KEI Industries Limited (KEI)

Capital Goods · Industrial Products · NSE · Updated 14 July 2026

₹5,112 ↑ 36.96% (1Y)

🎯 Key Takeaways

KEI Industries is in a phase of steady growth with improving profitability trends, supported by consistent operational performance and stable credit ratings. Management is focused on maintaining financial discipline while expanding its industrial products footprint, as evidenced by reaffirmed credit ratings and insider trading compliance measures.
Revenue grew 8.2% QoQ to ₹2,467 in Q3FY25.
⚠️ Dependence on industrial demand cycles in key sectors such as power, infrastructure, and utilities could expose KEI to sector-specific slowdowns.

Market Cap

₹48,924

P/E Ratio

72.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

KEI Industries is in a phase of steady growth with improving profitability trends, supported by consistent operational performance and stable credit ratings. Management is focused on maintaining financial discipline while expanding its industrial products footprint, as evidenced by reaffirmed credit ratings and insider trading compliance measures.

📰 What's Happening

In the last three quarters, KEI has seen sequential improvements in revenue and operating performance, with Q3FY25 revenue rising to ₹2,467 crores from ₹2,280 crores in Q2FY25. Management has emphasized compliance with SEBI insider trading norms, as seen in the June 2026 filing restricting designated persons from trading shares ahead of quarterly results. Additionally, credit rating agencies including CARE Ratings, ICRA, and India Ratings have reaffirmed KEI's long-term (AA+) and short-term (A1+) ratings, underscoring low credit risk and stable access to financing across multiple lenders.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,955	1,783	1,947	2,062	2,319	2,061	2,280	2,467
Operating Profit	209	187	212	229	260	232	238	254
OPM %	10.4%	10.0%	10.5%	10.5%	10.6%	10.4%	9.7%	9.8%
Net Profit	138	121	140	151	168	150	155	165
EPS	₹15.31	₹13.46	₹15.54	₹16.70	₹18.67	₹16.65	₹17.16	₹17.87

The company has demonstrated consistent top-line growth and stable margins over the past eight quarters, with operating margins holding firm around 10% despite macroeconomic pressures. Profitability has improved steadily, with net profit rising from ₹121 crores in Q1FY24 to ₹165 crores in Q3FY25, and EPS increasing from ₹13.46 to ₹17.87 over the same period. This growth trajectory aligns with management's focus on operational efficiency and volume expansion in core industrial segments.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margins in the latest filings, but the reaffirmation of credit ratings by multiple agencies indicates confidence in the company's financial stability. The stable rating outlook suggests no anticipated stress in debt servicing, and the company continues to maintain strong relationships with 16 lenders across public and private sector banks.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO SUPREMEIND ASTRAL

⚠️ Risk Factors

1. Dependence on industrial demand cycles in key sectors such as power, infrastructure, and utilities could expose KEI to sector-specific slowdowns. 2. Despite stable ratings, the company's high P/E of 72.7 suggests market expectations may already be pricing in robust growth, leaving limited upside unless performance accelerates further. 3. Regulatory scrutiny on insider trading and compliance could increase operational overhead around investor communications and trading windows.

📋 Recent Filings

🧠 Analyst's Read

KEI Industries demonstrates consistent operational momentum and improving profitability, supported by stable credit ratings and disciplined financial management. Investors should monitor quarterly volume trends and any updates to management's strategic initiatives, particularly around capacity expansion or export opportunities, as catalysts for future performance.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on KEI

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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