Volume Growth (FY26)
6.21%
+6.21pp YoY
Overall metal volume growth for FY26; copper volume up 15%, aluminium flat.
KEI
Other
28 Apr 2026
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
Volume growth of 17-18% in FY27
Driven by ramp-up of Sanand plant first phase and Chinchpada wire capacity.
growthEBITDA margin guidance of 10.5-11% for FY27
Management expects margins between 10.5% and 11% on a conservative basis.
marginsExport revenue to reach 20% of total sales in FY27
Exports expected to grow significantly, with US market reopening after tariff lull.
revenueCapex of ₹600-700 crore annually for next 2-3 years
Funded through internal accruals; includes Sanand phase 2 and backward integration.
capexKey Risks
Supply chain disruptions in Middle East exports
Shipping issues in March led to ~₹50-60 crore export loss; freight costs have risen and are partially shared with customers.
medium · management_commentaryVolume growth lower than historical trend
Q4 volume growth was only 2% due to capacity constraints; FY26 overall volume growth was 6.21%, below the 14-16% historical average.
medium · data_observationMetal price volatility impacting revenue growth
While volume guidance is 17-18%, revenue growth could be lower if copper/aluminium prices decline, as pass-through mechanism is order-to-order.
low · analyst_questionNotable Quotes
We are expecting 17 to 18% volume growth in this current financial year, which will mainly coming from Sanand new facility.
We will be continuing running as a debt-free company for next four to five years with a topline growth of 20% CAGR depending on the capacity we are going to add.
In March we suffered we could have done around 50 cr more 50 to 60 cr more exports which could not happen.