KEI Industries (517569) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was INR 37,764.18 million, up 38.52% YoY; EBITDA was INR 401 crore and net profit was INR 2,624.50 million.

• H1 revenue was INR 69,617.60 million, up 30.94%; EBITDA rose 34.01% to INR 816 crore and net profit rose 34.40% to INR 5,365.90 million.

• Wires & Cables order book stood at INR 4,927 crore, including INR 991 crore of export orders; pending orders were reported at ~INR 5,185 crore.

• Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026; auditors issued unmodified limited-review conclusions.

Financial highlights

• Q2 EBITDA was INR 401 crore, up 28.69% YoY, with a 10.62% margin; net profit was INR 262.45 crore, up 28.96%, with a 6.95% margin.

• H1 EBITDA margin improved to 11.73% from 11.46% YoY; PAT margin rose to 7.71% from 7.51%.

• H1 operating cash flow was negative INR 4,889.67 million versus positive INR 3,828.99 million a year earlier; inventory changes absorbed INR 12,036.94 million.

• Q2 finance cost was INR 17 crore, or 0.46% of net sales; H1 finance cost was INR 35 crore, or 0.50% of net sales.

Outlook and guidance

• FY27 value-growth guidance remains 25%+; H1 growth was 30.94%, and management said guidance is annualized, not quarter-specific.

• FY27 EBITDA margin guidance remains 11%; targets progress toward 11%-11.5%, then 11.5%-12% as Sanand ramps, with 11%-12% targeted across FY27-FY28.

• Management targets 20% CAGR over 3-4 years and indicated 18%-20% volume growth if copper prices remain unchanged.

• Sanand phase two EHV and HT cable production is planned by end-March 2027; new EHV capacity represents INR 1,500-1,700 crore or more of value, with sales ramping after commissioning and approvals.

• Management said available working capital supports 25%-30% growth, while balancing growth plans against working-capital needs.