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KEI Industries Ltd

KEI

NSE

₹4,442.00-0.90%19 Oct 2026

Reports

Cables Power

KEI Industries Ltd

KEI

NSE

₹4,442.00

-0.90%

19 Oct 2026

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Cables Power

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

KEI Industries is India’s third-largest wire-and-cable maker, but its real story is a deliberate climb up the technology ladder - from basic house wiring to 400 kV Extra High Voltage (EHV) cables that only a handful of companies worldwide can produce. It started in 1968 as a small partnership making control and telecom cables, then transformed itself through a 2010 technical tie-up with Switzerland’s Brugg Kabel AG, which unlocked the EHV segment and turned a domestic manufacturer into an exporter to over 60 countries. The recurring pattern is visible across its history: use partnerships to acquire hard-to-replicate technology, integrate backward to control quality and cost, and then shift the sales mix toward higher-margin channels - most recently by growing retail sales from under a third to over half the business while deliberately shrinking the low-return EPC division.

Business segments

Three engines, ordered by what the business stands on - a cables powerhouse that is the group, a niche stainless-steel wire export business, and a deliberately shrinking project division that exists mainly to pull cables through.

1. Wires and cables: the group’s foundation and growth engine

A full-spectrum manufacturer selling everything from house wire to 400 kV EHV cable across retail, institutional and export channels - with pre-qualification barriers that keep competitors years away.

One-stop shop across every voltage - the portfolio runs from Low Tension (LT) to Extra High Voltage at 400 kV, including specialized cables for solar plants, data centers, ships, oilfields, and EV chargers, so a customer building a power network can source every cable from one supplier.
Retail is the margin engine - the B2C channel sells house wires and LT/HT cables through a pan-India dealer network and now contributes roughly 54% of overall sales, offering better margins and faster cash conversion than institutional tenders because brand pull drives offtake.
EHV is the technological moat - KEI is among a select group globally that can make 400 kV EHV cables, and new competitors face three to five years of pre-qualification before they can even bid for institutional projects, which is why the company holds close to 25% of the domestic EHV market and has supplied 330 kV cables to Australia, 220 kV cables to UAE and Spain, and is the only Indian company to qualify in the National Grid UK framework agreement for voltages up to 400 kV.
Backward integration locks in quality and cost - the company makes its own PVC and XLPE compounds (the insulating and sheathing materials) at two dedicated plants, so it does not depend on third-party compounders for critical raw-material consistency.
Exports are the next leg - export cable sales hit ₹1,669 crore in FY26 and grew 95% in the December quarter alone, helped by product approvals in over 60 international markets including the tightly regulated US and UK; the new Sanand plant in Gujarat cuts freight costs to port, removing the logistical penalty of shipping heavy cable reels from landlocked North India.

2. Stainless steel wire: a compact export-led niche

A small but steady business where more than half the output goes to developed-country customers who use the wire in everything from surgical tools to kitchenware.

High-value downstream applications - the division makes hard, cold-heading and fine stainless-steel wires that end up in industrial filters, springs, welding electrodes, fasteners, medical tools and braided hoses, with products customized to each client’s specification.
Export-heavy, developed-market customer base - more than 50% of SS Wire segment production is exported to developed countries, with export sales of ₹105 crore in FY26 out of total SS Wire segment sales of ₹212 crore.
Stable, fully utilized capacity - the 9,000-tonne-per-annum plant at Rakholi ran at 89% utilization in FY25, and the business has held steady at ₹212 crore in annual sales for two consecutive years.

3. EPC projects: a cable-pull-through tool, not a growth business

Turnkey substation and transmission-line projects that exist to place KEI’s own cables - the company has been deliberately shrinking this division because the returns do not justify the working capital it ties up.

Cables are the real product - in an EHV turnkey order, roughly 80% of the contract value is the cable itself, manufactured in-house, so KEI bids selectively only on projects with heavy cabling requirements and uses the EPC wrapper to secure cable sales that competitors cannot match on cost.
Deliberately scaled down - non-cable EPC sales dropped from roughly ₹563 crore in FY24 to ₹311 crore in FY26, and management intends to keep the division at 4-5% of turnover going forward because the segment carries low margins, fierce competition, and long working-capital cycles with retention-money clauses.
Still a capability, not a closure - the division retains an order book of ₹361 crore as of December 2025 and continues to execute gas-insulated and air-insulated substation projects for townships, railways and government electrification schemes, but only where the cable content makes the math work.

