Anand Rathi's research report on KEI Industries
KEI Industries delivered strong, 32% y/y, Q1 growth in its C&W category. It targets ~18% revenue growth in FY26 with ~10.5-11% margins and 20%+ growth from FY27. Its strategic investment in the Rs20bn Sanand plant is set to unlock multi-year growth potential, capitalising on robust sector demand tailwinds, while exports continue to scale up markedly. A disciplined capital allocation strategy, shrinking EPC exposure and focused retail expansion further strengthen the long-term narrative.
Outlook
We maintain our Buy recommendation, with a TP of Rs4,827 (earlier Rs4,299), Sep’27e EPS of Rs127.
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