KEI Industries Limited (KEI) AI Stock Analysis

• Market Cap: ₹398.83B
• Dividend Yield: 0.09%
• Average Volume (3M): 10.74K
• Price to Earnings (P/E): 45.4
• Beta (1Y): 1.56
• Revenue Growth: 22.68%
• EPS Growth: 20.52%
• Country: IN
• Employees: 1,849
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 24.60
• 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: ₹4,735.00
• Price Target Upside: 15.36% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 95.24
• Revenue Forecast (FY): ₹118.20B

• Rating: 67 Neutral
• Price Target: ₹5,339.00 ▲(30.07% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 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.

Healthy and sustainable operating margins

Consistent gross and operating margins (23.2% gross; ~9.5% EBIT) point to structural cost control and pricing power in cables and wiring. Margins across LT/HT and specialty cable lines support long-term profitability even with modest revenue swings, underpinning cash generation potential when operating cash improves.

Diversified end markets and contract-backed revenue

Serving power, telecom and specialty cable markets with long-term government/private contracts and export channels provides revenue durability. Project-backed orders and geographic diversification reduce single-market dependence and support multi-quarter visibility into order flows and production planning.

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.

Exposure to cyclical infrastructure and capex cycles

KEI's revenue is tied to infrastructure and industrial capex cycles (power, construction, telecom). Project timing, public spending shifts or delay in large contracts can cause multi-quarter revenue volatility and margin pressure, making near-term cash flows and backlog realization sensitive to macro cycles.

Limited investor guidance and earnings transparency

The absence of formal guidance and limited earnings-call disclosures reduces forward visibility for investors and analysts. For capital-intensive, project-driven businesses, less management commentary makes it harder to assess backlog conversion timing and cash flow prospects across multi-quarter project cycles.

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, and low-tension power cables; control and instrumentation cables; specialty, single-core, and multi-core flexible cables; rubber and solar cables; fire survival/resistant cables; communication and thermocouple cables; and submersible marine and offshore cables, as well as stainless steel, winding, and house wires. The company also provides engineering and construction solutions in the areas of gas-insulated and air-insulated substations; overhead and underground power transmission and distribution systems; and railway electrification/ substation on a turnkey basis, as well as project management services. It exports its products to approximately 50 countries. The company's products are used in power, oil refineries, railways, automobiles, cement, steel, fertilizers, textiles, Real Estate, and other sectors. KEI Industries Limited was founded in 1968 and is headquartered in New Delhi, India.

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

Strong profitability and steady revenue growth (6.68%) with healthy margins, supported by a very low debt-to-equity ratio (0.038). The main offset is weak cash generation, with negative operating and free cash flow in the latest year.

Income Statement

KEI Industries Limited has demonstrated strong revenue growth with a 6.68% increase in the latest year, building on previous growth. The company maintains a healthy gross profit margin of 23.21% and a net profit margin of 7.15%, indicating efficient cost management and profitability. The EBIT and EBITDA margins are also robust at 9.46% and 10.18%, respectively, showcasing operational efficiency.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.038, indicating low leverage and financial risk. The return on equity is strong at 12.04%, suggesting effective use of equity capital. The equity ratio of 79.99% highlights a stable capital structure with significant equity financing.

Cash Flow

Cash flow analysis reveals challenges, with negative operating cash flow and free cash flow in the latest year. The free cash flow to net income ratio is exceptionally high at 22.66, indicating potential cash flow management issues. Despite previous positive cash flow trends, recent figures suggest a need for improved cash flow management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	106.99B	97.36B	81.04B	69.08B	57.27B	41.82B
Gross Profit	23.56B	22.59B	11.56B	15.86B	13.63B	11.00B
EBITDA	12.02B	9.91B	8.73B	6.96B	5.83B	4.49B
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

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

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 4695.10, below the 50-day MA of 4460.69, and above the 200-day MA of 4101.31, indicating a neutral trend. The MACD of -40.06 indicates Positive momentum. The RSI at 33.80 is Neutral, neither overbought nor oversold. The STOCH value of 5.64 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VOLTAMP	73 Outperform	₹84.79B	20.04	―	1.27%	15.87%	-4.28%
INDOTECH	68 Neutral	₹13.26B	16.63	―	―	34.48%	40.61%
KEI	67 Neutral	₹398.83B	45.38	―	0.09%	22.68%	20.52%
TARIL	65 Neutral	₹79.80B	28.99	―	0.07%	33.60%	100.44%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HPL	60 Neutral	₹17.58B	33.68	―	0.24%	6.08%	49.44%
THERMAX	58 Neutral	₹389.45B	41.70	―	0.48%	3.37%	-19.95%

KEI Industries Limited Corporate Events

KEI Industries Cancels March Investor Meetings in Singapore

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 physical one-on-one and group meetings, have been withdrawn, and the company has formally notified the stock exchanges of this change.

The cancellation may temporarily limit planned direct engagement between KEI’s management and institutional investors, potentially delaying some investor outreach and information-sharing activities. However, the company’s disclosure indicates a focus on regulatory compliance and transparent communication with market participants regarding changes to its investor relations calendar.

KEI Industries Chief Honoured for Leadership and Manufacturing Excellence

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 Union Minister of Culture and Tourism Gajendra Singh Shekhawat, recognizes Gupta’s leadership, business acumen, and contributions to bolstering India’s manufacturing strength and global presence.

The recognition underscores KEI Industries’ positioning as a prominent contributor to India’s industrial and export capabilities. By highlighting the company’s impact across multiple countries, the accolade enhances KEI’s reputational capital among investors, partners, and other stakeholders, and reinforces its image as an innovative and nationally significant manufacturing player.

KEI Industries Schedules February Investor and Analyst Meetings in Mumbai

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 and Kotak Securities. Scheduled across multiple days between 9 and 26 February, the interactions are intended to enhance engagement with the investment community, with the company clarifying that no unpublished price-sensitive information will be shared and that discussions will align with presentations already available on its website and stock exchanges, underscoring its adherence to SEBI disclosure norms and commitment to transparent investor communication.

KEI Industries Publishes Q3 and Nine-Month FY26 Unaudited Results in Newspapers

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 SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The results have been advertised in Business Standard’s all-India English editions and its Delhi Hindi edition, underscoring the company’s adherence to regulatory transparency norms and ensuring wider public and investor access to its interim financial performance disclosures.

KEI Industries Schedules Q3 FY26 Earnings Call With Analysts and Investors

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, to be led by Chairman and Managing Director Anil Gupta and Executive Director (Finance) & CFO Rajeev Gupta, underscores the company’s ongoing investor engagement and transparency efforts, offering stakeholders an opportunity to gain deeper insights into recent financial performance and operational developments through a structured interaction with senior management.