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KEI Industries Limited
(KEI)
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Rating:65Neutral
Price Target:
₹4,558.00
▼(-6.40% Downside)
Action:Reiterated
Date:10/22/26
The score is supported primarily by strong financial growth with a conservatively levered balance sheet and a broadly positive earnings-call outlook with maintained growth/margin guidance. These positives are tempered by weak cash-flow conversion (recent negative free cash flow), a clearly bearish technical setup despite oversold signals, and a relatively expensive valuation (high P/E with a very low dividend yield).
Positive Factors
Strong revenue growth and demand
Rapid revenue growth is supported by broad demand across infrastructure, energy, construction and industrial projects rather than a single end market. The sizable order book provides medium-term visibility and supports continued utilization, scale benefits and expansion of the company’s market position.
Negative Factors
Weak cash conversion and inventory intensity
Negative and volatile free cash flow means reported earnings are not currently converting consistently into cash. Elevated inventory and working-capital needs can absorb internally generated funds, increase dependence on normalization, and constrain the cash available for expansion, returns or other corporate uses.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and demand
Rapid revenue growth is supported by broad demand across infrastructure, energy, construction and industrial projects rather than a single end market. The sizable order book provides medium-term visibility and supports continued utilization, scale benefits and expansion of the company’s market position.
Read all positive factors
KEI Industries Limited (KEI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹359.63B
Dividend Yield0.12%
Average Volume (3M)22.00K
Price to Earnings (P/E)34.1
Beta (1Y)1.73
Revenue Growth25.18%
EPS Growth32.49%
CountryIN
Employees2,050
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)110.44
Shares Outstanding95,645,590
10 Day Avg. Volume38,589
30 Day Avg. Volume22,001
Financial Highlights & Ratios
PEG Ratio1.56
Price to Book (P/B)5.79
Price to Sales (P/S)3.29
P/FCF Ratio-105.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹5,650.00Price Target Upside16.03% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)117.73
Revenue Forecast (FY)₹147.19B
KEI Industries Limited Business Overview & Revenue Model
Company Description
KEI Industries Limited manufactures, markets, and sells wires and cables in India and internationally. It operates in three segments: Cable & Wires; Engineering, Procurement and Construction; and Stainless Steel Wire. The company offers extra-high...
How the Company Makes Money
KEI primarily makes money by manufacturing and selling wires and cables and earning revenue from the value added over input raw materials (notably copper and aluminium) through product design/specification, manufacturing, testing/certification, br...
KEI Industries Limited Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by strong Q2 and H1 revenue, EBITDA and profit growth, robust domestic demand, a sizable order book, positive U.S. demand, continued capacity expansion and maintained growth and margin guidance. The main negatives were the lower Q2 profit-after-tax margin, nearly flat export sales, ongoing EPC losses, a significant inventory build-up and the time required for Sanand to ramp up.Positive Updates
Strong Q2 Revenue and EBITDA Growth
Q2 FY2027 net sales were INR 3,776 crore, up 38.52% year over year, while total wire and cable sales grew 39.5%. EBITDA increased to INR 401 crore from INR 311 crore, a growth of 28.69%, with an EBITDA margin of 10.62%.
Negative Updates
Lower Q2 Profit After Tax Margin
Although Q2 profit after tax increased to INR 262.45 crore from INR 203.51 crore, up 28.96%, the profit-after-tax margin declined to 6.95% from 7.46% in the prior-year period.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Q2 Revenue and EBITDA Growth
Q2 FY2027 net sales were INR 3,776 crore, up 38.52% year over year, while total wire and cable sales grew 39.5%. EBITDA increased to INR 401 crore from INR 311 crore, a growth of 28.69%, with an EBITDA margin of 10.62%.
