KEI

KEI Industries Limited

Wires and cables from house wiring to extra-high-voltage power cables

Industrials›Capital Goods›Industrial Products›Cables - Electricals

kei-ind.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹4482.30
Market cap
42,844 Cr
Stock P/E
43.0
P/B
6.43
Dividend yield
0.1%
ROE (FY26)
13.8%
ROCE (FY26)
18.9%
Operating margin (FY26)
9.7%
Debt / equity (FY26)
0.03
OCF / EBITDA (FY26)
68.3%
OCF / EBITDA (3Y)
46.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

KEI (KEI Industries) makes wires and cables, from house wires to extra-high-voltage (EHV) power cables, and sells them to institutional and project customers and through a dealer network in India and in export markets.

Company snapshot

2ndBy market cap

Ranked among 14 companies in Cables - Electricals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 93.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Segment - Cables & Wires
93.5%
6,368 Cr668 Cr—
Segment - EPC Projects
6.4%
433 Cr44 Cr—
Segment - Stainless Steel Wire
2.5%
169 Cr7 Cr—
Unallocated Segment—0 Cr0 Cr—

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Debt-to-equity of 0.03x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 46% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,947 Cr2,062 Cr2,319 Cr2,060 Cr2,280 Cr2,467 Cr2,915 Cr2,590 Cr2,726 Cr2,955 Cr3,476 Cr3,185 Cr
Operating expenses (approx.)1,743 Cr1,845 Cr2,075 Cr1,846 Cr2,059 Cr2,226 Cr2,614 Cr2,332 Cr2,457 Cr2,635 Cr3,095 Cr2,790 Cr
EBITDA204 Cr217 Cr245 Cr215 Cr221 Cr241 Cr301 Cr258 Cr269 Cr320 Cr382 Cr396 Cr
OPM %10.5%10.5%10.5%10.4%9.7%9.8%10.3%10.0%9.9%10.8%11.0%12.4%
Other income8 Cr12 Cr15 Cr18 Cr17 Cr14 Cr37 Cr40 Cr42 Cr34 Cr43 Cr20 Cr
Interest8 Cr11 Cr17 Cr14 Cr13 Cr14 Cr14 Cr15 Cr14 Cr17 Cr19 Cr18 Cr
Depreciation16 Cr15 Cr16 Cr16 Cr16 Cr19 Cr19 Cr20 Cr20 Cr23 Cr28 Cr29 Cr
Profit before tax188 Cr202 Cr227 Cr203 Cr208 Cr221 Cr305 Cr263 Cr277 Cr315 Cr377 Cr369 Cr
Tax %25.6%25.6%25.8%25.9%25.5%25.5%25.8%25.6%26.6%25.4%24.6%25.7%
Net profit140 Cr151 Cr168 Cr150 Cr155 Cr165 Cr227 Cr196 Cr204 Cr235 Cr284 Cr274 Cr
EPS (₹)₹15.54₹16.70₹18.67₹16.65₹17.16₹17.87₹23.71₹20.49₹21.30₹24.57₹29.74₹28.68

