KEI Industries Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 18 Jul 2026 | Industrial Products | Market Cap: ₹53.3K Cr

KEI aims for a 20% CAGR growth in sales/revenue over the next 3 to 5 years, irrespective of copper price fluctuations. KEI Industries aims for a sustained 20% CAGR growth over the next 3-5 years, driven by new capacities including the Sanand facility ramp-up.

From KEI Industries Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹5,528

Market Cap

₹53.3K Cr

P/E Ratio

53.5

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KEI Industries Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹3.5K Cr, net profit ₹284 Cr.

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📊 Revenue & Sales Performance

→KEI aims for a 20% CAGR growth in sales/revenue over the next 3 to 5 years, irrespective of copper price fluctuations.
→Export contribution is targeted to reach around 20% within 1 to 2 years, currently close to 17%.
→With the Sanand facility ramping up, substantial volume and revenue growth is expected starting Q4 FY26 and strengthening in FY27 onwards.
→Capacity constraints hampered growth in past 2 years, now resolved with new capacity additions, enabling strong growth.
→Export markets, including Europe, Australia, Middle East, and Africa, offer large untapped opportunities with continued strong demand.
→Domestic and urban underground projects continue to be a focus area with ongoing large project executions.
→Volume growth guidance is 16-18%, with current utilization around 75-76%.
→Incremental capacity from Sanand will drive peak revenue potential up to INR12,500 crores excluding new capacity.

📈 Profitability & Margins

→KEI Industries aims for a sustained 20% CAGR growth over the next 3-5 years, driven by new capacities including the Sanand facility ramp-up.
→Profit after tax/net sales margin improved to 7.95% in Q3 FY '26, with EBITDA margins expected to increase by approximately 100 bps over the next two years, targeting around 11% for FY '27.
→EBITDA growth is supported by enhanced product mix, particularly in extra high-voltage cables and exports which are higher margin segments.
→Capacity expansion (capex of INR ~1,353 crores at Sanand) will lead to increased top-line potential of INR 12,500 crores (excluding Sanand), with further upside from Sanand.
→Profit growth is expected despite raw material price volatility, due to natural hedging and price pass-through to customers.
→Operating leverage might be impacted in short term due to capex ramp-up but long-term profitability is expected to improve.

🏗️ Capital Expenditure Plans

→KEI Industries has commissioned the Sanand facility with a capacity of around INR250 crores per month, ramping up gradually through FY '27.
→A new brownfield expansion at Bhiwadi is in the planning stage, with land already acquired (INR92 crores investment).
→Additional land acquisition near Baroda (~70 acres) is underway for further expansion.
→The company plans to invest around INR2,000 crores in capex over the next 3 to 4 years, excluding Sanand.
→Sanand project capex of INR2,000 crores expected to be fully capitalized by March 2027.
→Future capex plans over 6 months include finalizing another INR2,000 crores investment.
→The expansion targets a 20% CAGR growth over the next 4 to 5 years, with expected turnover from Sanand alone at INR2,700 crores in FY '27.
→Depreciation related to capex will phase in fully by FY '28.

💰 Fundraising & Capital Structure

- KEI Industries Limited has a planned capex of around INR 2,000 crores over the next 3 to 4 years apart from Sanand. - They are in the process of acquiring new land in Bhiwadi and Baroda for expansion. - The management mentioned that the next capex of INR 2,000 crores is on the drawing board and is expected to be finalized within the next 6 months. - There is no explicit mention of current or upcoming equity fundraising. - Debt or equity fundraising details are not specifically disclosed in the provided transcript, but the large planned capex may imply potential future funding requirements. - The company seems focused on utilizing existing capacities and new capacities coming online (e.g., Sanand plant). No specific confirmation of immediate fundraising through debt or equity is given in the call.

📋 Order Book & Pipeline

→Total order book of KEI Industries Limited stands at INR 3,928 crores.
→Order book breakdown:
→ - EPC orders: INR 361 crores
→ - Extra High Voltage (EHV) power cable orders: INR 717 crores
→ - Domestic cable orders: INR 2,426 crores
→ - Export cable orders: INR 424 crores
→Execution timeline for current orders is mostly within 3 to 4 months; few orders may take up to 5 months.
→Orders are quickly replaceable, with new orders coming in monthly.
→Domestic institutional sales for 9 months were INR 1,880 crores for Cable & Wires and INR 370 crores for EHV.
→Utilization of cable capacity is around 75-76%, with capacity limited due to increased exports.

Key Metrics

What KEI Industries's management said in earlier quarters

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Frequently Asked Questions

What were KEI Industries Ltd Q3 FY26 results?

What is KEI Industries Ltd share price analysis?

KEI Industries Ltd currently shows a neutral. The stock trades at a P/E of 53.5 with a market cap of ₹53,316 Cr. Investors should review the full earnings analysis for detailed insights.

Is KEI Industries Ltd planning capital expenditure?

KEI Industries has commissioned the Sanand facility with a capacity of around INR250 crores per month, ramping up gradually through FY '27.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.