KEI Industries (517569) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 net sales reached ₹2,914.8 crore, up 25.1% year-over-year; FY25 net sales were ₹9,736 crore, up 19.9% from last year.

• Q4 EBITDA grew 30.3% to ₹338 crore with an 11.61% margin; FY25 EBITDA was ₹1,063 crore, margin stable at 10.92%.

• Q4 PAT was ₹226 crore, up 34.2%; FY25 PAT was ₹696 crore, up 19.85%.

• The company completed a QIP, raising ₹20,000 million for expansion, debt repayment, and general purposes.

• Strong export and cable sales drove growth, with B2C distribution sales rising 42% in Q4 and now 51% of quarterly sales.

Financial highlights

• Q4 wire and cable segment grew 35% year-over-year; profitability improved.

• EPC sales (excluding cable) declined 63% in Q4 and 39% for the year.

• Book value per share rose to ₹605 (from ₹348) due to QIP issue.

• Net cash available at year-end was ₹1,491 crore, including ₹1,385 crore from QIP; net debt as of 31.03.2025 was negative ₹1,491 crore.

• Total borrowings at ₹178 crore; acceptance creditors reduced to ₹246 crore from ₹506 crore.

Outlook and guidance

• FY26 revenue growth targeted at 17%-18% with margin improvement; long-term growth expected at 19%-20% post-Conant project completion.

• Commercial production at Conant to begin end of Q1 FY26; full project completion by FY26.

• Margin improvement of 0.5%-1% expected from FY28 due to economies of scale.

• QIP proceeds will be used for a new cable manufacturing facility, debt repayment, and general corporate purposes.

• Industry outlook remains positive with planned capacity expansion and infrastructure investments.