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KEI - KEI Industries

📊 NSE: KEI 🏢 Cables - Power 📅 Last Updated: 12/14/2025 8:52

📢 Recent Corporate Announcements

KEI Industries Cancels Singapore Investor Meetings Scheduled for March 9-10, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Mar 2026, 01:36 PM

KEI Industries has announced the cancellation of its physical investor meetings in Singapore, which were originally scheduled for March 9 and 10, 2026. The meetings, organized by UBS Securities India Private Ltd., were intended to be a series of one-on-one and group sessions. This update follows a previous intimation made by the company on February 19, 2026. Such cancellations are generally administrative in nature and do not typically reflect on the company's financial performance or business operations.

Cancellation of physical investor meetings in Singapore scheduled for March 9 and 10, 2026.
The meetings were organized by UBS Securities India Private Ltd.
Planned format included both one-on-one and group interactions during business hours.
The company had previously intimated the schedule on February 19, 2026.

💡 No action is required as this is a routine administrative update. Investors should continue to focus on the company's quarterly earnings and sector-specific growth drivers.

KEI Industries Reschedules Analyst Meet with Nirmal Bang to March 5, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Feb 2026, 05:56 PM

KEI Industries has announced a revision in the timing of its upcoming Analyst and Institutional Investor meeting. Originally scheduled for 02:00 PM on March 05, 2026, the virtual group meeting will now commence at 12:00 Noon (IST). The session is being organized by Nirmal Bang Securities Pvt. Ltd. The company has explicitly stated that no unpublished price sensitive information will be shared during this interaction.

Meeting date remains unchanged on March 05, 2026.
Timing revised from 02:00 PM to 12:00 Noon (IST).
The meeting is a virtual group session organized by Nirmal Bang Securities.
Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed.

💡 This is a routine administrative update regarding meeting logistics and requires no immediate action. Investors should look for any post-meeting presentations or transcripts on the stock exchange for potential business outlook updates.

KEI Industries CMD Anil Gupta Receives Prestigious 'Jewels of India' Award

🟢 POSITIVE ⭐ 2/10

OTHER 📅 19 Feb 2026, 06:52 PM

Mr. Anil Gupta, Chairman and Managing Director of KEI Industries, was honored with the 'Jewels of India' – Bharat ki Shaan, Bharat ka Abhiman award on February 18, 2026. The award was presented by the Union Minister of Culture and Tourism in recognition of his leadership and contributions to India's manufacturing sector. This recognition highlights the company's growing brand prestige and the management's standing within the industry. While the news is non-financial, it reinforces investor confidence in the leadership guiding the company's global and domestic expansion.

CMD Anil Gupta received the 'Jewels of India' award on February 18, 2026, in New Delhi.
The award was presented by Shri Gajendra Singh Shekhawat, Hon’ble Union Minister of Culture and Tourism.
Recognition focused on exemplary leadership and contributions to strengthening India’s manufacturing capabilities.
The ceremony celebrated leaders with significant impact across multiple countries outside India.

💡 This is a prestige-related update that enhances management credibility but has no immediate impact on financials. Investors should maintain their current positions and focus on upcoming quarterly results.

KEI Industries Reports Strong 9M FY26: PAT Up 35% YoY to ₹6,341 Mn with Margin Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 06:18 PM

KEI Industries delivered a robust performance in 9M FY26, with revenue growing 21.26% YoY to ₹82,714 Mn and PAT surging 34.96% to ₹6,341 Mn. The company achieved significant margin expansion, with EBITDA margins improving to 11.64% from 10.62% in the previous year. Growth was supported by a strong retail segment, which now accounts for 53% of sales, and a healthy order book of ₹37,243 Mn. Notably, the company commenced commercial production at its new greenfield facility in Sanand, Gujarat, in December 2025.

9M FY26 Revenue increased 21.26% YoY to ₹82,714 Mn, while EBITDA grew 32.96% to ₹9,631 Mn.
EBITDA margins expanded by 102 basis points YoY to 11.64% in 9M FY26.
Retail segment contribution rose to 53% of total sales, up from 52% in FY25.
Order book remains healthy at ₹37,243 Mn as of December 31, 2025, providing strong revenue visibility.
Commenced first phase of commercial production for LT/HT cables at the Sanand greenfield unit.

💡 Investors should note the positive trend in margin expansion and the strategic shift toward the high-margin retail segment. The operationalization of the Sanand plant and a debt-free balance sheet provide a strong foundation for continued growth in the wires and cables industry.

