Key Metrics of KEI Industries
About KEI Industries
Sectors
Company details
- Website
- kei-ind.com
- Registered office
- D-90 Okhla Indl Area Phase-i, New Delhi, In-dl, 110020
- Listed
- NSE: KEI · ₹3,870.50
Operational Areas of KEI Industries
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Jul 2026 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,880 Cr | View |
| 02 Oct 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,880 Cr | View |
| 03 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,885 Cr | View |
| 19 Sep 2024 | CARE | Reaffirmed (from AA) | AA+ | A1+ | Stable | ₹3,285 Cr | View |
| 14 Aug 2023 | CARE | Reaffirmed | AA | A1+ | Positive | ₹3,285 Cr | View |
| 16 Aug 2022 | CARE | Reaffirmed (from AA-) | AA | A1+ | Stable | ₹5.00 Cr | View |
| 22 Jun 2022 | CARE | Other | — | — | — | — | View |
| 30 Aug 2021 | CARE | Revised (from A+) | AA- | A1+ | Stable | ₹3,250 Cr | View |
| 15 Sep 2020 | CARE | Revised (from A) | A+ | A1 | Stable | ₹3,223 Cr | View |
| 31 Aug 2020 | CARE | Other | — | — | — | — | View |
| 19 May 2020 | CARE | Other | — | — | — | — | View |
| 04 Oct 2019 | CARE | Reaffirmed | A | A1 | Stable | ₹3,223 Cr | View |
| 15 Feb 2019 | CARE | Other | — | — | — | — | View |
| 07 Jan 2019 | CARE | Other | A | — | Stable | ₹2,703 Cr | View |
Credit strengths (CARE, Jul 2026)
+ Diversified product portfolio supporting its healthy business profile
KEI’s cable division has a wide range of products (portfolio of over 400 products), including power cables (comprises low ten sion [LT], high tension [HT] and extra high voltage [EHV] power cables) up to and including 400 kV grade, control and instrumentat ion cables, rubber cables, winding, flexible and house wires, specialty cables, submersible cables, OVC/poly-wrapped winding wires and stainless-steel wires. The cable segment has been the major contributor to revenues constituting ~62% of KEI
+ Growth in scale of operations and profitability and further increase in capacities to support business growth
KEI’s total operating income (TOI) grew at a compounded annual growth rate (CAGR) of 22% in FY21-FY26, while it grew by ~21% y-o-y in FY26 supported by 25% growth in retail sales and 45% growth in exports sales and over 8% growth in institutional sales and de-growth in EPC segment of ~9%. KEI’s PBILDT margin stood stable at 10. 71% in FY26 (PY: 10.03%). Company continued to shift toward the dealer/distribution (B2C/retail) business, which is structurally better for working capital and margins. W
+ Strong financial risk profile
The company’s capital structure, marked by overall gearing ratio, remains strong at 0.15x as on March 31, 2026 (PY: 0.08x). Debt coverage and leverage indicators, marked by interest coverage ratio and total debt to PBILDT, also continued to remain strong at 20.22x (PY: 17.54x) and 0.78x (PY: 0.48x). Improvement in leverage in FY26 (FY refers to April 01 to March 31) was due to reduction in letter of credit-backed creditors, driven by higher cash purchases and improved profitability.
+ Healthy order book position providing medium-term revenue visibility
KEI had an order book of ₹3,731 crore as on May 31, 2026 (₹4,012 crore as on June 30, 2025). The order book comprises 73% orders in the cables division (including exports, to be executed over three-four months), 19% in the extra high voltage (EHV) cables division (to be executed over 12-15 months), and 8% from the EPC division (to be executed in ~18 months). The order book excludes retail orders, which are executed immediately upon receipt. CareEdge Ratings expects the order book to be sustained
+ Long track record of operations & Diversified and reputed customer base
KEI has over five decades of track record in the cable and wires business with established relationship with vendors and customers, providing stability to its business operations. Anil Gupta, KEI’s promoter, has been associated with the cable industry for over four decades, and has extensive experience in the manufacturing of cables. The top management comprises experienced professionals. The second generation is also involved in the business as Akshit Diviaj Gupta is handling the company’s reta
Credit challenges
− Working capital intensive operations though improving
KEI’s operations are working capital intensive, considering high collection period associated with the EPC projects, which ta ke 2-3 years to finalise. The realisation in the EPC projects is based on milestones achieved and ~10% retention money is released post successful completion of the project. The company’s gross operating cycle is at 132 days in FY26 (PY: 128 days) compared to 201 days in FY21. However, KEI’s operations still remain working capital intensive. Company’s receivable days impr
− Volatility in raw material prices and competitive nature of industry
KEI’s business is highly raw material intensive, with raw materials forming ~75-77% of the total operating costs. Main raw materials used are copper, stainless-steel strips and rods, GI wires, PVC & DOP and aluminium with purchases backed by letters of credit (LCs) or cash. Orders generally have a mix of variable and fixed-price contracts. The company maintains 2-2.5 months’ inventory, where pricing is already fixed. Since most orders are executed within three months’ time, the company is insula
Could lead to an upgrade
Factors that could individually or collectively lead to positive rating action/upgrade: • Significantly growing sales volumes, improving profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin, maintaining its healthy return on capital employed (ROCE) on a sustained basis. • Shortening gross operating cycle to below 100 days on a sustained basis and significant
Could lead to a downgrade
Factors that could individually or collectively lead to negative rating action/downgrade: • Deteriorating net debt/PBILDT above 1.00x on a sustained basis. • Declining PBILDT margin to less than 10% ona sustained basis • Elongating gross operating cycle beyond 180 days on a sustained basis.
