Kei stock analysis

 


**KEI Industries Ltd (NSE: KEI) – Stock Analysis (As of July 2025)**


### 📌 **Basic Details**


* **Company Name**: KEI Industries Ltd

* **Sector**: Electrical Equipment (Cables & Wires)

* **Market Cap**: \~₹28,000 – ₹30,000 crore *(midcap)*

* **Current Price**: ₹3,750 – ₹3,850 (approx, varies daily)

* **52 Week Range**: ₹2,000 – ₹4,000

* **PE Ratio**: \~38 – 42

* **Dividend Yield**: \~0.2%

* **Promoter Holding**: \~38%


---


### 🔍 **Business Overview**


KEI is a leading manufacturer of:


* Power cables (EHV, HT, LT cables)

* House wiring cables

* Stainless steel wires

* EPC projects (engineering, procurement & construction for power sector)


It serves:


* Retail (B2C)

* Institutional (B2B)

* Exports (20%+ revenue)


---


### 📈 **Recent Performance**


* **Q4 FY24 Revenue Growth**: \~15% YoY

* **Net Profit**: ₹150 – ₹180 crore per quarter (growing consistently)

* **Export Growth**: 20–25% YoY

* **Retail Sales (B2C)**: Strong double-digit growth, focus area


---


### 📊 **Financial Snapshot (FY24)**


| Metric | Value |

| -------------- | ----------------------- |

| Revenue | ₹6,500+ crore |

| Net Profit | ₹600+ crore |

| ROCE | \~27% |

| ROE | \~23% |

| Debt-to-Equity | 0.05 (almost debt-free) |

| Free Cash Flow | Positive & growing |


---


### ✅ **Strengths**


* Strong brand and dealer network across India

* Good export pipeline and presence in 45+ countries

* Clean balance sheet with low debt

* Rising demand for cables from real estate, infra, EV, renewable energy sectors


---


### ⚠️ **Risks**


* High PE valuation – not cheap

* Cyclical exposure to real estate and infra slowdown

* Competition from Polycab, Havells, RR Kabel, etc.

* Raw material price fluctuation (copper, aluminium)


---


### 🧠 **Future Outlook**


* KEI aims to **double revenue by FY27**

* Focusing on **retail expansion** and **exports**

* Long-term tailwinds from infra, smart cities, renewable power, EV charging


---


### 📌 **Verdict**


| Term | View |

| Short Term | Neutral to Slightly Positive – valuation is high, wait for dips |

| Long Term | Positive – good fundamentals, growth visibility, strong execution |





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