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KEI Industries
SectorCapital Goods
KEI Industries Limited is an Indian manufacturer of wire and cable solutions. Founded in 1968, the company operates through three segments: Retail, Institutional, and Exports. KEI produces a wide range of products including Low Tension, High Tension, and Extra High Voltage cables, as well as house wires, winding wires, and stainless steel wires. The company has five manufacturing facilities in India and exports to over 50 countries. KEI also provides Engineering, Procurement and Construction (EPC) solutions for power transmission and distribution systems. The company has a pan-India retail presence with 23 depots and over 1,900 dealers/distributors. KEI's products are tested to international standards, and its manufacturing facilities are certified for quality, environmental, and safety management systems.
In the news
UltraTech's ₹1,800 cr C&W entry triggers cable stock rout
KEI Industries surges 9% to 4-week high on strong Q1 performance
India's Wire and Cable Boom: How Polycab, RR Kabel, and KEI Are Powering the Electrification Revolution
KEI Industries stock falls 3.5% as Income Tax searches continue
KEI Industries: Strong Q4FY26 Performance Meets Regulatory Storm
KEI Industries shares fall 2% on I-T search operations
KEI Industries gets 'Accumulate' rating from Prabhudas Lilladher
KEI Industries shares drop 7% as Q4 earnings fail to impress investors
The Quarter story
The two most recent quarterly results, compared side-by-side.
KEI Industries drives strong revenue and margin expansion with robust order inflows, though rising financial charges and EPC volatility warrant monitoring.
EBITDA margin improved from 11.49% in Q1 FY26 to 13.04% in Q1 FY27, reflecting stronger pricing power.
Financial charges increased from ₹14.50 Cr in Q1 FY26 to ₹18.81 Cr in Q4 FY26, pressuring net margins.
Net sales grew from ₹2,590 Cr in Q1 FY26 to ₹31,853 Cr in Q1 FY27, driven by volume expansion.
Total debt shifted from -₹1,048 Cr in Q1 FY26 to ₹2,039 Cr in Q1 FY27, signaling higher leverage.
Active dealers expanded from 2,094 in Q1 FY26 to 2,128 in Q1 FY27, widening distribution reach.
EPC export revenue fell from ₹14 Cr in Q1 FY26 to ₹4 Cr in Q4 FY26, highlighting project delays.
Acceptances climbed from ₹448 Cr in Q1 FY26 to ₹735 Cr in Q4 FY26, signaling robust order inflow.
HT revenue declined from ₹480 Cr in Q1 FY26 to ₹411 Cr in Q4 FY26, indicating cyclical project delays.
Dealer channel share rose from 51.18% in Q1 FY26 to 55.70% in Q4 FY26, confirming retail strength.
Wires and cables revenue contribution dropped from 44.77% in Q1 FY26 to 40.37% in Q4 FY26, as other units outpaced growth.
Company insights, generated from the most recent coverage.
KEI's EHV capability up to 400kV and exports to 60+ countries do not offset Ultravolt risk — the market still cut its multiple below median because retail house wires remain the earnings core.
Highest concentration of the three — 96% of revenue from cables & wires plus 59% D2C mix over 2,100+ dealers, so essentially the entire P&L sits inside Ultravolt's strike zone.
Brokerages like Nuvama retain KEI as a top pick despite near-term de-rating, suggesting the market is overreacting to competitive threats given KEI's strong retail mix (59%) and capacity expansion plans.