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Indian maker of power cables and wires (EHV, control, house wiring), also offering turnkey power-transmission EPC services.
Indian maker of power cables and wires (EHV, control, house wiring), also offering turnkey power-transmission EPC services.
Sells cables direct to utilities and large industrial buyers, often through tenders, and house wires through a network of dealers, where brand drives volume. Copper and aluminium are the main raw materials and price changes are largely passed on, so profit depends on volume and mix. Extra-high-voltage cables need qualified plants and are a higher-value niche.
Moat: narrow (scale, brand, distribution). Broad cable portfolio and dealer network, but Polycab and Havells have larger retail brand scale.
Headquarters: New Delhi, India · Founded: 1968 · Employees: 9,506
Size KEI Industries (KEI.NS) is an India Industrials company (Electrical Products) with a market value of $4.03B, the 240th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,988 on 6 Nov 2026.
Performance Over six months the shares fell 22.0%, against -21.4% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue grew 25.2% over the last twelve months (peer median +16.3%); the operating margin is 10.2% (peer median 7.2%).
Valuation It trades at 33.9× forward earnings against a peer median of 20.4× (3rd most expensive of 19).
Capital Return on invested capital runs 2.1 points below its cost of capital (17.0% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹134B | ₹117B | ₹97.1B | ₹81.0B | ₹69.1B |
| Revenue growth | — | +21% | +20% | +17% | — |
| Gross profit | ₹26.2B | ₹16.7B | ₹13.2B | ₹11.6B | ₹9.65B |
| EBITDA | ₹14.7B | ₹12.2B | ₹9.79B | ₹8.49B | ₹7.13B |
| Net income | ₹10.6B | ₹9.18B | ₹6.96B | ₹5.81B | ₹4.77B |
| Free cash flow | n/a | -₹3.66B | -₹7.56B | ₹1.90B | ₹3.99B |
| Capital expenditure | n/a | ₹12.5B | ₹6.98B | ₹4.00B | ₹979M |
| Total debt | ₹3.50B | ₹2.53B | ₹2.17B | ₹1.66B | ₹1.62B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| KEI Industries KEI.NS | $4.03B | -22% | +25% | 10% | 33.9× | n/a |
| Polycab India POLYCAB.NS | $12.5B | -13% | +41% | 13% | 33.8× | n/a |
| Havells India HAVELLS.NS | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% |
| Finolex Cables FINCABLES.NS | $1.76B | 0% | +27% | 10% | 19.9× | n/a |
| RR Kabel RRKABEL.NS | $2.30B | 0% | +45% | 8% | 28.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KEI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.7% | -11.7% | 8th lowest of 21 |
| 6-month return | -22.0% | -21.4% | 9th lowest of 19 |
| Distance from 52-week high | -32.4% | -47.1% | 7th highest of 21 |
| Revenue growth (TTM) | +25.2% | +16.3% | 9th highest of 20 |
| Operating margin | 10.2% | 7.2% | 6th highest of 21 |
| Forward P/E | 33.9× | 20.4× | 3rd most expensive of 19 |
| ROIC minus cost of capital | -2.1 pp | -1.3 pp | 9th lowest of 21 |
| EV / EBITDA | 25.6× | 17.7× | 3rd most expensive of 6 |
| Net debt / EBITDA | -0.2× | 3.6× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KEI Industries KEI.NS | India | $4.03B | -22% | +25% | 10% | 33.9× | n/a | n/a |
| State Grid Yingda 600517.SS | China | $4.01B | -21% | +8% | 22% | 10.2× | -18.5% | +8.1% |
| Gaon Cable 000500.KS | South Korea | $3.97B | +50% | +32% | 3% | n/a | n/a | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |
| Rosebank Industries ROSE.L | United Kingdom | $4.15B | -12% | n/a | 13% | 18.8× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Walsin Lihwa 1605.TW | Taiwan | $4.21B | -3% | -4% | 0% | 7.5× | n/a | n/a |
| Teco Electric & Machinery 1504.TW | Taiwan | $4.23B | -13% | +8% | 9% | 19.5× | 9.3% | +5.2% |
| DPC DPC | United States | $4.30B | n/a | +12% | -1% | 31.9× | n/a | n/a |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Henan Pinggao Electric 600312.SS | China | $4.43B | -1% | -6% | 13% | 21.1× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| CNGR Advanced Material 2579.HK | Hong Kong | $4.48B | -58% | +53% | 7% | 5.6× | n/a | n/a |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |