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KEI Industries

Q2 FY26

KEI Industries Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 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

The short version

KEI Industries targets a 20%+ CAGR growth over the next 3 to 5 years. KEI Industries expects to maintain a robust revenue growth of 20%+ CAGR over the next 3 to 5 years.

From KEI Industries's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

KEI Industries targets a 20%+ CAGR growth over the next 3 to 5 years.
For FY '25-'26, growth expected to be above 17%-18%, aiming to cross 20%.
FY '26-'27 guidance is around 20% growth, with potential for higher growth once new capacity at Sanand plant is fully operational and markets are developed.
Incremental growth partly limited by current capacity constraints; around 5%-7% growth expected from existing capacity next year.
Growth to be driven by multiple markets: domestic, exports, retail, and institutional segments.
Export sales expected to increase to around 18% of total sales by FY '27.
Capacity utilization currently moderate; expansion expected to fuel volume growth.

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Profitability & Margins

KEI Industries expects to maintain a robust revenue growth of 20%+ CAGR over the next 3 to 5 years.
EBITDA margins are currently around 10% to 10.5% and expected to remain stable through FY '26-'27.
Margin expansion of 1% to 1.5% is anticipated post full Sanand plant commissioning, likely in FY '28.
Profit after tax grew 30.88% in the recent period, reflecting strong earnings growth.
Incremental growth of 5%-7% for FY '27 is expected from existing capacity; additional growth will come from new capacity at Sanand.
Sanand plant is projected to contribute INR 2,000-2,500 crores to topline next year, improving profitability via economy of scale.

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Capital Expenditure Plans

KEI Industries is undertaking a significant capex project at the Sanand plant with an investment of around INR 1,000 crores this year.
The Sanand plant will add approximately INR 3,000 crores of new capacity (about 50% of the total estimated INR 6,000 crores project capacity).
Capacity addition includes INR 1,200 crores for extra high-voltage cables and INR 4,800 crores for low- and medium-voltage power cables.
Phase 1 of the Sanand plant, contributing over 50% of the capacity, is expected to be operational by November 2025 (commercial production started).
Phase 2, mainly for extra high-voltage and medium-voltage cables, is delayed by around 9 months due to complex vertical tower construction but progressing steadily.

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Fundraising & Capital Structure

The transcript from KEI Industries Limited's Q2 FY26 conference call does not explicitly mention any current or future plans for fundraising through debt or equity. However, some relevant points are: - The company has deployed around INR 1,000 crores of capex this year for the Sanand facility expansion. - Fixed costs and overheads related to new capacity are expected to be covered by increased topline. - There is no direct discussion about raising new debt or equity.

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Order Book & Pipeline

Total order book as of September 30, 2025, stands at INR 3,824 crores.
Order book breakup:
EPC orders: INR 484 crores
Extra High Voltage (EHV) power cable orders: INR 636 crores
Domestic institutional cable orders: INR 2,068 crores
Export cable orders: INR 636 crores
Cable orders typically executed within 4 months; EPC orders have a timeline of about 18 months.
Domestic institutional market order book is strong with close to INR 2,100 crores pending.

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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

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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Revenue from operations for H1 FY26: ₹9,604.6 Lakhs . Key investor presentation takeaways from Shubhshree Biofuels Energy Ltd's Q2 FY26 investor presentation —
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H1FY26 Net Sales:** ₹670.4 Mn . Key investor presentation takeaways from De Neers Tools's Q2 FY26 investor presentation — and how it ranks against sector peers.
WOL 3D India Ltd (Q2 FY26)
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Frequently Asked Questions

What were KEI Industries Q2 FY26 results?

KEI Industries targets a 20%+ CAGR growth over the next 3 to 5 years. KEI Industries expects to maintain a robust revenue growth of 20%+ CAGR over the next 3 to 5 years.

What is KEI Industries share price analysis?

KEI Industries currently shows a neutral. 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?

KEI Industries is undertaking a significant capex project at the Sanand plant with an investment of around INR 1,000 crores this year.

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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.