Financial Performance Highlights
KEI Industries Limited reported strong financial results for FY 2025-26 with revenue growing 20.66% to ₹11,747.77 crore from ₹9,735.88 crore in FY25. Profit after tax surged 31.88% to ₹918.43 crore, while EBITDA increased 30.56% to ₹1,387.60 crore with margins improving to 11.81% from 10.92%. The company maintained a robust financial position with net debt/equity of 0.03 times and cash reserves of ₹14,440.39 million.
Business Segment Performance
The cables & wires segment dominated with 95.52% of revenue (₹11,264.64 crore), while stainless steel wires contributed 1.84% and EPC projects 2.64%. Retail business grew 25% to ₹6,349 crore (54% of total sales) through 2,125 active dealers. Institutional business saw domestic sales of ₹2,688 crore with EHV cable sales jumping 82% to ₹559 crore. Exports expanded 45% to ₹1,833 crore across 60+ countries, targeting 20% export contribution medium-term.
Capacity Expansion and Capex
KEI commissioned Phase I of its Sanand facility (LT/HT cables) in December 2025, with Phase II (EHV/HT cables) expected by March 2027. Total investment of ₹1,900-2,000 crore promises ₹6,000 crore revenue potential at full capacity. The company acquired 18 acres in Rajasthan and 70 acres in Vadodara for future expansion, planning annual capex of ₹600-700 crore through internal accruals. Current capacity utilization stood at 83.87% for cables and 68.82% for house wires.
ESG and Sustainability Performance
The comprehensive BRSR report disclosed significant sustainability achievements: 9.19% reduction in Scope 1+2 emissions intensity, 97% sustainable sourcing, 1.78% recycled material usage, and zero liquid discharge across operations. CSR spending reached ₹15.79 crore benefiting education, healthcare, and community programs. Employee well-being metrics showed 100% insurance coverage, zero bribery cases, and extensive training programs totaling 41,547 hours.
Corporate Governance and Compliance
The board comprised 8 directors (3 executive, 5 non-executive including 4 independent) with 25% female representation. Six board meetings were conducted with full regulatory compliance. Managerial remuneration totaled ₹727.59 million, with KMP compensation at ₹681.70 million. Shareholding pattern showed 35% promoter holding and 53.10% institutional ownership.
Contingent Liabilities and Commitments
The company disclosed contingent liabilities of ₹5,306.32 million including GST demands under appeal (₹1,298.56 million) and unutilized letters of credit. Capital commitments reduced to ₹4,049.46 million from ₹10,705.99 million. MSME dues more than doubled to ₹1.10 billion, while trade payables increased 71.3% to ₹13.35 billion.
Strategic Initiatives and Outlook
KEI focuses on retail expansion in eastern/southern India, export market re-engagement, technology upgrades, and backward integration. The company targets 20% CAGR revenue growth supported by new capacities and market expansion, while maintaining strong ESG credentials and corporate governance standards.