Kei Industries Limited (KEI)

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Kei Industries Limited (KEI) · mywealthgrid

About

KEI Industries manufactures electrical cables in Industrials sector. ₹54,492 Cr market cap, quarterly revenue ₹2.7–₹3.5 Cr. Capital-intensive, cyclical business tied to infrastructure and power-sector capex.

Face value: ₹2

Market cap

₹43,039 Cr

P/E

43.2×

P/B

6.5×

Dividend yield

0.1%

ROE

14.8%

ROCE

20.3%

Debt / equity

0.03

OPM

10.5%

EPS (TTM)

₹104.3

Book value

₹697.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation stretched: PE 54.67 implies significant growth or margin sustainability priced in; verify earnings power beyond recent quarters.
Revenue volatility: quarterly revenue ₹2,726–₹3,476 Cr (27% variance); verify seasonality, demand cycles, or order lumpiness.
Margin sensitivity: OPM ranged 9.88–12.43% in recent quarters; downturns compress margins hard.
Commodity input exposure: cables depend on copper and raw materials; verify hedging and pricing power.

Generated analysis · source review pending

Growth drivers

Operating margin expansion: OPM improved from 9.88% (Sep 2025) to 12.43% (Jun 2026); if sustained with volume growth, compounds earnings faster than revenue.
EPS growth: ₹21.3 to ₹28.68 in nine months (34.7% growth); verify if sustainable and driven by volume or cost control.
Infrastructure-linked demand: cables feed power, grid, and industrial capex cycles; verify order momentum or backlog suggests expansion beyond recent quarters.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,502.0+0.9%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.4%
+Profit CAGR of 27.4% over the last 5 years
+Revenue CAGR of 22.9% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 20.2×

Cons

−Low dividend payout of 4.3% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 61
Growth: 88
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Polycab India LimitedPOLYCABPOLYCAB	₹1,20,329 Cr	₹1,20,462 Cr	₹31,188 Cr	₹4,284 Cr	13.9%	₹2,864 Cr	9.4%	33.9%	24.5%	114
Kei Industries LimitedKEIKEI	₹43,039 Cr	₹43,225 Cr	₹12,343 Cr	₹1,367 Cr	10.5%	₹997 Cr	7.8%	20.3%	14.8%	101
R R Kabel LimitedRRKABELRRKABEL	₹28,481 Cr	₹28,713 Cr	₹10,832 Cr	₹925 Cr	8.1%	₹608 Cr	5.1%	30%	20.8%	56
Finolex Cables LimitedFINCABLESFINCABLES	₹22,305 Cr	₹22,324 Cr	₹6,939 Cr	₹727 Cr	9.8%	₹800 Cr	11.3%	11.4%	12.3%	78
Universal Cables LimitedUNIVCABLESUNIVCABLES	₹5,036 Cr	₹6,212 Cr	₹3,368 Cr	₹294 Cr	8.6%	₹200 Cr	5.4%	9.5%	8.9%	115
Laser Power & Infra LimitedLASERPOWERLASERPOWER	₹3,689 Cr	—	—	—	—	—	—	—	—	—
Lumino Industries LimitedLUMINOLUMINO	₹2,939 Cr	—	—	—	—	—	—	—	—	—
Quadrant Future Tek LimitedQUADFUTUREQUADFUTURE	₹2,126 Cr	₹2,150 Cr	₹165 Cr	₹-33 Cr	-25.7%	₹-39 Cr	-28.1%	-17.4%	-15.5%	387
Dynamic Cables LimitedDYCLDYCL	₹2,076 Cr	₹2,116 Cr	₹1,285 Cr	₹141 Cr	10.8%	₹91 Cr	7.1%	29.4%	20.3%	93
Paramount Communications LimitedPARACABLESPARACABLES	₹1,849 Cr	₹1,965 Cr	₹1,992 Cr	₹86 Cr	3.5%	₹61 Cr	3.1%	13.4%	8%	101
Systematic Industries LtdSYSTEMATICSYSTEMATIC	₹637 Cr	—	₹553 Cr	₹37 Cr	6.6%	₹21 Cr	3.8%	—	—	—
Susan Electricals India LtdSUSANSUSAN	₹629 Cr	—	—	—	—	—	—	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,832	3,503	4,231	4,888	4,182	5,727	6,912	8,104	9,736	11,748
COGS	1,870	2,444	3,041	3,382	2,910	4,214	5,172	6,077	7,362	8,868
Gross profit	962	1,059	1,190	1,506	1,272	1,512	1,740	2,027	2,374	2,880
	693	720	750	1,009	811	924	1,034	1,189	1,383	1,651
	269	339	441	497	461	589	706	838	991	1,229
OPM %	9.5%	9.7%	10.4%	10.2%	11%	10.3%	10.2%	10.3%	10.2%	10.5%
Depreciation	28	32	34	57	58	55	57	61	70	91
Interest	124	112	136	129	57	40	35	44	56	64
	10	9	7	17	20	15	28	49	72	159
Profit before tax	126	204	278	328	366	508	642	781	937	1,232
Tax	32	60	98	72	92	132	165	200	241	314
Tax %	25.7%	29.2%	35.2%	21.8%	25.2%	25.9%	25.7%	25.6%	25.7%	25.5%
	94	145	181	256	273	376	477	581	696	918
PAT margin %	3.3%	4.1%	4.3%	5.2%	6.5%	6.6%	6.9%	7.2%	7.2%	7.8%
EPS (₹)	12.1	18.5	23	31.7	30.5	41.8	52.9	64.4	75.7	96.1
EPS adjusted (₹)	12.1	18.5	22.9	28.6	30.4	41.7	52.9	64.4	72.9	96.1
	5%	5.4%	5.2%	4.7%	6.6%	6%	5.7%	5.4%	5.3%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	15	15	16	16	18	18	18	18	18	19	19
Reserves	288	348	589	762	1,489	1,756	2,118	2,571	3,130	5,767	6,646
	437	481	750	506	315	305	331	135	134	178	186
	747	675	865	1,480	1,447	929	1,060	1,046	1,374	1,271	2,105
Total equity & liabilities	1,488	1,520	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956
	328	328	407	489	499	476	476	486	543	757	1,308
CWIP	4	29	23	32	11	68	71	15	121	385	1,002
Investments	3	2	3	2	1	1	2	1	2	2	2
	1,152	1,160	1,787	2,242	2,758	2,463	2,978	3,269	3,991	6,091	6,644
Total assets	1,488	1,520	2,220	2,764	3,269	3,009	3,527	3,770	4,656	7,235	8,956

