KEI

KEI Industries share price & financials

Price
₹4,906.5
Market cap
₹54.1k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 04 Aug 2026

KEI Industries Limited Q1 FY27

Revenue ₹3,185 cr +23%EBITDA ₹415 cr +40%EBITDA Margin 13.04% PAT ₹274 cr +40%

What went well

  • Net sales grew 23% YoY to INR3,185 crores in Q1 FY27, compared to INR2,590 crores last year.
  • EBITDA increased 39.5% YoY to INR415 crores, with EBITDA margin expanding to 13.04% from 11.49% in the previous year.
  • Profit after tax (PAT) grew 40% YoY to INR274 crores, against INR195 crores last year.

What to watch

  • Export sales declined to INR341 crores in Q1 FY27 from INR375 crores in the previous year, impacted by non-execution of Middle East orders due to war and US custom duty issues.
  • Inventory increased sharply, primarily due to the Sanand capacity ramping up and the need to create full inventory for the new factory, along with Ind AS adjustments for delayed export dispatches.
Read the full call →

What KEI Industries Limited does

KEI Industries manufactures electrical wires and cables spanning low-tension (LT), high-tension (HT) and extra-high-voltage (EHV, up to 400kV) power cables, house wires, winding wires, stainless steel wires, control, instrumentation, solar, marine, EV and communication cables, and also executes EPC (Engineering, Procurement and Construction) contracts for utility cabling projects. It is among the few Indian companies able to manufacture EHV cables above 220kV. The company sells through three channels — a pan-India retail/dealer-distributor network, institutional sales to public and private sector project customers, and exports — and backward-integrates part of its raw-material needs through in-house PVC compound manufacturing.

Segments

  • Retail
  • Institutional
  • Export
Manufacturing plants
8 (6 cable/wire plants plus 2 backward-integrated PVC compound plants)
EHV manufacturing capability
Among the few Indian manufacturers of EHV cables above 220kV, up to 400kV
Market position
Consistently ranked among the top 3 players in India's organized wire and cable sector
Dealers and distributors
2,082
Retailer network
20,000+
Electrician network
2,00,000+
Founded 1968Headquarters New Delhi, IndiaEmployees 2,050 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 1 missed 11 open
  • FY26 Revenue Growth delivered said Q4 FY25 Promised: 17% to 18% growth Q1 FY27: Promise for FY26 is complete.
  • Receivable Days went quiet said Q4 FY26 Promised: Reduce to 1.75 months Q1 FY27: No update provided on receivable days in the Q1 FY27 call.
  • Export Contribution to Sales at risk said Q1 FY26 Promised: 17% to 18% of top sales in next 2 years Q1 FY27: Export sales declined YoY to ₹341 cr (10.7% of sales) due to geopolitical issues. Management maintains full-year guidance will be met.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.0%, net profit up 39.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,284 2,472 2,915 2,590 2,726 +19%2,955 +20%3,476 +19%3,185 +23%
EBITDA225 246 301 258 269 +20%320 +30%382 +27%396 +53%
Net profit155 165 227 196 204 +32%235 +42%284 +25%274 +40%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +12.2% 1Y

₹4.0k₹4.5k₹5.0k₹5.5k₹6.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 16 Oct 2025Q3 FY26 — 22 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹4,081.9 on 10 Sept 2025 → ₹4,578. High ₹5,873 (17 Aug 2026), low ₹3,805.2 (27 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+9.5%
4 Aug
Q4 FY26
−0.8%
5 May
Q3 FY26
−2.3%
22 Jan
Q2 FY26
−5.6%
16 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 19.3% a year over 3 years, FY23 to FY26. Operating margin held at 10.5%.

Year endingFY23FY24FY25FY26
Revenue₹6.9k Cr₹8.1k Cr₹9.7k Cr₹11.7k Cr
Operating profit₹705 Cr₹850 Cr₹991 Cr₹1.2k Cr
Operating margin10.2%10.5%10.2%10.5%
Interest₹35 Cr₹45 Cr₹55 Cr₹64 Cr
Depreciation₹56 Cr₹62 Cr₹70 Cr₹91 Cr
Net profit₹478 Cr₹580 Cr₹697 Cr₹919 Cr
Net margin6.9%7.1%7.2%7.8%
ROCE26.0%27.0%21.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹19 Cr₹19 Cr
Reserves₹1.8k Cr₹2.1k Cr₹2.6k Cr₹3.1k Cr₹6.2k Cr₹6.6k Cr
Borrowings₹305 Cr₹355 Cr₹162 Cr₹166 Cr₹235 Cr₹253 Cr
Other liabilities₹930 Cr₹1.0k Cr₹1.0k Cr₹1.3k Cr₹1.6k Cr₹2.0k Cr
Total liabilities₹3.0k Cr₹3.5k Cr₹3.8k Cr₹4.7k Cr₹8.0k Cr₹9.0k Cr
Fixed assets₹537 Cr₹531 Cr₹567 Cr₹770 Cr₹1.1k Cr₹1.7k Cr
Capital work in progress₹7 Cr₹17 Cr₹15 Cr₹121 Cr₹1.1k Cr₹1.0k Cr
Investments₹1 Cr₹2 Cr₹1 Cr₹2 Cr₹2 Cr₹2 Cr
Other assets₹2.5k Cr₹3.0k Cr₹3.2k Cr₹3.8k Cr₹5.8k Cr₹6.3k Cr
Total assets₹3.0k Cr₹3.5k Cr₹3.8k Cr₹4.7k Cr₹8.0k Cr₹9.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.01 pp while FIIs added +0.73 pp. The shareholder count shrank 5% to 1,60,497.

