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KEI Industries Ltd (KEI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517569 NSE: KEI Cable | Mid Cap | KEI Industries Share Price

₹5,296.45 76.10 (1.46%)

As on 04-Jun'26 16:59

KEI Industries Ltd (KEI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517569 NSE: KEI Cable | Mid Cap | KEI Industries Share Price

₹5,296.45 76.10 (1.46%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹50,634 Cr.
Current Price
₹5,296.5
52-Week Low / High
₹3,504 / 5,533
TTM EPS
₹96.1
TTM Sales
₹11,748 Cr.
Book Value per Share
₹697.2
P/E Ratio
55.13
Higher than its 5-year historical median
Industry PE
55.4
Price to Book (P/B)
7.60
Higher than its 5-year historical median
Price to Sales (P/S)
4.31
Higher than its 5-year historical median
EV/EBITDA
35.53
Higher than its 5-year historical median
Dividend Yield
0.14%
Profitability Efficiency
Return on Equity (ROE)
15.63%
Underperforms industry median
Return on Capital Employed (ROCE)
21.47%
Underperforms industry median
Return on Assets (ROA)
11.71%
Operating Profit Margin
10.1%
Net Profit Margin
7.15%
Gross Profit Margin
10.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
19.89%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
14.65%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
19.89%
Asset Quality
Promoter Holding
35.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,646 Cr.
Equity
₹19.1 Cr.
Face Value
₹2
All Time Low / High
₹0.36 / 5532.75

KEI Industries stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is KEI Industries Ltd a good quality company?
KEI Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does KEI Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of KEI Industries Ltd vs industry peers?
KEI Industries Ltd revenue CAGR is 14.78%, compared to the industry median CAGR of 14.78%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of KEI Industries Ltd?
Promoters hold 35.00% of the KEI Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of KEI Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 47% based on the current price.
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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
KEI Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ27.5%23.4%23.3%29.3%28.1%21.1%24.1%26.1%27.5%21.5%-
Value Creation
Index ⓘ		1.00.70.71.11.00.50.80.91.40.9-

Growth Parameters ⓘ
Sales ⓘ2,3512,6283,4664,2314,8884,1825,7276,9088,1219,73611,748
Sales YoY Gr.-11.8%31.9%22.1%15.5%-14.5%37%20.6%17.6%19.9%-
Adj EPS ⓘ7.711.217.725.429.528.940.952.263.771.796.1
YoY Gr.-45.9%58%43%16.3%-1.8%41.3%27.7%21.9%12.6%-
BVPS (₹) ⓘ4758.476.498.1167196.1236.2286.3347.7604.5697.2
Adj Net
Profit ⓘ		59.487.3139200264260369471574685918
Cash Flow from Ops. ⓘ186-28.8191623-13154229514611-32.2-
Debt/CF from Ops. ⓘ2.7-28.24.41-28.121.50.30.2-5.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.1%14.8%19.4%19.9%
Adj EPS ⓘ28.2%19.5%20.6%12.6%
BVPSⓘ32.8%29.4%36.8%73.9%
Share Price 47.9% 49.6% 35.9% 45.3%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		17.721.126.12923.115.918.9202015.314.8
Op. Profit
Mgn % ⓘ		10.310.29.811.110.410.910.310.210.510.110.5
Net Profit
Mgn % ⓘ		2.53.344.75.46.26.46.87.177.8
Debt to
Equity ⓘ		1.41.81.40.80.30.20.20.1000
Working Cap
Days ⓘ		15716917016517020715513912813187
Cash Conv.
Cycle ⓘ		95107110105116148116102949960

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2,3512,6283,4654,2314,8884,1825,7276,9088,1219,736
Operating Expenses ⓘ + 2,1092,3593,1263,7904,3913,7265,1386,2067,2678,757
Manufacturing Costs386482652629784581562594781758
Material Costs1,4961,5942,0832,6733,0592,7284,0835,0645,8417,256
Employee Cost 83103133156203169169195219250
Other Costs ⓘ 144181258333345248323354425492
Operating Profit ⓘ 242269339441497455589702854979
Operating Profit Margin (%) 10.3%10.2%9.8%10.4%10.2%10.9%10.3%10.2%10.5%10.1%
Other Income ⓘ + 61097172015323283
Exceptional Items ⓘ 00000000-00
Interest ⓘ 1271241121361295740354456
Depreciation ⓘ 25283234575855576170
Profit Before Tax ⓘ 96126204278328361508642781937
Tax ⓘ 333260977291132165200241
Profit After Tax 6394145181256270376477581696
PAT Margin (%) 2.7%3.6%4.2%4.3%5.2%6.5%6.6%6.9%7.2%7.2%
Adjusted EPS (₹)8.112.018.522.928.630.041.752.964.472.9
Dividend Payout Ratio (%)6.20%5%5.40%5.20%5.20%6.70%6%5.70%5.40%5.50%

