KEI Industries LimitedQ2 FY27 Results & Financial Update
KEI Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹3,776.42 Cr, PAT ₹262.45 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore KEI Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
KEI Industries reported consolidated revenue from operations of INR 3,776.42 crore for Q2 FY27, reflecting an increase of 18.56% sequentially compared to INR 3,185.34 crore in Q1 FY27.
Consolidated profit after tax for Q2 FY27 stood at INR 262.45 crore, compared to INR 274.14 crore in the preceding quarter, representing a sequential moderation of 4.26%.
On a standalone basis, the company posted EBITDA of INR 401 crore in Q2 FY27, representing a 10.62% operating margin, compared to INR 415 crore or 13.04% in Q1 FY27.
Growth during the quarter was underpinned by robust demand across domestic wires and cables, particularly through retail dealer networks and extra high voltage (EHV) cable deployments.
Pending orders stood at approximately INR 5,185 crore as of September 30, 2026, providing clear medium-term revenue visibility across infrastructure and utility segments.
Total income for the quarter stood at INR 3,800.93 crore, compared to INR 3,204.92 crore in the preceding quarter.
Profit before tax (PBT) for Q2 FY27 came in at INR 353.23 crore, down 4.32% from INR 369.16 crore reported in Q1 FY27.
01 · Business model
What does KEI Industries do?
KEI Industries Limited manufactures and markets a comprehensive range of wires and cables, spanning low tension, high tension, extra high voltage (EHV) cables, and specialized industrial wiring.
The company distributes its products through an extensive dealer and distributor network alongside direct institutional, infrastructure, and export channels, catering to power utilities, industrial projects, and residential real estate.
Revenue is primarily driven by wire and cable sales, supplemented by engineering, procurement, and construction (EPC) projects for power cables and stainless steel wire manufacturing.
02 · Historical context
What shaped the business before this quarter
KEI Industries has been manufacturing wires and cables in India since 1968, steadily expanding its product portfolio from basic wiring to extra high voltage systems.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹3,776.42 Cr | ₹3,185.34 Cr |
| Total income | ₹3,800.93 Cr | ₹3,204.92 Cr |
| Profit before tax | ₹353.23 Cr | ₹369.16 Cr |
| Profit after tax | ₹262.45 Cr | ₹274.14 Cr |
| EPS | ₹27.45 | ₹28.66 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Total wires and cables sales, including exports, reached INR 3,639 crore in Q2 FY27, accounting for 96.35% of total revenue.
Sales through dealers and distributors grew by 50.46% year-on-year, contributing 58.79% of overall sales in Q2 FY27, supported by a network of 2,146 active working dealers.
EHV cable sales increased to INR 217 crore in Q2 FY27 from INR 172 crore in Q2 FY26, representing a 26.20% year-on-year increase.
Consolidated revenue from operations expanded by 18.56% sequentially to reach INR 3,776.42 crore in Q2 FY27 from INR 3,185.34 crore in Q1 FY27.
What drove margins
Standalone EBITDA margin stood at 10.62% in Q2 FY27, down from 13.04% in Q1 FY27, primarily reflecting cost of goods sold variations.
Standalone financial charges for Q2 FY27 were INR 17.24 crore, representing 0.46% of net sales compared to INR 14.16 crore or 0.52% in the corresponding period of the previous year.
Tax expense for the quarter was recorded at INR 90.78 crore, reflecting an effective tax rate that moderated net earnings alongside a slight sequential compression in PBT and PAT.
05 · Demand, customers & order book
Where demand is coming from
Pending orders stood at approximately INR 5,185 crore as of September 30, 2026.
The company maintained 2,146 active working dealers as of September 30, 2026.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Domestic wires and cables revenue reached INR 3,184 crore in Q2 FY27, marking a 45.76% increase year-on-year.
Export wires and cables sales reached INR 455 crore in Q2 FY27, up 7.27% year-on-year.
Stainless steel wire revenue was INR 61 crore in Q2 FY27, up 15.96% year-on-year, while EPC sales (other than cables) contributed INR 46 crore.
Geography and market mix
Export sales of wires and cables reached INR 455 crore in Q2 FY27, with management highlighting expectations of substantial growth driven by strengthening overseas demand and the existing order book.
07 · Reported developments
What changed operationally
Domestic wires and cables achieved strong double-digit year-on-year growth supported by institutional and retail expansion.
The company achieved double-digit sequential revenue growth of 18.56% during Q2 FY27.
08 · Items worth noticing
The line items that can distort a quick read
The company reported provisions of INR 23.17 crore for the current quarter.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Gross debt including term loans, working capital, and channel finance stood at INR 285 crore as of September 30, 2026, while net debt was negative at INR 413 crore after factoring in cash and bank balances.
Cash and bank balances totaled INR 698 crore as of September 30, 2026, which includes unutilized QIP proceeds of INR 168.91 crore and interest income earned on maturity of fixed deposits.
Trade acceptances stood at INR 727 crore as of September 30, 2026.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Shareholding Structure
As of September 30, 2026, promoter shareholding stood at 35.00%, domestic institutional investors held 26.26%, foreign institutional investors held 26.14%, and public and others held 12.60%.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue increased from INR 3,185.34 crore in Q1 FY27 to INR 3,776.42 crore in Q2 FY27.
Revenue grew from INR 3,185.34 crore in Q1 FY27 to INR 3,776.42 crore in Q2 FY27.
PAT moved from INR 274.14 crore in Q1 FY27 to INR 262.45 crore in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does KEI Industries do?
KEI Industries Limited manufactures and markets a comprehensive range of wires and cables, spanning low tension, high tension, extra high voltage (EHV) cables, and specialized industrial wiring.
What is the clearest takeaway from Q2 FY27?
KEI Industries reported consolidated revenue from operations of INR 3,776.42 crore for Q2 FY27, reflecting an increase of 18.56% sequentially compared to INR 3,185.34 crore in Q1 FY27.
What drove revenue or demand?
Total wires and cables sales, including exports, reached INR 3,639 crore in Q2 FY27, accounting for 96.35% of total revenue.
What mattered most for margins or profitability?
Standalone EBITDA margin stood at 10.62% in Q2 FY27, down from 13.04% in Q1 FY27, primarily reflecting cost of goods sold variations.
What changed operationally beyond the headline numbers?
As of September 30, 2026, promoter shareholding stood at 35.00%, domestic institutional investors held 26.26%, foreign institutional investors held 26.14%, and public and others held 12.60%.
What should the next disclosure help confirm?
Execution progress on the INR 5,185 crore pending order book across domestic and export markets.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Order Execution: Execution progress on the INR 5,185 crore pending order book across domestic and export markets.
- 02
Dealer Network Growth: Expansion and performance of the active dealer and distributor network beyond the 2,146 active units recorded in Q2 FY27.
- 03
Subsequent Financial Reporting: Monitor upcoming quarterly disclosures for margin stabilization and execution trends across cable segments.
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