KEI Industries’ consolidated revenue rose 38.52% in the September quarter, while PL Capital kept its INR 5,961 target, citing export orders and a planned capacity expansion.
The company’s unaudited results put revenue from operations at INR 37.76 billion and consolidated net profit at INR 2.62 billion for the quarter ended Sept. 30. Those figures were up 38.52% and 28.96%, respectively, from a year earlier. PL Capital retained its Buy rating and target in a report dated Oct. 22.
KEI shares closed at INR 3,873 on Oct. 22, down 8.45% for the session, according to Upstox price data. The decline was covered in EconoTimes’ earlier report on KEI shares.
Within the wires and cables business, domestic sales increased 45.76% year over year, while export sales grew 7.27%, according to the company’s investor presentation. KEI pointed to its overseas order position and improving demand in key foreign markets as support for its export outlook.
PL Capital put the export order book at INR 9.91 billion as of September and said KEI could work through it within three to four months. The brokerage values the company at 35 times its estimated September 2028 earnings. Its FY26-FY29 projections imply compound annual growth rates of 25.6% for revenue, 29.4% for earnings before interest, taxes, depreciation and amortization (EBITDA), and 26.0% for profit after tax.
The brokerage also said management maintained its FY27 revenue growth guidance of more than 25% and an EBITDA margin target of about 11%. It cited a longer-term management target of 20% annual revenue growth over the next three to four years.
KEI’s filing disclosed that income-tax authorities searched some company premises, plants and employees’ residences in May 2026. The company said it had no written update on the outcome as of Oct. 21, leaving any financial effect undetermined. Management said information then available indicated no material adverse impact.
PL Capital expects Phase 2 of KEI’s Sanand extra-high-voltage and high-tension cable operations to begin commercial production by March 2027.