Valuation of KEI Industries - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3634545997741,4941,7622,1282,5823,1375,776
Share Capital ⓘ 15161616181818181819
Reserves ⓘ 3484395837591,4761,7442,1102,5643,1195,757
Debt +437692750506315285311135134178
Long Term Debt1887614611953310000
Short Term Debt249616604387262254311135134178
Minority Interest000-0-0-0-0-000
Trade Payables4344816281,0211,1697427637481,008779
Others Liabilities ⓘ 261308308474293220325304377501
Total Liabilities ⓘ 1,4951,9352,2852,7743,2713,0093,5273,7704,6567,235

Fixed Assets

Net Fixed Assets ⓘ +328405407489554537531567770993
Gross Block5004344675826937347828701,1301,419
Accumulated Depreciation172286094140197251303359426
CWIP ⓘ 29323321171715121385
Investments ⓘ 3332112122
Inventories4234995566938647631,0791,1021,3431,730
Trade Receivables5688251,0231,0911,3681,3501,3961,3881,5181,797
Cash Equivalents 633771952142213605377011,915
Others Assets ⓘ 138167196273259130143160202411
Total Assets ⓘ 1,4951,9352,2852,7743,2713,0093,5273,7704,6567,235

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 186-29191623-13154229514611-32
PBT ⓘ 96126204278328360507642781937
Adjustment ⓘ 161166150172190121968410380
Changes in Working Capital ⓘ -50-291-111259-436-237-250-35-69-823
Tax Paid ⓘ -21-30-53-87-95-90-125-178-205-226
Cash Flow From Investing Activity ⓘ + -98-63-76-2751175-58-137-353-1,501
Capex -98-62-65-122-80-23-60-98-400-694
Net Investments 0-1-12-1577894-1-5527-833
Others ⓘ 01141342162126
Cash Flow From Financing Activity ⓘ + -87229-69-38699-129-31-256-721,919
Net Proceeds from Shares ⓘ 022250286212,001
Net Proceeds from Borrowing ⓘ 50-2536-24-106-48-61-2000
Interest Paid ⓘ -127-124-112-136-129-57-40-35-44-56
Dividend Paid ⓘ -3-4-5-8-23-18-22-27-28-42
Others ⓘ -73809-220-145-1387-176-115
Net Cash Flow ⓘ 113745-3897101139121186386

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)18.7622.9127.4926.3322.5916.5619.3320.2720.3115.63
ROCE (%)27.5123.4223.2529.328.1121.1424.126.0727.4721.47
Asset Turnover Ratio1.771.651.661.671.621.331.751.891.931.64
PAT to CFO Conversion(x)2.95-0.311.323.44-0.050.570.611.081.05-0.05
Working Capital Days
Receivable Days75.4089.7096.2091.2091.80118.6087.5073.5065.3062.10
Inventory Days62.5059.4054.9053.9058.107158.7057.605557.60
Payable Days57.8063.1060.7056.2049.3054.7039.4035.8032.2026

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

KEI Industries Ltd FAQs

The current trading price of KEI Industries on 04-Jun-2026 16:59 is ₹5,296.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of KEI Industries stood at ₹50,634.4 Cr

The latest P/E ratio of KEI Industries as of 03-Jun-2026 is 55.13.

The latest P/B ratio of KEI Industries as of 03-Jun-2026 is 7.60.

The 52-week high of KEI Industries is ₹5,532.8 and the 52-week low is ₹3,504.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of KEI Industries is ₹11,748 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that KEI Industries Ltd is a good quality company.

The key valuation ratios of KEI Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of KEI Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About KEI Industries Ltd

KEI Industries Limited (KEIIL) was established in 1968 as a partnership firm under the name Krishna Electrical Industries, with prime business activity of manufacturing house wiring rubber cables. Today, it is grown into an empire offering holistic wires & cables solutions with a global presence. Headquartered in New Delhi (India), the company offers an extensive range of cabling solutions. KEI manufactures and markets Extra-High Voltage (EHV), Medium Voltage (MV) & Low Voltage (LV) power cables.

As an industry and market leader in India, and a preferred supplier for private and public sector clients in many parts of the world, the company is much more than just a cables and wires manufacturer and supplier. It is an end-to-end solutions provider, equipped with a product showcase that encompasses the complete range of cables and wires designed to meet the unique and niche needs of its diverse clients in Retail, Institutional (EHV + EPC) and Exports segments.

