KEI Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,726 Cr
verified against source
Revenue YoY
19.38%
reported change
EBITDA
₹311.63 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
KEI Industries delivered a strong Q2 FY26 with net sales of ₹2,726 cr (up 19.4% YoY) and PAT of ₹203 cr (up 31.5% YoY), driven by exceptional export growth of 96% to ₹472 cr—all-time high. EBITDA margin expanded 103bps to 11.43% as pricing power and favorable copper-aluminum mix supported profitability. The company is raising FY26 growth guidance above 20% (vs initial 17-18%) and reaffirms 20%+ CAGR for the next 3-5 years. Sanand Phase 1 faces a 4-month delay (now November 2025) but Phase 2 is delayed 9 months due to complex EHV tower construction; management expects margin expansion of 1-1.5% once full Sanand capacity (₹6,000 cr) comes onstream by FY28. Domestic demand remains robust across solar, wind, data centers, and construction. The primary risk is capacity constraints limiting near-term domestic growth, with Phase 2 ramp-up unlikely before FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Company raised full-year guidance from 17-18% to more than 20% growth, driven by strong H1 performance and expected ramp-up from Sanand Phase 1 by November 2025.
- Management reiterated commitment to 20%+ CAGR over the next 3-5 years, with Sanand full project (₹6,000 cr capacity) providing growth engine from FY27 onwards.
- Trial runs already started; Phase 1 (50% of total Sanand capacity) will be commercially operational by November, contributing significantly from Q4 FY26 onwards. Revenue target from Sanand is ₹2,000-2,500 cr in FY27.
- Management expects EBITDA margin improvement of 1-1.5% once the entire Sanand plant is fully operational, primarily due to economies of scale. FY26-27 margins expected to be similar to FY24-25 levels.
Risks flagged
- Phase 2 (EHV and MV cables) is delayed by approximately 9 months due to complex vertical tower construction (158m tower). Current tower height is at 32m. Full commissioning pushed beyond FY27, limiting high-margin EHV revenue acceleration.
- Export to US was ~₹160 cr last year. Management flagged tariff uncertainty as a risk factor for US exports. Resolution of tariff matters will determine if US export recovers as expected.
- One analyst questioned whether muted domestic institutional growth (~3%) was demand-driven or capacity allocation to exports. Management clarified it is purely capacity allocation (domestic order book still ₹2,100 cr), but the question was not fully resolved with volume data.
- EPC sales declined to ₹47 cr from ₹80 cr. While management targets ₹400-500 cr annually, the declining trend and whether this is a deliberate strategic exit or inability to win projects was not clearly addressed.
Key quotes
- We had guided 17 to 18% growth for FY 2526 and I assure you that our growth will be more than that and we will definitely cross 20% growth over and above last year.
- I don't see any slowdown in growth in domestic market because the growth is driven by energy sector especially solar and wind projects, transmission and distribution, data centers and construction activity which includes commercial and residential real estate and infrastructure projects.
- The purpose of diversification of markets is that even if there is a slowdown in any particular market our company's growth is not slowed down.
Research modules