Agency-reported financials (CARE, 07 Jul 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹9,720 Cr | ₹11,780 Cr |
| PBILDT* | ₹975 Cr | ₹1,262 Cr |
| Profit after tax (PAT) | ₹696 Cr | ₹918 Cr |
| Overall gearing (x) | 0.08× | 0.15× |
| Interest coverage (x) | 17.54× | 20.22× |
| Revenue growth (YoY) | — | 21.2% |
| PAT margin | 7.2% | 7.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹1,200 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹2,650 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial paper (Carved out) | Commercial paper | — | ₹30.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹700 Cr | CARE AA+; Stable |
| Commercial Paper (Carved out) | ₹30.0 Cr | CARE A1+ |
| Fixed Deposit | — | Withdrawn |
| Short Term | ₹2,650 Cr | CARE A1+ |
| Term Loan | — | Withdrawn |
| Term Loan | ₹500 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Bahrain and Kuwait B.S.C |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | DCB Bank Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDFC First Bank Ltd. |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | Union Bank of India |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | Union Bank of India |
| Non-fund-based | Short Term | Axis Bank Ltd. |
| Non-fund-based | Short Term | Bank of Bahrain and Kuwait B.S.C |
| Non-fund-based | Short Term | Bank of Baroda |
| Non-fund-based | Short Term | DBS Bank India Ltd. |
| Non-fund-based | Short Term | DCB Bank Ltd. |
| Non-fund-based | Short Term | HDFC Bank Ltd. |
| Non-fund-based | Short Term | ICICI Bank Ltd. |
| Non-fund-based | Short Term | IDBI Bank Ltd. |
| Non-fund-based | Short Term | IDFC First Bank Ltd. |
| Non-fund-based | Short Term | IndusInd Bank Ltd. |
| Non-fund-based | Short Term | Kotak Mahindra Bank Ltd. |
| Non-fund-based | Short Term | Punjab National Bank |
| Non-fund-based | Short Term | RBL Bank Limited |
| Non-fund-based | Short Term | State Bank of India |
| Non-fund-based | Short Term | Unallocated |
| Non-fund-based | Short Term | Union Bank of India |
| Non-fund-based | Short Term | Yes Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 84% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 20.22×
What happened, step by step
- May 2020 — Rated term loans fell from ₹600 cr to ₹0 cr
- Sep 2020 — ₹500 cr raised through equity
- Sep 2020 — Full repayment of debt
“During the FY20, the company has raised an amount of Rs. 500 Cr through QIP.”
Rated limits by facility
Timeline
From the report
KEI is net debt free as on March 31, 2026.
From the report
KEI had a cash and bank balance of ₹1,513 crore as on March 31, 2026, including ₹467 crore from QIP proceeds, which are expected to be utilised in the ongoing capital expenditure.
From the report
KEI is net debt free as on June 30, 2025.
From the report
Average utilisation of fund-based limits stood at 2% for the 12 months ended June 2025, while non-fund-based limit utilisation stood at ~44% in the same period, providing cushion to the company’s liquidity profile.
From the report
KEI had a free cash and bank balance of ₹1,914 crore as on March 31, 2025, including ₹1,379 crore from qualified institutional placement proceeds, which are expected to be utilised in the ongoing capital expenditure.
From the report
KEI is net debt free as on March 31, 2024.
From the report
KEI had a free cash and bank balance of ₹695 crore as on March 31, 2024, and ₹599 crore as on June 30, 2024, which will be utilised in the ongoing capex.
From the report
Capacity expansion plans in FY25-FY26 entails capex of nearly ₹1700-1800 crore, which is expected to be funded by term debt of ₹600 crore (tied up) and balance through internal accruals and available liquidity.
From the report
KEI is net debt free as on March 31, 2024.
From the report
KEI had a free cash and bank balance of ₹695 crore as on March 31, 2024, and ₹599 crore as on June 30, 2024, which will be utilised in the ongoing capex.
From the report
Capacity expansion plans in FY25-FY26 entails capex of nearly ₹1700-1800 crore, which is expected to be funded by term debt of ₹600 crore (tied up) and balance through internal accruals and available liquidity.
From the report
Positive outlook also reflects CARE Ratings Limited’s (CARE Ratings’) expectation of continued healthy growth in total operating income and profitability over the medium term while maintaining net debt free status and heathy return ratios.
