KEI Industries is showing strong fundamental momentum, with Q1 FY27 consolidated revenue at about ₹3,185 crore, up 23% YoY, while EBITDA increased nearly 40% to ₹415 crore and net profit rose 40% to ₹274 crore. The company’s EHV cable sales grew 47% YoY to ₹186 crore, supported by transmission and renewable-energy projects, while the order book stood around ₹4,292 crore, providing good revenue visibility. Management is targeting 11–12% EBIT margins in FY27 and expects increasing demand from data centres, which could become an additional growth driver. KEI has also been expanding capacity, including a ₹700 crore capex plan for its Rajasthan facility, while its Sanand expansion continues to ramp up. However, exports declined around 9% YoY in Q1 due to Middle East-related shipment disruptions and US customs-duty issues, although management expects recovery. The major near-term negative trigger is increased competition, as UltraTech has entered the wires-and-cables market with a planned ₹1,800 crore investment and ambitions to become a top-two player, which could put pressure on established players such as KEI over time

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