Group structure and partners

A publicly listed parent with a single long-standing technology partner in Switzerland, a captive solar investment, and no material subsidiaries.

Simple holding structure - KEI Industries Limited is the listed parent, with promoters holding 35% as of March 2026; the only associate is a non-material 49% stake in KEI Cables SA PTY Ltd., and its sole former subsidiary in Australia was liquidated in 2024.
Brugg Kabel AG is the technology backbone - the Swiss firm, with over a century of EHV cable experience up to 550 kV, has provided KEI with designs and process backup since 2010, and the collaboration was extended in 2016 to cover cables up to 400 kV.
Captive solar for power cost certainty - in May 2026, KEI agreed to acquire a 26% stake in a special-purpose vehicle building a solar project in Rajasthan, securing up to 11.25 MW of captive power for its operations.
Four international offices, 34 domestic branches - physical presence in UAE, Nepal, South Africa and Gambia supports export sales, while 26 warehouses and 34 branch offices across India feed the domestic dealer and institutional networks.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹42,486Cr

Close Price

₹4,442.00

Industry

Cables Power

Price To Earnings

42.59

Price To Sales

3.44

Revenue

₹12,343Cr

Rev Gr TTM

Revenue Growth TTM

20.29%

PAT Gr TTM

PAT Growth TTM

34.36%

Upcoming Results on

21 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,945	2,059	2,330	2,065	2,284	2,472	2,915	2,590	2,726	2,955	3,476	3,185
Growth YoY Revenue Growth YoY%	20.9	15.4	19.3	15.8	17.4	20.1	25.1	25.4	19.4	19.5	19.3	23.0
Expenses ExpensesCr	1,743	1,845	2,075	1,846	2,059	2,226	2,614	2,332	2,457	2,635	3,095	2,790
Operating Profit Operating ProfitCr	202	215	255	219	225	246	301	258	269	320	382	396
OPM OPM%	10.4	10.4	10.9	10.6	9.8	9.9	10.3	10.0	9.9	10.8	11.0	12.4
Other Income Other IncomeCr	9	14	4	13	13	9	37	40	42	34	43	20
Interest Expense Interest ExpenseCr	8	11	17	14	13	14	14	15	14	17	19	18
Depreciation DepreciationCr	16	15	16	16	16	19	19	20	20	23	28	29
PBT PBTCr	188	202	227	203	208	221	305	263	277	315	377	369
Tax TaxCr	48	52	59	53	53	56	79	67	74	80	93	95
PAT PATCr	140	151	168	150	155	165	227	196	204	235	284	274
Growth YoY PAT Growth YoY%	31.2	17.2	22.0	23.8	10.4	9.4	34.5	30.3	31.5	42.5	25.5	40.0
NPM NPM%	7.2	7.3	7.2	7.3	6.8	6.7	7.8	7.6	7.5	8.0	8.2	8.6
EPS EPS₹	15.5	16.7	18.7	16.6	17.2	17.9	23.7	20.5	21.3	24.6	29.7	28.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,945	2,059	2,330	2,065	2,284	2,472	2,915	2,590	2,726	2,955	3,476	3,185
Growth YoY Revenue Growth YoY%	20.9	15.4	19.3	15.8	17.4	20.1	25.1	25.4	19.4	19.5	19.3	23.0
Expenses ExpensesCr	1,743	1,845	2,075	1,846	2,059	2,226	2,614	2,332	2,457	2,635	3,095	2,790
Operating Profit Operating ProfitCr	202	215	255	219	225	246	301	258	269	320	382	396
