KEI Industries (517569) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 net sales reached INR 2,954 crore, up 19.5% year-over-year, with EBITDA at INR 354 crore, a 39% increase, and PAT at INR 234.86 crore, up 42.5% year-over-year.

• Nine-month net sales were INR 8,271 crore, up 21.3%, with EBITDA at INR 963 crore (33% growth) and PAT margin at 7.67%.

• Board approved standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025.

• Interim dividend of ₹4.50 per equity share (225% of face value) declared for FY 2025-26.

• First phase of commercial production started at new Sanand, Ahmedabad unit for LT/HT cables.

Financial highlights

• Q3 EBITDA margin improved to 12% from 10.29% last year; PAT margin rose to 7.95% from 6.67%.

• Nine-month EBITDA margin reached 11.64% (vs. 10.62% YoY); PAT margin at 7.67% (vs. 6.89% YoY).

• Q3 FY26 consolidated revenue: ₹29,547.04 million, up from ₹24,722.51 million in Q3 FY25.

• Q3 FY26 consolidated net profit: ₹2,348.61 million, up from ₹1,648.05 million in Q3 FY25.

• Q3 FY26 standalone financial charges were ₹16.63 crore, down to 0.56% of net sales from 0.58% YoY.

Outlook and guidance

• Management expects over 20% full-year growth and improved operating margins in FY25/26, driven by new Sanand capacity and a robust order book.

• Targeting 20%+ CAGR growth for the next 3-4 years, with continued expansion in domestic and export markets.

• Volume growth guidance for next year is 16-18%, with additional growth from price inflation.

• EBITDA margin guidance for next year is around 11%.

• Additional provisions made for new labour codes; impact to be evaluated as rules are notified.