KEI Industries Reaffirms ICRA AA+ (Stable) Rating; Re-allocates Rs. 3,850 Cr Bank Limits

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Feb 2026, 04:05 PM

ICRA has reaffirmed KEI Industries' long-term rating at [ICRA]AA+ with a stable outlook and short-term rating at [ICRA]A1+. While the total rated limit remains unchanged at Rs. 3,850 crore, the company has re-allocated Rs. 100 crore from short-term to long-term bank facilities. Long-term facilities now stand at Rs. 3,310 crore, while short-term facilities are at Rs. 500 crore. This reaffirmation underscores the company's strong financial position and very low credit risk profile.

Long-term rating maintained at [ICRA]AA+ (Stable) for Rs. 3,310 crore facilities
Short-term rating maintained at [ICRA]A1+ for Rs. 500 crore facilities
Total rated amount remains unchanged at Rs. 3,850 crore including Rs. 40 crore Commercial Paper
Re-allocation of Rs. 100 crore from short-term to long-term rated limits
Ratings indicate a high degree of safety regarding timely servicing of financial obligations

💡 Investors should view this as a routine update confirming the company's high credit quality. No change in investment thesis is warranted based on this administrative re-allocation of bank limits.

KEI Industries Voluntarily Delists from Calcutta Stock Exchange Effective Feb 3, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 10:18 AM

KEI Industries Limited has successfully completed the voluntary delisting of its equity shares from The Calcutta Stock Exchange (CSE) effective February 3, 2026. This administrative move was initiated because the CSE currently lacks an active trading platform for equity shares. The company confirmed that this delisting will not impact shareholders in any manner. KEI's equity shares will continue to be listed and traded on the National Stock Exchange (NSE) and BSE Limited, providing uninterrupted nationwide trading facilities.

Voluntary delisting from The Calcutta Stock Exchange (CSE) effective February 3, 2026
Equity shares continue to be listed on major exchanges NSE and BSE
Delisting follows SEBI (De-listing of Equity Shares) Regulations, 2021
No impact on shareholders as CSE has no active trading platform

💡 No action is required by investors as the company remains listed on major national exchanges. This is a routine administrative cleanup of redundant regional listings.

KEI Industries Schedules Multiple Investor Meetings with Major Brokerages in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 05:52 PM

KEI Industries has announced a series of physical one-on-one and group meetings with institutional investors and analysts in Mumbai throughout February 2026. The meetings are organized by prominent firms including Nuvama Wealth, Systematix Corporate Services, Axis Capital, and Kotak Securities. These sessions are scheduled for February 9, 10, 11, and 26, with time slots ranging from 9:00 AM to 6:00 PM. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Meetings scheduled with 4 major financial institutions: Nuvama, Systematix, Axis Capital, and Kotak Securities.
Physical meetings to be held in Mumbai across four dates: February 9, 10, 11, and 26, 2026.
Sessions include both one-on-one and group meeting formats with extensive time slots.
Company confirms only publicly available information and existing presentations will be discussed.

💡 Investors should monitor the company's website or stock exchange filings for any updated investor presentations that may be released following these meetings. No immediate action is required as these are routine investor relations activities.

KEI Industries Q3 FY26 PAT Jumps 42.5% to ₹235 Cr; EBITDA Margins Expand to 12%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Jan 2026, 12:04 PM

KEI Industries reported a strong Q3 FY26 with net sales growing 19.5% YoY to ₹2,954 crores, driven by a massive 95% surge in exports and 29% growth in the B2C segment. Profitability improved significantly as EBITDA margins expanded to 12% from 10.29% last year, leading to a 42.5% jump in PAT to ₹234.86 crores. The company's Sanand facility has commenced trial production, with a total planned capex of ₹2,000 crores expected to drive a ₹6,000 crore incremental top-line by FY29. Management maintains a positive outlook with a 20%+ growth guidance and a robust order book of ₹3,928 crores.

Net Sales grew 19.51% YoY to ₹2,954 crores, while PAT surged 42.5% to ₹234.86 crores.
Export sales witnessed a stellar 95% YoY growth in Q3, with 9-month export growth at 79%.
B2C sales contribution increased to 55% of total revenue compared to 50% in the previous year.
Order book remains healthy at ₹3,928 crores as of December 31, 2025, with ₹3,567 crores in Wires and Cables.
Sanand plant Phase 1 trial production started in Dec 2025; total capex of ₹2,000 crores to be fully capitalized by March 2027.

