KEI Industries (517569) Corporate presentation summary

Business overview and operations

• Leading manufacturer of cables and wires with a broad portfolio including EHV, HT, LT power cables, house wires, and stainless steel wires, serving over 2,000 institutional customers and 2,100 dealers/distributors across 60+ countries.

• Forward integrated into EPC services for power, distribution, transmission, and sub-station projects, with a healthy order book of INR 37,243 Mn as of Dec 2025.

• Nine manufacturing plants strategically located in Rajasthan, Gujarat, and D&NH, with strong R&D capabilities and NABL-accredited labs.

• Diversified product applications across power, oil & gas, real estate, cement, railways, automobiles, steel, fertilizers, and more.

• Low customer concentration, with top 10 customers accounting for only 12% of sales in FY25.

Financial performance

• FY25 revenue reached INR 97,359 Mn with EBITDA of INR 10,628 Mn (10.92% margin) and PAT of INR 6,964 Mn.

• 3-year CAGR: revenue 19%, EBITDA 21%, PAT 23%; 15-year CAGR: revenue 17%, EBITDA 19%, PAT 30%.

• Robust return ratios: ROCE at 27% and ROE at 16% in FY25; net debt/equity at 0.0.

• 9M FY26 revenue at INR 82,714 Mn, up 21.26% YoY, with EBITDA margin at 11.64%.

• Strong cash flow and consistent debt servicing, with AA+ (stable) long-term credit rating.

Growth strategy

• Focus on expanding retail business and distribution network, increasing capacity through brownfield and greenfield expansions.

• Scaling up exports and strengthening EHV market share through capacity increases.

• Exports accounted for 13% of sales in FY25 and 17% in 9M FY26, with presence in 60+ countries.