KEI Industries financials and balance sheet

NSE: KEIBSE: 517569Industrial ProductsMid Cap

₹3,725.00₹148.00 (3.82%)BSE ₹3,715.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,873.00.

52-week range of traded prices to 23 Oct 2026

₹3,666.10Low, 23 Oct 2026₹5,899.00High, 18 Aug 2026

Market cap: ₹35,611 Cr208th largest listed
P/E: 33.7
P/B: 4.9
Dividend yield: 0.12%
ROE: 15.8%
ROCE: 18.2%
Debt to equity: 0.04
Volume, NSE: 8,31,15335.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.KEI Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹11,748 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue11,748
Materials and goods−8,868
Employee costs−372
Other expenses−1,280
Operating profit1,229
Depreciation−91
Other income+159
One-off items0.0
Finance costs−64
Profit before tax1,232
Tax−314
Net profit918

What the company owns

Plant, investments and other assets₹3,201 Cr
Inventory₹2,401 Cr
Receivables₹1,842 Cr
Cash and bank₹1,513 Cr

What pays for it: net worth and liabilities

Net worth₹6,665 Cr
Owed to suppliers₹1,335 Cr
Other liabilities₹770 Cr
Borrowings₹186 Cr

KEI Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.KEI Industries segment results by quarter

Revenue by segment

₹11,999 CrTotal

Cables & Wires₹11,221 Cr93.5% of total
EPC Project₹561 Cr4.7% of total
Stainless Steel Wire₹217 Cr1.8% of total

Profit by segment

Cables & Wires₹1,301 Cr97.3% of total
EPC Project₹19 Cr1.5% of total
Stainless Steel Wire₹17 Cr1.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Cables & Wires
Revenue, ₹ crore
3,364
3,986
3,574
5,123
6,254
7,321
9,177
11,221
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
366
441
416
486
571
757
975
1,301
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
EPC Project
Revenue, ₹ crore
1,033
1,397
977
873
706
1,215
656
561
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
142
164
91
82
67
143
61
19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Stainless Steel Wire
Revenue, ₹ crore
138
138
142
226
255
221
216
217
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
9
9
7
14
19
12
9
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,535	5,520	4,693	6,222	7,215	8,756	10,049	11,999
Company revenue, as in its results	4,231	4,888	4,182	5,727	6,912	8,104	9,736	11,748
Revenue	3,364	3,986	3,574	5,123	6,254	7,321	9,177	11,221
Revenue growth	–	18.5%	−10.3%	43.3%	22.1%	17.1%	25.4%	22.3%
Profit	366	441	416	486	571	757	975	1,301
Profit growth	–	20.4%	−5.7%	16.8%	17.4%	32.6%	28.8%	33.5%
Margin	10.9%	11.1%	11.6%	9.5%	9.1%	10.3%	10.6%	11.6%
Return on capital	–	61.3%	37.6%	31.4%	33.2%	39.1%	28.3%	26.9%
Assets	–	1,986	1,983	2,443	2,597	3,138	4,638	6,815
Liabilities	–	1,266	874	892	880	1,204	1,198	1,970
Capital employed	–	720	1,108	1,551	1,717	1,935	3,440	4,845
Revenue	1,033	1,397	977	873	706	1,215	656	561
Revenue growth	–	35.2%	−30.1%	−10.6%	−19.2%	72.1%	−46.0%	−14.4%
Profit	142	164	91	82	67	143	61	19
Profit growth	–	15.1%	−44.6%	−9.7%	−18.4%	114.0%	−57.5%	−68.0%
Margin	13.8%	11.7%	9.3%	9.4%	9.5%	11.8%	9.3%	3.5%
Return on capital	–	20.3%	15.3%	19.4%	20.7%	27.1%	14.2%	5.6%
Assets	–	964	703	580	497	679	522	478
Liabilities	–	157	111	157	175	151	95	132
Capital employed	–	807	592	423	322	528	427	346
Revenue	138	138	142	226	255	221	216	217
Revenue growth	–	−0.4%	3.0%	59.5%	12.9%	−13.5%	−2.1%	0.3%
Profit	9	9	7	14	19	12	9	17
Profit growth	–	−3.7%	−25.7%	109.7%	39.6%	−38.8%	−19.0%	81.8%
Margin	6.6%	6.4%	4.6%	6.0%	7.5%	5.3%	4.4%	7.9%
Return on capital	–	24.3%	12.9%	21.1%	33.3%	14.8%	12.3%	24.2%
Assets	–	67	68	90	85	93	93	92
Liabilities	–	31	18	26	28	14	16	21
Capital employed	–	36	51	65	57	79	77	71
	0	0	0	0	0	0	0	0
Profit	0	0	0	0	0	0	0	0
Assets	0	252	260	414	591	746	1,981	1,571
Liabilities	0	308	233	317	98	140	140	168

