KEI Industries reported strong Q3 FY26 results with net sales of INR2,954 crores, a 19.51% increase. EBITDA grew by 39% to INR354 crores, with margins improving to 12%. The company anticipates 20%+ growth for the full year and aims to enhance operating margins in FY25-26. With the Sanand facility’s commissioning, KEI expects significant growth in the coming years, focusing on both domestic and export markets.
Financial Performance
In Q3 FY26, KEI Industries achieved net sales of INR2,954 crores, marking a growth of 19.51%. EBITDA for the quarter stood at INR354 crores, up from INR254 crores in the previous year, demonstrating a growth of 39%. The EBITDA margin improved to approximately 12% compared to 10.29% in the same period last year. Profit after tax reached INR234.86 crores, a 42.5% increase from INR164 crores last year.
Segmental Performance
Domestic institutional cable sales were reported at INR592 crores, while extra high-voltage cable sales amounted to INR127 crores. Export sales for the quarter reached INR544 crores, with overall wire and cable export growth at 95%. Sales through the B2C distribution network totaled INR1,612 crores, reflecting a growth of 29%.
Order Book and Future Outlook
As of December 31, 2025, KEI Industries’ total order book position was INR3,928 crores, including INR361 crores from EPC, INR717 crores from extra high-voltage cables, INR2,426 crores from domestic cable orders, and INR424 crores from export orders.
Capex and Expansion
The company incurred a capital expenditure of INR928 crores during the 9-month period, with INR769 crores invested in Sanand. KEI anticipates achieving over 20% growth in the full fiscal year and improved operating margins in FY25-26. The Sanand facility, which has commenced commercial production, is expected to drive future growth along with strong domestic and overseas demand.
Strategic Focus and Initiatives
KEI Industries is focusing on the institutional cable market and has expanded its presence in export markets, including the Caribbean islands. The company is a supplier to the solar power chain in the domestic market and has secured contracts for 132 kV cables in the UAE. KEI is also the first Indian company to supply 330 kV cables to Australia and is qualified for National Grid UK framework agreements up to 400 kV.
Competition and Market Dynamics
The company acknowledged increasing competition in the wires segment but emphasized its strengths in product performance, brand image, and competitive pricing. KEI is already operating in a competitive market and is leveraging its existing capacities and purchasing power.
Source: BSE
