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KEI Industries Limited
(KEI)
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Rating:69Neutral
Price Target:
₹5,004.00
▲(2.76% Upside)
Action:Downgraded
Date:08/06/26
The score is driven primarily by strong financial performance (rapid growth and very low leverage) and supportive technical uptrend. These positives are meaningfully offset by weak cash-flow conversion (recent negative free cash flow) and a demanding valuation (high P/E with a low dividend yield).
Positive Factors
Strong revenue and earnings growth
The substantial multi-year expansion in revenue and net income indicates that KEI has continued to scale its business across electrical and power infrastructure markets. Sustained growth can support operating investment, strengthen market presence, and provide a durable foundation for earnings over the next several quarters.
Negative Factors
Weak and volatile cash conversion
Inconsistent operating cash flow and currently negative free cash flow show that reported earnings are not translating reliably into discretionary cash. Working-capital swings or elevated investment may require funding or later cash release, limiting near-term financial flexibility even while profits grow.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and earnings growth
The substantial multi-year expansion in revenue and net income indicates that KEI has continued to scale its business across electrical and power infrastructure markets. Sustained growth can support operating investment, strengthen market presence, and provide a durable foundation for earnings over the next several quarters.
Read all positive factors
KEI Industries Limited (KEI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹436.89B
Dividend Yield0.1%
Average Volume (3M)31.53K
Price to Earnings (P/E)43.9
Beta (1Y)1.55
Revenue Growth20.39%
EPS Growth31.64%
CountryIN
Employees2,050
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)104.28
Shares Outstanding95,600,590
10 Day Avg. Volume45,580
30 Day Avg. Volume31,533
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)123.09
Revenue Forecast (FY)₹145.17B
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 selling wires and cables to customers across multiple end-markets, generating revenue from the manufacture and trading of these products. Key revenue streams typically include: (1) retail and institutional sales of bui...
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 | 123.43B | 117.48B | 96.08B | 80.38B | 68.53B | 56.81B |
| Gross Profit | 25.79B | 22.96B | 19.40B | 17.05B | 14.35B | 12.40B |
| EBITDA | 15.05B | 13.88B | 10.51B | 8.73B | 7.23B | 5.86B |
| Net Income | 9.97B | 9.18B | 6.96B | 5.81B | 4.77B | 3.76B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 89.56B | 72.35B | 46.56B | 37.70B | 35.27B |
| Cash, Cash Equivalents and Short-Term Investments | 15.13B | 15.13B | 19.15B | 6.95B | 4.80B | 3.59B |
| Total Debt | 0.00 | 2.53B | 2.17B | 1.66B | 1.62B | 3.55B |
| Total Liabilities | -66.65B | 22.91B | 14.49B | 15.08B | 11.81B | 13.92B |
| Stockholders Equity | 66.65B | 66.65B | 57.86B | 31.48B | 25.89B | 21.36B |
Cash Flow | ||||||
| Free Cash Flow | -3.76B | -3.66B | -7.30B | 2.11B | 4.16B | 1.70B |
| Operating Cash Flow | 3.83B | 8.88B | -322.13M | 6.11B | 5.14B | 2.29B |
| Investing Cash Flow | -1.94B | -4.57B | -15.01B | -3.53B | -1.37B | -583.56M |
| Financing Cash Flow | -288.99M | -387.69M | 19.19B | -717.64M | -2.56B | -313.54M |
KEI Industries Limited Technical Analysis
Negative
4869.60
Price Trends
5225.00
Negative
5221.11
Negative
4789.76
Negative
Market Momentum
-205.58
Positive
25.76
Positive
6.87
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 below the 20-day moving average (MA) of 5285.88, below the 50-day MA of 5225.00, and above the 200-day MA of 4789.76, indicating a bearish trend. The MACD of -205.58 indicates Positive momentum. The RSI at 25.76 is Positive, neither overbought nor oversold. The STOCH value of 6.87 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 | ₹217.67B | 27.22 | ― | 0.63% | 26.53% | 29.17% | |
70 Outperform | ₹274.23B | 45.12 | ― | 0.39% | 37.66% | 80.22% | |
69 Neutral | ₹436.89B | 43.90 | ― | 0.10% | 20.39% | 31.64% | |
69 Neutral | ₹699.61B | 42.67 | ― | 0.90% | 10.10% | 15.60% | |
68 Neutral | ₹732.60B | 59.50 | ― | 0.34% | 23.96% | 34.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.24T | 43.12 | ― | 0.57% | 32.39% | 29.13% |
* General Sector Average
IN:KEI
KEI Industries Limited
4,570.00
482.69
11.81%
IN:APARINDS
APAR Industries Limited
17,496.15
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IN:FINCABLES
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1,423.25
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IN:HAVELLS
Havells India Limited
1,114.80
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IN:POLYCAB
Polycab India Ltd.
8,250.00
1,036.24
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IN:RRKABEL
RR Kabel Ltd.
2,424.55
1,170.12
93.28%
KEI Industries Limited Corporate Events
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.