Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Disclosure pursuant to Regulation 47 of SEBI (LODR) Regulation, 2015.
Source: Bse
KEI Industries Limited (KEI)
Mid CapIndustrials stocks · Mid cap · NSE
KEI Industries is a leading manufacturer of cables and wires (EHV, HT, LT Power Cables, House Wire, Stainless Steel Wire) and provides EPC services for power, distribution, transmission, and sub-station projects. FY26 Revenue: INR 1,17,478 Mn, EBITDA: INR 13,876 Mn (11.81% margin). Has 9 plants, 2,100+ dealers, 2,000+ institutional customers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result03 Aug, 11:58 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -9.5% / mo · MACD +
Stock trend: 35
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KEID candles · FIT view-7.8%Latest close ₹4442.00 on 2026-10-19
Bar
-1.2%
RSI
37
MACD hist
15.31
52W pos
33%
2026-10-19O ₹4494.00H ₹4520.50L ₹4420.60C ₹4442.00Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KEINifty India ManufacturingNifty 500
- KEI
- -9.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -4.3 pp
Chart stats
19 Oct 2026- From 52W high
- -24.7%
- 52W range position
- 33%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹135 Cr
- 20D price channel
- ₹4,420.6 - ₹4,760
₹5,899
₹3,728.7 - ₹5,899
₹141.8
Latest completed session
20-session average
28.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +23.0% · PAT +39.8% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-8.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust82
medium confidence · 3/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +23% YoY · PAT +40% YoY · margin expansion · operating leverage
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,185 Cr | +23.0% | -8.4% |
| EBITDA | ₹396 Cr | +53.5% | +3.7% |
| Operating margin | 12.0% | +200 bps | +100 bps |
| PAT | ₹274 Cr | +39.8% | -3.5% |
| PAT margin | 8.6% | +103 bps | +43 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.90
- P/B
- 6.56
- EV/EBITDA
- 29.98
- Market Cap
- 43722.00Cr
Profitability
- ROE
- 14.70%
- ROCE
- 20.00%
- ROA
- 11.13%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 20.40×
- Altman Z
- 9.19
- Book Value
- 697.00
Cash Flow
- FCF Yield
- 1.12%
- FCF Positive Y
- 9/5
- OCF
- 840.00 Cr
- EPS TTM
- 104.28
Shareholding
- Promoter Hold
- 35.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,185-8.4% vs prev
Net Profit
₹ CrLatest: 274-3.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.5% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 25% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
-4.5%
3M return
-9.9%
6M return
-9.5%
1Y return
+9.3%
RS 1D
0
RS 20D
+7
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 10.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 113.04+0.12%
RS vs Nifty 500113
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality9/20
Balance Sheet9/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -8.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
43.9
PB
6.6
EV/EBITDA
30.0
ROE
14.7%
ROCE
20.0%
FCF Yield
1.1%
Debt/Equity
0.0
MoS
-8.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-8.4%
Previous: -8.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,278.82
-247.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹4,098.2
-8.4% MoS
PEG
1.70
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PTCIL
Large
PTC Industries Limited
Retail
match 102
27
316.0
7.2%
-661%
OVERVALUED
TEGA
Large
Tega Industries Limited
Retail
match 96
29
—
5.9%
-7317%
OVERVALUED
SUPREMEIND
Mid
Supreme Industries Limited
Retail
match 95
37
44.3
15.8%
-553%
WATCHLIST
PATANJALI
Mid
Patanjali Foods Limited
Retail
match 95
37
18.5
16.0%
-150%
WATCHLIST
PAGEIND
Mid
Page Industries Limited
Retail
match 94
53
52.1
54.3%
-17%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T10:42:34.460Z
Management commentary snapshot
KEI Industries reported strong Q1 FY27 performance with Revenue up 22.97% YoY, EBITDA up 39.57% YoY, and PAT up 40.05% YoY. EBITDA margin expanded by ~155 bps to 13.04% due to better operating efficiency and product mix, driving PAT margin to 8.61%.
The company delivered robust Q1 FY27 results, driven by broad-based demand and improved operating efficiency. Strong order book, increasing retail and export focus, and strategic capacity expansions align with positive industry prospects in power, infrastructure, and renewables, supporting continued growth.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Wires & Cables96.0%
EPC3.0%
SS Wires2.0%
Growth engines
EHV Market Share
Focus on strengthening EHV market share through increased capacity.
Exports Growth
Further increase presence in overseas market; exports accounted for 15% of sales in FY26.