OPM OPM%	10.4	10.4	10.9	10.6	9.8	9.9	10.3	10.0	9.9	10.8	11.0	12.4
Other Income Other IncomeCr	9	14	4	13	13	9	37	40	42	34	43	20
Interest Expense Interest ExpenseCr	8	11	17	14	13	14	14	15	14	17	19	18
Depreciation DepreciationCr	16	15	16	16	16	19	19	20	20	23	28	29
PBT PBTCr	188	202	227	203	208	221	305	263	277	315	377	369
Tax TaxCr	48	52	59	53	53	56	79	67	74	80	93	95
PAT PATCr	140	151	168	150	155	165	227	196	204	235	284	274
Growth YoY PAT Growth YoY%	31.2	17.2	22.0	23.8	10.4	9.4	34.5	30.3	31.5	42.5	25.5	40.0
NPM NPM%	7.2	7.3	7.2	7.3	6.8	6.7	7.8	7.6	7.5	8.0	8.2	8.6
EPS EPS₹	15.5	16.7	18.7	16.6	17.2	17.9	23.7	20.5	21.3	24.6	29.7	28.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,351	2,628	3,466	4,231	4,888	4,182	5,727	6,908	8,121	9,736	11,748	12,343
Growth Revenue Growth%	15.6	11.8	31.9	22.1	15.5	-14.4	37.0	20.6	17.6	19.9	20.7	20.3
Expenses ExpensesCr	2,108	2,359	3,126	3,790	4,391	3,726	5,138	6,206	7,267	8,745	10,519	10,976
Operating Profit Operating ProfitCr	243	269	339	441	497	455	589	702	854	991	1,229	1,367
OPM OPM%	10.3	10.2	9.8	10.4	10.2	10.9	10.3	10.2	10.5	10.2	10.5	11.1
Other Income Other IncomeCr	6	10	9	7	17	20	15	32	32	72	159	139
Interest Expense Interest ExpenseCr	127	124	112	136	129	57	40	35	44	56	64	67
Depreciation DepreciationCr	25	28	32	34	57	58	55	57	61	70	91	100
PBT PBTCr	96	126	204	278	328	361	508	642	781	937	1,232	1,338
Tax TaxCr	33	32	60	97	72	91	132	165	200	241	314	341
PAT PATCr	63	94	145	181	256	270	376	477	581	696	918	997
Growth PAT Growth%	82.6	49.7	54.6	24.8	41.8	5.2	39.5	26.9	21.7	19.9	31.9	34.4
NPM NPM%	2.7	3.6	4.2	4.3	5.2	6.5	6.6	6.9	7.2	7.2	7.8	8.1
EPS EPS₹	8.1	12.1	18.5	23.0	31.6	30.1	41.8	53.0	64.4	75.7	96.1	104.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,351	2,628	3,466	4,231	4,888	4,182	5,727	6,908	8,121	9,736	11,748	12,343
Growth Revenue Growth%	15.6	11.8	31.9	22.1	15.5	-14.4	37.0	20.6	17.6	19.9	20.7	20.3
Expenses ExpensesCr	2,108	2,359	3,126	3,790	4,391	3,726	5,138	6,206	7,267	8,745	10,519	10,976
Operating Profit Operating ProfitCr	243	269	339	441	497	455	589	702	854	991	1,229	1,367
OPM OPM%	10.3	10.2	9.8	10.4	10.2	10.9	10.3	10.2	10.5	10.2	10.5	11.1
Other Income Other IncomeCr	6	10	9	7	17	20	15	32	32	72	159	139
Interest Expense Interest ExpenseCr	127	124	112	136	129	57	40	35	44	56	64	67
Depreciation DepreciationCr	25	28	32	34	57	58	55	57	61	70	91	100
PBT PBTCr	96	126	204	278	328	361	508	642	781	937	1,232	1,338
Tax TaxCr	33	32	60	97	72	91	132	165	200	241	314	341
PAT PATCr	63	94	145	181	256	270	376	477	581	696	918	997
Growth PAT Growth%	82.6	49.7	54.6	24.8	41.8	5.2	39.5	26.9	21.7	19.9	31.9	34.4
NPM NPM%	2.7	3.6	4.2	4.3	5.2	6.5	6.6	6.9	7.2	7.2	7.8	8.1
EPS EPS₹	8.1	12.1	18.5	23.0	31.6	30.1	41.8	53.0	64.4	75.7	96.1	104.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	16	16	16	18	18	18	18	18	19	19
