KEI Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

KEI Industries Ltd trades at ₹4,578, in a confirmed uptrend and 61 weeks into that stage. That is −5.8% against its own 200-day average. It sits at 41% of a 52-week range of ₹3,807 to ₹5,700. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 61 of stage 2, confirmed. At ₹4,578 it trades −5.8% versus its 200-day average and sits at 41% of its 52-week range (₹3,807–₹5,700).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +4,961% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-08-14) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

KEI Industries Ltd trades at 43.9× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 30.8×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 43.9× is at the pricey end of its own range (70th percentile), against a long-run median of 30.8× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +31.8% against a +11.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +42.0%/yr price move, ~+25.9%/yr came from earnings growth and ~+16.1 pp from the multiple (expanding); over 10y, of the +44.3%/yr price move, ~+29.1%/yr came from earnings growth and ~+15.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, KEI Industries Ltd was paying for profit growth of about 27.0% a year. Profit itself has compounded 30.7% a year over the past 10 years. Today the market pays 43.9× P/E, the 70th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

KEI Industries Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 20.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

43.2/100 — rank 8 of 10 in Cables - Power · 97% evidence confidence

KEI Industries Ltd scores 43.2 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.1 + 13.1 + 7.4 + 1.6 = 43.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

KEI Industries Ltd reported ₹3,185 Cr of revenue in the Jun 26 quarter, +23.0% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.5% a year. The last full year, FY26, came in at ₹11,748 Cr. The last four reported quarters add to ₹12,342 Cr.

FY26 revenue came in at ₹11,748 Cr (+20.7% on the year), capping 10 years at 17.5% compound. The latest quarter (Jun 26) printed ₹3,185 Cr, +23.0% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +20.3% growth against the decade's 17.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +20.3% over the last 4 quarters against +21.2%/yr over the last 8 — stabilising; TTM profit +34.2% vs +27.9%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

KEI Industries Ltd's operating margin is 12.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 11.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 12.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–11.0%.

Why the margin moved: operating margin went +2.5 pp year on year while gross margin went +1.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

KEI Industries Ltd earned ₹274 Cr of net profit in the Jun 26 quarter, +39.8% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹918 Cr. The 10-year compound rate is 30.7%. That is 8.6% of the quarter's revenue. The same quarter a year earlier earned ₹196 Cr.

Jun 26 profit was ₹274 Cr, +39.8% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹918 Cr (+31.9%), and the 10-year compound rate is 30.7%.

Why profit moved: revenue contributed +23.0% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +34.7% vs revenue +20.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 65% of KEI Industries Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹840 Cr of operating cash against ₹918 Cr of profit. After ₹1,401 Cr of capital spending, ₹−561 Cr was left as free cash.

FY26: operating cash of ₹840 Cr against reported profit of ₹918 Cr, leaving free cash of ₹−561 Cr after ₹1,401 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 65% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 65%: the cash cycle tightened 19 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 10.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

KEI Industries Ltd's cash conversion cycle runs 102 days in FY26, down from 121 days in FY21. Capital spending ran ₹2,328 Cr over the last 3 years. At FY26 sales of ₹11,748 Cr each day of that cycle holds about ₹32.2 Cr, so roughly ₹3,283 Cr sits inside the business at any moment.

FY26: debtors at 57 days, inventory at 100 days — roughly 3.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 102 days, tighter than FY21's 121.

The full loop: cash goes out to suppliers and production on day 0; stock waits 100 days to sell; customers pay about 57 days after that; and suppliers themselves are paid at 55 days — netting out to the 102-day cycle.

In money terms: at FY26 sales of ₹11,748 Cr, each day of the cycle holds about ₹32.2 Cr — so the 102-day loop keeps roughly ₹3,283 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,328 Cr over the last 3 fiscal years against ₹222 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,002 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

KEI Industries Ltd earns a ROCE of 20% in FY26. That is up from a trough of 18% in FY14. Return on invested capital clears the cost of that capital by +5.4 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.8% net margin on 1.31× asset turns.

FY26 ROCE is 20%, recovered from a FY14 trough of 18% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.8% net margin × 1.31× asset turns × 1.34× balance-sheet leverage ≈ 13.7% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 17.4% − 12.0% = a +5.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

KEI Industries Ltd carries ₹253 Cr of borrowings against ₹6,665 Cr of equity in FY26, a debt-to-equity of 0.04. Operating profit covers the interest bill 19×. Over 5 years borrowings went from ₹305 Cr to ₹253 Cr. Capital spending ran ₹2,328 Cr across the last 3 of those years.

FY26: borrowings of ₹253 Cr against equity of ₹6,665 Cr — a debt-to-equity of 0.04. Operating profit covers the interest bill 19×. Over 5 years borrowings went from ₹305 Cr to ₹253 Cr while capital spending ran ₹2,328 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 9.3 points of KEI Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 25.9% of the company. Foreign institutions moved −3.4 points over the same window, to 27.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +9.3 points over 8 quarters to 25.9%; Foreign institutions: −3.4 points over 8 quarters to 27.3%; Promoters: −2.1 points over 8 quarters to 35.0%.

Why the register moved: rotation — foreign institutions −3.4 points against domestic institutions +9.3 points over 8 quarters, with promoters −2.1 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

KEI Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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