KEI
Mid CapKEI Industries Limited
Consumer
KEI Industries Limited manufactures cables and wires, and is involved in EPC projects and stainless steel wire. It serves institutional and dealer/distribution markets, with a presence across India and exports.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +19% YoY · PAT +25% YoY · margin expansion · +18% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,476 Cr | +19.3% | +17.6% |
| EBITDA | ₹382 Cr | +26.9% | +19.4% |
| Operating margin | 11.0% | +100 bps | +0 bps |
| PAT | ₹284 Cr | +25.1% | +20.9% |
| PAT margin | 8.2% | +38 bps | +22 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KEI reported strong Q4 FY26 results with revenue up 19.27% YoY, EBITDA margin at 12.21%, and PAT margin at 8.18%. Full-year FY26 revenue grew 20.66% YoY, with EBITDA margin at 11.81% and PAT margin at 7.82%.
KEI delivered robust Q4 and FY26 performance, driven by strong revenue growth across institutional and dealer/distribution channels, coupled with significant margin expansion. The company's diversified sales channels and product mix appear to be performing well, supporting the investment thesis.
Revenue by Sales Channel (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Dealer/Distribution Channel
Sales through Dealer/ Distribution market increased by 29.28% YoY in Q-4 FY 26 and 24.79% YoY in FY26, contributing 54.04% to overall FY26 sales.
Domestic Institutional EHV Cable
Domestic Institutional EHV cable sale stood at 188 crore in 4th quarter as against PY 115 Crore and 559 crore in FY 26 as against PY 308 Crore.
EPC Projects (Other than Cable)
EPC Sale (apart from Cable) increased by 71.94% YoY in Q-4 FY 26.
Strong Dealer/Distribution Demand
Sales through Dealer/ Distribution market increased by 29.28% YoY in Q-4 FY 26, indicating robust demand in this channel.
Growth in EHV Cable Segment
Domestic Institutional EHV cable sales grew significantly YoY in Q4 FY26 and FY26, highlighting strong performance in this high-value segment.
Robust EPC Project Execution
EPC Sale (apart from Cable) increased by 71.94% YoY in Q-4 FY 26, demonstrating strong project execution and order book conversion.
Economic Conditions
Economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates.
Regulatory Changes
Changes in the Government regulations, tax, corporate and other laws and other related factors.
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.
The presentation provides both YoY and QoQ comparisons for Q4 FY26, indicating the importance of both annual growth trends and sequential momentum. Full-year results are presented YoY, reflecting long-term performance.
Revenue Growth (Q4 FY26 YoY)
Revenue improved by 19.27% YoY in this quarter.
Revenue Growth (FY26 YoY)
Revenue improved by 20.66% YoY in FY 26.
EBITDA Margin (Q4 FY26)
EBITDA margin in this quarter has improved to 12.21% as against 11.61% YoY.
PAT Margin (Q4 FY26)
PAT margin in this quarter has improved to 8.18% as against 7.77% YoY.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dealer/Distribution Sales Growth | 29.28% YoY in Q4 FY26 | Continued strong growth and increasing contribution to overall sales, indicating sustained consumer demand. |
| EBITDA Margin | 12.21% in Q4 FY26 | Sustained or further improvement in operational efficiency and pricing power, especially given input cost trends. |
| Pending Orders | Approx. 3,585 Crore | Timely conversion of pending orders into revenue and consistent new order inflows to maintain growth momentum. |
| Net Debt Position | (1327) Crore (Net Cash) as on 31.03.2026 | Maintenance of a healthy cash position and efficient capital allocation for future growth initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The first phase of the Sanand plant, contributing over 50% of total capacity, will be operational by November 2025, with commercial production starting then.
"first phases... will be operational definitely by in November. ...commercial production will come out."
KEI Industries will achieve more than 20% top-line growth for FY26.
"we will definitely cross 20% growth over and above last year."
Outcome check: Revenue YoY averaged 19.4% across 2 later quarter(s).
The company will maintain its future year growth guidance of 20%.
"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).
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.
"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).
Trend score and candlestick chart
54NeutralSMA20 +18.2% / mo · near 52W high
Technical chart
KEIweekly · 3Y+32.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 61. Wait for confirmation.
- SMA20 rising (~15.4% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 49% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 29.5%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
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 95th percentile of the scored universe and 96th percentile within Consumer. 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.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 96th pctile, median 67 · Mid: 81st pctile, median 76
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.04.
Trust risks
- ▸ROCE trend is -2.6%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.60
- P/B
- 7.39
- EV/EBITDA
- 37.48
- Market Cap
- 49215.00Cr
Profitability
- ROE
- 14.80%
- ROCE
- 20.10%
- ROA
- 10.25%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 19.20×
- Altman Z
- 9.07
- Book Value
- 697.00
Cash Flow
- FCF Yield
- 1.00%
- FCF Positive Y
- 9/5
- OCF
- 840.00 Cr
- EPS TTM
- 96.07
Shareholding
- Promoter Hold
- 35.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.