💡 Investors should focus on the significant margin expansion and the strong ramp-up in the high-margin export and B2C segments. The phased commissioning of the Sanand plant provides high revenue visibility for the next 3-4 years, supporting a long-term growth thesis.

KEI Industries Reports Nil Physical Share Transfer Requests Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jan 2026, 03:15 PM

KEI Industries has filed a compliance report regarding physical share transfer requests re-lodged under a special SEBI window. For the period between December 1, 2025, and January 6, 2026, the company's registrar, MAS Services Limited, reported zero requests received. This filing is a procedural requirement following SEBI's circular dated July 2, 2025. There is no material impact on the company's financial standing or operational performance.

Zero (NIL) requests were received for physical share transfers during the reporting period.
The report covers the specific window from December 1, 2025, to January 6, 2026.
Compliance is in accordance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
The data was confirmed by the Registrar and Share Transfer Agent, MAS Services Limited.

💡 No action is required from investors as this is a routine administrative disclosure with no impact on business fundamentals.

KEI Industries Initiates Voluntary Delisting from Calcutta Stock Exchange

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jan 2026, 02:31 PM

KEI Industries Limited has issued a public notice regarding its decision to voluntarily delist its equity shares from The Calcutta Stock Exchange Limited (CSE). This move is being conducted in accordance with Regulations 5 and 6 of the SEBI (Delisting of Equity Shares) Regulations, 2021. The company's equity shares will continue to remain listed on the National Stock Exchange of India (NSE) and BSE Limited, which are the primary platforms for its trading volume. This administrative step is intended to reduce compliance costs and regulatory burdens associated with multiple exchange listings.

Voluntary delisting initiated from The Calcutta Stock Exchange Limited (CSE) as per SEBI 2021 regulations.
Public advertisements published on January 24, 2026, in Business Standard (English and Hindi) and Arthik Lipi (Bengali).
No impact on primary listings as the company remains listed on both BSE and NSE.
The action follows a prior board intimation dated January 21, 2026.

💡 No action is required from shareholders as liquidity remains unaffected due to continued listing on major national exchanges (BSE and NSE).

KEI Industries Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 02:53 PM

KEI Industries has officially released the audio recording of its investor conference call held on January 22, 2026. The call focused on the un-audited standalone and consolidated financial results for the third quarter ended December 31, 2025. This disclosure follows the board's approval of the financial results on January 21, 2026. The recording provides transparency into management's perspective on the company's quarterly performance and future outlook.

Audio recording of the Q3 FY26 investor call held on Jan 22, 2026, is now available via the company website.
The call pertains to the un-audited financial results for the quarter ended December 31, 2025.
Board approval for the underlying financial results was granted on January 21, 2026.
Compliance filing submitted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to understand management's guidance on the wires and cables segment. This is a routine administrative filing and does not require any immediate trading action.

KEI Industries Q3 FY26 PAT Jumps 42.5% YoY to ₹235 Cr; EBITDA Margins Expand to 11.98%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 06:06 PM

KEI Industries reported a strong Q3 FY26 with revenue growing 19.5% YoY to ₹2,954 crore, driven by robust performance in the dealer/distribution and export segments. Profitability saw significant improvement as PAT surged 42.5% YoY to ₹235 crore, with PAT margins expanding to 7.95% from 6.67% YoY. The dealer network continues to be a major growth driver, accounting for 54.5% of total sales, while the export institutional segment grew by a massive 95.1% YoY. The company maintains a healthy order book of ₹3,928 crore and a strong net cash position supported by QIP proceeds.

Revenue increased 19.51% YoY to ₹2,954 crore, while EBITDA grew 39.08% YoY to ₹354 crore.
EBITDA margins improved to 11.98% in Q3 FY26 compared to 10.29% in the same quarter last year.
Dealer/Distribution segment revenue rose 29.2% YoY, now contributing 54.53% of overall sales.
Export Institutional Cable and Wire sales witnessed stellar growth of 95.10% YoY during the quarter.
Pending order book stands at approximately ₹3,928 crore as of December 31, 2025.

💡 Investors should take note of the significant margin expansion and the company's successful shift towards the high-margin retail distribution and export segments. The robust order book and net cash status provide strong earnings visibility for the coming quarters.

KEI Industries Q3 Net Profit Jumps 42.5% to ₹235 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 05:55 PM

KEI Industries reported a robust performance for Q3 FY26, with revenue from operations growing 19.5% YoY to ₹2,954.7 crore. Net profit saw a significant surge of 42.5% YoY, reaching ₹234.86 crore, driven by strong performance in the Cables & Wires segment. The company declared an interim dividend of ₹4.50 per share and announced the commencement of commercial production at its new Sanand greenfield facility. Additionally, the board approved a voluntary delisting from the inactive Calcutta Stock Exchange, which will not impact trading on NSE and BSE.

