KEI Industries Ltd.sales +38.5%, EBITDA ₹401 Cr, guide above 25%

KEI Industries' Q2 FY27 call, held on 22 October 2026, showed a cable maker growing fast on copper-driven prices and new capacity.

Net sales rose 38.5% to ₹3,776 crore, EBITDA rose 28.7% to ₹401 crore at a 10.62% margin, and profit after tax rose 29% to ₹262 crore. For the half, sales grew 31% to ₹6,961 crore and the EBITDA margin was 11.73%. Domestic wire and cable sales grew 46%, extra high-voltage cable sales rose to ₹217 crore, and exports were flat at ₹493 crore against an export order book of ₹991 crore. Management raised full-year growth guidance to above 25% and kept a 20% CAGR for the next three to four years, with EBITDA margin of about 11% this year moving toward 11% to 12% as the Sanand plant ramps up.

Inventory rose about ₹1,200 crore in the half and should normalise by March 2027, and the EPC business is being closed at small losses. Capex will run near ₹600 crore a year, with Sanand's second phase starting by March 2027. No earlier promises were on file for comparison.