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.KEI Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 1 Jun	Mar 2021Filed 31 May	Mar 2022Filed 10 May	Mar 2023Filed 4 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	2,837	3,503	4,231	4,888	4,182	5,727	6,912	8,104	9,736	11,748
	2,563	3,164	3,790	4,391	3,721	5,138	6,206	7,267	8,745	10,519
Materials and goods bought	1,829	2,411	2,932	3,382	2,910	4,214	5,172	6,077	7,362	8,868
Employee costs	–	–	173	228	185	201	232	267	304	372
Other expenses	–	–	685	781	626	723	802	922	1,079	1,280
Operating profit before depreciation	274	339	441	497	460	589	706	838	991	1,229
Operating margin	9.7%	9.7%	10.4%	10.2%	11.0%	10.3%	10.2%	10.3%	10.2%	10.5%
Materials, % of revenue	–	–	69.3%	69.2%	69.6%	73.6%	74.8%	75.0%	75.6%	75.5%
Employee costs, % of revenue	–	–	4.1%	4.7%	4.4%	3.5%	3.4%	3.3%	3.1%	3.2%
Other expenses, % of revenue	–	–	16.2%	16.0%	15.0%	12.6%	11.6%	11.4%	11.1%	10.9%
Depreciation and amortisation	28	32	34	57	58	55	57	61	70	91
Operating profit after depreciation	246	307	407	440	403	533	649	776	921	1,138
Other income	10	9	7	17	20	15	28	49	72	159
Finance costs	123	112	136	129	57	40	35	44	56	64
Profit before one-off items and tax	134	204	278	328	365	507	642	781	937	1,232
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	134	204	278	328	365	507	642	781	937	1,232
	35	60	97	72	92	132	165	200	241	314
Current tax	–	55	92	85	94	131	167	199	231	321
Deferred tax	–	5	5	−14	−2	0	−2	1	9	−8
Share of profit of joint ventures and associates	–	–	–	0	0	0	–	–	–	–
Profit from discontinued businesses	–	–	–	–	–	–	–	0	–	–
	98	145	181	256	273	376	477	581	696	918
Belonging to the company's shareholders	98	145	181	256	273	376	477	581	696	918
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	−2	−1	1	1	0	−2	−3	0
Total comprehensive income	–	–	179	255	274	377	477	579	693	919
Net margin	3.5%	4.1%	4.3%	5.2%	6.5%	6.6%	6.9%	7.2%	7.2%	7.8%
Net margin without joint ventures and associates	–	–	–	5.2%	6.5%	6.6%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 22 May	Mar 2020Filed 1 Jun	Mar 2021Filed 31 May	Mar 2022Filed 10 May	Mar 2023Filed 4 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 21 Oct
	778	1,507	1,778	2,136	2,589	3,148	5,786	6,665	7,203
	778	1,507	1,778	2,136	2,589	3,148	5,786	6,665	7,203
Share capital	16	18	18	18	18	18	19	19	19
Reserves	762	1,489	1,760	2,118	2,571	3,130	5,767	6,646	7,184
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	–	–	0
	458	315	285	331	135	134	178	186	285
Repayable after a year	72	53	31	0	0	0	0	0	0
Repayable within a year	387	262	254	331	135	134	178	186	285
	1,861	1,653	1,142	1,333	1,118	1,431	1,348	2,078	2,161
Trade payables	1,021	1,169	742	763	748	1,008	779	1,335	1,333
Other financial liabilities	386	72	44	186	183	208	296	402	451
Other liabilities	46	139	90	33	37	68	75	80	42
Provisions	13	8	5	6	9	12	18	24	23
Tax owed	9	2	8	15	5	0	2	52	28
	124	109	94	59	63	77	101	213	255
Other financial liabilities	0	0	0	0	0	0	31	58	55
Other liabilities	0	15	24	21	22	26	19	106	136
Provisions	9	11	9	9	15	17	20	24	26
Deferred tax	44	31	29	29	27	27	30	26	37
Total assets	2,764	3,269	3,014	3,527	3,770	4,656	7,235	8,956	9,619
	539	583	568	566	609	959	1,600	2,799	3,165
Plant in use, after depreciation	486	496	474	474	484	541	756	1,307	–
Plant being built	32	11	7	17	15	121	385	1,002	–
Intangible assets	3	3	2	2	2	2	1	1	1
Investments	2	1	1	2	1	2	2	2	5
Loans given	7	12	20	0	0	1	1	1	1
Other financial assets	10	1	0	12	11	11	13	14	15
Other assets	0	59	64	59	96	282	442	473	475
	2,225	2,686	2,446	2,961	3,161	3,697	5,635	6,157	6,454
Inventories	693	864	768	1,079	1,102	1,343	1,730	2,401	3,604
Trade receivables	1,091	1,368	1,350	1,396	1,388	1,518	1,797	1,842	1,677
Cash and cash equivalents	22	119	220	359	480	666	1,052	1,444	695
Other bank balances	173	95	1	1	57	34	864	69	3
Loans given	4	3	2	1	2	2	2	2	2
Other financial assets	242	87	21	23	15	27	42	19	19
Tax paid in advance	0	2	4	4	6	6	3	1	1
Other assets	0	148	78	97	111	102	145	380	452
Net debt	263	101	64	−29	−402	−566	−1,737	−1,326	−413