Revenue from operations increased to ₹2,954.7 crore in Q3 FY26 compared to ₹2,472.2 crore in Q3 FY25.
Net profit for the quarter rose by 42.5% YoY to ₹234.86 crore from ₹164.8 crore.
Declared an interim dividend of ₹4.50 per equity share (225% of face value) with a record date of January 28, 2026.
Commenced first phase of commercial production for LT/HT Cables at the new Sanand, Gujarat greenfield unit.
Cables & Wires segment revenue grew to ₹2,820.8 crore, up from ₹2,356.3 crore in the previous year's quarter.

💡 Investors should maintain a positive outlook given the strong double-digit profit growth and the operationalization of the Sanand facility which provides room for future volume growth. The interim dividend provides an immediate yield benefit for shareholders.

KEI Industries Q3 Net Profit Jumps 42.5% YoY to ₹235 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 05:52 PM

KEI Industries reported a robust standalone net profit of ₹2,348.61 million for Q3 FY26, a 42.5% increase compared to the same period last year. Revenue from operations grew 19.5% YoY to ₹29,547.04 million, primarily driven by the core Cables & Wires segment. The company declared an interim dividend of ₹4.50 per share (225% of face value) and announced the commencement of commercial production at its new Sanand facility. This expansion, coupled with strong financial performance, underscores the company's growth trajectory in the infrastructure and power sectors.

Standalone Net Profit increased 42.5% YoY to ₹2,348.61 million in Q3 FY26.
Revenue from operations grew 19.5% YoY to ₹29,547.04 million.
Interim dividend of ₹4.50 per share declared with a record date of January 28, 2026.
Commenced first phase of commercial production for LT/HT Cables at the Sanand, Gujarat greenfield unit.
Cables & Wires segment revenue rose to ₹28,208.02 million from ₹23,563.21 million YoY.

💡 Investors should maintain a positive outlook given the strong double-digit growth in both top-line and bottom-line, alongside the operationalization of new capacity at Sanand. The dividend declaration provides an immediate yield benefit while the company continues to benefit from infrastructure tailwinds.

KEI Industries Q3 Net Profit Jumps 42% YoY to ₹235 Cr; Declares ₹4.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 05:49 PM

KEI Industries reported a robust Q3 FY26 with revenue from operations growing 19.5% YoY to ₹29,547 million. Net profit surged 42.5% YoY to ₹2,348.6 million, supported by strong performance in the core Cables & Wires segment. The board declared an interim dividend of ₹4.50 per share (225% of face value) with a record date of January 28, 2026. Notably, the company has commenced commercial production at its new Greenfield unit in Sanand, Gujarat, which is expected to drive future growth.

Revenue from operations rose 19.5% YoY to ₹29,547.04 million in Q3 FY26.
Net Profit increased significantly by 42.5% YoY to ₹2,348.61 million.
Declared an interim dividend of ₹4.50 per equity share with a record date of Jan 28, 2026.
Cables & Wires segment revenue grew to ₹28,208.02 million, up from ₹23,563.21 million YoY.
Commenced first phase of commercial production for LT/HT Cables at the Sanand Greenfield unit.

💡 The strong earnings growth and the commencement of the Sanand facility reinforce a positive outlook; investors may consider holding or adding on dips for long-term exposure to the power infrastructure sector.

View All KEI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew 19.89% YoY to INR 9,735.88 Cr in FY25. Retail segment revenue reached INR 5,088 Cr (52% of total), growing 35% YoY. Institutional sales were INR 3,412 Cr (35% of total), growing 3% YoY. Export sales reached INR 1,264 Cr (13% of total), growing 15% YoY. Housing wires grew 26% and the overall cable segment grew 24% in FY25.

Geographic Revenue Split

Domestic sales are distributed across North (38-39%), West (26-28%), South (18%), and East (16-17%). Exports contributed 13% of total revenue in FY25, up from 10% in FY24, with recent forays into the US and European markets.

Profitability Margins

PAT margin improved to 7.17% in FY24 from 6.90% in FY23. Net margins remained stable at 7.2% in FY25. Operating profit margins (OPM) are expected to be maintained at 10-10.5% due to a shift toward high-margin retail and export segments.