Retail Business Expansion
Continued focus to increase share of retail business, which was 59% of sales in Q1 FY27.
Distribution Network Expansion
Increase penetration by expanding distribution network with 26 depots and 38 marketing offices.
Capacity and execution
Pathredi-2 Plant
Commissioned in 2024 with Cable capacity of 18,400 Kms and Solar Wire capacity of 12,000 Kms.
Sanand Plant
Commissioned in 2025 with Cable capacity of 60,732 Kms.
Increased Capacity
Increase capacity through brownfield & greenfield expansion is a key growth strategy.
Tailwinds
India Wires & Cables Market Growth
Expected to grow at 11-13% CAGR between FY24-29E, reaching ~INR 3,000 Bn by FY29E.
Government Infrastructure Investment
India plans to invest US$ 840 billion over 15 years into urban infrastructure.
Power Sector Investment
India plans to invest Rs. 9,15,920 crore (US$ 107 billion) by 2032 for transmission lines.
Renewable Energy Capacity Additions
RE capacity expected to account for ~64% of total installed capacity by FY30, driving specialty cable demand.
Risk radar
Receivables Risk
Insurance of Receivables to Mitigate risk.
Raw Material Price Volatility
Exports provide natural hedge on forex as the company also imports raw materials.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation explicitly provides both YoY and QoQ comparisons for Q1 FY27 revenue, EBITDA, and PAT. YoY is crucial for assessing annual growth trends, while QoQ provides insight into sequential momentum and operational efficiency improvements.
Sector KPIs management disclosed
FY26 Revenue
INR 1,17,478 Mn
Q1 FY27 Revenue
INR 31,853 Mn, up 22.97% YoY and 8.37% QoQ
FY26 EBITDA Margin
11.81%
Q1 FY27 EBITDA Margin
13.04%, expanded ~155 bps YoY from 11.49%
Management forward view
Focus on EHV Market
Management aims to strengthen EHV market share through increased capacity.
Capacity Expansion
Management plans to increase capacity through brownfield & greenfield expansion.
Scale up Exports
Management intends to further increase presence in overseas markets.
Grow Retail Business
Management is focused on increasing the share of retail business.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book | INR 42,919 Mn (July 2026) | Monitor new order inflows and execution rates to ensure revenue visibility and sustained growth. |
| Retail Sales % | 59% of sales (Q1 FY27) | Track the percentage of retail sales to assess the success of diversification and profitability improvement efforts. |
| EBITDA Margin | 13.04% (Q1 FY27) | Watch for sustained margin expansion, driven by operating efficiency and product mix, especially with new capacities. |
| Capacity Utilization | Cables 72%, House Wire 61% (Q1 FY27) | Monitor utilization rates, especially for new plants, to ensure efficient asset deployment and avoid underutilization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
project executionnot yet verifiablequantified
The first phase of the Sanand plant, contributing over 50% of total capacity, will be operational by November 2025, with commercial production starting then.
Timeframe: November 2025Confidence: high
"first phases... will be operational definitely by in November. ...commercial production will come out."
revenue outlookdeliveredquantified
KEI Industries will achieve more than 20% top-line growth for FY26.
Timeframe: FY26Direction: increaseConfidence: very high
"we will definitely cross 20% growth over and above last year."
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
revenue outlookcontradictedquantified
The company will maintain its future year growth guidance of 20%.
Timeframe: future yearsDirection: increaseConfidence: high
"future year guidance was 20% to growth. We will be maintaining that guidance."
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
revenue outlookdeliveredquantified
Sanand Phase 1, representing around INR3,000 crores of new capacity, will gradually convert into revenues from Q4 FY26 and into the next financial year.
Timeframe: Q4 FY26 onwards and next financial yearDirection: increaseConfidence: high
"around INR3,000 crores of new capacity will come on board, which will be gradually convert into revenues from the fourth quarter onwards"
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
Trust Score
82Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 94th percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
High Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 20 Oct 2026
management-trust-v1
48 extracted concalls · 3/4 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
94th percentile
overall median 67 · Industrials: 94th pctile, median 68 · Mid: 81st pctile, median 76
Evidence depth
Early sample
3/4 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.04.
Trust risks
- ▸ROCE trend is -2.7%.
Continue researching KEI Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Intimation of Schedule of Analyst / Institutional Investor Call / Meet under Regulation 30 of SEBI (LODR) Regulations, 2015.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Intimation of newspaper publication - Special Window for Transfer and Dematerialisation of Physical Securities.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.