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 31 May	Mar 2022Filed 10 May	Mar 2023Filed 4 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 21 Oct
	154	229	514	611	−32	840	−489
	191	315	673	792	190	1,135	−303
	−246	−254	−26	−66	−823	−242	−1,078
Receivables	11	−50	10	−134	−278	−58	153
Inventories	96	−317	−23	−240	−388	−670	−1,204
Payables	−427	21	−14	260	−229	529	19
Other working capital	75	92	1	48	72	−43	−46
Tax paid	−90	−125	−178	−205	−226	−269	−198
Interest paid	57	40	35	44	56	64	35
Capital spending	24	60	76	255	691	1,132	416
Free cash flow	130	169	438	355	−723	−292	−905
	75	−58	−137	−353	−1,501	−350	−324
Plant and property sold	1	0	0	0	3	2	1
Interest received	4	2	16	21	26	107	30
Dividends received	0	0	0	0	0	0	0
	−129	−31	−256	−72	1,919	−98	64
Borrowings raised	35	138	29	38	195	37	99
Borrowings repaid	−95	−111	−226	−39	−151	−29	0
Interest paid	−57	−40	−35	−44	−56	−64	−35
Lease payments	0	−1	0	0	0	0	0
Dividends paid	18	23	27	28	42	43	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	2,000	0	0
Net change in cash	101	139	121	186	386	392	−749

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.KEI Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 1 Jun	Mar 2021Filed 31 May	Mar 2022Filed 10 May	Mar 2023Filed 4 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	–	₹18.54	₹22.98	₹31.65	₹30.47	₹41.77	₹52.94	₹64.37	₹75.65	₹96.09
Diluted earnings per share	–	₹18.21	₹22.74	₹31.19	₹30.18	₹41.56	₹52.86	₹64.25	₹75.55	₹96.02
Dividend per share	₹0.60	₹1.00	₹1.20	₹1.50	₹2.00	₹2.50	₹3.00	₹3.50	₹4.00	₹4.50
Book value per share	–	–	₹98.58	₹168.39	₹197.88	₹237.00	₹287.08	₹348.88	₹605.49	₹697.17
Dividend payout	4.7%	5.4%	5.2%	5.2%	6.6%	6.0%	5.7%	5.4%	5.5%	4.7%
Shareholder yield	–	–	–	–	0.4%	0.2%	0.2%	0.1%	−7.1%	0.1%
Market cap at the year end (₹ crore)	1,421	3,017	3,358	2,134	4,697	11,362	15,321	31,222	27,642	38,604

