KEI Industries

KEI · NSE · Mid Cap

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Cables & Conductors·Listed·Directness 42/100

KEI Industries

Power and EHV cables; growing solar and EPC contribution.

Cables & Conductors
Sell / Avoid
Last price
₹5125.00
52W: ₹3,333 – ₹5,303
-3.4% from 52W high
Mkt Cap
₹48.99K Cr
P/E
53.4x
EV/EBITDA
40.1x
ROCE
20.1%
ROE
14.8%
Book Value
₹697.0
Promoter
35.0%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
73
Valuation (20%)
29
Technical (20%)
74
Solar exposure (10%)
42
Policy beneficiary (7.5%)
70
Project pipeline (5%)
78
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹3,333Current: ₹5,125₹5,303
P/E
53.4x
P/B
7.4x
Div Yield
0.09%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. KEI Industries: solar capex + rooftop wave + electrification all support double-digit cable demand growth.

Bull case

Bull case for KEI Industries: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for KEI Industries: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentCables & Conductors
Directness42/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)53.4x—
Forward P/E——
EV/EBITDA40.1x—
EV/Sales4.2x—
P/B7.4x—
FCF Yield1.0%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker KEI · last updated 2026-05-11

Open on Screener.in
Market Cap
₹48.99K Cr
Price
₹5,125.00
Stock P/E
53.4x
Book Value
₹697.0
ROCE
20.1%
ROE
14.8%
Div Yield
0.09%
52W Range
₹3,333 – ₹5,303

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y20.7%
Sales 3Y CAGR19.4%
Sales 5Y CAGR19.7%
PAT 1Y31.9%
PAT 3Y CAGR24.4%
PAT 5Y CAGR25.0%
Profitability
OPM latest10.0%
PAT margin latest7.8%
PAT margin 3Y avg7.4%
ROE14.8%
ROCE20.1%
Asset turnover1.31x
Leverage & cash
D / E0.04x
Net Debt / EBITDA0.21x
Borrowings / Assets2.8%
CFO / EBITDA0.68x
CFO / PAT0.92x
FCF (TTM proxy)₹490 Cr
Valuation
P/E53.4x
EV/EBITDA40.1x
EV/Sales4.19x
P/B7.35x
FCF Yield1.00%
Div Yield0.09%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales5,7276,9088,1219,73611,748
Operating Profit5897028549911,229
OPM %10%10%11%10%10%
Net Profit376477581696918
EPS (₹)41.7352.9364.3572.8896.07

Quarterly results · last 4 quarters

₹ Crore.

MetricMar 2025Jun 2025Sep 2025Dec 2025
Sales2,9152,5902,7262,955
OPM %10%10%10%11%
Net Profit227196204235

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1818181919
Reserves2,1182,5713,1305,7676,646
Borrowings355162166217253
Fixed Assets5315677709931,686
Total Assets3,5273,7704,6567,2358,956

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating229514610-32840
Investing-58-137-353-1,501-350
Financing-31-256-721,919-98
Net Cash Flow140121185386392

Shareholding pattern

Latest disclosed

Promoters
35.00%
FII
27.27%
DII
25.83%
Public
11.88%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.