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 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%.

• FY25 revenue from operations reached ₹97,358.77 million, with net profit at ₹6,964.14 million.

• QIP of ₹20,000 million completed, increasing paid-up equity capital and strengthening the balance sheet.

Financial highlights

• Export sales in Q4 rose 92% year-over-year to ₹492 crore; full-year export sales grew 15% to ₹1,267 crore, with cable exports up 40%.

• Dealer/distribution sales in Q4 grew 42% to ₹1,498 crore, contributing 51% of Q4 sales.

• EPC sales (excluding cable) declined 63% in Q4 and 39% for the year; SS wire sales declined 19.68% in Q4 FY25.

• Volume growth in cable division was 21% in Q4 and 20% for the year.

• Book value per share rose to ₹605 as of March 2025, up from ₹348 last year, due to QIP issue.

Outlook and guidance

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

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

• The interim dividend paid is proposed as the final dividend for FY25.