KEI Industries Ltd.

•

kei-ind.comBSE: 517569NSE: KEI

Market Cap₹ 43,689 Cr.

Current Price

High / Low₹ 5,899 / 3,729

Stock P/E43.8

Book Value₹ 725

Price to Book5.79

Dividend Yield0.10 %

ROCE20.2 %

ROE14.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Cables: 93.3% • EPC Projects: 4.8% • Stainless steel Wire: 1.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 27.8% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 23.1%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 40.0% YoY, showing strong momentum
Company has delivered good sales growth of 22.9% CAGR over last 5 years

CONS

Promoter holding has decreased over last 2 years: -2.1pp
Stock is trading at 5.8x its book value
Though reporting repeated profits, the company pays out little dividend (4.7%)
Rich enterprise valuation - EV/EBITDA of 26.8x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsElectricalsCable

Part ofNIFTYM150MOMNTM50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	POLYCAB	8250.00	43.40	124320.56	0.57	796.65	32.84	8209.73	39.01	34.93	13.84
2.	KEI	4570.00	43.83	43689.47	0.10	274.14	40.05	3185.34	22.97	20.23	12.43
3.	DHOOTTRANS	1727.35	89.08	35332.61	0.00	1326.70	—	14464.15	—	24.14	15.10
4.	RRKABEL	2424.55	45.13	27423.00	0.39	205.20	128.59	3168.20	53.90	28.43	9.01
5.	FINCABLES	1423.25	27.20	21767.09	0.63	249.04	53.14	2013.15	44.26	16.06	14.16
6.	PRECWIRE	463.20	499.77	8467.59	0.27	46.45	71.48	1779.24	61.20	33.09	4.76
7.	UNIVCABLES	1492.85	25.85	5179.50	0.30	70.14	-78.69	945.06	57.46	11.69	13.80
8.	LASERPOWER	290.15	26.87	4072.79	0.00	207.32	—	5215.47	—	24.84	12.62
9.	ADVAIT	2061.30	38.43	2255.68	0.10	14.80	65.77	179.27	51.37	28.24	13.36
10.	DYCL	455.40	24.20	2206.81	0.11	249.53	1270.52	3491.01	1232.27	26.80	10.89
11.	PARACABLES	64.84	34.81	2121.82	0.00	19.70	6.49	529.40	17.35	16.62	6.56
12.	QUADFUTURE	479.35	0.00	1917.40	0.00	-9.13	32.36	40.59	41.27	-7.01	-8.25

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,781	1,945	2,059	2,330	2,065	2,284	2,472	2,915	2,590	2,726	2,955	3,476	3,185
	1,604	1,743	1,845	2,075	1,846	2,059	2,226	2,614	2,332	2,457	2,635	3,095	2,836
Operating Profit	176	202	215	255	219	225	246	301	258	269	320	382	350
OPM %	9.90%	10.40%	10.42%	10.95%	10.61%	9.84%	9.94%	10.34%	9.96%	9.88%	10.83%	10.98%	10.97%
	10	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
Profit before Tax	163	188	202	227	203	208	221	305	263	277	315	377	369
Tax %	25.53%	25.59%	25.57%	25.81%	25.89%	25.53%	25.49%	25.76%	25.64%	26.60%	25.36%	24.62%	25.74%
Net Profit	0	0	0	0	150	155	165	227	196	204	235	284	274
	13.46	15.54	16.70	18.68	16.65	17.16	17.87	23.71	20.49	21.30	24.57	29.74	28.68

