KEI Industries Ltd(KEI)

NSE: KEIBSE: 517569

₹ 3,896+4.87%refreshed 26 Oct, 03:50 pm ISTMarket cap: ₹ 37,246 crWebsite: www.kei-ind.comUpdated: 24 Oct 2026

About

KEI Industries Ltd, established in 1968, makes LT, HT and EHV cables, house wires, winding wires and stainless-steel wires, and undertakes EPC projects for substations and transmission and distribution systems. Cables and wires made up 93.5% of FY26 revenue, and the company reported revenue of Rs 11,747.76 crore in FY26. It is consistently ranked among the top three players in India's organised wire and cable sector and is among the few Indian companies able to make EHV cables above 220kV.^[1][2][3]

Business segments

Cables & Wires contributed 93.5% of FY26 revenue at INR 11,220.57 crore.^[2]
EPC Projects contributed 4.7% of FY26 revenue at INR 561.44 crore; its revenue share has fallen 20.6 percentage points since FY2020.^[2]

Products and brands

The portfolio spans LT, HT and EHV cables, house wires, winding wires and stainless-steel wires, plus EPC services for substations and T&D systems (FY25 annual report).^[1]
KEI is among the few Indian companies able to make EHV cables above 220kV and is among the global producers of 400kV EHV cables (FY25).^[1]
KEI holds UL (US) and BASEC (UK) certifications, and has an EHV technical partnership with Brugg Kabel of Switzerland and a team of 45-50 design engineers (FY25).^[1]
KEI has been recognised as a 'Superbrand' in India for 2011-16 and 2019-25; Virat Kohli is its brand ambassador.^[1]

Manufacturing and operations

Six plants as of FY25: Bhiwadi, Chopanki and Pathredi in Rajasthan, and Rakholi and Chinchpada in Dadra and Nagar Haveli and Daman and Diu; two more, at Harchandpur and Dapada, make PVC compound in-house.^[1]
Capacity added during FY25 was 6,10,100 km: 53,500 km of cables and 5,56,600 km of wires.^[1]
All Rajasthan cable plants ran at peak capacity through FY25 and FY26; extra FY26 volume came only from Chinchpada (added Q2 FY25) and a negligible Sanand contribution.^[4]
Sanand (Gujarat) greenfield plant Phase 1 (LV/MV cables) was commissioned in December 2025; INR 1,722 crore spent against a INR 2,000 crore budget as of Q1 FY27.^[5]
Sanand Phase 1 reached about 50% utilisation as of early August 2026; electron-beam cable machinery became operational in Q2 FY27.^[5]
KEI has executed more than 30 to 40 large EHV underground projects across India over the last 10 years.^[6]
Permanent employees numbered 2,050 at March 31, 2025.^[1]

Key operating numbers

Total order book was INR 4,292 crore in Q1 FY27, vs INR 3,585 crore at 31 March 2026 and INR 3,928 crore at 31 December 2025.^[5]
EHV cable order book was INR 793 crore in Q1 FY27, vs INR 625 crore (plus INR 233 crore L1) at 31 March 2026 and INR 717 crore at 31 December 2025.^[5]
Cable utilisation was 72% in Q1 FY27 vs 84% in FY26; house wire 61% vs 69%; stainless steel wire 91% vs 85%.^[5]
EHV cable revenue was INR 186 crore in Q1 FY27 vs INR 126 crore a year earlier; domestic EHV was INR 559 crore in FY26 vs INR 308 crore in FY25.^[5]
FY26 net cable volume growth was 6.21% (copper cables +15%, aluminium flat), constrained by Rajasthan plants at peak capacity.^[4]

Customers and distribution

Dealer and distributor channel made up 59.09% of sales in Q1 FY27 vs 51.18% in Q1 FY26.^[5]
Active dealers numbered 2,128 in Q1 FY27, vs 2,125 at 31 March 2026 and 2,114 at 31 December 2025.^[5]
KEI ran 34 branch offices and 26 warehouses across India in FY25; channel financing covered 62% of distributor sales.^[1]
KEI exports to over 60 countries with offices in 4 countries; main markets are Australia, the US, the Middle East, Europe and Africa (FY25).^[1]
Exports were INR 1,833 crore in FY26 vs INR 1,267 crore in FY25; Q1 FY27 export W&C revenue was INR 341 crore, down 7.29% YoY.^[5]
KEI is the first Indian company to supply 330 kV cables to Australia and 220 kV cables to UAE and Spain, and the only Indian company in the National Grid UK framework up to 400 kV.^[6]

Expansion and capex

Sanand Phase 2 EHV VCV tower (152 metres) is under construction, with commissioning expected by March 2027; Sanand will make KEI the first Indian company with HVDC cable manufacturing capability.^[5][1]
Sanand peak revenue capacity raised to about INR 7,000 crore (from INR 6,000 crore) with INR 100-200 crore of balancing equipment within two years of full commissioning.^[5]
Brownfield LV/MV cable plant at Salarpur, Bhiwadi, announced in early August 2026: INR 700 crore over about two years, INR 300-350 crore in FY27.^[5]
Annual capex of INR 600-700 crore guided for the next three to four years across plants (as of Q1 FY27).^[5]
Land bought in Bhiwadi for INR 92 crore; about 70 acres being accumulated in Baroda for a future plant (Q3 FY26).^[6]

Management targets

Management targets FY27 revenue growth above 25% and INR 25,000 crore revenue by FY29-30 (as of Q1 FY27).^[5]
Sanand guided to contribute INR 1,500-2,000 crore in FY27 (down from INR 2,700 crore earlier), and about INR 4,000 crore at 70-75% utilisation in FY28.^[5]
Exports targeted at 17-18% of FY27 revenue.^[5]

Recent developments

Q1 FY27 exports were hit by non-execution of Middle East orders due to the Iran war and by US customs-duty issues.^[5]
KEI raised INR 2,000 crore via QIP on 28 November 2024; INR 1,785 crore was deployed by 30 June 2026.^[5]

Market Cap

₹37,246 Cr

High / Low

₹5,931 / 3,652

Stock P/E

33.6

Price / Book

4.9

Book Value

₹697

EPS

₹96.1

No. of Shares

9.56 Cr

ROCE

20.1%

ROE

14.8%

OPM

10.9%

Debt / Equity

0.03

Sales

₹11,748 Cr

Net Profit

₹918 Cr

Promoter holding

35.0%

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KEI Industries Ltd(KEI)

About

Business segments

Products and brands

Manufacturing and operations

Key operating numbers

Customers and distribution

Expansion and capex

Management targets

Recent developments

Signal history

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