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KEI Industries Ltd - Stock Valuation and Financial Performance

BSE: 517569 | NSE: KEI | Cable | Mid Cap

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KEI Industries Share Price

 ₹2,998 33.30 1.12%
as on 28-Apr'25 15:40

DeciZen - make an informed investing decision on KEI Industries

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation ⓘ

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

KEI Industries stock performance -
₹2,998 -849.00-22.00% past year

PE Chart Key Ratios
Price Chart, Live Stock Chart, Technical Chart of
P/E Ratio (CD):
44.38
Market Cap:
28,328.5 Cr.
52-wk low:
2,443.7
52-wk high:
5,040.4

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GE Vernova T&D India ₹1,533.90 3.55%
KEI Industries ₹2,998.00 1.12%
Apar Inds ₹5,600.50 1.08%

Is KEI Industries Ltd an attractive stock to invest in?

1. Is KEI Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that KEI Industries Ltd is a good quality company.

2. Is KEI Industries Ltd undervalued or overvalued?

The key valuation ratios of KEI Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is KEI Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of KEI Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of KEI Industries:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
KEI Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ
23%27.5%23.4%23.3%29.3%28.1%21.1%24.1%26.1%27.5%-
Value Creation
Index ⓘ
0.61.00.70.71.11.00.50.80.91.4-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ
2,0332,3512,6283,4664,2314,8884,1825,7276,9088,1049,127
Sales YoY Gr.
-15.6%11.8%31.9%22.1%15.5%-14.5%37%20.6%17.3%-
Adj EPS ⓘ
4.17.711.217.725.429.528.940.952.263.766.8
YoY Gr.
-88.5%45.9%58%43%16.3%-1.8%41.3%27.7%21.9%-
BVPS (₹) ⓘ
39.34758.476.498.1167196.1236.2286.3347.7588.4
Adj Net
Profit ⓘ
31.559.487.3139200264260369471574638
Cash Flow from Ops. ⓘ
199186-28.8191623-13154229514611-
Debt/CF from Ops. ⓘ
2.32.7-28.24.41-28.121.50.30.2-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ16.6%13.9%24.7%17.3%
Adj EPS ⓘ35.7%20.2%30.1%21.9%
BVPSⓘ27.4%28.8%21%21.4%
Share Price 45.7% 60.1% 33.8% -23.1%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ
10.417.721.126.12923.115.918.9202014.3
Op. Profit
Mgn % ⓘ
8.910.310.29.811.110.410.910.310.210.310.1
Net Profit
Mgn % ⓘ
1.62.53.344.75.46.26.46.87.17
Debt to
Equity ⓘ
1.51.41.81.40.80.30.20.20.10-
Working Cap
Days ⓘ
015716917016517020715513912972
Cash Conv.
Cycle ⓘ
0951071101051161481161029446

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 24.68%

Net Profit is growing at healthy rate in last 3 years 30.05%

Sales growth is good in last 4 quarters at 17.88%

Return on Equity has declined versus last 3 years average to 14.30%

Latest Financials - KEI Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 66.8 66.8
TTM Sales (₹ Cr.) 9,127 9,127
BVPS (₹.) ⓘ 588.4 588.4
Reserves (₹ Cr.) ⓘ 5,603 5,603
P/BV ⓘ 5.04 5.04
PE ⓘ 44.36 44.38
From the Market
52 Week Low / High (₹) 2443.70 / 5040.40
All Time Low / High (₹) 0.36 / 5040.40
Market Cap (₹ Cr.) 28,328
Equity (₹ Cr.) 19.1
Face Value (₹) 2
Industry PE ⓘ 42.2

Quarterly Results

Standalone Basis
Consolidated Basis
 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Operating Income6,932 7.96,791 0.66,883 1.96,994 3.1
Adj EPS (₹)19.66 -9.223.73 -124.12 11.326.07 22.7
Net Profit Mgn %15.57 -295 bps19.19 -32 bps19.12 150 bps20.29 314 bps

Management X-Ray of KEI Industries:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:35.02%Institutions:49.34%Non-Institutions:15.64%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar250%10%20%30%40%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of KEI Industries

MRP
₹spaceLock icon
MOS
spaceLock icon%
DP
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Base EPS
₹spaceLock icon
DPS
₹spaceLock icon
MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Save my Valuation
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

KEI Industries : Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

1,783

+14%

Domestic Institutional cable and Wire sale grew by 14% to Rs. 538 Cr, exports grew 24% to Rs. 238 Cr. EPC projects segment grew 20% to Rs. 180 Cr

EBITDA

178

+12%

 

EBITDA Margin

10.0%

 +20 bps

 

PAT

121

+17%

 

Stable numbers reported with pending orderbook of Rs. 3,567 Crore.       

