expanding to 13.04% and revenue growing 23% to ₹31,853 crore.
- ₹700 Cr Rajasthan capacity expansion Aug 3
Board approved ₹700 crore investment for a new wires and cables unit in Rajasthan, adding 50,000 KMS cable and 40,000 MT GI wire capacity by September 2028.
- Sanand plant capacity raised to ₹7,000 Cr Aug 4
Sanand plant annual revenue capacity upgraded from ₹6,000 crore to ₹7,000 crore via ₹100-200 crore balancing-equipment capex, adding ₹1,000 crore revenue potential within 2 years.
Neutral 2
- Investor meets in Asia scheduled Aug 3
KEI Industries scheduled analyst meetings in Singapore, Hong Kong, and Kuala Lumpur from Aug 11-13, 2026 under SEBI Regulation 30. No UPSI to be shared.
- Q1FY27 earnings call hosted Jul 28
KEI Industries hosted an earnings conference call on August 4, 2026, organized by Nuvama Wealth Management to discuss Q1FY27 financial results.
TL;DR: KEI Industries delivered a strong Q1 FY27 with 40% profit growth and 23% revenue expansion, supported by healthy margin improvement. The company is aggressively expanding capacity across Sanand and Rajasthan with ₹600-700 crore annual capex targeting 20%+ CAGR. No visible headwinds emerged this period. The trend is clearly improving with robust execution on both growth and profitability fronts.
Quarterly Results
| 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
| 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
| 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
| 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 | -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 | 97 | 20 | 90 |
Ratios
| 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 | 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 | 71 | 89 | 80 |
| ROCE % | — | 28% | 23% | 23% | 29% | 28% | 21% | 24% | 26% | 27% | 21% | 20% |
Documents
1
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
4 May - CARE report for ₹2,000 crore QIP: no deviation; Sanand LT/HT phase commissioned, EHV due Q4 FY27. 4 May - CARE report for ₹2,000 crore QIP: no deviation; Sanand LT/HT phase commissioned, EHV due Q4 FY27.
2
Clarification sought from KEI Industries Ltd
7 May - Exchange has sought clarification from KEI Industries Ltd on May 07, 2026, with reference to news appeared in https://www.ndtvprofit.com dated May 07, 2026, quoting "KEI … 7 May - Exchange has sought clarification from KEI Industries Ltd on May 07, 2026, with reference to news appeared in https://www.ndtvprofit.com dated May 07, 2026, quoting "KEI …
3
Intimation/Clarification Under Regulation 30 Of The SEBI (LODR) Regulations, 2015.
7 May - Income Tax Department initiated search at KEI’s offices and plants on 07 May 2026. 7 May - Income Tax Department initiated search at KEI’s offices and plants on 07 May 2026.
4
Announcement under Regulation 30 (LODR)-Change in Management
2d - KEI Industries approved FY26 audited results on May 4, with unmodified audit opinion and auditor reappointments. 2d - KEI Industries approved FY26 audited results on May 4, with unmodified audit opinion and auditor reappointments.
5
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
4 May - CARE report for ₹2,000 crore QIP: no deviation; Sanand LT/HT phase commissioned, EHV due Q4 FY27. 4 May - CARE report for ₹2,000 crore QIP: no deviation; Sanand LT/HT phase commissioned, EHV due Q4 FY27.
1
Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 14 Aug 2026
General_Announcements
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 Industrial Products sector within the Cables - Electricals 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 ₹55687.35 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 55.35. 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 ₹3,728.7 and a high of ₹5,880. 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 12.04%. 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