EBITDA Margin

PBILDT margin stood at 10.03% in FY25, a slight moderation from 10.40% in FY24 due to increased copper prices. The company expects a 25-30 bps improvement annually in the medium term as it curtails the lower-margin EPC business (currently ~4% of sales).

Capital Expenditure

Planned capex of INR 1,600-1,800 Cr over FY26-FY27. This includes INR 1,100 Cr in FY26 and INR 500 Cr in FY27 for the Sanand greenfield project, plus a INR 65 Cr brownfield expansion at Chinchpada. Funding is sourced from INR 1,379 Cr of unutilized QIP proceeds and internal accruals.

Credit Rating & Borrowing

Long-term bank facilities rated CARE AA+; Stable; Short-term facilities rated CARE A1+. Interest coverage ratio remains strong at 17.54x in FY25. Total debt to PBILDT improved to 0.48x in FY25 from 0.80x in FY24.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include copper, aluminum, PVC, DOP, stainless-steel strips/rods, and G.I. wires. Raw materials constitute approximately 75-77% of total operating costs.

Import Sources

Not specifically disclosed by country, but the company manages imports of metals which are partially offset by export earnings to create a natural hedge.

Key Suppliers

Not disclosed in available documents; referred to as established relationships with reputed vendors.

Capacity Expansion

Current capacity utilization is at an optimum level of ~80% (moderated from 90% in FY24 due to brownfield additions). Planned greenfield expansion at Sanand for LT, HT, and EHV cables to support 12-15% annual growth.

Raw Material Costs

Raw material costs represent 75-77% of total costs. The company maintains 2-2.5 months of inventory with fixed pricing to insulate against price volatility. Most price hikes are passed to customers, especially in the retail segment where prices are revised every 15 days.

Manufacturing Efficiency

Capacity utilization at 80% across major segments. Efficiency is driven by brownfield expansions and the transition to a higher-margin product mix (Retail and EHV).

Logistics & Distribution

Distribution is managed through a pan-India network of 2,082 dealers as of March 2025, up from 1,925 in March 2023.

📈 Strategic Growth

Expected Growth Rate

14-15%

Growth Strategy

Growth will be achieved by increasing the retail revenue share to 50-55%, expanding export contribution to 15-18% over 3 years, and leveraging the new Sanand facility for EHV (Extra High Voltage) and HVDC capabilities. The company is also curtailing its low-margin EPC business to focus on high-margin cable manufacturing.

Products & Services

Low Tension (LT) cables, High Tension (HT) cables, Extra High Voltage (EHV) cables, Housing wires, Stainless Steel (SS) wires, and EPC project services (primarily EHV).

Brand Portfolio

KEI

New Products/Services

Expansion into EHV and HVDC capabilities at the Sanand plant; foray into US and European markets for specialized cable exports.

Market Expansion

Targeting 15-18% export share by leveraging US and European market entries. Expanding domestic retail footprint via 2,082 dealers and 15,000+ retailers.

Market Share & Ranking

Established leader in the EHV cable segment; one of the top players in the organized wires and cables industry.

🌍 External Factors

Industry Trends

The industry is shifting toward organized players due to high gestation periods for plants and distribution. Demand is driven by the National Infrastructure Pipeline, Metro Rail, and the PLI scheme for manufacturing.

Competitive Landscape

Intense competition from Polycab, Havells, Finolex, V-Guard, and RR Kabel. New entry threats from large groups like Adani and Birla.

Competitive Moat

Moat consists of a 50-year track record, a massive 2,082-dealer network, and high technical barriers in EHV cables where new players take 7-8 years to qualify. These are sustainable due to the long gestation period for setting up competing infrastructure.

Macro Economic Sensitivity

Highly sensitive to infrastructure spending, urban/rural electrification, and private capex in sectors like steel, cement, and real estate.

Consumer Behavior

Increasing demand for branded housing wires in the retail segment, supporting the company's 35% growth in retail sales.

Geopolitical Risks

Global economic conditions and geopolitical tensions pose challenges to the 13% export business, though US/Europe forays provide diversification.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by government infrastructure policies, the Production-Linked Incentive (PLI) scheme, and international product clearances (e.g., US market approvals received in 2023).

Environmental Compliance

Focus on zero-discharge facilities, use of renewable energy, and replacing wooden drums with steel drums to conserve natural resources.

⚠️ Risk Analysis

Key Uncertainties

Volatility in copper prices (impacted FY25 margins), potential delays in the Sanand greenfield project, and heightened competition from new large-scale entrants.