KEI Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript KEI Industries Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
KEI Industries reported Q4 FY26 net sales of Rs 3,476 crore, up 19.27%, with EBITDA margin at 12.21% and PAT of Rs 284.31 crore, up 25.5%. For full year FY26, net sales rose 20.66% to Rs 11,746 crore with EBITDA up 30.56% to Rs 1,387 crore. Management discussed the Sanand plant ramp-up, export market dynamics including US and Middle East shipping disruptions, and volume growth expectations for FY27.
Numbers mentioned
Net sales: INR3,476 crores (Q4 FY26)
p. 3
“net sales in Q4 in FY25 to '26 has grown is INR3,476 crores grown by around 19.27%”
Anil Gupta, page 3 of the filed PDF · View the filing
EBITDA/net sales margin: 12.21% (Q4 FY26)
p. 3
“EBITDA/net sales margin achieved is 12.21% as against 11.6% in the same period previous year”
Anil Gupta, page 3 of the filed PDF · View the filing
Profit after tax: INR284.31 crores (Q4 FY26)
p. 3
“Profit after tax in this quarter is INR284.31 crores with a growth in PAT with 25.5%”
Anil Gupta, page 3 of the filed PDF · View the filing
PAT margin: 8.18% (Q4 FY26)
p. 3
“Profit after tax/net sales margin is 8.18% versus 7.77%”
Anil Gupta, page 3 of the filed PDF · View the filing
Domestic institutional cable sales B2B: INR804 crores (Q4 FY26)
p. 3
“Domestic institutional cable sales B2B is INR804 crores, up around 6%”
Anil Gupta, page 3 of the filed PDF · View the filing
Extra high-voltage cables B2B sales: INR188 crores (Q4 FY26)
p. 3
“sales of extra highvoltage cables, B2B is INR188 crores in the fourth quarter against INR115 crores last year with a growth of around 64%”
Anil Gupta, page 3 of the filed PDF · View the filing
Export sales: INR443 crores (Q4 FY26)
p. 3
“Export sales in this quarter is INR443 crores”
Anil Gupta, page 3 of the filed PDF · View the filing
Net sales: INR11,746 crores (FY26)
p. 3
“The net sales in FY25-'26 is INR11,746 crores against previous year INR9,735 crores”
Anil Gupta, page 3 of the filed PDF · View the filing
Wire and Cable segment growth: 22.32% (FY26)
p. 3
“our Wire and Cable segment in terms of value in FY25-'26 has grown by 22.32% against previous year”
Anil Gupta, page 3 of the filed PDF · View the filing
Copper volume growth: 15% (FY26)
p. 4
“resulted to an overall volume growth in financial year '25-'26 by 15% for copper cables, but aluminum was flat”
Anil Gupta, page 4 of the filed PDF · View the filing
Net volume increase: 6.21% (FY26)
p. 4
“So the net volume increase was 6.21%”
Anil Gupta, page 4 of the filed PDF · View the filing
Average copper price increase: 16.85% (FY26)
p. 4
“In financial year '25-'26, average copper price increased by 16.85% and average aluminum prices increased by 9.91%”
Anil Gupta, page 4 of the filed PDF · View the filing
Operating margin: 10.46% (FY26)
p. 4
“During FY25-'26, operating margin has improved to 10.46% against 10.18%”
Anil Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR1,387 crores (FY26)
p. 4
“EBITDA in this financial year -- full financial year is INR1,387 crores, up by 30.56% compared to last year”
Anil Gupta, page 4 of the filed PDF · View the filing
EBITDA/net sales margin: 11.81% (FY26)
p. 4
“EBITDA/net sales margin is 11.81% as against 10.92% in the previous year”
Anil Gupta, page 4 of the filed PDF · View the filing
Profit after tax: INR918 crores (FY26)
p. 4
“So the profit after tax in financial year '25-'26 is INR918 crores with a PAT margin of 7.82%”
Anil Gupta, page 4 of the filed PDF · View the filing
Extra high-voltage cable domestic institutional sale: INR559 crores (FY26)
p. 4
“the domestic institutional cable sale of extra high-voltage cable is INR559 crores against INR308 crores previous year with a growth of 82%”
Anil Gupta, page 4 of the filed PDF · View the filing
Export sales: INR1,833 crores (FY26)
p. 4
“Export sales achievement is INR1,833 crores against INR1,267 crores. So the growth in export is 45%”
Anil Gupta, page 4 of the filed PDF · View the filing
Sales through distribution network: INR6,349 crores (FY26)
p. 4
“sales through distribution network is INR6,349 crores, up by 25%”
Anil Gupta, page 4 of the filed PDF · View the filing
Total active working dealers: approximately 2,125 (as of 31st March '26)
p. 4
“The total active working dealers of the company as on 31st March '26 was approximately 2,125”
Anil Gupta, page 4 of the filed PDF · View the filing
Order book total: INR3,585 crores (as of 31st March 2026)
