KEI Industries is one of India's largest wires and cables makers — spanning EHV, HT and LT power cables, house wires and stainless steel wires — with a forward-integrated EPC business serving power transmission and distribution projects. The Q2 print will speak to whether the 13.04% EBITDA margin of Q1 FY27 holds as copper prices climbed roughly 9% over the quarter, and how the Sanand ramp and a rebuilt Rs. 4,292 Cr order book translate into volume growth against the guided 17-18% for FY27.
| Results date | October 21, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,185.34 Cr (+22.97% YoY) |
| Previous quarter PAT | Rs. 274.14 Cr (+40.05% YoY) |
| Previous quarter EBITDA margin | 13.04% |
| Market cap | Rs. 43,721.51 Cr |
| CMP | Rs. 4,571.2 |
KEI Industries is scheduled to report its Q2 FY 2026-2027 results on October 21, 2026.
The company had proposed its Rs. 4.50 per share (225%) interim dividend as a final dividend, and shareholders confirmed the dividend with 99.99% in favour at the 34th AGM held on September 28, 2026. No fresh dividend announcement is pending with the Q2 results.
The quarter's central question is whether KEI can hold its Q1 FY27 EBITDA margin of 13.04% — already above the guided 11-12% operating / above-11% EBITDA band — as LME copper climbed from $13,170/t on July 1 to $14,453/t on September 30, a move that lifts realised prices under the company's 15-day retail revision and B2B price-variation pass-through but tests recovery timing. Revenue momentum looks supported in value terms by the order book of Rs. 4,292 Cr at June 30, 2026, up 19.72% QoQ, with EHV cable orders at Rs. 793 Cr and dealer/distributor sales having grown 41.98% YoY in Q1 at 59.09% of sales. The volume leg is the swing factor: FY27 guidance of 17-18% volume growth compares with 6.2% in FY26, and hinges on the Sanand ramp — Phase 1 at 50% utilisation with FY27 revenue guided at Rs. 1,500-2,000 Cr, corrected down from the earlier Rs. 2,700 Cr target — plus Chinchpada wire capacity. Exports remain the flagged drag: Q1 exports fell 9% YoY to Rs. 341 Cr on Middle East geopolitics and US customs duties, and the 10% Section 301 tariff in force since July 24 means that headwind persists into Q2, partially offset by a weaker rupee at 96.83 by October 7. The call will also be probed on the EPC segment loss of Rs. 51.34 Mn in Q1, the inventory and acceptances (Rs. 565 Cr) build as metal prices rose, and whether management maintains its internal expectation of above 25% FY27 value growth.
Guidance scorecard — FY27 targets vs delivery: Where KEI stands against the targets set on the Q1 FY27 call of August 4, 2026:
Sanand ramp and EHV commissioning
Exports and order book
EPC, working capital and regulatory follow-ups
Exports fell 9% YoY to Rs. 341 Cr in Q1 FY27, impacted by geopolitical issues in the Middle East and US customs duties. Middle East shipping challenges alone impacted March exports by Rs. 50-60 Cr, though management said freight pressures are minimal and offset by exchange-rate fluctuations.
On the Q1 FY27 call, the Chairman corrected the FY27 Sanand revenue expectation to Rs. 1,500-2,000 Cr, down from the Rs. 2,700 Cr target reaffirmed on the Q4 FY26 call. Phase 1 of the Rs. 2,000 Cr project is at 50% utilisation, with EHV commissioning expected by March 2027.
Q1 FY27's EBITDA margin of 13.04% was attributed to product mix, operational efficiencies and some higher-margin export orders — EHV cables carry about 15% operating margins versus 10.5% for LV/MV institutional and 11% for retail/exports. Management has guided operating margin of 11-12% and EBITDA margin above 11% on an open-ended basis.
Management has guided 17-18% volume growth for FY27, against an FY26 actual of 6.2% that was constrained by capacity rather than demand. Incremental volume is expected from Chinchpada (wire) and the Sanand plant (cables), so the volume/realisation split in upcoming quarters is the checkpoint.
The pending order book rose 19.72% QoQ to Rs. 4,292 Cr at June 30, 2026, from Rs. 3,585 Cr at March 31, 2026. EHV cable orders stood at Rs. 793 Cr and export cable orders at Rs. 822 Cr, while dealer orders are excluded as they are supplied within 3-4 days to a week.