KEI Industries Limited Earnings Summary — Q4 FY2026
KEI Industries Reports Robust Revenue Growth and Significant Profit Acceleration in Q4 FY2026
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 8.4% sequentially in Q1 FY2027.
- Revenue of ₹3,185 Cr is 23.0% higher year-on-year.
- Revenue has compounded at 14.9% annualised over the last 10 quarters.
- Net profit of ₹274 Cr is 40.0% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 24.2% annualised across the period.
- Operating margin stands at 12.4% in Q1 FY2027.
- Operating margin expanded by 247 bps year-on-year.
- Over the last two years operating margin has expanded by 182 bps.
- PBT margin is 11.6%.
- Expense growth of 19.6% remained below revenue growth of 23.0%.
- Operating profit of ₹396 Cr is 53.4% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 76/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 3,185 | 3,476 | 2,955 | 2,726 | 2,590 | 2,915 | 2,472 | 2,284 | 2,065 | 2,330 |
| Expenses | Improving | 2,790 | 3,095 | 2,635 | 2,457 | 2,332 | 2,614 | 2,226 | 2,059 | 1,846 | 2,075 |
| Operating Profit | Accelerating | 396 | 382 | 320 | 269 | 258 | 301 | 246 | 225 | 219 | 255 |
| Operating Margin | Stable | 12.4% | 11.0% | 10.8% | 9.9% | 10.0% | 10.3% | 9.9% | 9.8% | 10.6% | 10.9% |
| Other Income | Volatile | 20 | 43 | 34 | 42 | 40 | 37 | 9 | 13 | 13 | 4 |
| Interest | Stable | 18 | 19 | 17 | 14 | 15 | 14 | 14 | 13 | 14 | 17 |
| Depreciation | Improving | 29 | 28 | 23 | 20 | 20 | 19 | 19 | 16 | 16 | 16 |
| Profit Before Tax | Improving | 369 | 377 | 315 | 277 | 263 | 305 | 221 | 208 | 203 | 227 |
| Tax | Improving | 95 | 93 | 80 | 74 | 67 | 79 | 56 | 53 | 53 | 59 |
| Net Profit | Improving | 274 | 284 | 235 | 204 | 196 | 227 | 165 | 155 | 150 | 168 |
| Net Margin | Stable | 8.6% | 8.2% | 8.0% | 7.5% | 7.6% | 7.8% | 6.7% | 6.8% | 7.3% | 7.2% |
Key Takeaways
- Revenue growth accelerated in Q4 FY2026, reaching ₹3,476 Cr (up 19% YoY), driven by strong demand in the power infrastructure and real estate sectors.
- Net Profit surged 25% YoY to ₹284 Cr, benefiting from operating leverage and higher other income of ₹43 Cr.
- The balance sheet remains exceptionally strong with Net Worth exceeding ₹6,600 Cr and manageable debt levels.
- Capital Work-in-Progress (CWIP) has increased dramatically to ₹1,002 Cr, indicating massive ongoing capacity expansion.
- Operating margins remain stable at 11%, demonstrating effective pass-through of volatile copper and aluminum costs.
- Consolidated interest costs rose slightly to ₹19 Cr for the quarter, reflecting higher working capital utilization for expansion.
- Earnings Per Share (EPS) for the quarter reached ₹29.74, a record high for the company.
Management Guidance
Management is focused on 'KEI 2.0' retail transformation and scaling EHV (Extra High Voltage) capabilities up to 400kV to maintain a technological moat.
Sentiment Shift
Improving
The company has demonstrated an acceleration in both top-line and bottom-line growth compared to the prior quarters, supported by massive capex investment.
Outlook
The outlook is highly positive given the massive ₹1,002 Cr CWIP, which suggests significant upcoming capacity to meet structural demand in India's power and building segments.
From the Annual Report (Key Quotes)
“KEI Industries is a quintessential industrial compounder that has evolved from a niche wire manufacturer into a global power cables powerhouse.”
“Operating margins have remained remarkably stable around 10-11%, despite significant volatility in underlying commodity prices.”
“The entry into the 400kV and higher voltage segments provides a technological moat that few domestic competitors can breach.”
Official Quarterly Documents
This summary is AI-generated from KEI Industries Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.