KEI Industries Limited (IN:KEI)
:KEI
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KEI Industries Limited
(KEI)
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Rating:67Neutral
Price Target:
₹5,334.00
▲(29.95% 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 / strong balance sheet
KEI's very low leverage and high equity ratio provide durable financial flexibility: it reduces interest burden, supports capital spending or capacity expansion, and improves resilience to cyclical slowdowns. Sustained low debt allows competitive bidding on large projects without stressing covenants.
Negative Factors
Negative operating and free cash flow
Despite reported profits, negative operating and free cash flow indicate weak cash conversion—likely from working capital or capex timing. This constrains the firm's ability to self-fund growth, pay down liabilities, or return cash to shareholders until cash generation normalizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
KEI's very low leverage and high equity ratio provide durable financial flexibility: it reduces interest burden, supports capital spending or capacity expansion, and improves resilience to cyclical slowdowns. Sustained low debt allows competitive bidding on large projects without stressing covenants.
Read all positive factors
KEI Industries Limited (KEI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹466.99B
Dividend Yield0.09%
Average Volume (3M)10.74K
Price to Earnings (P/E)45.4
Beta (1Y)1.55
Revenue Growth22.57%
EPS Growth28.03%
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)110.68
Revenue Forecast (FY)₹141.94B
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 primarily makes money by manufacturing and selling wires and cables across multiple customer segments and channels. (1) Product sales (core revenue): Revenue is generated from the sale of cable and wire products—typically priced based on input...
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
Positive
4104.70
Price Trends
4491.18
Positive
4344.12
Positive
4164.17
Positive
Market Momentum
55.35
Negative
65.92
Neutral
94.89
Negative
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 4296.73, below the 50-day MA of 4491.18, and below the 200-day MA of 4164.17, indicating a bullish trend. The MACD of 55.35 indicates Negative momentum. The RSI at 65.92 is Neutral, neither overbought nor oversold. The STOCH value of 94.89 is Negative, 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹153.65B | 17.47 | ― | 1.04% | 16.37% | -2.04% | |
74 Outperform | ₹170.55B | 34.73 | ― | 0.49% | 25.46% | 73.27% | |
70 Outperform | ₹487.32B | 40.22 | ― | 0.57% | 20.66% | 19.41% | |
68 Neutral | ₹1.21T | 46.12 | ― | 0.46% | 28.59% | 42.61% | |
67 Neutral | ₹466.99B | 45.38 | ― | 0.09% | 22.57% | 28.03% | |
66 Neutral | ₹798.84B | 44.00 | ― | 0.70% | 3.44% | 14.75% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
IN:KEI
KEI Industries Limited
4,968.30
1,935.99
63.85%
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64.87%
KEI Industries Limited Corporate Events
KEI Industries Promoters Report No Encumbrance on Shares for FY 2026
Apr 3, 2026
KEI Industries Limited has informed stock exchanges that its promoters and promoter group have filed the annual disclosure required under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for the fina...
KEI Industries’ ESG Score Upgraded to Grade B+ by SES ESG Research
Mar 21, 2026
KEI Industries Limited has received an updated environmental, social, and governance rating from SES ESG Research Private Limited, a SEBI-registered ESG rating provider that issued its latest report on March 20, 2026. The company’s overall E...
KEI Industries Schedules Virtual Analyst Meet with Morgan Stanley
Mar 16, 2026
KEI Industries has notified the stock exchanges about a scheduled virtual group meeting with analysts and institutional investors organized by Morgan Stanley India Company Private Limited on March 23, 2026. The company emphasized that no unpublish...
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...
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.