Promoters
35.0%
FIIs
27.3%
DIIs
25.9%
Public
11.8%

Since Jun 2025

  • Public −1.01 pp
  • FIIs +0.73 pp
  • DIIs +0.27 pp

How it drifted, 12 quarters

Over this window DIIs went from 17.6% to 25.9% — +8.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 37.1%, FIIs 29.6%, DIIs 17.6%, Public 15.7%.Dec '23: Promoters 37.1%, FIIs 30.9%, DIIs 16.1%, Public 15.9%.Mar '24: Promoters 37.1%, FIIs 31.0%, DIIs 16.3%, Public 15.6%.Jun '24: Promoters 37.1%, FIIs 30.8%, DIIs 16.6%, Public 15.6%.Sep '24: Promoters 37.1%, FIIs 31.1%, DIIs 16.0%, Public 15.8%.Dec '24: Promoters 35.0%, FIIs 29.8%, DIIs 20.7%, Public 14.5%.Mar '25: Promoters 35.0%, FIIs 25.8%, DIIs 23.5%, Public 15.7%.Jun '25: Promoters 35.0%, FIIs 26.6%, DIIs 25.6%, Public 12.8%.Sep '25: Promoters 35.0%, FIIs 25.8%, DIIs 26.7%, Public 12.5%.Dec '25: Promoters 35.0%, FIIs 25.5%, DIIs 27.3%, Public 12.3%.Mar '26: Promoters 35.0%, FIIs 27.3%, DIIs 25.8%, Public 11.9%.Jun '26: Promoters 35.0%, FIIs 27.3%, DIIs 25.9%, Public 11.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 5 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of KEI Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Anil Gupta 11.39%unchanged
Projection Financial & Management Consultants Private Limited 8.26%unchanged
ANIL GUPTA HUF (Karta- Anil Gupta) 4.86%unchanged
Motilal Oswal Nifty Midcap 150 Momentum 50 ETF Mutual fund4.48%newly disclosed
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty 500 Momentum 50 Index Fund Mutual fund4.29%newly disclosed
Shubh Laxmi Motels & Inns Private Limited 3.64%unchanged
Government Pension Fund Global Sovereign3.57%−0.07 pp
Soubhagya Agency Private Limited 3.27%unchanged
Smallcap World Fund, Inc Global fund house2.06%−0.18 pp
Canara Robeco Mutual Fund A/C Canara Robeco Manufacturing Fund Mutual fund1.79%newly disclosed
KEI Cables Private Limited 1.65%unchanged
HSBC Mutual Fund - HSBC Equity Savings Fund Mutual fund1.34%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in KEI

Filings to Aug 2026

0 new, 7 added, 4 trimmed, 0 sold out — net −0.11 L shares (−1.2%).

Held by funds
₹490 Cr
16 schemes
Biggest holder
HDFC Small Cap Fund
₹175 Cr · 0.4% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹175 Crheld
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund₹148 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹34 Cr+0.03 L
Nippon India Aggressive Hybrid Fund Nippon India Mutual Fund₹29 Crheld
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹24 Cr+0.01 L
Nippon India Power & Infra Fund Nippon India Mutual Fund₹23 Cr−0.21 L
Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund₹22 Cr+0.01 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹18 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 4 trimmed — net −11,034 shares (−1.2%)

Funds are sitting on
+65%
vs est. average cost
Held by funds
₹490 Cr
16 schemes · ≈ 0.82% of the company
Biggest holder
HDFC Small Cap Fund
₹175 Cr · 0.4% of that fund
Longest holder
Nippon India Aggressive Hybrid Fund
4y 7m · since Feb '22

Shares held by these funds −61%

Aug '23 9.15 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹4578, this stock must grow earnings at 29% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹2598 — downside of 43%.

Growth the price implies
29.3% a year
for 7 years, fading to 4%
It has actually compounded at
20.3% a year
net profit, FY23–FY26 · EPS 18.1%
The gap
0.1 pp
-43% downside if it only repeats history
Price today ₹4,578 Value at the reference growth ₹2,597.55

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse KEI Industries Limited

Guides on how to read this kind of business and the numbers that matter.