Future growth expectations in sales/revenue/volumes?

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 an

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

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 fluctuat

Current/ Expected Orderbook/ Pending Orders?

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 yea

Any current/future new fundraising through debt or equity?

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; manage

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

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

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KEI Industries LtdQ1 FY26Industrial Products

KEI Industries Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹4,906P/E: 53.3Market Cap: ₹48.9K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 2

→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.

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Fundraise plans

Yes

→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

→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.

Capex plans

Yes

→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.

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