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Segment - Cables & Wires	11,220.57	1,301.36	6,815.24	1,969.99	4,845.25	26.86
Segment-EPC Project	561.44	19.42

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	28.1%	30.8%	30.4%	26.4%	25.2%	25%	24.4%	24.5%
EBITDA margin %	10.4%	10.2%	11%	10.3%	10.2%	10.3%	10.2%	10.5%
EBIT margin %	9.6%	9%	9.6%	9.3%	9.4%	9.6%	9.5%	9.7%
PAT margin %	4.3%	5.2%	6.5%	6.6%	6.9%	7.2%	7.2%	7.8%
Working capital
Receivable days	94	102	118	89	73	68	67	57
Inventory days	83	93	96	93	78	81	86	99
Payable days	—	—	93	66	53	61	39	55
NWC days	—	—	120	116	98	88	115	101
Leverage
Current ratio	1.23	1.63	2.14	2.22	2.83	2.58	4.18	2.96
Debt to EBITDA	1.15	0.63	0.66	0.56	0.19	0.16	0.18	0.15
Debt to equity	0.65	0.21	0.17	0.16	0.05	0.04	0.03	0.03
Interest coverage	3.1	3.5	7.4	13.6	19.5	18.8	17.8	20.2
Asset turnover	1.53	1.5	1.39	1.62	1.83	1.74	1.35	1.31
Return ratios
Return on assets %	6.5%	7.8%	9.1%	10.7%	12.7%	12.5%	9.6%	10.3%
Return on capital employed %	47.4%	35.6%	24.3%	27%	27.9%	28.1%	21.8%	20.3%
Return on equity %	23.2%	17%	15.4%	17.6%	18.4%	18.4%	12%	13.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.08%	37.08%	37.08%	37.08%	37.06%	35.02%	35.02%	35.02%	35%	35%	35%	35%
	29.57%	30.96%	31.01%	30.76%	31.1%	29.75%	25.83%	26.59%	25.83%	25.48%	27.27%	27.32%
	17.65%	16.05%	16.31%	16.55%	16.01%	20.72%	23.51%	25.63%	26.71%	27.27%	25.83%	25.9%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.7%	15.91%	15.6%	15.61%	15.83%	14.51%	15.64%	12.76%	12.46%	12.25%	11.9%	11.78%
No. of shareholders	—	—	—	—	—	—	—	—	1,59,968	1,53,138	1,58,565	1,60,497

Promoter holding down 2.08 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Lalit Sharma	SellMarket Sale	5,000	₹2.02 cr	0.10% → 0.09%	4 Nov 20257(2)
Adarsh Kumar Jain	SellMarket Sale	5,000	₹2.05 cr	0.04% → 0.04%	28 Oct 2025

39 deals · 14 Sept 2021 – 20 Mar 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,64,436	₹2,868.84	₹190.62 Cr
20 Mar 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,27,086	₹2,870.73	₹180.02 Cr
28 Feb 2025	MOTILAL OSWAL MUTUAL FUND	Bulk	NSE	Buy	11,82,089	₹3,105.49	₹367.10 Cr
28 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,15,110	₹3,069.76	₹188.82 Cr
28 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,15,110	₹3,072.80	₹189.01 Cr
27 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,23,791	₹3,093.88	₹162.05 Cr
27 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,21,391	₹3,090.90	₹161.16 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	1,01,548	₹1,599.95	₹16.25 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,01,548	₹1,599.95	₹16.25 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,01,548	₹1,600.30	₹16.25 Cr