p. 11
“So put together, all order book is close to INR3,585 crores”
Rajeev Gupta, page 11 of the filed PDF · View the filing
Quarterly volume growth: 2% (Q4 FY26)
p. 11
“Volume growth for the quarter was close to 2%”
Rajeev Gupta, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — 17% to 18% · FY27
stated firmly by Anil Gupta
p. 4
“We are expecting 17% to 18% volume growth in this current financial year, which will mainly coming from Sanand new facility”
Anil Gupta, page 4 of the filed PDF · View the filing
Volume growth — around 20% · FY28
stated as an aspiration by Anil Gupta
p. 6
“Yes, it will be -- it could be around 20%, yes”
Anil Gupta, page 6 of the filed PDF · View the filing
EBITDA margin — 10.5% to 11% · FY27
stated conditionally by Anil Gupta
p. 6
“I mean on a conservative side, we can now expect around 11% -- anywhere between 10.5% to 11%”
Anil Gupta, page 6 of the filed PDF · View the filing
Export share of total sales — approximately 20% · FY27
stated as an aspiration by Anil Gupta
p. 4
“we hope to do a substantial sale in U.S. this year, taking our export to around approximately 20% of our total sales in the current financial year, which is as”
Anil Gupta, page 4 of the filed PDF · View the filing
Second phase of Sanand EHV plant — Q4 FY27
stated firmly by Anil Gupta
p. 4
“second and last phase is expected to be commissioned in the fourth quarter of FY26, '27”
Anil Gupta, page 4 of the filed PDF · View the filing
Revenue growth — 20%
stated conditionally by Rajeev Gupta
p. 9
“Normally, if the price remains at this level and with the volume growth of 17%, 18%, this value will grow more. But if the prices are going down, then still we will be maintaining at 20% because we are adding 17%, 18% volume”
Rajeev Gupta, page 9 of the filed PDF · View the filing
Capital expenditure — INR600 crores to INR700 crores · next 2 to 3 years
stated firmly by Rajeev Gupta
p. 12
“every year, we will be doing around INR600 crores to INR700 crores capital expenditure for next 2 to 3 years continuous”
Rajeev Gupta, page 12 of the filed PDF · View the filing
EHV segment growth — around 20% · FY27
stated as an aspiration by Anil Gupta
p. 12
“This year, in EHV segment, we expect a growth of around 20%, a little bit from our existing factory because we are already operating at almost full capacity and some portion of growth will come from Sanand”
Anil Gupta, page 12 of the filed PDF · View the filing
EBITDA margin improvement from Sanand full capacity — another 0.5% · FY28
stated as an aspiration by Rajeev Gupta
p. 15
“So that will be the first year in '27, '28. So another 0.5% EBITDA margin will get improved because of economy of scale”
Rajeev Gupta, page 15 of the filed PDF · View the filing
Debt-free status — next 4 to 5 years
stated firmly by Rajeev Gupta
p. 13
“we will be continuing running as a debt-free company for next 4 to 5 years with a top line growth of 20% CAGR, depending on the capacity we are going to add”
Rajeev Gupta, page 13 of the filed PDF · View the filing
Volume growth from second Sanand phase — another 17%, 18% · FY28
stated firmly by Rajeev Gupta
p. 17
“It will be another 17%, 18% volume growth will be there”
Rajeev Gupta, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said no plant suffered from raw material shortages, but Middle East shipments faced shipping disruptions and higher freight costs, partly shared with customers.
Answered by Anil Gupta
Asked by Pulkit Patni: Are there supply chain issues on raw materials and freight costs?
p. 5
“Also in March, we witnessed we were not able to ship our goods to Middle East because no shipping line was ready to take the deliveries”
Anil Gupta, page 5 of the filed PDF · View the filing
Management clarified the freight impact was limited to Middle East and hit in April, not March, and would be offset by favorable exchange rates on export orders.
Answered by Anil Gupta
Asked by Puneet Gulati: What drove margin expansion despite freight and supply challenges?
p. 6
“whatever extra freight we are bearing in April, that will be compensated by higher exchange rates, which we will get from our export revenue in those orders itself”
Anil Gupta, page 6 of the filed PDF · View the filing
Management said they currently make PVC and LT XLPE compounds in-house, plan to add medium voltage compound manufacturing over roughly 2 years, and are considering in-house galvanized steel wire production.
