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KEI Industries

KEI NSE
₹3,996.40 No trade today
P/E
38.32
View as Markdown
MCP
Close 4 Nov 2026 ₹3,996.40 +68.80 +1.75% 1Y
Start ₹3,927.60

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
20.00%
Debt to Equity
0.04
EPS (TTM)
₹104.28
Book Value
₹753.13
Market Cap
—
P/E (TTM)
38.32
P/B
5.31
ROE
14.70%
Dividend Yield
0.12%
EBITDA
₹1,388 Cr
52W High
₹5,899.00
52W Low
₹3,666.10
Volume
0

Peer Comparison

Industrials › Industrial Products › Cables - Electricals

KEI Industries peer comparison
Polycab
₹7,930.0041.68₹1,18,037 Cr9.130.60%23.00%33.20%₹31,188 Cr₹2,906 Cr
KEI Industries (this company)
₹3,996.4038.32₹37,549 Cr5.310.12%14.70%20.00%₹12,343 Cr₹997 Cr
RR Kabel
₹2,017.6037.56₹22,302 Cr7.510.32%21.30%28.10%₹10,832 Cr₹607 Cr
Finolex Cables
₹1,192.0022.79₹17,519 Cr3.000.79%12.30%16.00%₹6,939 Cr₹800 Cr
KSH International
₹985.4549.32₹6,521 Cr8.260.00%20.10%21.50%₹3,712 Cr₹130 Cr
V Marc
₹324.8513.76₹4,718 Cr16.440.00%41.40%41.40%₹2,082 Cr₹118 Cr
Universal Cables
₹1,304.1022.62₹3,919 Cr2.390.37%8.90%11.70%₹3,368 Cr₹200 Cr
Median 7 companies₹1,304.1037.56₹17,519 Cr7.510.32%20.10%21.50%₹6,939 Cr₹607 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
46
Average
Returns, margins, earnings quality 22% weight
Valuation
55
Average
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
62
Good
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
40
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 27.4% CAGR over last 5 years

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsBearish351
Moving AveragesStrong Bearish802

Key readings

RSI (14)
39.48
Neutral
MACD (12,26,9)
−226.70
Bearish
SMA (50)
4,601.42
Bearish
SMA (200)
4,810.79
Bearish

As of

Analyst Rating

Based on 23 analysts
BUY83%

19 of 23 analysts rate Buy, 3 Hold, 1 Sell.

As of

BUY
19
83%
HOLD
3
13%
SELL
1
4%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.45%
5Y+22.95%
3Y+19.34%
1Y+20.67%
TTM+20.28%

Net profit

Net profit growth by window
10Y+30.72%
5Y+27.45%
3Y+24.39%
1Y+31.90%
TTM+34.19%

Operating cash flow

Operating cash flow growth by window
10Y+16.27%
5Y+40.40%
3Y+17.79%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.12 pp
5Y−0.56 pp
3Y+0.25 pp
1Y+0.28 pp
TTM+1.04 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,628 Cr
Mar 2018₹3,466 Cr
Mar 2019₹4,231 Cr
Mar 2020₹4,888 Cr
Mar 2021₹4,182 Cr
Mar 2022₹5,727 Cr
Mar 2023₹6,912 Cr
Mar 2024₹8,104 Cr
Mar 2025₹9,736 Cr
Mar 2026₹11,748 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹94.00 Cr
Mar 2018₹145 Cr
Mar 2019₹181 Cr
Mar 2020₹256 Cr
Mar 2021₹273 Cr
Mar 2022₹376 Cr
Mar 2023₹477 Cr
Mar 2024₹581 Cr
Mar 2025₹696 Cr
Mar 2026₹918 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹396 Cr −1.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

KEI Industries trades at ₹3,881.4 as of 2026-11-03 with a market cap of ₹37,022 crore, a PE of 37.22x, and a near-zero debt-to-equity ratio of 0.04. The company has compounded profits at 27% CAGR over five years on 23% sales CAGR, though the stock sits roughly 34% below its 52-week high of ₹5,899.