 

KEI Industries: Q2FY23 earnings update - 24 Nov 2022

Market Cap = INR 14,213 cr

CMP =   INR 1566

P/E = 33 x TTM

Results

INR Crore

YoY Growth

Comments

Revenue

1608

18.85%

On account of growth in domestic institutional wire sales but degrowth in extra high voltage cable.

EBITDA

161

10.27%

EBITDA margin almost constant, no increase in raw material price.

Click here for 10 year X-ray

Key Highlights:-

  • Domestic institutional sale of wire andcable achieved is INR 563 crores, which has grown by 38% compared to last year same period.
  • However, the sale of extra high-voltage cable is INR 46 crores against INR 154 crores achievedlast year mainly because of non-clearances of certain orders from the utilities and the delay in inspections, but expected to be normalized over a period of full year.
  • Export sale this quarter is INR 139 crores against INR 129 crore last year. So the growth inexport is 7%.
  • The sales through dealer network, that is B2C, wasINR 760 crores against INR 580 crores, so the growth in the retail sales is 31%.
  •  In all cables and stainless steel wire categories, there is acorrection in the input cost by around 22% overall, because of the fall in copper, aluminum and stainless steel wire rod prices.
  • India Rating and Research, ICRA, and CARE have upgraded the rating to AA from AA- forlong-term bank facilities and affirmed A1+ rating for short-term bank facilities.

 

Management Outlook:-

  • Expect a good industry outlook in the energy sector and the infrastructure.
  • Increasing inprivate and government investments in energy-intensive industries such as steel, aluminum,cement, refineries, etcetera, and the national infrastructure pipeline in important areas as railway,metro constructions, road and highway overhead to underground stations, ports and airports,etcetera, is leading to increased demand of wires and cables.
  • Price correction of 10-11% in the coming quarters due to drop in raw material prices.
  • INR 500 cr CAPEX to be done over the period of next 2 years.
  • Guidance of 16-17 % revenue growth in the next quarter on account of volume expansion.

 

Key Ratios of KEI Industries

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Price Chart, Live Stock Chart, Technical Chart of

Sales (Cr.)

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ROE (%)

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ROCE (%)

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Peer Comparison

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Polycab India 5,596 93.9 (1.7%) Mid Cap 18,039 122.3 9.7 45 9.1
KEI Industries 2,998 33.3 (1.1%) Mid Cap 8,104 66.8 7.1 44.4 5

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,0332,3512,6283,4654,2314,8884,1825,7276,9088,104
Operating Expenses ⓘ 1,8522,1092,3593,1263,7904,3913,7265,1386,2067,267
Manufacturing Costs282386482652629784581562594781
Material Costs1,3861,4961,5942,0832,6733,0592,7284,0835,0645,841
Employee Cost 6283103133156203169169195219
Other Costs ⓘ 121144181258333345248323354425
Operating Profit ⓘ 181242269339441497455589702838
Operating Profit Margin (%) 8.9%10.3%10.2%9.8%10.4%10.2%10.9%10.3%10.2%10.3%
Other Income ⓘ 15610971720153249
Interest ⓘ 12112712411213612957403544
Depreciation ⓘ 25252832345758555761
Exceptional Items ⓘ 3000000000
Profit Before Tax ⓘ 5396126204278328361508642781
Tax ⓘ 19333260977291132165200
Profit After Tax 346394145181256270376477581
PAT Margin (%) 1.7%2.7%3.6%4.2%4.3%5.2%6.4%6.6%6.9%7.2%
Adjusted EPS (₹)4.48.112.018.522.928.630.041.752.964.4
Dividend Payout Ratio (%)9%6%5%5%5%5%7%6%6%5%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 3043634545997741,4941,7622,1282,5823,137
Share Capital ⓘ 15151616161818181818
Reserves ⓘ 2883484395837591,4761,7442,1102,5643,119
Minority Interest0000-0-0-0-0-00
Debt376437692750506315285311135134
Long Term Debt121188761461195331000
Short Term Debt255249616604387262254311135134
Trade Payables4814344816281,0211,1697427637481,008
Others Liabilities ⓘ 193261308308474293220325304377
Total Liabilities ⓘ 1,3541,4951,9352,2852,7743,2713,0093,5273,7704,656

