Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
₹3,661.90 last close on 19 Oct 2026 +0.96%
Research updated
Kei Industries Ltd.
NSE: KEIIndustrialsElectrical Equipment & Parts
- Last close
- ₹4,230.40
- Day change
- −₹251.90 (−5.62%)vs
- Market cap
- ₹40,462 crIndian rupees
- Research updated
- 3 reports
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About Kei Industries
Kei Industries Ltd. is a leading manufacturing company that specializes in the production of cables and wires in India. The primary focus of Kei Industries is the creation and distribution of a diverse range of electric cables, including power cables, control cables, and flexible and house wires, addressing both residential and industrial needs. The company serves key sectors such as power generation, transmission, distribution, infrastructure, oil and gas, and telecommunications, making it integral to the nation's critical infrastructure. Known for its robust manufacturing capabilities and quality assurance practices, Kei Industries has established a strong presence in both domestic and international markets. With a commitment to innovation, the company continually enhances its product offerings to meet dynamic technological and sectoral demands. Kei Industries Ltd. plays a significant role in India's infrastructure and energy industries by contributing foundational components essential for their operations.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: KEI
- Chief executive
- Mr. Anil Gupta
- Employees
- 2,050
- Headquarters
- New Delhi, India
- ISIN
- INE878B01027
- Website
- kei-ind.com
Public research · Report of
Business model & financial foundation
KEI Industries (NSE: KEI), Wires and cables: revenue of ₹11,748 crore in FY26 (+20.7% on FY25), an EBITDA margin of 10.5%, net profit of ₹918.4 crore and net cash of ₹1,326 crore.
- Revenue, FY26 (₹ crore)
- 11,748
- consolidated
- Revenue growth, FY26
- +20.7%
- on FY25
- EBITDA margin, FY26
- 10.5%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 918.4
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,326
- Net debt (negative is net cash)
- Market capitalisation (₹ crore)
- 40,462
- at the close of 21 Oct 2026
Company profile
KEI manufactures low-, medium- and extra-high-voltage power cables, house wires, communication cables and stainless steel wires, selling through dealers, institutional customers and exports. EPC is a small ancillary business. Sanand is expanding cable capacity while the dealer channel raises the retail mix. Metal pass-through makes nominal sales growth an imperfect measure of underlying volume demand.
| Item | Value |
|---|---|
| Legal name | KEI Industries Limited |
| Exchange and ticker | NSE: KEI; BSE: 517569 |
| ISIN | INE878B01027 |
| CIN | L74899DL1992PLC051527 |
| Sector | Industrials |
| Industry | Wires and cables |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Pawan Shubham & Co. |
| Market capitalisation | ₹40,462 crore (21 Oct 2026) |
| Shares outstanding | 9.56 crore shares (FY26) |
| Price | ₹4,230 (close, 21 Oct 2026) |
| 52-week range | ₹3,729 - ₹5,899 (to 21 Oct 2026) |
| Website | https://www.kei-ind.com |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiaries/JVs at FY26 year end. KEI Cables SA (PTY) Ltd South Africa is a 49% associate; Australian subsidiary liquidated June 2024.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 35.00% | 35.00% | 35.00% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 25.49% | 27.27% | 27.32% | |
| Domestic institutions | 27.27% | 25.83% | 25.90% | |
| of which mutual funds | 24.41% | 22.43% | 22.52% | |
| Other | 12.25% | 11.90% | 11.78% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
KEI sells wires and cables through a dealer/distributor network, institutional customers and exports; EPC and SS wire are smaller reported segments. Cable metals make reported revenue partly price-sensitive, while dealer reach, export dispatches, capacity commissioning and working-capital intensity determine the quality of growth. Sanand is the current capacity build.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | segment assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Cables & Wires | 11,221 | 95.5% | 1,301 | 100.4% | 6,815 | 76.1% |
| Stainless Steel Wire | 216.5 | 1.8% | 17.2 | 1.3% | 92.3 | 1.0% |
| EPC Projects | 561.4 | 4.8% | 19.4 | 1.5% | 477.8 | 5.3% |
| Inter-segment revenue and elimination | -250.7 | -2.1% | 0.76 | 0.1% | ||
| Unallocated (corporate) | -42.3 | -3.3% | 1,571 | 17.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Polycab India (POLYCAB) | Leading branded wires and cables manufacturer; institutional/export and dealer channels |
| Havells India (HAVELLS) | Premium domestic wires/cables franchise; diversified appliances reduce comparability |
| RR Kabel (RRKABEL) | Branded retail wires and export cable competitor |
| Finolex Cables (FINCABLES) | |
| Universal Cables (UNIVCABLES) | Power cable and EHV technology competitor |
| Apar Industries (APARINDS) | Power infrastructure cables/conductors; diversified speciality oils |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,681 | 6,853 | 8,121 | 9,736 | 11,748 |
| Cost of revenue (vendor classification) * | 4,442 | 5,419 | 6,333 | 7,477 | 9,219 |
| Other operating costs (vendor classification) * | 484.3 | 540.8 | 656.9 | 1,266 | 903.7 |
| EBITDA (vendor classification) * | 590.2 | 728.9 | 872.6 | 1,063 | 1,383 |
| EBIT * | 530.3 | 666.1 | 812.0 | 992.6 | 1,284 |
| Finance costs | 43.9 | 55.6 | 64.1 | ||
| Profit before tax, continuing operations | 507.5 | 642.0 | 781.1 | 937.0 | 1,232 |
| Total income tax expense | 131.5 | 164.7 | 200.2 | 240.6 | 313.9 |
| Profit after tax including discontinued operations | 376.0 | 477.3 | 580.7 | 696.4 | 918.4 |
| Diluted EPS (₹) | 41.56 | 52.86 | 64.25 | 75.55 | 96.02 |
| Materials, traded goods and inventory change | 6,077 | 7,362 | 8,868 | ||
| Employee benefits expense | 266.4 | 304.3 | 371.5 | ||
| Other expenses including EPC subcontractors | 922.8 | 1,079 | 1,280 | ||
| EBITDA excluding other income | 854.2 | 991.0 | 1,229 | ||
| Other income | 32.4 | 71.8 | 158.6 | ||
| Depreciation and amortisation | 61.4 | 70.1 | 91.2 | ||
| Exceptional items (signed) | -0.21 | 0.00 | 0.00 | ||
| Profit attributable to owners | 580.7 | 696.4 | 918.4 | ||
| Basic EPS (₹) | 75.65 | 96.09 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,136 | 2,589 | 3,148 | 5,786 | 6,665 |
| Borrowings | 134.2 | 178.3 | 186.2 | ||
| Cash and cash equivalents | 666.1 | 1,052 | 1,444 | ||
| Trade receivables | 1,396 | 1,388 | 1,518 | 1,797 | 1,842 |
| Inventories | 1,079 | 1,102 | 1,343 | 1,730 | 2,401 |
| Trade payables | 762.6 | 748.2 | 1,008 | 779.2 | 1,335 |
| Net property, plant and equipment | 541.2 | 755.7 | 1,307 | ||
| Capital work in progress | 120.9 | 385.5 | 1,002 | ||
| Total assets | 3,527 | 3,770 | 4,656 | 7,235 | 8,956 |
| Net debt (negative is net cash) | -566.4 | -1,737 | -1,326 | ||
| Bank balances other than cash equivalents | 34.6 | 863.5 | 68.6 | ||
| Right of use assets | 227.6 | 236.3 | 378.6 | ||
