Buy KEI Industries; target of Rs 322: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on KEI Industries

KEI Industries (KEI) posted a strong P/L in Q1FY18 led by strong performance in turnkey projects and above industry growth in cables. Key highlights: a) strong execution in turnkey projects (up 119% YoY) led to sharp 44/46% YoY top line/EBITDA spurt; b) sharp rise in copper price coupled with price hike aided 29% YoY surge in cables’ top line/EBIT; and c) KEI’s sustained focus on B2C business which now has 1,246 dealers (99 added in Q1) apart from target to prune long-term debt substantially.

Outlook

High potential of profitable growth in cables & wires and scope for significant ramp up in distribution renders KEI our preferred pick in the India consumer electrical space. We maintain ‘BUY/SO’.

For all recommendations report, click here

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