Any current/future new fundraising through debt or equity?

KEI Industries is focused on growing in a disciplined manner using internal resource generation. The company aims to remain largely debt-free over time. Current capex is funded through internal accruals, with no mention of new debt or equity fundraising. Growth guidance (16%-18% CAGR) is planned without increasing debt. Rajeev Gupta highlighted that increasing growth beyond this may necessitate debt, which they want to avoid. Brownfield and Greenfield capex are being financed internally; no fundraising from external debt or equity indicated.

Any current/future capex/capital investment/strategic investment?

FY '24 Greenfield capex at Sanand project: INR300 crores this year, INR400 crores next year, INR300 crores in FY '25-'26. FY '24 Brownfield capex: INR48 crores incurred in 1H and INR150 crores planned in 2H at Bhiwadi, Pathredi, Chinchpada, and Silvassa plants. Total estimated capex for FY '24: Approximately INR500 crores (including land value). Increased Brownfield capex at Chinchpada plant from planned INR45-50 crores to INR110 crores to add INR800-900 crores capacity. Pathredi plant Brownfield expansion with INR110 crores capex adding INR800-900 crores capacity, operational Q1 FY '24-25. Sa

Future growth expectations in sales/revenue/volumes?

KEI Industries targets a **16% to 18% CAGR growth** over the next 10 to 15 years, focusing on a disciplined and sustainable model. Capacity expansions: - Brownfield expansions at Chinchpada and Silvassa increasing capacity by ~INR2,000 crores by end of FY. - New Greenfield plant at Sanand expected to commence operation in Q4 FY 24-25. - Additional capex of INR300-350 crores planned annually for next 2-3 years to maintain growth. Export sales growing steadily with a target to increase exports to **15%-17% of total sales**. Domestic market growth: - Institutional cable business to grow s

Future growth expectations in earnings/operating earnings/profits/EPS?

KEI Industries aims for a **16% to 18% growth** per annum over the next 5-7 years in sales and earnings, driven by capacity expansions and disciplined capital allocation. The company plans to maintain **debt-free operations** by using internal accruals for growth investments. Capex of about **INR 500 crores for FY24**, with continued investments in Greenfield and Brownfield projects, supports capacity enhancement for sustained growth. EBITDA margins expected to stabilize around **10.75% to 11%** due to a favorable product mix and operating leverage. Export growth and increased sales in the hig

Current/ Expected Orderbook/ Pending Orders?

Total order book position stands at INR 3,363 crores. Breakdown of order book: - EPC division: INR 804 crores - Extra High Voltage (EHV) power cable (including some EPC portion): INR 725 crores - Domestic cable orders: INR 1,548 crores - Export orders: INR 286 crores Domestic institutional sales constitute 27% of sales. Export sales constitute 15% of sales. Dealer/distributor sales contribute 47%. Extra high-voltage power cable also contributes about 6% to B2B sales.

KEI Industries LtdQ2 FY24Industrial Products

KEI Industries Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹4,442P/E: 42.6Market Cap: ₹42.5K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

KEI Industries targets a 16% to 18% CAGR growth over the next 10 to 15 years, focusing on a disciplined and sustainable model.
Capacity expansions:
- Brownfield expansions at Chinchpada and Silvassa increasing capacity by ~INR2,000 crores by end of FY.
- New Greenfield plant at Sanand expected to commence operation in Q4 FY 24-25.
- Additional capex of INR300-350 crores planned annually for next 2-3 years to maintain growth.
Export sales growing steadily with a target to increase exports to 15%-17% of total sales.
Domestic market growth:
- Institutional cable business to grow steadily around 12%-13%.
- House wire segment targeting 20%-25% growth due to increased geography and retailer reach.
EHV cable segment capacity of INR550-600 crores will be fully utilized, but growth to be maintained within 16%-18% range to avoid debt.
Overall, the company aims for stable, balanced growth across domestic, export, and dealer segments to mitigate risk.

Margin guidance

Category 2

KEI Industries aims for a 16% to 18% growth per annum over the next 5-7 years in sales and earnings, driven by capacity expansions and disciplined capital allocation.
The company plans to maintain debt-free operations by using internal accruals for growth investments.
Capex of about INR 500 crores for FY24, with continued investments in Greenfield and Brownfield projects, supports capacity enhancement for sustained growth.
EBITDA margins expected to stabilize around 10.75% to 11% due to a favorable product mix and operating leverage.
Export growth and increased sales in the high-margin EHV cable segment (currently at 15% EBITDA margin) will contribute positively.
Overall, the company expects a healthy trend in profits and EPS, aligned with its targeted revenue growth and margin profile.

See what KEI Industries Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

KEI Industries is focused on growing in a disciplined manner using internal resource generation.
The company aims to remain largely debt-free over time.
Current capex is funded through internal accruals, with no mention of new debt or equity fundraising.
Growth guidance (16%-18% CAGR) is planned without increasing debt.
Rajeev Gupta highlighted that increasing growth beyond this may necessitate debt, which they want to avoid.
Brownfield and Greenfield capex are being financed internally; no fundraising from external debt or equity indicated.

Order book

Total order book position stands at INR 3,363 crores.
Breakdown of order book:
- EPC division: INR 804 crores
- Extra High Voltage (EHV) power cable (including some EPC portion): INR 725 crores
- Domestic cable orders: INR 1,548 crores
- Export orders: INR 286 crores
Domestic institutional sales constitute 27% of sales.
Export sales constitute 15% of sales.
Dealer/distributor sales contribute 47%.
Extra high-voltage power cable also contributes about 6% to B2B sales.

See what KEI Industries Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

FY '24 Greenfield capex at Sanand project: INR300 crores this year, INR400 crores next year, INR300 crores in FY '25-'26.
FY '24 Brownfield capex: INR48 crores incurred in 1H and INR150 crores planned in 2H at Bhiwadi, Pathredi, Chinchpada, and Silvassa plants.
Total estimated capex for FY '24: Approximately INR500 crores (including land value).
Increased Brownfield capex at Chinchpada plant from planned INR45-50 crores to INR110 crores to add INR800-900 crores capacity.
Pathredi plant Brownfield expansion with INR110 crores capex adding INR800-900 crores capacity, operational Q1 FY '24-25.
Sanand Greenfield project: Commercial production expected Q4 FY '24-25.
Focus on disciplined growth, mainly debt-free, to maintain steady CAGR growth of 15-16%.

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