KEI Industries delivered strong financial performance for the fourth quarter and fiscal year ended March 31, 2026, with the Board of Directors approving the audited standalone and consolidated financial results at their meeting held on May 4, 2026. The company's standalone net profit for Q4 FY26 rose to 2,843.12 million rupees from 2,265.48 million rupees in the corresponding quarter of the previous year, reflecting robust operational execution. Following the results, Morgan Stanley downgraded the stock to Equal-weight while raising its target price to ₹5,213, citing balanced risk-reward after a recent ~35% outperformance.

Key Financial Performance

Revenue from operations for Q4 FY26 increased to 34,763.96 million rupees from 29,147.88 million rupees on a year-on-year basis, demonstrating sustained demand across business segments. For the full fiscal year, revenue reached 117,477.65 million rupees compared to 97,358.77 million rupees in FY25, representing significant annual growth. EBITDA for Q4 improved to 3,771.51 million rupees from 3,051.60 million rupees in the year-ago period, with the EBITDA margin expanding to 10.85% from 10.47% year-on-year.

The following table summarises KEI Industries' key standalone financial metrics for Q4 and FY26:

Segment Performance and Corporate Developments

The Cables & Wires segment remained the primary revenue driver, contributing 112,205.66 million rupees for FY26, followed by EPC Projects at 5,614.36 million rupees and Stainless Steel Wire at 2,165.07 million rupees. Total assets as of March 31, 2026, stood at 89,559.78 million rupees, compared to 72,346.03 million rupees in the previous year, reflecting the company's expansion initiatives.

The Board approved the re-appointment of M/s Jagdish Chand & Co. as Internal Auditors and M/s S. Chander & Associates as Cost Auditors for the financial year 2026-27. Statutory auditors M/s Pawan Shubham & Co. issued an unmodified opinion on both standalone and consolidated financial results. The company also declared and paid an interim dividend of 4.50 rupees per equity share on January 21, 2026, with the Board proposing this be treated as the final dividend for FY26.

Morgan Stanley Analyst View

Morgan Stanley downgraded KEI Industries to Equal-weight following the Q4 results, while simultaneously raising its target price to ₹5,213. The brokerage noted that Q4 profit after tax beat expectations on the back of stronger margins, even as overall volumes remained soft. Domestic Cables & Wires growth came in strong at +23%, though export performance was weak. The brokerage also highlighted that part of the growth was aided by commodity prices and foreign exchange tailwinds rather than purely organic volume expansion.

The following table outlines the key parameters from Morgan Stanley's updated assessment:

Morgan Stanley cut its earnings per share estimates by 3–4%, citing the risk that rising competition in the cables and wires space could exert pressure on margins going forward. The brokerage concluded that after the stock's recent ~35% outperformance, the risk-reward profile appears balanced at current levels, justifying the downgrade despite the earnings beat.

KEI Industries Limited has announced a scheduled conference call with analysts and institutional investors to discuss its Q4FY26 financial results. The call represents a key corporate communication event for stakeholders to gain insights into the company's quarterly performance and strategic outlook.

Conference Call Details

The conference call has been organized by Nuvama Wealth Management Limited and is scheduled for May 5, 2026, at 12:00 PM IST. This timing allows for comprehensive discussion of the company's fourth quarter performance for fiscal year 2026.

Management Participation

KEI Industries will be represented by senior management officials who will provide detailed insights into the company's financial performance and operational developments. The management team participating in the call includes:

• Mr. Anil Gupta - Chairman cum Managing Director
• Mr. Rajeev Gupta - Executive Director (Finance) & CFO

This leadership representation ensures that participants will receive comprehensive information covering both strategic and financial aspects of the company's Q4FY26 performance.

Dial-in Information

The company has provided extensive dial-in details to accommodate participants from various geographical locations. The conference call access information includes multiple international numbers to ensure global participation.

Regulatory Compliance

This conference call announcement has been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has formally notified both BSE Limited and The National Stock Exchange of India Limited about the scheduled analyst meet, demonstrating adherence to regulatory disclosure requirements.

The announcement was signed by Mr. Rajeev Gupta, Executive Director (Finance) & CFO, on April 25, 2026, providing stakeholders with adequate advance notice for participation planning. The company has noted that the schedule remains subject to changes if necessary, ensuring flexibility while maintaining transparency with market participants.