Reserves ReservesCr	352	446	589	762	1,489	1,756	2,118	2,571	3,130	5,767	6,646
Current Liabilities Current LiabilitiesCr	869	1,318	1,423	1,814	1,653	1,142	1,333	1,118	1,431	1,348	2,078
Non Current Liabilities Non Current LiabilitiesCr	228	117	192	172	109	92	59	63	77	101	213
Total Liabilities Total LiabilitiesCr	1,464	1,896	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956
Current Assets Current AssetsCr	1,081	1,476	1,771	2,226	2,686	2,440	2,961	3,161	3,698	5,635	6,157
Non Current Assets Non Current AssetsCr	383	420	449	539	583	568	566	609	959	1,600	2,799
Total Assets Total AssetsCr	1,464	1,896	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	16	16	16	18	18	18	18	18	19	19
Reserves ReservesCr	352	446	589	762	1,489	1,756	2,118	2,571	3,130	5,767	6,646
Current Liabilities Current LiabilitiesCr	869	1,318	1,423	1,814	1,653	1,142	1,333	1,118	1,431	1,348	2,078
Non Current Liabilities Non Current LiabilitiesCr	228	117	192	172	109	92	59	63	77	101	213
Total Liabilities Total LiabilitiesCr	1,464	1,896	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956
Current Assets Current AssetsCr	1,081	1,476	1,771	2,226	2,686	2,440	2,961	3,161	3,698	5,635	6,157
Non Current Assets Non Current AssetsCr	383	420	449	539	583	568	566	609	959	1,600	2,799
Total Assets Total AssetsCr	1,464	1,896	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	186	-29	191	623	-13	154	229	514	611	-32	840
Investing Cash Flow Investing Cash FlowCr	-98	-63	-76	-275	11	75	-58	-137	-353	-1,501	-350
Financing Cash Flow Financing Cash FlowCr	-87	229	-69	-386	99	-129	-31	-256	-72	1,919	-98
Net Cash Flow Net Cash FlowCr	1	137	45	-38	97	101	139	121	186	386	392
Free Cash Flow Free Cash FlowCr	186	-91	126	501	-93	131	170	417	211	-726	-412
CFO To PAT CFO To PAT%	296.9	-30.8	131.7	344.5	-5.1	57.1	60.8	107.7	105.1	-4.6	91.5
CFO To EBITDA CFO To EBITDA%	76.5	-10.7	56.2	141.3	-2.6	33.8	38.8	73.2	71.5	-3.3	68.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	186	-29	191	623	-13	154	229	514	611	-32	840
Investing Cash Flow Investing Cash FlowCr	-98	-63	-76	-275	11	75	-58	-137	-353	-1,501	-350
Financing Cash Flow Financing Cash FlowCr	-87	229	-69	-386	99	-129	-31	-256	-72	1,919	-98
Net Cash Flow Net Cash FlowCr	1	137	45	-38	97	101	139	121	186	386	392
Free Cash Flow Free Cash FlowCr	186	-91	126	501	-93	131	170	417	211	-726	-412
CFO To PAT CFO To PAT%	296.9	-30.8	131.7	344.5	-5.1	57.1	60.8	107.7	105.1	-4.6	91.5
CFO To EBITDA CFO To EBITDA%	76.5	-10.7	56.2	141.3	-2.6	33.8	38.8	73.2	71.5	-3.3	68.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	758	1,419	3,015	3,359	2,396	4,710	11,393	15,328	31,181	27,623	38,531	42,486
Price To Earnings Price To Earnings	12.3	15.2	20.8	18.6	9.3	17.2	30.3	32.1	53.7	39.7	42.0	42.6
Price To Sales Price To Sales	0.3	0.5	0.9	0.8	0.5	1.1	2.0	2.2	3.9	2.8	3.3	3.4
