KEI Industries Limited (IN:KEI)
:KEI
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KEI Industries Limited
(KEI)
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Rating:67Neutral
Price Target:
₹5,339.00
▲(30.07% Upside)
Action:ReiteratedDate:02/04/26
The score is primarily driven by strong profitability and a low-leverage balance sheet, tempered by the latest-year negative operating/free cash flow. Technicals are moderately supportive due to price above key moving averages but with negative MACD. Valuation is the biggest constraint given the high P/E and minimal dividend yield.
Positive Factors
Low leverage and solid capital structure
KEI's extremely low debt-to-equity (0.038) and ~80% equity ratio provide durable financial flexibility. This conservatism supports capex funding, weathering cyclical downturns in industrial demand, and preserves borrowing capacity for multi-quarter strategic investments or expansions.
Negative Factors
Negative operating and free cash flow
Despite reported profitability, recent negative operating and free cash flow indicate cash conversion weakness. Poor cash conversion can constrain working capital for large projects, limit self-funded growth or dividend capacity, and force reliance on external financing during multi-quarter investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and solid capital structure
KEI's extremely low debt-to-equity (0.038) and ~80% equity ratio provide durable financial flexibility. This conservatism supports capex funding, weathering cyclical downturns in industrial demand, and preserves borrowing capacity for multi-quarter strategic investments or expansions.
Read all positive factors
KEI Industries Limited (KEI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹405.10B
Dividend Yield0.09%
Average Volume (3M)10.74K
Price to Earnings (P/E)45.4
Beta (1Y)1.55
Revenue Growth22.68%
EPS Growth20.52%
CountryIN
Employees1,849
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)24.60
Shares Outstanding95,600,590
10 Day Avg. Volume19,895
30 Day Avg. Volume10,737
Financial Highlights & Ratios
PEG Ratio2.14
Price to Book (P/B)4.51
Price to Sales (P/S)2.71
P/FCF Ratio-35.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹4,735.00Price Target Upside15.36% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)110.98
Revenue Forecast (FY)₹141.88B
KEI Industries Limited Business Overview & Revenue Model
Company Description
KEI Industries Limited manufactures and supplies wires and cables in India. The company operates through three segments: Cable; Engineering, Procurement and Construction; and Stainless Steel Wire. It offers extra-high voltage (EHV), high tension, ...
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 contra...
KEI Industries Limited Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.90B | 96.08B | 80.38B | 68.53B | 56.81B | 41.32B |
| Gross Profit | 20.55B | 19.40B | 17.05B | 14.35B | 12.40B | 9.83B |
| EBITDA | 11.91B | 10.51B | 8.73B | 7.23B | 5.86B | 4.54B |
| Net Income | 7.91B | 6.96B | 5.81B | 4.77B | 3.76B | 2.70B |
Balance Sheet | ||||||
| Total Assets | 80.08B | 72.35B | 46.56B | 37.70B | 35.27B | 30.09B |
| Cash, Cash Equivalents and Short-Term Investments | 15.59B | 19.15B | 6.95B | 4.80B | 3.59B | 2.20B |
| Total Debt | 2.85B | 2.17B | 1.66B | 1.62B | 3.55B | 3.33B |
| Total Liabilities | 18.20B | 14.49B | 15.08B | 11.81B | 13.92B | 12.35B |
| Stockholders Equity | 61.88B | 57.86B | 31.48B | 25.89B | 21.36B | 17.74B |
Cash Flow | ||||||
| Free Cash Flow | -3.76B | -7.30B | 2.11B | 4.16B | 1.70B | 1.30B |
| Operating Cash Flow | 3.83B | -322.13M | 6.11B | 5.14B | 2.29B | 1.54B |
| Investing Cash Flow | -1.94B | -15.01B | -3.53B | -1.37B | -583.56M | 753.75M |
| Financing Cash Flow | -288.99M | 19.19B | -717.64M | -2.56B | -313.54M | -1.29B |
KEI Industries Limited Technical Analysis
Negative
4104.70
Price Trends
4394.65
Negative
4308.07
Negative
4129.78
Negative
Market Momentum
-132.07
Positive
42.26
Neutral
38.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KEI, the sentiment is Negative. The current price of 4104.7 is below the 20-day moving average (MA) of 4295.52, below the 50-day MA of 4394.65, and below the 200-day MA of 4129.78, indicating a bearish trend. The MACD of -132.07 indicates Positive momentum. The RSI at 42.26 is Neutral, neither overbought nor oversold. The STOCH value of 38.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KEI.
KEI Industries Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹90.90B | 20.04 | ― | 1.27% | 15.87% | -4.28% | |
67 Neutral | ₹405.10B | 45.38 | ― | 0.09% | 22.68% | 20.52% | |
65 Neutral | ₹13.25B | 16.63 | ― | ― | 34.48% | 40.61% | |
65 Neutral | ₹80.61B | 28.99 | ― | 0.07% | 33.60% | 100.44% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ₹19.05B | 33.68 | ― | 0.24% | 6.08% | 49.44% | |
58 Neutral | ₹383.21B | 41.70 | ― | 0.48% | 3.37% | -19.95% |
* Industrials Sector Average
IN:KEI
KEI Industries Limited
4,237.40
1,650.56
63.81%
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KEI Industries Limited Corporate Events
KEI Industries Cancels March Investor Meetings in Singapore
Mar 3, 2026
KEI Industries Limited has announced the cancellation of a previously scheduled analyst and institutional investor meet that was to be held in Singapore on 9 and 10 March 2026. The sessions, organized by UBS Securities India Private Ltd. as physic...
KEI Industries Chief Honoured for Leadership and Manufacturing Excellence
Feb 19, 2026
KEI Industries Limited disclosed that its Chairman and Managing Director, Anil Gupta, has received a prestigious honor at the ‘Jewels of India – Bharat ki Shaan, Bharat ka Abhiman’ ceremony in New Delhi. The award, presented by U...
KEI Industries Schedules February Investor and Analyst Meetings in Mumbai
Jan 29, 2026
KEI Industries Limited has announced a series of physical one-on-one and group meetings with analysts and institutional investors in Mumbai during February 2026, organized by Nuvama Wealth Management, Systematix Corporate Services, Axis Capital an...
KEI Industries Publishes Q3 and Nine-Month FY26 Unaudited Results in Newspapers
Jan 22, 2026
KEI Industries Limited has notified stock exchanges that it has published its unaudited financial results for the third quarter and nine months ended 31 December 2025 in leading newspapers, in compliance with disclosure requirements under SEBIR...
KEI Industries Schedules Q3 FY26 Earnings Call With Analysts and Investors
Jan 19, 2026
KEI Industries has announced a scheduled conference call with analysts and institutional investors, organized by Nuvama Wealth Management on January 22, 2026, to discuss the company’s financial results for the third quarter of FY26. The call...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.