From the report
Comfortable financial risk profile: The capital structure of the company marked by overall gearing ratio improved and remained comfortable at 0.15x as on March 31, 2023 and 0.10x as on June 30, 2023, backed by repayment of term loans and lower working capital borrowings aided by healthy operating cash flows.
From the report
The total debt/PBILDT further improved to 0.38x in Q1FY24 (on annualised basis) and is expected to remain below 0.50x in the medium term while KEI is expected to remain net debt free.
From the report
KEI generated gross cash accruals (GCA) of ₹532 crore during FY23 (FY22: ₹432 crore).
From the report
Moreover, the company does not have any scheduled term debt repayment obligations as it has repaid all term loans in FY23.
From the report
KEI had free cash and bank balance of ₹536 crore as on March 31, 2023 and ₹305 crore as on June 30, 2023.
From the report
Improvement in the financial risk profile: The capital structure of the company marked by overall gearing ratio improved from 0.37x as on March 31, 2021 to 0.14x as on June 30, 2022, backed by repayment of term loans and lower working capital borrowings aided by healthy operating cash flows.
From the report
KEI generated gross cash accruals (GCA) of ₹432 crore during FY22 (FY21: ₹329 crore).
From the report
Moreover, the company has low term debt repayment obligation of ₹20 crore in FY23 as against the envisaged cash accruals of more than ₹500 crore.
From the report
Moreover, the company has low term debt repayment obligation of ₹20 crore in FY23 as against the envisaged cash accruals of more than ₹500 crore.
From the report
The average utilisation of its fund-based working capital limits also stood low at around 19% for the trailing 12 months ended June 2022, while the non-fund-based limit utilisation stood at around 44% during the same period.
From the report
KEI had free cash and bank balance of ₹360 crore as on March 31, 2022.
From the report
As on June 30, 2022, fund-based working capital utilisation remained NIL and cash and bank balance stood at ₹172 crore.
From the report
UA: Unaudited; ^ Including mobilisation advance availed by furnishing financial bank guarantee Financials are classified as per CARE Ratings’ standard Status of non-cooperation with previous CRA: Not applicable Any other information: Not applicable Rating history for the last three years: Please refer Annexure-2 Covenants of the rated instruments/facilities: Detailed explanation of covenants of the rated instruments/facilities is given in Annexure-3 Complexity level of various instruments rated for this company: Annexure-4 Annexure-1: Details of instruments/facilities Size of the Rating Assign
From the report
Liquidity: Adequate KEI has healthy liquidity position with projected GCA of Rs.421.60 crore in FY21 against low repayment obligation of Rs.19.58 crore.
From the report
KEI had a free cash and bank balance of Rs.158.28 crore as on June 30, 2021.
From the report
During the FY20, the company has raised an amount of Rs. 500 Cr through QIP.
From the report
The Net proceeds of the QIP have been utilized for repayment or prepayment of debt, meeting working capital requirements and general corporate purposes.
From the report
The average working capital utilization for the company remained at 43% for the 12 months ending June, 2020.
From the report
The company has cash and bank balance of Rs. 109.73 cr as on June 30, 2020.
From the report
The average working capital utilization for the company remained at 60.49% for the 12 months ending August, 2019.
From the report
The company has free cash and bank balance of Rs. 195.34 crore out of which free cash and bank balance stood at Rs. 22.07 crore.
From the report
Liquidity The company’s free cash and cash equivalents stood at Rs.67.79 crore as on March 31, 2019 and cash and bank balance of Rs.44.12 crore as on September 30, 2018.
From the report
Further the company has consistently generated healthy cash accruals in excess of Rs.100 crore for the past 2 years.
From the report
There is no major capex envisaged in the near term except a new manufacturing plant for LT/HT (phase-II) power and control cables in Pathredi, Rajasthan at a total cost of Rs.85 crore which is being funded through term loan of Rs.60.00 crores and balance Rs. 25.00 crores from internal accruals.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of KEI Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
 POLYCAB INDIA LIMITED |
Wires & Cables · Electrical Equipment & Appliances | polycab.com | — | Halol, Gujarat, India |
 Crompton Greaves Consumer Electricals |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | crompton.co.in | — | Mumbai, India |
| Pipes & Tubes · Steel, Metals & Pipes | surya.co.in | — | Bahadurgarh, India | |
 Bajaj Electricals |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | bajajelectricals.com | 1938 | Mumbai, India |
 Finolex Cables |
Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | finolex.com | — | Pune, India |
| Wires & Cables · Electrical Equipment & Appliances | vguard.in | 1977 | India | |
| India Nippon Electricals Limited | Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | — | — | Chennai, Tamil Nadu, India |
| WONDER ELECTRICALS LIMITED | · Manufacturing (Machinery and Equipments) | — | — | New Delhi, Delhi, India |
| MARINE ELECTRICALS (INDIA) LIMITED | · Manufacturing (Machinery and Equipments) | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Wires and cables
Filings
No filings on record yet.