1–10 of 39

1 / 4

Mr. Anil GuptaExecutive Director-Chairperson-MD
Mr. Akshit Diviaj GuptaExecutive Director
Mrs. Archana GuptaNon-Executive - Non Independent Director
Mr. Rajeev GuptaExecutive Director
Mr. Sadhu Ram BansalNon-Executive - Independent Director
Mrs. Shalini GuptaNon-Executive - Independent Director
Mr. Rajesh Kumar YaduvanshiNon-Executive - Independent Director
Mr. Vinay MittalNon-Executive - Independent Director
Kishore KunalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,455.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,464.0	-57.5	-1.3%	₹4,464.0	12,256	+121	973	175
23 Nov 2026	₹4,474.0	-60	-1.3%	₹4,474.0	313	+8	35	175
29 Dec 2026	₹4,527.5	0	0%	₹4,525.3	0	0	0	175

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

28

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
3	0	0	₹784.2	3,800

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 14 fund houses

Held by these funds

14.79%

of the company's equity

All mutual funds

22.52%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

98 schemes · 14 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	38.5 L	2,210.02	5.16%	4.027%	-0
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	36.64 L	2,103.35	2.95%	3.833%	—
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	12.83 L	736.56	2.19%	1.342%	-0
Mid Cap Fund	DSP Mutual Fund	7.29 L	418.38	1.99%	0.762%	-26,029
Franklin India Focused Equity FundNEW	Franklin Templeton Mutual Fund	5 L	287.02	2.49%	0.523%	—
Mid Cap FundNEW	ICICI Prudential Mutual Fund	4.37 L	250.89	2.99%	0.457%	—
Multi Cap FundNEW	ICICI Prudential Mutual Fund	4.33 L	248.7	1.27%	0.453%	—
Portfolio of Kotak Focused Fund	Kotak Mahindra Mutual Fund	3.05 L	175.25	3.85%	0.319%	-0

1–8 of 98

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

1 Oct 2026, 5:39 pmCompany Update

Disclosure Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligation And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	28.1%	30.8%	30.4%	26.4%	25.2%	25%	24.4%	24.5%
EBITDA margin %	10.4%	10.2%	11%	10.3%	10.2%	10.3%	10.2%	10.5%
EBIT margin %	9.6%	9%	9.6%	9.3%	9.4%	9.6%	9.5%	9.7%
PAT margin %	4.3%	5.2%	6.5%	6.6%	6.9%	7.2%	7.2%	7.8%
Working capital
Receivable days	94	102	118	89	73	68	67	57
Inventory days	83	93	96	93	78	81	86	99
Payable days	—	—	93	66	53	61	39	55
NWC days	—	—	120	116	98	88	115	101
Leverage
Current ratio	1.23	1.63	2.14	2.22	2.83	2.58	4.18	2.96
Debt to EBITDA	1.15	0.63	0.66	0.56	0.19	0.16	0.18	0.15
Debt to equity	0.65	0.21	0.17	0.16	0.05	0.04	0.03	0.03
Interest coverage	3.1	3.5	7.4	13.6	19.5	18.8	17.8	20.2
Asset turnover	1.53	1.5	1.39	1.62	1.83	1.74	1.35	1.31
Return ratios
Return on assets %	6.5%	7.8%	9.1%	10.7%	12.7%	12.5%	9.6%	10.3%
Return on capital employed %	47.4%	35.6%	24.3%	27%	27.9%	28.1%	21.8%	20.3%
Return on equity %	23.2%	17%	15.4%	17.6%	18.4%	18.4%	12%	13.8%

Calls	Strike	Puts
3	0	0	₹784.2	3,800

Date	Category	Subject	Filing
1 Oct 2026, 5:39 pm	Company Update General	Disclosure Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligation And Disclosure Requirements) Regulations, 2015	PDF
29 Sept 2026, 7:18 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 6:59 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
15 Sept 2026, 1:21 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 5:19 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
7 Sept 2026, 3:38 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
5 Sept 2026, 5:07 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
5 Sept 2026, 3:46 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	186	-29	191	623	-13	154	229	514	611	-32	840
	-98	-63	-76	-275	11	75	-58	-137	-353	-1,501	-350
	-87	229	-69	-386	99	-129	-31	-256	-72	1,919	-98
Net cash flow	—	137	45	-38	97	101	139	121	186	386	392
Free cash flow	88	-91	125	—	—	130	169	438	355	-723	-292
CFO / Operating profit %	—	-10.7%	56.2%	141.3%	-2.6%	33.4%	38.8%	72.8%	72.9%	-3.3%	68.3%

Kei Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

28

Fund holders

Documents

Announcements

Events

Announcements

3

28

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Segment - Cables · revenue

Kei Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Option chain28

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Futures3

Option chain28

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment - Cables · revenue

3

28

3

28

20

1