Answered by Anil Gupta
Asked by Balasubramanian: What is the plan for new land at Bhiwadi and Baroda, and backward integration into compounds?
p. 8
“we will be working on manufacturing medium voltage compounds for ourselves, but that this project will take more -- minimum 2 years because the civil construction to the factory setup takes time”
Anil Gupta, page 8 of the filed PDF · View the filing
Management said roughly 20% of dealers contribute 20% of sales and operate in smaller towns/retail segments, with annual dealer churn of 10-12%.
Answered by Anil Gupta
Asked by Balasubramanian: What is the dealer churn rate and productivity split among 2,125 dealers?
p. 8
“so far as churning is concerned, I think every year, 10% to 12% is the churning of dealers, some dealers leaves and some new are added”
Anil Gupta, page 8 of the filed PDF · View the filing
Management gave the order book split across EPC, EHV, domestic institutional, and export cable orders.
Answered by Rajeev Gupta
Asked by Praveen Sahay: What is the current order book breakdown?
p. 11
“cable domestic institution order book around INR2,154 crores and cable export order is INR497 crores”
Rajeev Gupta, page 11 of the filed PDF · View the filing
Management said the remaining unutilized QIP funds would be deployed as the Sanand EHV phase 2 completes.
Answered by Rajeev Gupta
Asked by Shreya Kejriwal: What is the plan for unutilized QIP proceeds?
p. 11
“the whole INR385 crores unutilized QIP money will be utilized in the current financial year”
Rajeev Gupta, page 11 of the filed PDF · View the filing
Management said around Rs 500-600 crore cash is normally maintained given the size of the business, with fluctuations based on working capital needs.
Answered by Rajeev Gupta
Asked by Rahul Agarwal: How will the company use its net cash balance given internal accrual-funded capex?
p. 13
“Normally the size of the company, INR500 crores to INR600 crores cash will always be carried”
Rajeev Gupta, page 13 of the filed PDF · View the filing
Management said value growth depends on price movement which cannot be predicted with certainty.
Answered by Rajeev Gupta
Asked by Umang Mehta: Would 17-18% volume growth plus stable prices imply 25% plus top-line growth?
p. 14
“As of now, if the prices may increase, the value will automatically will be clear. But we can't say the value will increase, the price will increase or decrease at this moment of time”
Rajeev Gupta, page 14 of the filed PDF · View the filing
Management said the US order book was about Rs 50-60 crore as of March 2026, with plans to rebuild after tariff relief, and average export EBITDA margin around 11%.
Answered by Rajeev Gupta
Asked by Parshv Shah: What is the current US order book and margin profile?
p. 16
“average EBITDA margin is close to 11% for all exports”
Rajeev Gupta, page 16 of the filed PDF · View the filing
Management confirmed both phases of Sanand were delayed by six months, with EHV production expected by March 2027.
Answered by Rajeev Gupta
Asked by Ankit Soni: Has the Sanand phase 2 timeline slipped further?
p. 16
“So the second phase also will get delayed by 6 months because the construction will be in progress. So by March 2027, the extra high-voltage power cable production will be there”
Rajeev Gupta, page 16 of the filed PDF · View the filing
Risks flagged
Shipping disruptions to Middle East affecting exports and raising freight costs
p. 5
“we were not able to ship our goods to Middle East because no shipping line was ready to take the deliveries”
Anil Gupta, page 5 of the filed PDF · View the filing
Higher freight costs on exports to Middle East due to rerouting via Fujairah port
p. 5
“the containers are now going to Fujairah and from Fujairah port by land to various destinations in Abu Dhabi and Qatar etcetera, in other countries”
Anil Gupta, page 5 of the filed PDF · View the filing
Lost export sales in March due to shipping restrictions
p. 5
“We could have done around INR50 crores more -- INR50 crores to INR60 crores more exports, which could not”
Anil Gupta, page 5 of the filed PDF · View the filing
Delay in Sanand plant commissioning impacting volume growth
p. 4
“You are aware that our Sanand plant was commissioning of first phase was delayed by around 6 months”
Anil Gupta, page 4 of the filed PDF · View the filing
US tariffs disrupting export sales in prior year
p. 4
“We have also commenced -- restarted our exports to United States after the lull in last financial year because of the tariffs”
Anil Gupta, page 4 of the filed PDF · View the filing
Capacity constraints limiting quarterly volume growth
p. 12
“Yes, it was mainly because of the capacity constraint actually”
Rajeev Gupta, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.