KEI Industries logo

KEI Industries

KEI NSE

Key Fundamentals

MidcapCables - ElectricalsIndustrial Products
Market Cap
₹42,714 Cr
Volatility
Moderate
P/E Ratio
43.9
EBITDA
₹1,388 Cr
Return on Equity
13.78%
Debt to Equity
0.04
Book Value
₹697.17
EPS
₹67.58
52W High
₹5,899
52W Low
₹3,728.7

Tapetide Score

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

Key Insights

Strengths

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

Growth Rate

Revenue Growth
21.4% higher than 3Y
Net Income Growth
31.88% higher than 3Y
Cash Flow Change
—
ROE
14.45% lower than 3Y
ROCE
11.8% higher than 3Y
EBITDA Margin (Avg.)
7.47% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

KEI Industries Ltd commands a market cap of ₹42,714 Cr at a PE of 44.5x, having delivered a 27.4% CAGR in profit over 5 years and 20% TTM sales growth. The company is almost debt-free, though its ROE has moderated from an 10-year average of 18% to 15% in the last year, and the stock trades at a PB of 6.65x.

Bull Case 7
  • Strong profit compounding with 27.4% CAGR over 5 years and an accelerating TTM profit growth of 34%, indicating improving profitability
  • Almost debt-free balance sheet provides financial flexibility and reduces interest cost burden in a capital-intensive wires & cables industry
  • Consistent double-digit sales growth — 23% CAGR over 5 years and 20% TTM — reflecting sustained demand and market share gains
  • Remarkable long-term stock CAGR of 45% over 10 years and 42% over 5 years, demonstrating sustained wealth creation
  • Durable ROE profile averaging 17% over 5 years and 18% over 10 years, indicating efficient capital allocation over extended periods
  • 10-year compounded sales CAGR of 17% shows the company has scaled revenues consistently through multiple economic cycles
  • TTM profit growth of 34% significantly outpaces TTM sales growth of 20%, suggesting meaningful operating leverage and margin expansion
Bear Case 7
  • PE of 44.5x is elevated relative to industrial product peers and leaves limited room for earnings disappointment
  • ROE has declined from a 10-year average of 18% to 15% in the last year, signaling a potential deterioration in return efficiency
  • Price-to-book of 6.65x is rich for a manufacturing business, implying the market has priced in substantial future growth
  • Dividend yield of just 0.1% offers negligible income return, meaning investor returns are almost entirely dependent on capital appreciation
  • 3-year stock CAGR of 22% has decelerated sharply from the 5-year CAGR of 42%, suggesting the easy re-rating phase may be behind
  • 3-year sales CAGR of 19% is broadly flat versus 5-year CAGR of 23%, indicating top-line growth momentum may be plateauing
  • At ₹42,714 Cr market cap with current earnings implied at roughly ₹960 Cr (market cap / PE), any single-quarter miss could trigger a sharp de-rating given the premium multiple

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • UltraTech entry hammers sector valuations Sep 2

    UltraTech Cement's Ultravolt launch with ₹1,800 crore capex targets No. 2 market position in 3-5 years, wiping ₹21,500 crore in sector market cap across two sessions. KEI alone lost ₹5,158 crore in market capitalisation.

  • JM Financial downgrades KEI to Add Sep 2

    JM Financial downgraded KEI Industries from Buy to Add with a ₹5,750 target price (7.5% upside), warning cable stocks trade at 25% premium to long-term average P/E multiples and that volume growth is absent.

  • Intensifying competitive disruption risk Sep 2

    JM Financial estimates UltraTech and Diamond Power will command ₹17,000 crore revenue by FY29 with 11-12% market share, squeezing industry domestic CAGR to 10.5% for FY26-29. Nuvama sees 150-250bp gross margin impact from the new competition.

  • KEI shares fall over 3% Sep 2

    KEI Industries declined 3.06% to ₹4,701.50 on Sep 2 and fell another 3.2% to ₹5,177.50 on Sep 4 as the sector-wide selloff extended into a second week amid competition fears.

Positives 4
  • BofA initiates with Buy, ₹6,300 target Aug 27

    Bank of America initiated coverage on KEI Industries with a Buy rating and ₹6,300 target price (13.7% upside), calling KEI the fastest-growing player with expected revenue and earnings CAGRs of 22% and 20% through FY29.

  • Sanand plant to add ₹1,500cr revenue Aug 18

    KEI Industries expects approximately ₹1,500 crore in revenue from its Sanand manufacturing facility, which is expected to drive the next leg of capacity-led growth.

  • 11-12% EBIT margin, data center push Aug 31

    Management guided for 11-12% EBIT margins and expects significant order inflows from the data center sector, reflecting confidence in scaling revenue while preserving profitability.

  • India C&W market growing at 9% CAGR Aug 27

    India's wire and cable market is forecast to grow from $23.13 billion in 2026 to $35.58 billion by 2031 at a 9.01% CAGR, supported by housing demand, renewable energy targets, and 5G fiberisation.

Neutral 3
  • Investor meets scheduled Sep 10-11 Sep 7

    KEI Industries will hold physical meetings with analysts and institutional investors in Mumbai on September 10-11, organized by Axis Capital and UBS Securities.

  • AGM set for September 28 Aug 31

    KEI Industries announced its 34th Annual General Meeting for September 28, 2026, to be conducted via video conferencing for FY26 business.

  • Analyst meets in HK and Mumbai Aug 24

    KEI Industries scheduled analyst meetings with Goldman Sachs in Hong Kong and Elara Securities in Mumbai from August 31 to September 2, 2026.

TL;DR: KEI Industries faces a significant near-term headwind from UltraTech Cement's aggressive entry into wires and cables, which has triggered broker downgrades, sector derating fears, and over ₹5,000 crore in market cap erosion. On the positive side, BofA sees KEI as the sector's growth leader with 22% revenue CAGR through FY29, the Sanand facility adds meaningful capacity, and management is guiding for healthy 11-12% EBIT margins with data center tailwinds. The stock's 9% market share and faster growth profile offer a structural edge, but competitive intensity is clearly rising. The trend is deteriorating in the short term due to sentiment overhang, though the medium-term demand outlook remains intact if KEI can defend margins and sustain volume growth.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Operating Profit
178
202
215
255
219
225
246
301
258
269
320
382
396
OPM %
10%
10%
10%
11%
11%
10%
10%
10%
10%
10%
11%
11%
12%
Other Income
8
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
PBT
163
188
202
227
203
208
221
305
263
277
315
377
369
Tax %
26%
26%
26%
26%
26%
26%
26%
26%
26%
27%
25%
25%
26%
Net Profit
121
140
151
168
150
155
165
227
196
204
235
284
274
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Promot.35.00%FIIs27.32%Others1.98%Public9.80%DIIs25.90%As ofJun 2026

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[1]
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 market capitalisation of KEI Industries Ltd?
KEI Industries Ltd has a market capitalisation of ₹42,714 Cr, which places it in the Large Cap band.
What is the PE ratio of KEI Industries Ltd?
KEI Industries Ltd trades at a PE ratio of 43.90, on earnings per share of ₹67.58, against a book value of ₹697.17 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 ₹3,728.7 and ₹5,899.
Does KEI Industries Ltd pay dividends?
KEI Industries Ltd has a dividend yield of 0.10%.
What is the Return on Equity (ROE) of KEI Industries Ltd?
KEI Industries Ltd reported a return on equity of 13.78%. 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[1]

Website kei-ind.com
CEO Mr. Anil Gupta
Employees 2,050
Listed 2006-03-23
Face Value ₹ 2
Issued Size 9,56,00,595

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