KEI Q3 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
₹2,954 Cr
verified against source
Revenue YoY
19.51%
reported change
EBITDA
₹354 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 Q3 FY26 with net sales of ₹2,954 crore (+19.5% YoY) and EBITDA of ₹354 crore (+39% YoY), translating to 12% EBITDA margin (expanding 171bps). PAT grew 42.5% to ₹234.86 crore with margin at 7.95%. The outperformance was driven by improving product mix toward EHV and exports, which grew 95% YoY in the quarter. Management reiterated 20%+ revenue growth guidance for FY26 and targets ~11% EBITDA margin next year. The Sanand facility has commenced trial production with electron beam equipment expected by April and full EHV capacity by March 2027. The order book stands at ₹3,928 crore, providing strong visibility. Risks include new competition in wires (Bajaj, Crompton), US tariff impact on exports, and EHV cable capacity being currently deployed for export orders limiting domestic institutional growth (3% YoY in 9M). The company targets 20% CAGR for the next 3-4 years driven by Sanand ramp-up and additional ₹2,000 crore capex planned.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 20%+ growth for full year FY26, with Q4 specifically seeing 25%+ growth driven by volume growth of 16-18% plus input price inflation pass-through.
- Next year EBITDA margin is guided at around 11% for the full year, despite Sanand ramp-up costs, as new capacity utilization and export mix provide incremental margins.
- With Sanand project complete by March 2027 adding peak sales capacity of ₹2,700 crore, total revenue target of ₹6,000 crore is expected to be achieved by FY29.
- Beyond Sanand (₹2,000 crore total), the company plans another ₹2,000 crore investment in new greenfield capacity at Dwarika and Bhopal (70 acres acquired) targeting 20% CAGR for next 4-5 years.
Risks flagged
- New pan-India entrants like Bajaj, Crompton (rumored), Torrent, Surya, and Rashni are entering the wires segment with outsourcing models. Management believes brand building takes 5-7 years and outsourcing may not work in cables/wires.
- US exports are currently on hold due to tariff uncertainties. Management declined to provide specific export percentage targets citing geopolitical unpredictability in the current uncertain times.
- Domestic institutional cable sales grew only 3% YoY in 9 months because EHV capacity is currently utilized for high-value export orders. HT cable BIS license was only received in January, limiting Q3 contribution from Sanand.
- Copper prices rose sharply in December 2025. While management states dealers maintain only 15-20 days inventory, analyst questioned whether increased restocking contributed to Q3 growth. Management attributed consistent growth to pure volume rather than inventory build.
Key quotes
- It is just we need some basic approvals which are very essential to sell. With our experience of running a cable industry for last around 50 years it will be ramped up very shortly.
- In wires and cables outsourcing model will not work and already there are three four companies who have already come and even though all the existing companies has grown very well even after this competition.
- It is not possible to grow after quarter after quarter at 50%. If somebody has grown in this quarter 50% can he grow in the next quarter 50%? It will not be possible because we are industry since last 50 years. So we are growing with copper going up and down.
Research modules