Sharekhan's research report on KEI Industries
Net earnings grew 30% y-o-y led by a 26% y-o-y revenue growth. Revenue growth was in turn driven by a 29% growth in the C&W segment. Management guided for an 19% revenue growth and OPM of 11% in FY26 and expects growth of more than 20% once the Sanand facility fully ramps up in FY27. First phase of Sanand facility is expected to be operational in Q3FY26.
Outlook
Company to do well, backed by tailwinds in sectors such as Renewables, transmission, data center, real estate and infrastructure. The stock trades at 40x/31x to FY26/FY27 EPS estimates. We maintain a Buy with a revised PT of Rs. 4,420.
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