KEI (KEI) — Financial Results

📢 Key Event
KEI Industries reported 23% YoY net sales growth to INR 3,185 crores in Q1 FY27 with 40% PAT growth and 39.5% EBITDA growth.

🔄 What Changed
Export sales declined due to Middle East conflicts and US customs issues, while EHV cable growth reached 47% and operating margin improved to 12.43%.

🔮 What's Next
Export revenue to be 17-18% of full-year sales, with FY27 export growth projected at 30-40% after Q1 decline; Sanand plant to reach 70-75% utilization next year targeting INR 4,000 crores revenue; INR 600-700 crores annual capex for LV/MV expansion; 20%+ CAGR growth target without aggressive guidance.

💡 Investor Takeaway
KEI is growing disciplinedly with strong margins and export recovery expected, but capex timing and macro risks require patience for long-term upside.

KEI Industries reported 23% YoY net sales growth to INR 3,185 crores in Q1 FY27, driven by 39.5% EBITDA growth and 40% PAT growth, though export sales declined due to Middle East conflicts and US customs issues. Operating margin improved to 12.43%, with EHV cable growth at 47% and domestic wire cable up 29%. Capex reached INR 1,722 crores, targeting INR 600-700 crores annually for LV/MV expansion, while Sanand plant utilization hit 72% with plans to reach 70-75% next year. Export revenue is expected to be 17-18% of full-year sales, supported by resolved shipment issues, and the company emphasized disciplined 20%+ CAGR growth without aggressive guidance amid macro uncertainties.

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About KEI Industries Limited (KEI)

Capital Goods · Cables · Listed on NSE

Market Cap: ₹53,536.33 Cr P/E: 53.7 ROE: 17.2% ROCE: 23.6% Div Yield: 0.08%

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"How will KEI's export growth target of 30-40% FY27 growth materialize after Q1 export decline?" "What is the expected margin impact from shifting to higher-value EHV cables at 15% margins?" "When will Sanand plant capacity utilization reach the target 70-75% and generate INR 4,000 crores revenue?"

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🔥 Also filed on 10 August 2026

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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