Operating Leverage Inflection
Expected: CurrentHIGH confidence
What: EBITDA Growth: 39.08%
Impact: 169 bps margin expansion
“EBITDA in this quarter is INR354 crores against INR254 crores last year with a growth of 39%.”
KEI Industries Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +15.6%Average5w Streak
In , KEI Industries Ltd (Cables - Power) is outperforming Nifty 500 with +15.6% relative strength. Fundamentals: Average. On a 5-week streak.
KEI Industries Ltd Key Facts
- PE Ratio
- 53.1x
- Market Cap
- ₹48,752 Cr
- PAT Growth YoY
- +25%
- Revenue Growth YoY
- +19%
- OPM
- 11.0%
- RS vs Nifty 500
- +15.6%
PE: At PeakStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter stake down 2.1% this quarter
🌐FII stake decreased 5.3% this quarter
🏛️DII accumulation — stake up 10.7%
Earnings Acceleration Triggers
1. Operating Leverage Inflection
CurrentHIGH
2. Value Added Product Mix Shift
OngoingHIGH
3. Geographical Expansion
OngoingMEDIUM
Key Risks
1. Copper prices rose by approximately 15% in the last two months, impacting input
MEDIUM2. Exports to the US are currently on hold due to tariff issues
LOWSector-Specific Signals
Total Order Book₹3,928 Crore
Export Revenue Growth95%+95%
B2C Revenue Share55%+500 bps
Cables Capacity Utilisation76%
Key Numbers
PAT Growth YoY
+25%
Stable
Revenue YoY
+19%
Stable
Operating Margin
11.0%
+100 bps YoY
PE Ratio
53.1
Current Price
₹5,100
Dividend Yield
0.09%
Fundamental Score
58/100
Average
3Y PAT CAGR
+24%
Market Cap
48.8K Cr
Valuation
Slightly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are KEI Industries Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Value Added Product Mix Shift
Expected: OngoingHIGH confidence
What: B2C Sales Share: 55%
“B2C sale contribution is 55% in the third quarter as against 50% in the previous year same period.”
Geographical Expansion
Expected: OngoingMEDIUM confidence
What: Export Growth: 95%
“Export sale in this quarter is INR544 crores and overall growth in the Wire and Cable export is 95% in this quarter.”
Order Book Or Contract Wins
Expected: 3-4 months executionMEDIUM confidence
What: Order Book: ₹3,928 Crore
“Total order book position as on 31st December '25 is INR3,928 crores.”
Tam Expansion Changing Consumption
Expected: Next 2-3 yearsLOW confidence
What: EHV Demand: Rising
“Sir, demand for EHV Cable is continuously rising for evacuation power of power from renewable sources and new projects.”
EBITDA Margin of 11.98% vs 10.29% YoY
HIGH confidence
What: EBITDA Margin of 11.98% vs 10.29% YoY
“EBITDA margin in this quarter has improved to 11.98% as against 10.29% YoY.”
Q4 Revenue Growth guidance raised
HIGH confidence
What: 20% → 25% plus
“No, I think the growth in this quarter should be anywhere between around 25% plus. ... because of the increase in the copper prices.”
What Are the Key Risks for KEI Industries Ltd?
Earnings deceleration risks from management commentary
Copper prices rose by approximately 15% in the last two months, impacting input
MEDIUMTrigger: Global metal price volatility.
Management view: Company uses a natural hedge and passes on price increases to the retail market every 15 days.
Monitor: commodity
Exports to the US are currently on hold due to tariff issues
LOWTrigger: Trade tariffs and geopolitical uncertainty.
Management view: Diversifying exports to Europe, Australia, and the Middle East to compensate.
Monitor: geopolitical
What Is KEI Industries Ltd's Management Saying?
Key quotes from recent conference calls
“Company is hopeful to achieve 20% plus growth in full year period and also will improve our operating margin in FY '25-'26. [Previous Revenue Growth guidance]”
“So next year also from the Sanand itself, we will have the turnover close to INR2,700 crores from the Sanand itself. [Initiative: Sanand Facility Phase 1]”
“If I look at the price of house wire, in the last 2 months, the price has risen by around 15% in the selling prices. [Risk (commodity): MEDIUM]”
“This year, we are hit by exports to US, which started last year. ... US at the moment is on hold because of that tariff. [Risk (geopolitical): LOW]”
What Did KEI Industries Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹2,954.70 Crore
YoY +19.51%QoQ +8.38%
Why: Growth was driven by a 95% increase in wire and cable exports and a 29% increase in sales through the dealer/distribution network.
Revenue growth was primarily fueled by the B2C segment and a massive surge in international institutional sales.
EBITDA
₹353.90 Crore
YoY +39.08%Margin 11.98%
Why: Margin improvement was driven by increased capacity utilization, a better product mix including extra high voltage cables, and higher export contributions.