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,628	3,465	4,231	4,888	4,182	5,727	6,908	8,121	9,736	11,748	12,343
	2,359	3,126	3,790	4,391	3,726	5,138	6,206	7,267	8,757	10,519	11,022
Operating Profit	269	339	441	497	455	589	702	854	979	1,229	1,321
OPM %	10.23%	9.79%	10.41%	10.17%	10.89%	10.28%	10.16%	10.52%	10.06%	10.46%	10.70%
	10	9	7	17	20	15	32	32	83	159	139
Interest	124	112	136	129	57	40	35	44	56	64	67
Depreciation	28	32	34	57	58	55	57	61	70	91	100
Profit before Tax	126	204	278	328	361	508	642	781	937	1,232	1,338
Tax %	25.72%	29.19%	35.03%	21.83%	25.20%	25.91%	25.65%	25.64%	25.67%	25.47%	25.51%
Net Profit	94	145	181	256	270	376	477	581	696	918	997
EPS	11.78	18.21	22.74	31.19	29.77	41.56	52.86	64.36	72.88	96.07	—
Dividend Payout %	4.98%	5.41%	5.24%	5.24%	6.67%	5.99%	5.67%	5.44%	5.49%	4.68%	—

COMPOUNDED SALES GROWTH

10 Years:: 17%
5 Years:: 23%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 31%
5 Years:: 28%
3 Years:: 24%

STOCK PRICE CAGR

10 Years:: 45%
5 Years:: 42%
3 Years:: 21%
1 Year:: 12%

RETURN ON EQUITY

10 Years:: 21%
5 Years:: 18%
3 Years:: 17%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	18	18	18	18	18	19	19
	439	583	759	1,476	1,744	2,110	2,564	3,119	5,757	6,640
	813	841	599	381	328	352	157	166	228	350
Trade Payables	481	628	1,021	1,169	742	763	748	1,008	779	1,335
	187	217	380	226	176	284	283	345	451	612
Total Liabilities	1,935	2,285	2,774	3,271	3,009	3,527	3,770	4,656	7,235	8,956
	405	407	489	554	537	531	567	770	993	1,686
Capital Work in Progress	3	23	32	11	7	17	15	121	385	1,002
	3	3	2	1	1	2	1	2	2	2
	499	556	693	864	763	1,079	1,102	1,343	1,730	2,401
	0	0	0	0	0	0	0	1,518	1,797	1,842
Cash & Bank	33	77	195	214	221	360	537	701	1,915	1,513
	992	1,219	1,364	1,627	1,479	1,538	1,548	202	411	510
Total Assets	1,935	2,285	2,774	3,271	3,009	3,527	3,770	4,656	7,235	8,956

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	243	709	82	244	353	691	611	-32	840
Cash from Investing	-63	-76	-275	11	75	-58	-137	-353	-1,501	-350
Cash from Financing	229	-69	-386	99	-129	-31	-256	-72	1,919	-98
	137	45	-38	97	101	139	121	186	386	392

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.08	37.06	35.02	35.02	35.02	35.00	35.00	35.00	35.00
	30.75	31.11	29.75	25.83	26.59	25.82	25.49	27.27	27.32
	16.56	16.01	20.72	23.51	25.63	26.71	27.27	25.83	25.90
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.61	15.83	14.51	15.64	12.76	12.46	12.24	11.90	11.78

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - KEI Industries Limited has informed the Exchange about Schedule of meet

2026-09-07

Copy of Newspaper Publication

2026-09-07 - KEI Industries Limited has informed the Exchange about Disclosure pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015.

2026-09-05

Shareholders meeting

2026-09-05 - KEI Industries Limited has informed the Exchange regarding Submission of AGM Notice for the Financial Year 2025-26.

2026-09-01

Reply to Clarification- Financial results

2026-09-01 - The Exchange had sought clarification from KEI Industries Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

2026-08-31

Updates

2026-08-31 - KEI Industries Limited has informed the Exchange regarding 'Disclosure pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

2026-08-28

Clarification - Financial Results

2026-08-28 - The Exchange has sought clarification from KEI Industries Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - KEI Industries Limited has informed the Exchange about Schedule of meet

2026-08-14

General Updates

2026-08-14 - KEI Industries Limited has informed the Exchange about Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - KEI Industries Limited has informed the Exchange about Transcript of Analysts/Investors Call pertaining to the Un-audited Financial Results for the quarter ended on June 30, 2026.

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