Fixed Assets

Gross Block4455004344675826937347828701,130
Accumulated Depreciation147172286094140197251303359
Net Fixed Assetsⓘ 298328405407489554537531567770
CWIP ⓘ 429323321171715121
Investmentsⓘ 3333211212
Inventories4404234995566938647631,0791,1021,343
Trade Receivables4735688251,0231,0911,3681,3501,3961,3881,518
Cash Equivalents 563377195214221360537700
Others Assetsⓘ 130138167196273259130143160203
Total Assets ⓘ 1,3541,4951,9352,2852,7743,2713,0093,5273,7704,656

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 199186-29191623-13154229514611
PBT ⓘ 5396126204278328360507642781
Adjustment ⓘ 1501611661501721901219684103
Changes in Working Capital ⓘ 5-50-291-111259-436-237-250-35-69
Tax Paid ⓘ -9-21-30-53-87-95-90-125-178-205
Cash Flow From Investing Activity ⓘ -17-98-63-76-2751175-58-137-353
Capex -17-98-62-65-122-80-23-60-98-400
Net Investments 00-1-12-1577894-1-5527
Others ⓘ 0011413421621
Cash Flow From Financing Activityⓘ -182-87229-69-38699-129-31-256-72
Net Proceeds from Shares ⓘ 002225028621
Net Proceeds from Borrowing ⓘ 1150-2536-24-106-48-61-200
Interest Paid ⓘ -121-127-124-112-136-129-57-40-35-44
Dividend Paid ⓘ -2-3-4-5-8-23-18-22-27-28
Others ⓘ -71-73809-220-145-1387-176-1
Net Cash Flow ⓘ 0113745-3897101139121186

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)11.2718.7622.9127.4926.3322.5916.5619.3320.2720.31
ROCE (%)23.0227.5123.4223.2529.328.1121.1424.126.0727.47
Asset Turnover Ratio1.61.771.651.661.671.621.331.751.891.92
PAT to CFO Conversion(x)5.852.95-0.311.323.44-0.050.570.611.081.05
Working Capital Days
Receivable Days807590969192119877465
Inventory Days74625955545871595855
Payable Days58586361564955393632

KEI Industries Ltd Stock News

KEI Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of KEI Industries on 28-Apr-2025 15:40 is ₹2,998.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Apr-2025 15:40 the market cap of KEI Industries stood at ₹28,328.5.
The latest P/E ratio of KEI Industries as of 28-Apr-2025 15:40 is 44.36.
The latest P/B ratio of KEI Industries as of 28-Apr-2025 15:40 is 5.04.
The 52-week high of KEI Industries is ₹5,040.4 and the 52-week low is ₹2,443.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of KEI Industries is ₹9,127 ( Cr.) .

About KEI Industries Ltd

KEI Industries Limited (KEIIL) was established in 1968 as a partnership firm under the name Krishna Electrical Industries, with prime business activity of manufacturing house wiring rubber cables. Today, it is grown into an empire offering holistic wires & cables solutions with a global presence. Headquartered in New Delhi (India), the company offers an extensive range of cabling solutions. KEI manufactures and markets Extra-High Voltage (EHV), Medium Voltage (MV) & Low Voltage (LV) power cables.

As an industry and market leader in India, and a preferred supplier for private and public sector clients in many parts of the world, the company is much more than just a cables and wires manufacturer and supplier. It is an end-to-end solutions provider, equipped with a product showcase that encompasses the complete range of cables and wires designed to meet the unique and niche needs of its diverse clients in Retail, Institutional (EHV + EPC) and Exports segments.

Business area of the company

KEI Industries is among India’s leading manufacturers and marketers of cables and wires, with a comprehensive product portfolio ranging from housing wires to Extra High Voltage (EHV) cables. It is one of the few manufacturers of EHV cables in India. Leveraging its in-house cable production, it has strategically forward integrated into the Engineering, Procurement and Construction (EPC) services for power and transmission projects.