EBITDA growth significantly outpaced revenue growth, indicating strong operational leverage and favorable mix shifts.
PAT
₹234.86 Crore
YoY +42.5%QoQ +15.4%
Why: PAT growth was supported by the strong EBITDA performance and a decrease in financial charges as a percentage of net sales.
Net profit margins reached 7.95%, benefiting from the company's transition toward higher-margin institutional and export segments.
Other Highlights
• Export sales grew 95% YoY in Q3 FY26.
• B2C sales contribution increased to 55% from 50% YoY.
• Pending order book stands at approximately ₹3,928 Crore.
What Sector Metrics Matter for KEI Industries Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Order Book
₹3,928 Crore
Why: Reflects strong institutional and export demand.
Export Revenue Growth
95%
YoY +95%
Why: Aggressive expansion in international markets like Europe and Australia.
B2C Revenue Share
55%
YoY +500 bps
Why: Increased focus on dealer/distribution network sales.
Cables Capacity Utilisation
76%
Why: Operating near peak levels prior to Sanand commissioning.
EHV Order Book
₹717 Crore
Why: High demand for renewable energy evacuation projects.
Active Working Dealers
2,114
Why: Strategic focus on ramping up existing large dealers rather than just adding numbers.
Net Debt / (Cash)
(₹1,267) Crore
Why: Strong cash position maintained despite ongoing capex.
Asset Turn - Wires
1:6
Why: High efficiency in the wire segment compared to cables.
What Is KEI Industries Ltd's Management Guidance?
Forward-looking targets from management for FY 2025-26
Revenue Growth Target
20%
OPM Guidance
11%
Capex Plan
₹2000 Cr
Revenue Outlook
20% plus growth
Margin Outlook
REAFFIRMED
Capex Plan
₹2,000 Crore
New greenfield project in Bhiwadi and land acquisition in Baroda for future expansion.
Volume
ACTIVE
Management Tone: BULLISH
Guidance Changes
RAISED
Q4 Revenue Growth: 20% → 25% plus
How Fast Is KEI Industries Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +19% | +19% | Stable |
| PAT (Net Profit) | +25% | +24% | Stable |
| OPM | 11.0% | +100 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Cables - Power Stocks Beating Nifty 500
Frequently Asked Questions: KEI Industries Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were KEI Industries Ltd's latest quarterly results?
KEI Industries Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +25.1% (stable)
- Revenue Growth YoY: +19.2%
- Operating Margin: 11.0% (expanding)
Is KEI Industries Ltd's profit growing or declining?
KEI Industries Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +25.1% (latest quarter)
- PAT Growth QoQ: +20.9% (sequential)
- 3-Year PAT CAGR: +24.4%
- Trend: Stable — consistent growth pattern
What is KEI Industries Ltd's revenue growth trend?
KEI Industries Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +19.2%
- Revenue Growth QoQ: +17.6% (sequential)
- 3-Year Revenue CAGR: +19.4%
How is KEI Industries Ltd's operating margin trending?
KEI Industries Ltd's operating margin is expanding.
- Current OPM: 11.0%
- OPM Change YoY: +1.0% basis points
- OPM Change QoQ: 0.0% basis points
What is KEI Industries Ltd's 3-year profit and revenue CAGR?
KEI Industries Ltd's long-term compounding rates
- 3-Year Profit CAGR: +24.4%
- 3-Year Revenue CAGR: +19.4%
Is KEI Industries Ltd's growth accelerating or decelerating?
KEI Industries Ltd's earnings growth is stable with strong momentum on a sequential basis.
- YoY Acceleration: -17.3% bps
- Sequential Acceleration: +5.7% bps
What is KEI Industries Ltd's trailing twelve month (TTM) performance?
KEI Industries Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹919 Cr
- TTM PAT Growth: +31.9% YoY
- TTM Revenue: ₹12,000 Cr
- TTM Revenue Growth: +20.7% YoY
- TTM Operating Margin: 10.6%
Is KEI Industries Ltd overvalued or undervalued?
KEI Industries Ltd appears slightly undervalued based on our fair value analysis.
- Valuation Signal: Slightly Undervalued
- Current PE: 53.1x
- Price-to-Book: 7.3x
What is KEI Industries Ltd's current PE ratio?
KEI Industries Ltd's current PE ratio is 53.1x.
- Current PE: 53.1x
- Market Cap: 48.8K Cr
- Dividend Yield: 0.09%
How does KEI Industries Ltd's valuation compare to its history?
KEI Industries Ltd's current PE is 53.1x.
- Current PE: 53.1x
- Valuation Assessment: Slightly Undervalued
What is KEI Industries Ltd's price-to-book ratio?
KEI Industries Ltd's price-to-book ratio is 7.3x.