| Current and noncurrent lease liabilities | 32.0 | 38.9 | 66.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 174.0 | 645.6 | 610.5 | -32.2 | 840.0 |
| Free cash flow (vendor definition) * | 168.8 | 416.0 | 210.0 | -729.9 | -413.6 |
| Dividends paid (an outflow is negative) | -22.4 | -27.1 | -28.1 | -41.8 | -43.0 |
| Cash capital expenditure (negative outflow) | -58.4 | -97.2 | -400.5 | -697.7 | -1,254 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 9.07 | 9.02 | 9.02 | 9.56 | 9.56 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,472 | 2,915 | 2,590 | 2,726 | 2,955 | 3,476 | 3,185 | 3,776 |
| Cost of revenue (vendor classification) * | 1,907 | 2,249 | 1,990 | 2,239 | 2,669 | 2,396 | ||
| Other operating costs (vendor classification) * | 244.1 | 282.7 | 257.2 | 295.6 | 324.7 | 288.9 | ||
| EBITDA (vendor classification) * | 254.5 | 338.4 | 297.6 | 353.9 | 424.4 | 415.4 | ||
| EBIT * | 235.5 | 319.1 | 277.7 | 331.3 | 396.0 | 386.8 | ||
| Finance cost | 14.3 | 13.9 | 14.5 | 14.2 | 16.6 | 18.8 | 17.7 | 17.2 |
| Profit before tax | 221.2 | 305.2 | 263.2 | 277.3 | 314.7 | 377.2 | 369.2 | 353.2 |
| Income tax | 56.4 | 78.6 | 67.5 | 73.8 | 79.8 | 92.8 | 95.0 | 90.8 |
| Profit after tax | 164.8 | 226.5 | 195.7 | 203.5 | 234.9 | 284.3 | 274.1 | 262.5 |
| Diluted EPS (₹) | 17.85 | 23.69 | 20.47 | 21.28 | 24.55 | 29.72 | 28.66 | 27.44 |
| Cost of materials, traded goods and inventory change | 1,886 | 2,225 | 1,973 | 2,073 | 2,222 | 2,599 | 2,382 | 2,939 |
| Employee benefits expense | 75.2 | 82.1 | 85.3 | 86.1 | 99.6 | 100.7 | 104.3 | 103.3 |
| Other operating expenses incl EPC subcontractor | 264.8 | 306.4 | 274.2 | 297.9 | 312.8 | 394.8 | 302.8 | 357.5 |
| Operating EBITDA excluding other income | 245.8 | 301.3 | 258.0 | 269.3 | 320.1 | 381.6 | 395.8 | 376.5 |
| Other income | 8.62 | 37.1 | 39.6 | 42.3 | 33.8 | 42.8 | 19.6 | 24.5 |
| Depreciation and amortisation | 19.0 | 19.3 | 19.9 | 20.2 | 22.6 | 28.5 | 28.6 | 30.6 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 164.8 | 226.5 | 195.7 | 203.5 | 234.9 | 284.3 | 274.1 | 262.5 |
| Basic EPS (₹) | 23.71 | 20.49 | 21.30 | 24.57 | 29.74 | 28.68 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 37.5% | 20.6% | 18.5% | 19.9% | 20.7% |
| EBITDA margin | 10.5% | 10.2% | 10.5% | ||
| Net margin | 7.2% | 7.2% | 7.8% | ||
| Return on equity | 20.2% | 15.6% | 14.8% | ||
| Return on capital employed | 24.7% | 21.5% | 20.0% | ||
| Return on assets | 13.8% | 11.7% | 11.3% | ||
| Net debt (₹ crore) | -566.4 | -1,737 | -1,326 | ||
| Net debt / EBITDA | -0.66x | -1.75x | -1.08x | ||
| Interest cover | 18.5x | 17.8x | 20.0x | ||
| Asset turnover | 1.74x | 1.88x | 1.93x | 1.64x | 1.45x |
| Receivable days | 90 | 74 | 68 | 67 | 57 |
| Inventory days (on revenue) | 69 | 59 | 60 | 65 | 75 |
| Payable days (on revenue) | 49 | 40 | 45 | 29 | 41 |
| Cash conversion | 1.05x | -0.05x | 0.91x | ||
| Capex intensity | 1.0% | 1.4% | 4.9% | 7.2% | 10.7% |
| Free cash flow (₹ crore) | 115.6 | 548.4 | 210.0 | -729.9 | -413.6 |
| Dividend payout | 4.8% | 6.0% | 4.7% | ||
| EPS, diluted (₹) | 41.56 | 52.86 | 64.25 | 75.55 | 96.02 |
| Book value per share (₹) | 235.4 | 287.2 | 348.9 | 605.5 | 697.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative is net cash).
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Kei Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Kei Industries
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 21 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 21 Oct 2026.
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