KEI Industries Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Industrial Products | Market Cap: ₹53.3K Cr
KEI Industries expects a growth rate of 17%-18% in FY 2025-26, primarily due to phased commissioning of the Sanand plant and a strong order book. KEI Industries expects to grow revenues at 17-18% in FY 2025-26, driven by capacity ramp-up at the Sanand plant.
From KEI Industries Ltd's Q4 FY25 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
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.5K Cr, net profit ₹284 Cr.
Full financials →📊 Revenue & Sales Performance
- →KEI Industries expects a growth rate of 17%-18% in FY 2025-26, primarily due to phased commissioning of the Sanand plant and a strong order book.
- →From FY 2026-27 onwards, growth is projected to accelerate to 19%-20% owing to full utilization of new capacities.
- →The company aims to ramp up production at the Sanand facility to optimal capacity (70%-80%) over approximately three years.
- →Growth will be fueled by expanding dealer-distributor networks, especially in Eastern and Southern India, and increasing exports to multiple regions.
- →Major demand drivers include renewable power generation (solar and wind), coal-based thermal power, transmission and distribution infrastructure, railways, metro projects, highways, and electric vehicle infrastructure.
- →KEI plans continuous growth through economy of scale and capacity expansion without depending heavily on price increases.
- →Export markets will diversify beyond the US, mitigating dependence on any single geography.
📈 Profitability & Margins
- →KEI Industries expects to grow revenues at 17-18% in FY 2025-26, driven by capacity ramp-up at the Sanand plant.
- →From FY 2026-27 onwards, the company targets a higher growth rate of 19-20% due to full utilization of new capacities.
- →EBITDA margins are projected to remain stable around 10.5-11% in FY 2025-26, with expected improvement of 0.5-1% from FY 2027-28 due to economies of scale.
- →Profit After Tax (PAT) growth is expected to follow revenue growth, with past PAT growth around 19.85% in FY 2024-25.
- →Management is confident of sustaining growth irrespective of contingencies or pricing fluctuations, leveraging increasing orders in domestic institutional and export markets.
- →The company aims to improve EPS in line with its revenue and margin growth strategy over the medium term.
🏗️ Capital Expenditure Plans
- →The company raised Rs. 2000 crore through QIP on November 20, 2024, allocated as follows:
- → - Rs. 1450 crore for CAPEX (primarily the Sanand project)
- → - Rs. 240 crore for general corporate purposes
- → - Rs. 276 crore for debt repayment
- → - Rs. 34 crore for QIP expenses
- →As of March 31, 2025, Rs. 621 crore of QIP funds utilized; Rs. 1300 crore unutilized to be invested in completing the Sanand project in FY 25-26.
- →The Sanand project’s first phase of low tension and HT cables to commence commercial production by end of Q1 FY 25-26; entire project expected completed by end of FY 25-26.
- →Additional brownfield CAPEX completed in FY 24-25 at Chinchpada, Pathredi, Bhiwadi, and Silvassa plants adding capacity.
- →Maintenance CAPEX of about Rs. 100 crore planned alongside new land investments.
- →The company aims for 17-18% growth in FY 25-26 and 19-20% growth over next 2-3 years driven by capacity additions.
💰 Fundraising & Capital Structure
- →KEI Industries Limited raised Rs. 2,000 crore through a Qualified Institutional Placement (QIP) on November 20, 2024, allocated as follows: Rs. 1,450 crore for CAPEX, Rs. 240 crore for general corporate purposes, Rs. 276 crore for repayment of term loan and WCDL, and Rs. 34 crore for QIP expenses.
- →As of March 31, 2025, Rs. 621 crore of the QIP funds have been utilized.
- →The company currently has substantial cash reserves (net cash available Rs. 1,491 crore), including Rs. 1,385 crore of unutilized QIP funds.
- →No new fundraising through debt or equity is mentioned for the immediate future; management indicated that additional funds or credit facilities will be raised only as needed.
- →The focus is on deploying existing funds mainly to complete the Sanand project and other CAPEX activities in FY 2025-26.
📋 Order Book & Pipeline
- →Total pending order book as of April 30, 2025: Approximately Rs. 3,839 crore.
- →Breakdown of pending orders:
- → - EPC orders: Rs. 423 crore.
- → - Extra High Voltage (EHV) cable pending orders: Rs. 603 crore.
- → - Domestic cable orders: Rs. 2,112 crore.
- → - Cable export orders: Rs. 701 crore.
- →Total cable and wire segment order book: Rs. 3,416 crore.
- →Strong order book of Domestic Institutional for cable sale, export orders for cable sales, and extra high voltage cables totaling Rs. 3,416 crore.
- →Current order book expected to help achieve 17-18% growth in FY 25-26 and 19-20% growth in the next 2-3 years.
Key Metrics
Frequently Asked Questions
What were KEI Industries Ltd Q4 FY25 results?
KEI Industries expects a growth rate of 17%-18% in FY 2025-26, primarily due to phased commissioning of the Sanand plant and a strong order book. KEI Industries expects to grow revenues at 17-18% in FY 2025-26, driven by capacity ramp-up at the Sanand plant.
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?
The company raised Rs.
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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.