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Supply chain disruptions in Middle East exports
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KEI Industries Limited — Q4 FY26
KEI Industries reported a strong Q4 FY26 with revenue of ₹3,476 crore (+19.3% YoY) and PAT of ₹284 crore (+25.5% YoY), driven by robust demand in domestic B2C (distribution up 29% YoY) and EHV cables (+64% YoY).
bullish
high
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KEI Industries reported a strong Q4 FY26 with revenue of ₹3,476 crore (+19.3% YoY) and PAT of ₹284 crore (+25.5% YoY), driven by robust demand in domestic B2C (distribution up 29% YoY) and EHV cables (+64% YoY). Volume growth was constrained at 2% due to capacity limitations, but management guided for 17-18% volume growth in FY27 as the Sanand plant ramps up. EBITDA margin improved to 12.21% (vs 11.61% YoY) aided by operating leverage and B2C mix shift. Exports grew 45% in FY26 and are expected to reach 20% of sales in FY27, with US market reopening after tariff disruptions. Capex of ₹600-700 crore annually is planned for next 2-3 years. Key risk: supply chain disruptions in Middle East exports and potential metal price volatility could impact margins.
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Volume Growth (FY26)
6.21%
+6.21pp YoY
Overall metal volume growth for FY26; copper volume up 15%, aluminium flat.
Dealer Count
2,125
+12% YoY
Active dealers as of March 2026; annual churn of 10-12%.
Order Book
₹3,585 crore
+22% YoY
Total order book as of March 2026, excluding dealer orders.
Export Revenue Share (FY26)
15.6%
+2.6pp YoY
Exports grew 45% to ₹1,833 crore; target 20% of sales in FY27.
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Guidance and risk preview
Driven by ramp-up of Sanand plant first phase and Chinchpada wire capacity.
Shipping issues in March led to ~₹50-60 crore export loss; freight costs have risen and are partially shared with customers.
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