KEI Industries shares fell 15.3% over the month to Oct. 22, contrasting with higher quarterly revenue and profit in results the board approved the previous day.
IIFL’s historical prices put the Sept. 22 close on the National Stock Exchange (NSE) at ₹4,575; Upstox listed the Oct. 22 close at ₹3,873. Shares fell 8.45% that session. Moneycontrol reported an intraday low of ₹3,744.80, covered in EconoTimes’ earlier account of the day’s share decline.
KEI’s filing shows standalone revenue from operations for the quarter ended Sept. 30 at ₹37.76 billion, up from ₹27.26 billion a year earlier. Net profit rose to ₹2.62 billion from ₹2.04 billion. The board approved unaudited standalone and consolidated results on Oct. 21.
Livemint reported that Jefferies had a Buy rating and a ₹6,150 target after the results. The target was about 45% above the ₹4,239.95 BSE close cited in Livemint’s report; against the Oct. 22 NSE close, it was about 59% higher. The Economic Times had reported the same target on Sept. 11, when Jefferies cut it from ₹6,920 and kept the Buy rating.
Livemint’s account of Jefferies’ analysis put September-quarter sales 13% above its estimate, while earnings before interest, taxes, depreciation and amortization (EBITDA) came in 10% over its projection. The outlet also attributed to the brokerage a forecast of a 20% EPS CAGR over FY26–29E and a valuation of 40 times estimated September 2028 earnings. Jefferies put retail at 59% of KEI sales, compared with 54% a year earlier, and said 46 dealer additions year over year brought the network to 2,146, Livemint reported.
UltraTech Cement announced the launch of its Ultravolt wires and cables business on Sept. 3, with a planned ₹1,800 crore investment and an aim to rank among India’s top two players within five years. Livemint reported that Jefferies saw transmission-cable demand and exports as possible offsets to competitive pressure in KEI’s retail business.
