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KEI Industries

Q1 FY27

KEI Industries Q1 FY27 earnings call: Revenue & Margins

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹4,482

Market cap₹42.9K Cr

P/E43.0

Updated16 Oct 2026

Read4 min read

What the Q1 FY27 call signalled

3 of 5 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

FundraiseNo fundraise planned

Order bookOrder book rising

The short version

KEI Industries targets a conservative yet disciplined revenue growth of 20%+ CAGR, balancing capital allocation and risk mitigation. KEI Industries expects to maintain a disciplined growth rate of 20%+ CAGR over the next 2-3 years, driven by strong demand in domestic and export markets.

From KEI Industries's Q1 FY27 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Good growth

KEI Industries targets a conservative yet disciplined revenue growth of 20%+ CAGR, balancing capital allocation and risk mitigation.
Although market demand and capacity allow for higher growth (up to ~30%), management prefers sustainable growth over aggressive expansion.
Export sales are expected to grow to 17-18% of total revenue in FY27, implying 30-40% growth in exports, recovering from Q1 setbacks due to Middle East crisis.
Ramp-up of new capacities, especially at Sanand and upcoming Bhiwadi factories, aims to increase production and support revenue up to INR7,000 crores from INR2,000 crores capex over 2 years.

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Profitability & Margins

KEI Industries expects to maintain a disciplined growth rate of 20%+ CAGR over the next 2-3 years, driven by strong demand in domestic and export markets.
The company is focused on sustainable long-term growth rather than aggressive short-term gains, resisting growth beyond this range due to capital allocation discipline.
Operating (EBITDA) margins are expected to stabilize in the range of 11%-12%, reflecting improved product mix, operational efficiency, and increased retail contribution.
Capital expenditure is planned at around INR 600-700 crores annually for the next 3-4 years, with greenfield projects like Sanand ramping up to contribute revenues of INR 6,000-7,000 crores within 2 years.

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Capital Expenditure Plans

Capex planned

Ongoing capex of INR 2,000 crores underway, primarily in Sanand and Salarpur projects.
Sanand plant’s revenue potential expected to increase from INR 6,000 crores to INR 7,000 crores within 2 years post completion.
Salarpur plant capex is INR 700 crores, with INR 300-350 crores planned for the current financial year.
An additional new factory planned in Bhiwadi (Salarpur area) with capex around INR 700 crores over the next 2 years.
Annual capex guidance of INR 600-700 crores to sustain 20%+ CAGR growth.
New investments primarily focused on low-voltage and medium-voltage power cables.

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Fundraising & Capital Structure

KEI Industries Limited is currently a debt-free company, as highlighted by Rajeev Gupta and Anil Gupta.
There is no mention of any ongoing or future plans for fundraising through debt in the transcript.
The company emphasizes disciplined capital allocation and prefers to maintain a conservative growth trajectory without increasing leverage.
Capital expenditure plans (INR 600-700 crores annually) are funded internally to support capacity expansion and growth.

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Order Book & Pipeline

Order book rising

Total pending order book: INR 4,292 crores
EPC orders: INR 271 crores
Extra High Voltage (EHV) cable orders: INR 793 crores

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KEI Industries — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Q1 FY27 figures are not in this chart yet. Latest shown: Mar 2026 (Q4 FY26). The Q1 FY27 numbers from the filing are in the analysis on this page.

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹3.5K Cr, net profit ₹284 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What KEI Industries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were KEI Industries Q1 FY27 results?

KEI Industries targets a conservative yet disciplined revenue growth of 20%+ CAGR, balancing capital allocation and risk mitigation. KEI Industries expects to maintain a disciplined growth rate of 20%+ CAGR over the next 2-3 years, driven by strong demand in domestic and export markets.

What is KEI Industries share price analysis?

KEI Industries currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 43.0 with a market cap of ₹42,851 Cr. Investors should review the full earnings analysis for detailed insights.

Is KEI Industries planning capital expenditure?

Ongoing capex of INR 2,000 crores underway, primarily in Sanand and Salarpur projects.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.