Business area of the company

KEI Industries is among India’s leading manufacturers and marketers of cables and wires, with a comprehensive product portfolio ranging from housing wires to Extra High Voltage (EHV) cables. It is one of the few manufacturers of EHV cables in India. Leveraging its in-house cable production, it has strategically forward integrated into the Engineering, Procurement and Construction (EPC) services for power and transmission projects.

Products & Solutions:

  • Extra High Voltage Cables
  • High Voltage Cables
  • Control Cables
  • House Wire
  • Winding Wires
  • Stainless Steel Wires
  • Thermocouple Extension/Compensating
  • Low Voltage Cables
  • Fire Survival / Resistant Cables
  • Single Core / Multicore Flexible Cables
  • Instrumentation Cables
  • Solar Cables
  • Marine & Offshore Cables
  • Rubber Cables

Certifications:

  • ISO 9001:2015
  • ISO 14001:2015
  • ISO 45001:2018
  • NABL
  • ACHILLES UVDB
  • CEOC
  • KEMA
  • NGCP
  • DNV-TAE00003U5
  • DNV-TAE00003U6
  • DNV-TAE00003U7
  • DNV-TAE00003U8

Awards and recognitions

  • 2016-17: The company was awarded the Super brand status, a testimony to its consistent ability to deliver quality products, for the fifth consecutive year
  • 2017-18: KEI was conferred with a Power Award (Second Prize) by Government of Karnataka Energy Department
  • 2017-18: KEI was conferred with a prestigious memento for successful completion of 33 kV U.G. cable layout, from Ranni Pernnad 33 kV Sub Station to Perumthenaruvi.
  • 2018-19: Awarded the prestigious Superbrand status in 2019 for exemplary performance achieved this esteemed recognition for the 7th time since 2011.

Milestones

  • 1968: KEI industries was incorporated as a partnership company. The same year company commenced manufacturing of Switchboard Cables for DOT.
  • 1985: The company started manufacturing of control, instrumentation and thermocouple cables
  • 1993: The company commenced manufacturing of PVC/XLPE Power cables up to 3.3 KV.
  • 1994: The company diversified its business activities by foraying into Stainless Steel drawings with pilot plant.
  • 1995: The company launched an IPO.
  • 1996: The company installed SSW plant at Bhiwadi.
  • 1997: It established another plant at Bhiwadi for manufacturing of LT PVC / XLPE Cables.
  • 2001: The company increased its manufacturing of rubber cables up to 11 KV.
  • 2002: The company established JFTC Plant located at Silvassa.
  • 2005: The company upgraded its JFTC Plant located at Silvassa to manufacture existing cable range.
  • 2006: The company expanded Bhiwadi unit to manufacture up to 33 kV HT XLPE Cables with Dry curing inert nitrogen gas and with triple extrusion (Single cross head) process.
  • 2006: The company introduced ERP Baan S/W system in the company.
  • 2007: The company upgraded its Bhiwadi Unit to manufacture HT power cable up to 132 kV and LT cable. The same year company set up 100% EOU at Chopanki.
  • 2009: Completed upgradation of HT cable capacity at Bhiwadi & Chopanki of up to 66 kV
  • 2010: Technical know how agreement with BRUGG KABEL A.G., Switzerland for EHV cables ranging from 66 kV to 220 kV
  • 2010: Commercial production of EHV cables ranging from 66 kV to 220 kV
  • 2010: Proud recipient of Business Superbrand Award
  • 2011: Certification of ISO 9001:2008, OHSAS 18001:2007, OHSAS 14001:2004
  • 2011: Receipt of EHV cable order from KPTCL worth Rs 75 crore
  • 2011: Successful redemption of FCCBs in November
  • 2012: Receipt of EHV Cable order of Rs 138 crore from UPRNL
  • 2012: Proud recipient of Consumer Superbrand Status
  • 2013-14: New office at Singapore & Nigeria
  • 2014-15: Strengthened Retail Network
  • 2015-16: EPC contract for Sub Station of 220 kV
  • 2015-16: Set up a subsidiary in Australia
  • 2016-17: EHV Cable of up to 400 kV commissioned
  • 2017-18: Executed order of `138 Crores of Uttar Pradesh Rajkiya Nirman Nigam Ltd.
  • 2018-19: Increased its distribution strength to 1,450 channel partners, up from 1,284 in the previous year.
  • 2019-20: The company added net 200 new dealers / distributors in the year, taking its channel partner strength to 1,650
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