Geojit Financial Services research report on KEI Industries
KEI Industries Ltd is a leading manufacturer of cables and wires. It was established as a partnership firm in 1968 and incorporated as a public limited company in 1992. In Q4FY24, consolidated revenue rose 18.8% YoY to Rs 2,319 crore, driven by 17.9% YoY growth in its cables and wires (C&W) segment. EBITDA grew 24.3% YoY to Rs 260 crore and margin expanded 50bps to 11.2%. Reported profit after tax (PAT) attributable to shareholders grew 22.0% YoY to Rs 168 crore.
Outlook
A healthy order book, higher capex, robust demand in real estate and infrastructure and strong dealer expansion augur well for the company’s future performance. However, margins might be impacted due to changes in the input costs. Hence, we cautiously upgrade our rating for the stock to HOLD with a revised target price of Rs 4,085 based on 41x FY26E adj. earnings per share (EPS).
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