KEI Industries Limited (KEI) AI Stock Analysis

• Market Cap: ₹381.90B
• Dividend Yield: 0.1%
• Average Volume (3M): 10.74K
• Price to Earnings (P/E): 47.9
• Beta (1Y): 1.23
• 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: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹4,312.00 ▲(4.02% Upside)

KEI Industries Limited demonstrates strong financial performance with robust growth and profitability. The technical indicators show a positive trend, but the high P/E ratio suggests potential overvaluation. Cash flow management remains a concern due to high capital expenditures.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion and stability.

Financial Stability

A strong equity base and low debt-to-equity ratio provide financial stability, reducing risk and enhancing the company's ability to invest in growth opportunities.

Profitability

Strong profit margins reflect operational efficiency and effective cost management, contributing to sustainable profitability and shareholder value.

Negative Factors

Cash Flow Challenges

Negative free cash flow due to high capital expenditures may strain liquidity, potentially limiting the company's ability to fund new projects or respond to market changes.

High Capital Expenditures

High capital expenditures, while potentially beneficial for growth, can pressure cash flow and require careful management to avoid financial strain.

Cash Flow Conversion

Difficulty in converting income into cash flow can hinder financial flexibility, impacting the company's ability to reinvest in operations or return value to shareholders.

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 primarily through the sale of its cables and wires, which are utilized in various applications across industries such as power generation, transmission, and distribution. The company has multiple revenue streams, including domestic sales, exports, and contracts with government and private sector clients. Significant partnerships with key players in the energy and infrastructure sectors enhance its market presence and allow for large-scale projects. Additionally, KEI benefits from value-added services such as project consultancy and installation, further contributing to its earnings. The company's focus on expanding its product portfolio and entering new markets also plays a crucial role in its revenue growth.

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: 4145.20
• 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 4145.2 is above the 20-day moving average (MA) of 4074.15, above the 50-day MA of 4122.61, and above the 200-day MA of 3673.67, indicating a bullish trend. The MACD of 8.16 indicates Negative momentum. The RSI at 54.35 is Neutral, neither overbought nor oversold. The STOCH value of 61.79 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	₹17.73B	22.98	―	―	34.48%	40.61%
VOLTAMP	73 Outperform	₹74.52B	22.89	―	1.24%	15.87%	-4.28%
KEI	70 Outperform	₹381.90B	47.93	―	0.10%	22.68%	20.52%
HPL	65 Neutral	₹28.03B	29.45	―	0.24%	6.08%	49.44%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
THERMAX	58 Neutral	₹388.38B	54.72	―	0.48%	3.37%	-19.95%
TARIL	56 Neutral	₹125.78B	48.10	―	0.07%	33.60%	100.44%

KEI Industries Limited Corporate Events

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.

KEI Industries Reports on Physical Share Transfer Requests

KEI Industries Limited has reported to the stock exchange regarding the status of transfer requests for physical shares re-lodged under a special window, as per a SEBI circular. The report, covering the period from July 7 to July 31, 2025, indicates that no requests were received, processed, approved, or rejected during this time, suggesting minimal impact on the company’s operations or stakeholder interests.