Ratios

Consolidated, years to March.KEI Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 1 Jun	Mar 2021Filed 31 May	Mar 2022Filed 10 May	Mar 2023Filed 4 May	Mar 2024Filed 3 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	20.7%	23.5%	20.8%	15.5%	−14.4%	36.9%	20.7%	17.2%	20.1%	20.7%
Operating profit growth	–	23.8%	29.8%	12.8%	−7.4%	27.9%	19.9%	18.6%	18.3%	24.0%
Net profit growth	57.2%	47.3%	24.8%	41.8%	6.7%	37.5%	26.9%	21.7%	19.9%	31.9%
Earnings per share growth	–	–	23.9%	37.7%	−3.7%	37.1%	26.7%	21.6%	17.5%	27.0%
	–	–	23.2%	22.4%	16.6%	19.2%	20.2%	20.2%	15.6%	14.8%
	–	–	–	−0.8 pts	−5.8 pts	2.6 pts	1.0 pts	0.0 pts	−4.7 pts	−0.8 pts
From the net margin	–	–	–	5.3 pts	5.5 pts	0.1 pts	1.0 pts	0.8 pts	0.0 pts	1.4 pts
From asset turnover	–	–	–	1.7 pts	−5.0 pts	5.3 pts	1.7 pts	0.3 pts	−3.0 pts	−1.9 pts
From borrowing	–	–	–	−7.8 pts	−6.3 pts	−2.8 pts	−1.7 pts	−1.0 pts	−1.6 pts	−0.3 pts
Return on capital employed	–	–	32.9%	24.2%	19.5%	21.6%	23.8%	23.6%	15.4%	16.6%
Cash conversion	–	–	–	–	56.3%	60.8%	107.7%	105.1%	−4.6%	91.5%
Interest cover	2.0	2.7	3.0	3.4	7.0	13.2	18.7	17.7	16.5	17.8
Debt to equity	–	–	0.59	0.21	0.16	0.16	0.05	0.04	0.03	0.03
Receivable days	–	–	94	102	118	89	73	68	67	57
Inventory days	–	–	86	93	96	93	78	81	86	99
Payable days	–	–	127	126	93	66	53	61	39	55
Cash conversion cycle, days	–	–	53	69	121	116	98	88	115	101
Working capital days	–	–	48	81	117	102	87	77	96	86
Asset turnover	–	–	1.53	1.62	1.33	1.75	1.89	1.92	1.64	1.45
Assets per rupee of net worth	–	–	3.55	2.64	1.91	1.67	1.54	1.47	1.33	1.30
Sales per rupee of plant	–	–	8.71	9.85	8.82	12.08	14.29	14.97	12.88	8.99
Capital spending to depreciation	–	–	–	–	0.42	1.08	1.33	4.16	9.85	12.42
Plant being built, % of plant in use	–	–	6.5%	2.3%	1.5%	3.5%	3.0%	22.3%	51.0%	76.7%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.3%
Cash from operations against operating profit: 68.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.5%	22.9%	19.3%
Profit growth, yearly rate	30.8%	27.4%	24.4%
Return on equity, average	–	18.0%	16.9%
Return on capital employed, average	–	20.2%	18.6%
Operating margin, average	10.2%	10.3%	10.3%
Net margin, average	5.9%	7.1%	7.4%
Asset turnover, average	–	1.73	1.67
Cash conversion cycle, days, average	–	104	101
Interest cover, average	10.2	16.8	17.3
Debt to equity, average	–	0.06	0.03

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,161	1,418	840
Cash from investing	−2,398	−2,203	−350
Cash from financing	1,461	1,749	−98
Capital spending	2,214	2,078	1,132
Dividends paid	162	113	43
Shares bought back	0	0	0
Shares issued for cash	2,000	2,000	0
Borrowings raised	437	270	37
Borrowings repaid	556	219	29

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	6	6	5	2	3
Altman Z-scorePublished threshold 1.81	–	–	3.58	3.79	5.47	8.43	11.81	16.27	15.07	13.48
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.13	−2.13	−2.25	−1.71	−1.56	−2.25
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.40	6.29	2.76	7.66	37.50	5.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.80	0.94	0.62	0.65
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	9.84	13.13	−33.54	−21.26	−7.87	−1.73	−18.19
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	9.27	2.91	−4.33	−20.62	4.32	7.73	18.29
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.10	−3.18	0.36	0.10	0.03	0.57	1.79
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.17	0.20	0.30	0.22	1.02	1.35	1.56
Effective tax ratePublished threshold 17.16 per cent	26.40	29.19	35.03	21.83	25.21	25.91	25.65	25.64	25.67	25.47
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.34	−2.01	−0.55	1.54	3.66

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA+Review, Re-affirm	Stable	700
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		30
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE A1+Review, Re-affirm		2,650
7 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Re-affirm	Stable	500
23 Jun 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	3,680
23 Jun 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	130
23 Jun 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		40
3 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	3,810
3 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		100
2 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fixed Deposit	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.