KEI Industries (517569) Q1 25/26 earnings summary

Executive summary

• Net sales for Q1 FY26 reached INR 2,590.32 crore, up 25.44% year-over-year, with EBITDA at INR 297.62 crore, a 28% increase, and PAT at INR 195.75 crore, up 30.28% from last year.

• Revenue grew 11.13% sequentially in Q1 FY26, with EBITDA margin improving to 11.49% and PAT margin to 7.56%.

• Board approved unaudited standalone and consolidated financial results for Q1 ended June 30, 2025, with unmodified opinions from statutory auditors.

• Strong growth in domestic institutional cable sales (24%), extra-high-voltage cables (47%), and export sales (61%), with cable and wire exports up 122% year-over-year.

• B2C sales grew 22% to INR 1,326 crore, contributing 51% of total sales, while EPC sales declined due to the absence of a major project.

Financial highlights

• Standalone and consolidated revenue from operations for Q1 FY26 at INR 25,903.16 million, up from INR 20,650.18 million year-over-year.

• EBITDA for Q1 FY26 was INR 297.63 crore, up from INR 232.41 crore year-over-year.

• PAT for Q1 FY26 was INR 195.75 crore, up from INR 150.25 crore year-over-year.

• Book value per share increased to INR 626 from INR 605.5 as of March 2025.

• Net cash position at INR 1,048 crore, with total borrowings at INR 203 crore as of June 30.

Outlook and guidance

• Targeting 18%-19% revenue growth and 11% EBITDA margin for FY26, with expectations to achieve 20% CAGR over the next 2-3 years.

• Commercial production at the Sanand facility to begin in Q2 FY26, with full ramp-up over three years.

• Export contribution expected to reach 17%-20% of total sales in the next two years.