- Price-to-Book (P/B): 7.3x
- Book Value per Share: ₹697
- Current Price: ₹5100
Is KEI Industries Ltd a fundamentally strong company?
KEI Industries Ltd is rated Average with a fundamental score of 58.49/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +19.2% (10% weight)
- PAT Growth YoY: +25.1% (10% weight)
- PAT Growth QoQ: +20.9% (10% weight)
- Margins expanding (10% weight)
Is KEI Industries Ltd debt free?
KEI Industries Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹253 Cr
What is KEI Industries Ltd's return on equity (ROE) and ROCE?
KEI Industries Ltd's return ratios over recent years
- FY2024: ROCE 27.0%
- FY2025: ROCE 21.0%
- FY2026: ROCE 20.0%
Is KEI Industries Ltd's cash flow positive?
KEI Industries Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹840 Cr
- Free Cash Flow (FCF): ₹490 Cr
- CFO/PAT Ratio: 92% (strong cash conversion)
What is KEI Industries Ltd's dividend yield?
KEI Industries Ltd's current dividend yield is 0.09%.
- Dividend Yield: 0.09%
- Current Price: ₹5100
Who holds KEI Industries Ltd shares — promoters, FII, DII?
KEI Industries Ltd's shareholding pattern (Mar 2026)
- Promoters: 35.0%
- FII (Foreign): 27.3%
- DII (Domestic): 25.8%
- Public: 11.9%
Is promoter holding increasing or decreasing in KEI Industries Ltd?
KEI Industries Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 35.0% (Mar 2026)
- Previous Quarter: 35.0% (Dec 2025)
- Change: 0.00% (stable)
How long has KEI Industries Ltd been outperforming Nifty 500?
KEI Industries Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is KEI Industries Ltd a new momentum entry or an established outperformer?
KEI Industries Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for KEI Industries Ltd?
KEI Industries Ltd has 7 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Fixed cost absorption as volumes increase and capacity utilization remains high.
- Value Added Product Mix Shift — Shift from institutional to higher-margin dealer/distribution sales.
- Geographical Expansion — Aggressive expansion into Europe, Australia, and the Middle East.
- Order Book Or Contract Wins — Strong demand in domestic institutional and export markets.
What are the key risks in KEI Industries Ltd?
KEI Industries Ltd has 2 key risks worth monitoring
- [MEDIUM] Copper prices rose by approximately 15% in the last two months, impacting input — Global metal price volatility.
- [LOW] Exports to the US are currently on hold due to tariff issues — Trade tariffs and geopolitical uncertainty.
What did KEI Industries Ltd's management say in the latest earnings call?
In Q3 FY26, KEI Industries Ltd's management highlighted
- "Company is hopeful to achieve 20% plus growth in full year period and also will improve our operating margin in FY '25-'26. [Previous Revenue Growth ..."
- "So next year also from the Sanand itself, we will have the turnover close to INR2,700 crores from the Sanand itself. [Initiative: Sanand Facility Pha..."
- "If I look at the price of house wire, in the last 2 months, the price has risen by around 15% in the selling prices. [Risk (commodity): MEDIUM]"
What is KEI Industries Ltd's management guidance for growth?
KEI Industries Ltd's management has provided the following forward guidance for FY 2025-26
- Revenue growth target: 20%
- OPM guidance: 11%
- Capex plan: ₹2000 Cr for New greenfield project in Bhiwadi and land acquisition in Baroda for future expansion.
- Management tone: bullish
- Milestone: [RAISED] Q4 Revenue Growth: 20% → 25% plus
What sector-specific metrics matter most for KEI Industries Ltd?
KEI Industries Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Order Book: ₹3,928 Crore — Reflects strong institutional and export demand.
- Export Revenue Growth: 95% (YoY +95%) — Aggressive expansion in international markets like Europe and Australia.
- B2C Revenue Share: 55% (YoY +500 bps) — Increased focus on dealer/distribution network sales.
- Cables Capacity Utilisation: 76% — Operating near peak levels prior to Sanand commissioning.
- EHV Order Book: ₹717 Crore — High demand for renewable energy evacuation projects.
- Active Working Dealers: 2,114 — Strategic focus on ramping up existing large dealers rather than just adding numbers.
Is KEI Industries Ltd worth studying for long term investment?
Based on quantitative research signals, here is why KEI Industries Ltd may be worth studying
- Earnings growing at +25.1% YoY
- Operating margins are expanding — OPM at 11.0%
- Valuation: appears slightly undervalued
- Cash flow is positive — CFO ₹840 Cr
What is the investment thesis for KEI Industries Ltd?
KEI Industries Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +19.2% YoY
- Margins expanding
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: Copper prices rose by approximately 15% in the last two months, impacting input
What is the future outlook for KEI Industries Ltd?
KEI Industries Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: expanding
- Valuation: Slightly Undervalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: Copper prices rose by approximately 15% in the last two months, impacting input
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.