KEI Industries Ltd

Meeting Details

• 31 Aug–01 Sep 2026, 09:00–17:00, Hong Kong; Physical; One-on-One and Group.
• Organizer: Goldman Sachs (India) Securities Pvt. Ltd.
• 02 Sep 2026, 11:00–17:00, Mumbai; Physical; One-on-One and Group.
• Organizer: Elara Securities (India) Private Limited.

Participants

• Key company participant: Sr. VP (Corporate Finance) & Company Secretary.

Purpose

• Purpose: Analyst/institutional investor meetings.
• Presentations will follow material shared on the company/stock exchange websites.

ESG rating update

• CRISIL assigned KEI ESG rating 'Crisil ESG 59' and Core ESG 68 on Aug 13, 2026.
• KEI did not engage CRISIL; report prepared independently from publicly available FY2024-25 data.
• Rating published by CRISIL ESG Ratings & Analytics Limited.
• Regulation 30 SEBI LODR compliance noted in disclosure.
• FY2024-25 data used as basis for ESG evaluation.
• Report is for information of exchange and members.

Q1 FY27 highlights

• KEI Industries' Q1 FY27 earnings call discusses results and capex plan.
• Q1 FY27 net sales ₹3,185 crore, up 23% YoY; domestic wires ₹2,784 crore, exports ₹341 crore.
• EBITDA ₹415 crore; margin 13.04%; PAT margin 8.61%.
• Extra high-voltage cable sales ₹186 crore, up 47% YoY.
• Pending orders ₹4,292 crore: EPC ₹271 cr, EHV ₹793 cr, domestic ₹2,400 cr, exports ₹822 cr.
• QIP raised ₹2,000 crore; ₹1,785 crore utilized by 30 June 2026; ₹303 crore unutilized.
• Sanand capex ₹2,000 crore; ₹1,722 crore spent; balance ₹278 crore; full capacity expected within 2 years.
• Phase-1 utilisation 50%; 70–75% by next year; Sanand ramp-up ongoing.
• Export share target 17–18% of revenue for FY27.
• Company remains debt-free; cash ₹1,054 crore; QIP balance ₹303 crore.

Business Overview

• Wires & cables across EHV, HT, LT, plus House Wire and Stainless Steel Wire.
• Forward integrated into EPC services for Power, Distribution, Transmission, and sub-station projects.
• FY26 revenue INR 117,478 Mn; EBITDA INR 13,876 Mn; margin 11.81%.
• 9 manufacturing plants across Rajasthan, Gujarat, D&NH.
• R&D facility with NABL-accredited labs.
• Export presence in 60+ countries; offices in 4 countries.
• Export order book INR 8,216 Mn as of July 2026.
• Top 10 customers contributed 13% FY26; 15% in Q1 FY27.

Operational Highlights

• Q1 FY27 revenue grew 22.97% YoY; EBITDA rose 39.57%; margin 13.04%.
• PAT grew 40.05% YoY; margin 8.61% in Q1 FY27.
• FY26 capacity utilization: Cables 84%, Communications 43%, House Wire 69%, Stainless Steel Wire 85%.
• Retail expansion: 26 depots, 38 marketing offices, four overseas offices.
• Export footprint supports forex hedge; presence in 60+ countries.

Financial Performance

• FY24-FY26 net sales: 81,207; 97,359; 117,478 INR Mn.
• EBITDA: 8,862; 10,628; 13,876 Mn; FY26 margin 11.81%.
• PAT: 5,807; 6,964; 9,184 Mn; Q1 FY27 PAT 2,741.
• Q1 FY27 revenue 31,853 Mn; EBITDA 4,154; PAT 2,741.
• Total debt: 1,342; 1,783; 1,862; Q1 FY27 2,039 Mn.
• Cash & equivalents: 10,540 Mn; ROCE 24% FY26; ROE 15% FY26.
• Total assets 91,347 Mn; total equity 69,401 Mn; institutional holding 53.22%.

Capital Structure & Liquidity

• Debt increased to INR 2,039 Mn in Q1 FY27.
• Credit rating: AA+ (stable) long-term; A1+ short-term.

Strategic Priorities & Risks

• Growth focus on expanding exports and retail, strengthening distribution network.
• Industry tailwinds from power transmission, building wires, data centers, and EV charging demand.
• ESG leadership with SBTi commitment; NSE Leader score 72; CareEdge ESG 72.8; board oversight.
• Leadership: MD Anil Gupta; CFO Rajeev Gupta; COO Lalit Sharma.
• Risks: Top 10 customers account for 13-15% of sales; mitigated by diversification and exports.

Meeting Details

• Date and time: 04 August 2026, 12:00 PM IST.
• Type and mode: conference call, virtual.
• Organizer: Nuvama Wealth Management Limited.

Participants

• Key company participants: Chairman-cum-Managing Director; Executive Director (Finance) & CFO.

Purpose

• Purpose: discuss KEI Industries' Q1FY27 results.

Dematerialisation/rematerialisation processing

• Dematerialisation requests for 01/04/2026–30/06/2026 processed; accepted/rejected confirmed to Depositories within 15 days.
• Physical certificates received for dematerialisation mutilated and cancelled after verification.
• Depository name substituted as registered owner in records within 15 days.
• Register of Members updated; updates conveyed to Depositories and Stock Exchanges within 15 days.

Rating Action

• CARE reaffirmed KEI Long-Term Bank Facilities at AA+; Outlook Stable.
• Short-Term Bank Facilities/Commercial Paper rating at A1+.
• CP carved out of sanctioned working capital limits; ₹30 crore.
• CP maturity not exceeding one year.
• Revalidation advised if CP not issued by 25 Aug 2026.

Rationale & Key Factors

• Basis: FY26 operational and financial performance reviewed by CARE.
• Long-Term rating denotes high safety and very low credit risk.
• Short-Term rating reflects very strong safety for timely payments.
• Outlook for AA+ remains Stable.
• No explicit change to ratings beyond reaffirmation.

Instrument Details

• Long-Term Bank Facilities: AA+, Stable.
• Short-Term Bank Facilities/CP: A1+.
• Commercial Paper amount: ₹30 crore; tenor up to one year.
• Carved-out CP linked to sanctioned limits.