Read all positive updates
Company Guidance
Management maintained guidance for current-year growth of more than 25% in value terms, 25%+ growth, and an EBITDA margin of 11%; the broader guidance is 11%-12%, with progression from 11% to 11.5% and then 11.5% to 12%, to be completed in 2027 and 2028. The company expects 20% CAGR in future and in next three to four years, with profit after tax growth of 24% to 25% if top-line growth is 20%, while profit after tax margin will be close in the range of 7%-7.5%. If copper price do not move from here, 18%-20% volume growth will be there automatically; Sanand revenue is targeted at INR 150 crore-INR 200 crore per month in the current quarter and close to INR 250 crore-INR 300 crore in the third quarter, with phase two commercial production by end of March 2027, peak revenue in 2028, 2029, and asset turnover more than three and less than 4x. The company expects approximately INR 600 crore annually for next three to four years in capital expenditure, inventory to normalize by the end of the year and remain at the same holding level by March 2027, and ROE of 19%-20% and ROCE close to 23%-24% from the next year onward.KEI Industries Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 133.93B | 117.48B | 96.08B | 80.38B | 68.53B | 56.81B |
| Gross Profit | 27.38B | 22.96B | 19.40B | 17.05B | 14.35B | 12.40B |
| EBITDA | 15.70B | 13.88B | 10.51B | 8.73B | 7.23B | 5.86B |
| Net Income | 10.56B | 9.18B | 6.96B | 5.81B | 4.77B | 3.76B |
Balance Sheet | ||||||
| Total Assets | 96.19B | 89.56B | 72.35B | 46.56B | 37.70B | 35.27B |
| Cash, Cash Equivalents and Short-Term Investments | 6.98B | 15.13B | 19.15B | 6.95B | 4.80B | 3.59B |
| Total Debt | 3.50B | 2.53B | 2.17B | 1.66B | 1.62B | 3.55B |
| Total Liabilities | 24.16B | 22.91B | 14.49B | 15.08B | 11.81B | 13.92B |
| Stockholders Equity | 72.03B | 66.65B | 57.86B | 31.48B | 25.89B | 21.36B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -3.66B | -7.30B | 2.11B | 4.16B | 1.70B |
| Operating Cash Flow | 0.00 | 8.88B | -322.13M | 6.11B | 5.14B | 2.29B |
| Investing Cash Flow | 0.00 | -4.57B | -15.01B | -3.53B | -1.37B | -583.56M |
| Financing Cash Flow | 0.00 | -387.69M | 19.19B | -717.64M | -2.56B | -313.54M |
KEI Industries Limited Technical Analysis
Negative
4869.60
Price Trends
4700.63
Negative
4996.11
Negative
4818.45
Negative
Market Momentum
-258.34
Positive
24.94
Positive
16.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KEI, the sentiment is Negative. The current price of 4869.6 is above the 20-day moving average (MA) of 4302.59, above the 50-day MA of 4700.63, and above the 200-day MA of 4818.45, indicating a bearish trend. The MACD of -258.34 indicates Positive momentum. The RSI at 24.94 is Positive, neither overbought nor oversold. The STOCH value of 16.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KEI.
KEI Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹174.25B | 21.79 | ― | 0.79% | 26.53% | 29.17% | |
68 Neutral | ₹657.41B | 45.90 | ― | 0.38% | 23.42% | 46.04% | |
67 Neutral | ₹635.56B | 38.23 | ― | 0.99% | 16.50% | 13.65% | |
67 Neutral | ₹1.18T | 37.00 | ― | 0.60% | 40.99% | 28.09% | |
65 Neutral | ₹359.63B | 34.14 | ― | 0.12% | 25.18% | 32.49% | |
60 Neutral | ₹232.61B | 34.60 | ― | 0.46% | 45.36% | 66.42% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:KEI
KEI Industries Limited
3,760.00
-263.09
-6.54%
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KEI Industries Limited Corporate Events
KEI Industries Publishes Unaudited Q2 and Half-Year FY 2025-26 Results
Oct 22, 2026
KEI Industries Limited has released its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, following review by the Audit Committee and approval by the Board of Directors on October 21, 2...
KEI Industries Publishes AGM Notices in Line With SEBI Disclosure Norms
Aug 31, 2026
KEI Industries Limited has notified the stock exchanges that it has published statutory advertisements ahead of its upcoming Annual General Meeting. The notices, issued in line with Regulation 47 of SEBI’s Listing Obligations and Disclosure ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.