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,832 Cr3,503 Cr4,231 Cr4,888 Cr4,182 Cr5,727 Cr6,912 Cr8,104 Cr9,736 Cr11,748 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,563 Cr3,164 Cr3,790 Cr4,391 Cr3,721 Cr5,138 Cr6,206 Cr7,267 Cr8,745 Cr10,519 CrSign in free for the trailing twelve months
EBITDA269 Cr339 Cr441 Cr497 Cr460 Cr589 Cr706 Cr838 Cr991 Cr1,229 CrSign in free for the trailing twelve months
OPM %9.5%9.7%10.4%10.2%11.0%10.3%10.2%10.3%10.2%10.5%Sign in free for the trailing twelve months
Other income10 Cr9 Cr7 Cr17 Cr20 Cr15 Cr28 Cr49 Cr72 Cr159 CrSign in free for the trailing twelve months
Interest124 Cr112 Cr136 Cr129 Cr57 Cr40 Cr35 Cr44 Cr56 Cr64 CrSign in free for the trailing twelve months
Depreciation28 Cr32 Cr34 Cr57 Cr58 Cr55 Cr57 Cr61 Cr70 Cr91 CrSign in free for the trailing twelve months
Profit before tax126 Cr204 Cr278 Cr328 Cr366 Cr508 Cr642 Cr781 Cr937 Cr1,232 CrSign in free for the trailing twelve months
Tax %25.7%29.2%35.0%21.8%25.2%25.9%25.6%25.6%25.7%25.5%Sign in free for the trailing twelve months
Net profit94 Cr145 Cr181 Cr256 Cr273 Cr376 Cr477 Cr581 Cr696 Cr918 CrSign in free for the trailing twelve months
EPS (₹)₹12.08₹18.54₹22.98₹31.65₹30.47₹41.77₹52.94₹64.37₹75.65₹96.09Sign in free for the trailing twelve months
Dividend payout %————6.6%6.0%5.7%4.8%6.0%4.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital16 Cr16 Cr16 Cr18 Cr18 Cr18 Cr18 Cr18 Cr19 Cr19 Cr
Reserves446 Cr589 Cr762 Cr1,489 Cr1,760 Cr2,118 Cr2,571 Cr3,130 Cr5,767 Cr6,646 Cr
Borrowings692 Cr750 Cr458 Cr315 Cr285 Cr331 Cr135 Cr134 Cr178 Cr186 Cr
Other liabilities742 Cr865 Cr1,527 Cr1,447 Cr951 Cr1,060 Cr1,046 Cr1,374 Cr1,271 Cr2,105 Cr
Total liabilities1,896 Cr2,220 Cr2,764 Cr3,269 Cr3,014 Cr3,527 Cr3,770 Cr4,656 Cr7,235 Cr8,956 Cr
Fixed assets (net)402 Cr404 Cr486 Cr496 Cr474 Cr474 Cr484 Cr541 Cr756 Cr1,307 Cr
CWIP3 Cr23 Cr32 Cr11 Cr7 Cr17 Cr15 Cr121 Cr385 Cr1,002 Cr
Investments3 Cr3 Cr2 Cr0.75 Cr1 Cr2 Cr1 Cr2 Cr2 Cr2 Cr
Loans & advances——4 Cr3 Cr2 Cr1 Cr2 Cr2 Cr2 Cr2 Cr
Inventories499 Cr556 Cr693 Cr864 Cr768 Cr1,079 Cr1,102 Cr1,343 Cr1,730 Cr2,401 Cr
Trade receivables825 Cr1,023 Cr1,091 Cr1,368 Cr1,350 Cr1,396 Cr1,388 Cr1,518 Cr1,797 Cr1,842 Cr
Cash & bank32 Cr60 Cr22 Cr119 Cr220 Cr359 Cr480 Cr666 Cr1,052 Cr1,444 Cr
Other assets132 Cr151 Cr435 Cr407 Cr191 Cr199 Cr298 Cr464 Cr1,511 Cr957 Cr
Total assets1,896 Cr2,220 Cr2,764 Cr3,269 Cr3,014 Cr3,527 Cr3,770 Cr4,656 Cr7,235 Cr8,956 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-29 Cr191 Cr623 Cr-13 Cr154 Cr229 Cr514 Cr611 Cr-32 Cr840 Cr
Cash from investing-63 Cr-76 Cr-275 Cr11 Cr75 Cr-58 Cr-137 Cr-353 Cr-1,501 Cr-350 Cr
Cash from financing229 Cr-69 Cr-386 Cr99 Cr-129 Cr-31 Cr-256 Cr-72 Cr1,919 Cr-98 Cr
Net cash flow137 Cr45 Cr-38 Cr97 Cr101 Cr139 Cr121 Cr186 Cr386 Cr392 Cr
Free cash flow (OCF − Capex)-91 Cr125 Cr500 Cr-94 Cr130 Cr169 Cr438 Cr355 Cr-724 Cr-292 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.7%23.4%33.5%25.1%20.5%22.2%24.8%25.1%16.6%18.9%
ROE %20.3%23.9%23.2%17.0%15.4%17.6%18.4%18.4%12.0%13.8%
Debtor days106106941021178973686757
Inventory days978383901008778808194
Days payable9494122122976153603652
Cash conversion cycle110955570121114988811299
OCF / EBITDA %-10.7%56.2%141.3%-2.6%33.4%38.8%72.8%72.9%-3.3%68.3%
OCF / EBITDA % (3 years)——74.8%62.7%54.6%23.9%51.1%63.4%43.1%46.4%
Debt / equity1.501.240.590.210.160.160.050.040.030.03
Current ratio1.121.241.201.632.142.222.832.584.182.96
Net debt / EBITDA2.45—0.990.390.14-0.05-0.49-0.64-0.88-1.02