Products & Solutions:

  • Extra High Voltage Cables
  • High Voltage Cables
  • Control Cables
  • House Wire
  • Winding Wires
  • Stainless Steel Wires
  • Thermocouple Extension/Compensating
  • Low Voltage Cables
  • Fire Survival / Resistant Cables
  • Single Core / Multicore Flexible Cables
  • Instrumentation Cables
  • Solar Cables
  • Marine & Offshore Cables
  • Rubber Cables

Certifications:

  • ISO 9001:2015
  • ISO 14001:2015
  • ISO 45001:2018
  • NABL
  • ACHILLES UVDB
  • CEOC
  • KEMA
  • NGCP
  • DNV-TAE00003U5
  • DNV-TAE00003U6
  • DNV-TAE00003U7
  • DNV-TAE00003U8

Awards and recognitions

  • 2016-17: The company was awarded the Super brand status, a testimony to its consistent ability to deliver quality products, for the fifth consecutive year
  • 2017-18: KEI was conferred with a Power Award (Second Prize) by Government of Karnataka Energy Department
  • 2017-18: KEI was conferred with a prestigious memento for successful completion of 33 kV U.G. cable layout, from Ranni Pernnad 33 kV Sub Station to Perumthenaruvi.
  • 2018-19: Awarded the prestigious Superbrand status in 2019 for exemplary performance achieved this esteemed recognition for the 7th time since 2011.

Milestones

  • 1968: KEI industries was incorporated as a partnership company. The same year company commenced manufacturing of Switchboard Cables for DOT.
  • 1985: The company started manufacturing of control, instrumentation and thermocouple cables
  • 1993: The company commenced manufacturing of PVC/XLPE Power cables up to 3.3 KV.
  • 1994: The company diversified its business activities by foraying into Stainless Steel drawings with pilot plant.
  • 1995: The company launched an IPO.
  • 1996: The company installed SSW plant at Bhiwadi.
  • 1997: It established another plant at Bhiwadi for manufacturing of LT PVC / XLPE Cables.
  • 2001: The company increased its manufacturing of rubber cables up to 11 KV.
  • 2002: The company established JFTC Plant located at Silvassa.
  • 2005: The company upgraded its JFTC Plant located at Silvassa to manufacture existing cable range.
  • 2006: The company expanded Bhiwadi unit to manufacture up to 33 kV HT XLPE Cables with Dry curing inert nitrogen gas and with triple extrusion (Single cross head) process.
  • 2006: The company introduced ERP Baan S/W system in the company.
  • 2007: The company upgraded its Bhiwadi Unit to manufacture HT power cable up to 132 kV and LT cable. The same year company set up 100% EOU at Chopanki.
  • 2009: Completed upgradation of HT cable capacity at Bhiwadi & Chopanki of up to 66 kV
  • 2010: Technical know how agreement with BRUGG KABEL A.G., Switzerland for EHV cables ranging from 66 kV to 220 kV
  • 2010: Commercial production of EHV cables ranging from 66 kV to 220 kV
  • 2010: Proud recipient of Business Superbrand Award
  • 2011: Certification of ISO 9001:2008, OHSAS 18001:2007, OHSAS 14001:2004
  • 2011: Receipt of EHV cable order from KPTCL worth Rs 75 crore
  • 2011: Successful redemption of FCCBs in November
  • 2012: Receipt of EHV Cable order of Rs 138 crore from UPRNL
  • 2012: Proud recipient of Consumer Superbrand Status
  • 2013-14: New office at Singapore & Nigeria
  • 2014-15: Strengthened Retail Network
  • 2015-16: EPC contract for Sub Station of 220 kV
  • 2015-16: Set up a subsidiary in Australia
  • 2016-17: EHV Cable of up to 400 kV commissioned
  • 2017-18: Executed order of `138 Crores of Uttar Pradesh Rajkiya Nirman Nigam Ltd.
  • 2018-19: Increased its distribution strength to 1,450 channel partners, up from 1,284 in the previous year.
  • 2019-20: The company added net 200 new dealers / distributors in the year, taking its channel partner strength to 1,650
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