Bull Case 8
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.04, providing significant financial flexibility and resilience against interest rate cycles.
  • Strong long-term profit compounding at 31% CAGR over the past 10 years, demonstrating sustained earnings power across economic cycles.
  • TTM profit growth of 34% outpaces both the 5-year (27%) and 3-year (24%) profit CAGR, indicating an acceleration in earnings momentum.
  • Healthy ROCE of 18.85% signals efficient capital deployment relative to the capital-intensive industrial products sector.
  • Five-year compounded sales growth of 23% reflects robust revenue expansion, well above single-digit GDP growth rates.
  • Ten-year stock CAGR of 45% demonstrates a prolonged track record of shareholder value creation over multiple market cycles.
  • Consistent ROE averaging 18% over the past decade and 17% over five years indicates durable return generation above the cost of equity for most industrial firms.
  • TTM sales growth of 20% alongside TTM profit growth of 34% implies operating leverage and margin expansion in the current period.
Bear Case 7
  • Stock is trading at ₹3,881.4, approximately 34% below the 52-week high of ₹5,899, suggesting significant recent selling pressure or de-rating.
  • Price-to-book ratio of 5.15x prices in substantial future growth; any disappointment in execution could compress this multiple.
  • Dividend yield of just 0.12% offers negligible income cushion, making total return entirely dependent on capital appreciation.
  • Last year's ROE of 15% declined from the 10-year average of 18% and the 5-year average of 17%, pointing to a recent dip in return efficiency.
  • One-year stock CAGR of only 9% versus a 5-year CAGR of 37% indicates a sharp deceleration in stock performance in the most recent period.
  • Three-year profit CAGR of 24% trails the 10-year figure of 31%, suggesting the base effect of a larger earnings denominator may moderate growth rates going forward.
  • Sales CAGR of 19% over three years lags the 5-year figure of 23%, hinting at a potential plateau in revenue growth momentum over the medium term.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: KEI Industries delivered strong Q2FY27 results with 29% profit growth and 46% domestic wires sales growth, demonstrating solid operational execution. However, the stock has been under significant pressure from UltraTech's competitive entry into cables and wires, falling 27% since that announcement. Key risks to watch are copper price volatility, EPC segment losses, and whether UltraTech's entry materially impacts market share or pricing.

Headwinds 3
  • UltraTech entry hammers stock Oct 27

    KEI shares fell 27% since UltraTech announced its Cables & Wires launch on Sep 3, underperforming Polycab (-12%) and Nifty 50 (-5%). This new competitive threat also triggered a reset in margin expectations.

  • EPC segment incurring losses Oct 22

    EPC segment guided to post EBIT loss of ₹5-7 crore over the next one to two quarters, with the company shifting focus to value-led growth amid working capital constraints.

  • Copper price decline risk flagged Oct 27

    A steep correction in copper prices was cited as a key downside risk for KEI going forward, potentially impacting revenue growth given copper is a major raw material input.

Positives 5
  • Q2 profit jumps 29% YoY Oct 21

    Consolidated net profit rose 28.96% YoY to ₹262.45 crore in Q2FY27, with revenue up 38.52% to ₹3,776.42 crore and EBITDA up 28.69% to ₹401.05 crore.

  • Domestic wires sales surge 46% Oct 21

    Domestic Wires and Cables segment grew 45.76% YoY in Q2FY27, with dealer channel sales up 50.46% YoY contributing 58.79% of overall sales through 2,146 active dealers.

  • EHV cable sales up 26% Oct 21

    Extra-high-voltage cable sales rose 26.20% YoY to ₹217 crore in Q2FY27, supporting the company's exposure to electrification and energy transition themes.

Neutral 1
  • Analyst meets scheduled in Mumbai Nov 4

    KEI Industries scheduled analyst meets for November 16 and 17, 2026 in Mumbai with physical one-on-one and group sessions. No unpublished price sensitive information to be shared per SEBI norms.

Quarterly Results

₹ Cr
KEI quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,783
1,945
2,059
2,330
2,065
2,284
2,472
2,915
2,590
2,726
2,955
3,476
3,185
3,776
Expenses
1,604
1,743
1,845
2,075
1,846
2,059
2,226
2,614
2,332
2,457
2,635
3,095
2,790
3,400
Operating Profit
178
202
215
255
219
225
246
301
258
269
320
382
396
377
OPM %
10%
10%
10%
11%
11%
10%
10%
10%
10%
10%
11%
11%
12%
10%
Other Income
8
9
11.81
4
13
13
9
37
40
42
34
43
20
25
Interest
9
8
11
17
14
13
14
14
14
14
17
19
18
17
Depreciation
15
16
15
16
16
16
19
19
20
20
23
28
29
31
PBT
163
188
202
227
203
208
221
305
263
277
315
377
369
353
Tax %
26%
26%
26%
26%
26%
26%
26%
26%
26%
27%
25%
25%
26%
26%
Net Profit
121
140
151
168
150
155
165
227
196
204
235
284
274
262
EPS (₹)
13.46
15.54
16.7
18.67
16.65
17.15
17.25
23.71
20.49
21.29
24.57
29.74
28.68
—

Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
KEI profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,033
2,351
2,628
3,466
4,231
4,888
4,182
5,727
6,912
8,104
9,736
11,748
12,343
Expenses
1,839
2,108
2,360
3,126
3,790
4,391
3,721
5,138
6,206
7,267
8,745
10,519
10,976
Operating Profit
194
243
269
339
441
497
461
589
706
838
991
1,229
1,367
OPM %
10%
10%
10%
10%
10%
10%
11%
10%
10%
10%
10%
10%
11%
Other Income
5
6
10
9
7
17
20
15
28
49
72
159
139
Interest
121
127
124
112
136
129
57
40
35
44
56
64
67
Depreciation
25
25
28
32
34
57
58
55
57
61
70
91
100
PBT
53
96
126
204
278
328
366
508
642
781
937
1,232
1,338
Tax %
35%
35%
26%
29%
35%
22%
25%
26%
26%
26%
26%
25%
—
Net Profit
34
63
94
145
181
256
273
376
477
581
696
918
997
EPS (₹)
4.43
8.1
12.04
18.47
22.92
28.64
30.33
41.73
52.93
64.35
72.88
96.07
104
Div. Payout %
9%
6%
5%
5%
5%
5%
7%
6%
6%
5%
5%
5%
—

Balance Sheet

₹ Cr
KEI balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
16
16
16
18
18
18
18
18
19
19
Reserves
288
352
446
589
762
1,489
1,760
2,118
2,571
3,130
5,767
6,646
Borrowings
452
498
813
842
599
367
305
355
162
166
217
253
Other Liabilities
588
599
622
773
1,387
1,395
930
1,036
1,019
1,342
1,232
2,038
Total Liabilities
1,345
1,464
1,896
2,220
2,764
3,269
3,014
3,527
3,770
4,656
7,235
8,956
Fixed Assets
298
328
405
407
489
554
537
531
567
770
993
1,686
CWIP
4
29
3
23
32
11
7
17
15
121
385
1,002
Investments
3
3
3
3
2
1
1
2
1
2
2
2
Other Assets
1,039
1,103
1,485
1,787
2,242
2,703
2,469
2,978
3,187
3,764
5,854
6,266
Total Assets
1,345
1,464
1,896
2,220
2,764
3,269
3,014
3,527
3,770
4,656
7,235
8,956

Cash Flow

₹ Cr
KEI cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
199
186
−29
191
623
−13
154
229
514
610
−32
840
Investing
−17
−98
−63
−76
−275
11
75
−58
−137
−353
−1,501
−349
Financing
−182
−87
229
−69
−386
99
−129
−31
−256
−72
1,919
−98
Net Cash Flow
0
1
137
45
−38
97
101
139
121
186
386
392
Free Cash Flow
182
88
−91
126
501
−93
131
169
416
210
−726
−412
CFO/OP
107
85
1
72
161
16
53
60
98
97
20
90

Ratios

KEI financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
85
88
114
108
94
102
118
89
73
68
67
57
Inventory Days
109
95
114
97
95
103
103
96
79
84
87
100
Days Payable
119
97
110
110
139
139
99
68
54
63
39
55
Cash Conversion Cycle
75
86
119
95
49
66
121
117
99
89
115
102
Working Capital Days
24
32
17
28
19
61
94
81
80
71
89
80
ROCE %
—
28%
23%
23%
29%
28%
21%
24%
26%
27%
21%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view KEI Industries insights

69 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 35.00%
  • DIIs 26.26%
  • FIIs 26.14%
  • Public 10.26%
  • Others 2.35%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about KEI Industries

What does KEI Industries Ltd do?
Incorporated in 1968, KEI Industries Ltd manufactures wires and cables (W&C) like EHV cables, HT cables, LT cables, and sells them in India and overseas
Where is KEI Industries Ltd (KEI) listed?
KEI Industries Ltd trades as KEI on the NSE and under code 517569 on the BSE.
Which sector does KEI Industries Ltd belong to?
KEI Industries Ltd is classified under the Industrial Products sector, in the Cables - Electricals industry.
What is the PE ratio of KEI Industries Ltd?
KEI Industries Ltd trades at a PE ratio of 38.32 as of 4 Nov 2026, on earnings per share of ₹104.28, against a book value of ₹753.13 per share.
What is the 52-week high and low of KEI Industries Ltd?
Over the last 52 weeks KEI Industries Ltd has traded between ₹3,666.1 and ₹5,899 as of 4 Nov 2026.
Does KEI Industries Ltd pay dividends?
KEI Industries Ltd has a dividend yield of 0.12%.
What is the Return on Equity (ROE) of KEI Industries Ltd?
KEI Industries Ltd reported a return on equity of 14.70%. Its debt-to-equity ratio is 0.04.

Company Information

Incorporated in 1968, KEI Industries Ltd manufactures wires and cables (W&C) like EHV cables, HT cables, LT cables, and sells them in India and overseas

Website kei-ind.com
CEO Mr. Anil Gupta
Employees 2,050
Listed 23 Mar 2006
Face Value ₹2

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