KEI Industries Limited stock analysis

So for that, we have given our guidance to do the capital expenditure of INR600 crores to INR700 crores year after year because we need to grow every year. So then we need to add the capacity every year because whenever we go for a greenfield capex, it takes us to complete the process for the 2 year actually. Like yesterday, we announced for the Salarpur project where we will be investing around INR700 crores.

That closely translates to INR4,000 crores of revenue. And sir, with respect to the margins, in the earlier guidance you mentioned that there was change in product mix, which led to the margin expansion. Is it because we had - - there was a good amount of contribution from extra high-voltage cable or can you just specify what kind of product led the margin expansion?

EBITDA rose 30.56% to ` 1,388 crore with margins expanding to 11.81%. Profit after tax improved by 31.88% to ` 918 crore, driven by operating leverage, better working capital management and a disciplined shift to high-margin businesses. The revenue growth in FY 2025-26 underscores the continued strength of our product and market strategy.

With better product mix, working capital cycles improving and operational efficiencies strengthening, we expect EBITDA to stabilize between 11%-12% in medium term. KEY INITIATIVES FOR THE YEAR ` 600-700 crore annually Capex discipline maintained at 20% topline growth Debt reduction and capital raising We strengthened liquidity and equity position through a ` 2,000 crore Qualified Institutional Placement in November 2

In the first quarter we've seen a decline actually of 7%, 8%. So does that mean you're expecting in the balance 9 months to grow at over 50% in exports especially given same time last year the balance 9 months also saw 50% plus growth in exports. So is that -- what gives you that confidence of growing at 50% in this financial year?

Demand for EHV cables has continued to increase across transmission and distribution networks, supported by the growing preference for underground cabling solutions and the operational advantages offered over conventional overhead transmission systems. KEI has also strengthened its position in this segment through Engineering, Procurement, and Construction project execution capabilities and backward integration in PV

With its integrated manufacturing facilities, diversified product portfolio and established quality standards, KEI is well positioned to capitalize on the increasing preference for organised domestic manufacturers across infrastructure, industrial and building projects. • Expansion of Value-added and Specialized Products: Growing preference for technologically advanced and application-specific products is driving dem

Enhanced customer loyalty, stronger brand equity and improved stakeholder confidence. As a leading manufacturer of wires & cables, customer trust and product reliability are critical to sustaining our market leadership and long-term business growth. Focusing on delivering superior product quality, maintaining robust quality assurance processes, enhancing customer engagement and continuously improving products and ser

Simultaneously, our brownfield expansions and future capex plans strengthen our long-term manufacturing roadmap while creating opportunities for greater backward integration and supply-chain resilience. Phase I, covering LT and HT cables, has started commercial production from December 2025, bringing nearly half the plant’s revenue potential online. Phase II, dedicated to EHV and HT cables, is expected to be commissi