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Swing Capital

KEI Industries Ltd

NSE: KEI BSE: 517569

Incorporated in 1968, KEI Industries Ltd manufactures wires and cables (W&C) like EHV cables, HT cables, LT cables, and sells them in India and overseas[1]

₹5,084
52W: ₹3410 — ₹5303
PE 53 · Book ₹697 · +629% vs book
Market Cap₹48,607 Cr
Stock P/E53Price to Earnings
ROCE20.1%Return on Capital
ROE14.8%Return on Equity
Div. Yield0.09%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 27.8% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 7.19 times its book value

Shareholding Pattern

Promoters35%
FIIs27.27%
DIIs25.83%
Public11.88%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters37.08%37.06%▼0.035.01%▼2.135.01%35.01%35%▼0.035%35%
FIIs30.75%31.11%▲0.429.75%▼1.425.83%▼3.926.59%▲0.825.82%▼0.825.49%▼0.327.27%▲1.8
DIIs16.56%16.01%▼0.520.72%▲4.723.51%▲2.825.63%▲2.126.71%▲1.127.27%▲0.625.83%▼1.4
Public15.6%15.82%▲0.214.52%▼1.315.65%▲1.112.77%▼2.912.47%▼0.312.25%▼0.211.88%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,0592,3302,0652,2842,4722,9152,5902,7262,9553,476
Expenses1,8452,0751,8462,0592,2262,6142,3322,4572,6353,095
Operating Profit215255219225246301258269320382
OPM %10%11%11%10%10%10%10%10%11%11%
Net Profit151169150155165227196204235284
EPS ₹16.718.716.6517.1517.2523.7120.4921.2924.5729.74

AI Insights

Revenue Trend

Mar 2026 revenue at ₹11,748Cr, up 20.7% YoY. OPM at 10%.

Debt Position

Borrowings at ₹253Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,002Cr (59% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 25.83% (+6.28pp change). FIIs: 27.27% (-0.40pp change). Promoters hold 35%.

Margin & Efficiency

ROCE declining from 22% (Mar 2015) to 20% (Mar 2026). Working capital days: 80.

Valuation

PE 53x with 20.1% ROCE. Price is 629% above book value of ₹697. Dividend yield: 0.09%.

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