KEI Industries Limited (KEI) AI Stock Analysis

• Market Cap: ₹409.28B
• Dividend Yield: 0.09%
• Average Volume (3M): 10.74K
• Price to Earnings (P/E): 51.4
• Beta (1Y): 1.24
• Revenue Growth: 22.68%
• EPS Growth: 20.52%
• Country: IN
• Employees: 1,849
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 21.30
• Shares Outstanding: 95,600,590
• 10 Day Avg. Volume: 19,895
• 30 Day Avg. Volume: 10,737
• PEG Ratio: 2.14
• Price to Book (P/B): 4.51
• Price to Sales (P/S): 2.68
• P/FCF Ratio: -35.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹4,372.00 ▲(6.51% Upside)

KEI Industries Limited's strong financial performance is offset by cash flow challenges and high valuation metrics. The technical analysis suggests a neutral market position, contributing to a moderate overall score.

Positive Factors

Revenue Growth

The company's consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial health.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial stability and provides flexibility for future investments and growth opportunities.

Profit Margins

Sustained profit margins reflect efficient cost management and operational efficiency, supporting long-term profitability and competitive positioning.

Negative Factors

Cash Flow Challenges

Cash flow management issues could hinder the company's ability to fund operations and growth, impacting financial flexibility and stability.

Free Cash Flow Management

High free cash flow to net income ratio suggests inefficiencies in cash utilization, potentially affecting liquidity and investment capacity.

Investor Relations

Errors in investor presentations can undermine credibility and investor confidence, affecting stakeholder trust and market perception.

KEI Industries Limited Business Overview & Revenue Model

Company Description

KEI Industries Limited (KEI) is a prominent Indian manufacturer and supplier of cables and wires, specializing in the production of a diverse range of electrical products. The company operates primarily in three sectors: power, telecommunications, and specialty cables. KEI's core products include low tension (LT) and high tension (HT) cables, instrumentation cables, and house wires, catering to various industries such as infrastructure, power generation, and renewable energy.

How the Company Makes Money

KEI Industries generates revenue through multiple streams, primarily by selling its extensive range of cables and wires to various sectors, including power utilities, construction, and telecommunications. The company benefits from long-term contracts with government and private entities for large-scale infrastructure projects, which provides a stable income source. Additionally, KEI engages in exports to international markets, further enhancing its revenue. Strategic partnerships with key players in the energy and construction sectors also contribute to its earnings by ensuring a consistent demand for its products. The company's focus on innovation and quality allows it to maintain competitive pricing and improve margins, ultimately bolstering its financial performance.

KEI Industries Limited Financial Statement Overview

Summary

KEI Industries Limited shows strong revenue growth and profitability with a robust income statement and stable balance sheet. However, cash flow challenges due to high capital expenditures need attention.

Income Statement

KEI Industries Limited exhibits robust revenue growth, with a consistent increase over the past years, culminating in a strong 20.1% growth in the latest fiscal year. The gross profit margin remains healthy at 23.2%, and the net profit margin shows improvement, reaching 7.2% in 2025. The EBIT and EBITDA margins are strong at 20.1% and 10.2%, respectively, indicating operational efficiency. Overall, the income statement reflects strong growth and profitability trends, although there could be room for further improvement in margins.

Balance Sheet

The balance sheet of KEI Industries shows a strong equity base, with an equity ratio of 80.0%, indicating financial stability. The debt-to-equity ratio is low at 0.04, reflecting conservative leverage. Return on Equity is commendable at 12.0%, showcasing effective use of equity. These metrics suggest a stable financial position with low leverage risk and good returns to shareholders.