Price To Book Price To Book	2.1	3.1	5.0	4.3	1.6	2.6	5.3	5.9	9.9	4.8	5.8	6.4
EV To EBITDA EV To EBITDA	4.9	7.7	10.9	8.3	5.0	10.6	19.3	21.3	35.9	26.2	30.3	30.4
Profitability Ratios Profitability Ratios
GPM GPM%	22.6	21.0	21.1	21.9	21.4	20.9	18.9	18.1	18.4	17.7	18.3	18.3
OPM OPM%	10.3	10.2	9.8	10.4	10.2	10.9	10.3	10.2	10.5	10.2	10.5	11.1
NPM NPM%	2.7	3.6	4.2	4.3	5.2	6.5	6.6	6.9	7.2	7.2	7.8	8.1
ROCE ROCE%	27.7	21.7	23.4	32.2	25.1	19.8	22.0	24.6	24.9	16.5	18.7	18.7
ROE ROE%	17.0	20.3	23.9	23.2	17.0	15.2	17.6	18.4	18.4	12.0	13.8	13.8
ROA ROA%	4.3	4.9	6.5	6.5	7.8	9.0	10.7	12.7	12.5	9.6	10.3	10.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	758	1,419	3,015	3,359	2,396	4,710	11,393	15,328	31,181	27,623	38,531	42,486
Price To Earnings Price To Earnings	12.3	15.2	20.8	18.6	9.3	17.2	30.3	32.1	53.7	39.7	42.0	42.6
Price To Sales Price To Sales	0.3	0.5	0.9	0.8	0.5	1.1	2.0	2.2	3.9	2.8	3.3	3.4
Price To Book Price To Book	2.1	3.1	5.0	4.3	1.6	2.6	5.3	5.9	9.9	4.8	5.8	6.4
EV To EBITDA EV To EBITDA	4.9	7.7	10.9	8.3	5.0	10.6	19.3	21.3	35.9	26.2	30.3	30.4
Profitability Ratios Profitability Ratios
GPM GPM%	22.6	21.0	21.1	21.9	21.4	20.9	18.9	18.1	18.4	17.7	18.3	18.3
OPM OPM%	10.3	10.2	9.8	10.4	10.2	10.9	10.3	10.2	10.5	10.2	10.5	11.1
NPM NPM%	2.7	3.6	4.2	4.3	5.2	6.5	6.6	6.9	7.2	7.2	7.8	8.1
ROCE ROCE%	27.7	21.7	23.4	32.2	25.1	19.8	22.0	24.6	24.9	16.5	18.7	18.7
ROE ROE%	17.0	20.3	23.9	23.2	17.0	15.2	17.6	18.4	18.4	12.0	13.8	13.8
ROA ROA%	4.3	4.9	6.5	6.5	7.8	9.0	10.7	12.7	12.5	9.6	10.3	10.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	POLYCAB	APARINDS	KEI	RRKABEL	DIACABS	UNIVCABLES	VMARCIND
Market CapitalizationMkt CapCr	1,20,942	65,823	42,486	27,042	20,723	5,058	4,380
Close PriceClose₹	8,025.00	15,720.00	4,442.00	2,390.90	346.50	1,457.80	298.95
IndustryIndustry	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power
Price To EarningsPE	38.13	53.45	42.59	44.50	92.90	25.29	37.18
Price To SalesPS	3.49	2.70	3.44	2.50	9.02	1.50	2.44
RevenueRevenueCr	34,609	24,389	12,343	10,832	2,298	3,368	1,797
Revenue Growth TTMRev Gr TTM%	40.7%	24.0%	20.3%	37.7%	92.6%	33.6%
PAT Growth TTMPAT Gr TTM%	28.5%	34.0%	34.4%	80.3%	461.5%	70.4%

	POLYCAB	APARINDS	KEI	RRKABEL	DIACABS	UNIVCABLES	VMARCIND
Market CapitalizationMkt CapCr	1,20,942	65,823	42,486	27,042	20,723	5,058	4,380
Close PriceClose₹	8,025.00	15,720.00	4,442.00	2,390.90	346.50	1,457.80	298.95
IndustryIndustry	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power	Cables Power
Price To EarningsPE	38.13	53.45	42.59	44.50	92.90	25.29	37.18
Price To SalesPS	3.49	2.70	3.44	2.50	9.02	1.50	2.44
RevenueRevenueCr	34,609	24,389	12,343	10,832	2,298	3,368	1,797
Revenue Growth TTMRev Gr TTM%	40.7%	24.0%	20.3%	37.7%	92.6%	33.6%
PAT Growth TTMPAT Gr TTM%	28.5%	34.0%	34.4%	80.3%	461.5%	70.4%

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Jun 26