Cash Flow

KEI Industries has experienced fluctuations in cash flow, with a current negative free cash flow of -7.3 billion, significantly impacted by capital expenditures. The operating cash flow to net income ratio is negative, indicating challenges in converting income into cash flow. The free cash flow to net income ratio is also negative. Despite these challenges, the company has historically managed cash flows well, but current investments have strained liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2020
Income Statement
Total Revenue	102.52B	97.36B	81.04B	69.08B	57.27B	48.88B
Gross Profit	23.44B	22.59B	11.56B	15.86B	13.63B	13.20B
EBITDA	11.28B	9.91B	8.73B	6.96B	5.83B	5.06B
Net Income	7.42B	6.96B	5.81B	4.77B	3.76B	2.56B
Balance Sheet
Total Assets	0.00	72.35B	46.56B	37.70B	35.27B	32.69B
Cash, Cash Equivalents and Short-Term Investments	10.52B	19.15B	6.95B	4.80B	3.59B	1.20B
Total Debt	0.00	2.17B	1.66B	1.62B	3.55B	3.84B
Total Liabilities	-57.86B	14.49B	15.08B	11.81B	13.92B	17.62B
Stockholders Equity	57.86B	57.86B	31.48B	25.89B	21.36B	15.07B
Cash Flow
Free Cash Flow	0.00	-7.30B	2.11B	4.16B	1.70B	-935.60M
Operating Cash Flow	0.00	-322.13M	6.11B	5.14B	2.29B	-130.30M
Investing Cash Flow	0.00	-15.01B	-3.53B	-1.37B	-583.56M	110.13M
Financing Cash Flow	0.00	19.19B	-717.64M	-2.56B	-313.54M	994.08M

KEI Industries Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4104.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KEI, the sentiment is Positive. The current price of 4104.7 is below the 20-day moving average (MA) of 4119.50, below the 50-day MA of 4121.42, and above the 200-day MA of 3712.68, indicating a bullish trend. The MACD of 12.67 indicates Negative momentum. The RSI at 61.18 is Neutral, neither overbought nor oversold. The STOCH value of 73.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:KEI.

KEI Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDOTECH	74 Outperform	₹16.71B	19.84	―	―	34.48%	40.61%
VOLTAMP	73 Outperform	₹81.60B	24.83	―	1.24%	15.87%	-4.28%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KEI	63 Neutral	₹409.28B	51.36	―	0.09%	22.68%	20.52%
HPL	60 Neutral	₹24.78B	25.84	―	0.26%	6.08%	49.44%
TARIL	58 Neutral	₹88.20B	35.26	―	0.07%	33.60%	100.44%
THERMAX	58 Neutral	₹342.01B	54.46	―	0.49%	3.37%	-19.95%

KEI Industries Limited Corporate Events

KEI Industries Schedules Investor Meeting with Morgan Stanley

KEI Industries Limited has announced a scheduled virtual meeting with analysts and institutional investors, organized by Morgan Stanley India Company Private Limited, set for December 10, 2025. The meeting aims to discuss the company’s operations without sharing any unpublished price-sensitive information, aligning with their commitment to transparency and regulatory compliance.

KEI Industries Schedules Investor Meeting at J.P. Morgan Forum

KEI Industries Limited has announced a scheduled virtual meeting with analysts and institutional investors as part of the J.P. Morgan India Emerging Opportunities Forum on November 27, 2025. The company emphasized that no unpublished price-sensitive information will be disclosed during the meeting, and presentations will align with those already available on their website and stock exchanges. This initiative reflects KEI Industries’ commitment to transparency and engagement with stakeholders, potentially enhancing its industry positioning and investor relations.

KEI Industries Schedules Investor Meetings for November 2025

KEI Industries Limited has announced a schedule of meetings with analysts and institutional investors, which will take place throughout November 2025. These meetings, organized by various securities firms, will be conducted both virtually and physically, providing a platform for the company to engage with stakeholders and discuss its operations and strategies. The company has assured that no unpublished price-sensitive information will be disclosed during these meetings, maintaining transparency and compliance with regulatory requirements.

KEI Industries Releases Q2 FY ’26 Earnings Call Transcript

KEI Industries Limited announced the availability of the transcript from its recent analysts and investors call, which discussed the unaudited financial results for the quarter ending September 30, 2025. This communication is part of the company’s commitment to transparency and provides stakeholders with insights into its financial performance and strategic direction.

KEI Industries Corrects Investor Presentation Error

KEI Industries Limited has identified and corrected a clerical error in its recent Investor Presentation, specifically regarding the number of active dealers, which was initially overstated. The correction from 2,343 to 2,100 active dealers reflects the company’s commitment to transparency and good corporate governance, ensuring accurate information is disseminated to stakeholders.