KEI Industries has showcased robust financial performance and strategic positioning in its comprehensive business presentation covering the 9M FY26 period. The company demonstrates strong fundamentals across its diversified cable and wire manufacturing operations, supported by healthy order books and expanding market presence.

Financial Performance Overview

The company's financial metrics reflect consistent growth trajectory across key parameters:

The company achieved a 3-year revenue CAGR of 19% and PAT CAGR of 21%, demonstrating sustained growth momentum. EBITDA margins remained stable at 10.92% in FY25, while maintaining strong return ratios with ROCE of 25% and comfortable debt profile.

Diversified Product Portfolio and Market Presence

KEI Industries operates with a comprehensive product basket spanning multiple categories:

• Extra-High Voltage Cables up to 400 KV
• High & Medium Voltage Cables
• Control & Instrumentation Cables
• Solar Cables and EV Cables
• PVC/Poly Wrapped Winding Wires
• Flexible & House Wires
• Stainless Steel Wires

The company serves diverse sectors including power, oil refineries, railways, automobiles, cement, steel, fertilizers, textile, and real estate. This diversification is reflected in low customer concentration, with top 10 customers contributing 23% of revenue in FY25.

Strong Order Book and Operational Infrastructure

KEI Industries maintains a healthy order book of INR 37,243 Mn as of December 31, 2025, providing revenue visibility. The company operates manufacturing facilities across 9 strategic locations with strong R&D capabilities supporting new product development and customized solutions.

Retail Focus and Distribution Expansion

The company has significantly strengthened its retail presence, with retail sales accounting for 53% of total sales in 9M FY26, up from 52% in FY25. This growth is supported by an extensive pan-India distribution network covering metros and Tier 1/2 cities, complemented by focused marketing activities including TV advertising and IPL sponsorship.

Export Growth and Market Diversification

Export operations have shown strong momentum, representing 17% of sales in 9M FY26 compared to 13% in FY25. The company maintains a healthy export order book of INR 4,729 Mn for cables as of December 31, 2025. Export operations provide natural forex hedging as the company also imports raw materials.

ESG Leadership and Sustainability Initiatives

KEI Industries achieved an ESG score of 72.00 from NSE Sustainability Ratings & Analytics, earning a "Leader" rating category. The company also received a CareEdge ESG score of 72.80 with an ESG-1 rating, reflecting best-in-class ESG practices and disciplined risk management across environmental stewardship, social commitment, and governance practices.

KEI Industries Limited has announced a credit rating revision by ICRA Limited, reflecting adjustments in the company's banking facility limits while maintaining strong credit ratings. The revision, communicated on February 04, 2026, demonstrates the rating agency's continued confidence in the company's financial strength and creditworthiness.

Credit Rating Revision Details

ICRA Limited has revised the rated limits for KEI Industries' banking facilities, with notable changes in the allocation between long-term and short-term facilities:

The revision increases long-term banking facilities by Rs. 100.00 crore while reducing short-term facilities by the same amount, maintaining the overall credit limit at Rs. 3,850.00 crore.

Banking Partner Network

The credit rating covers facilities across 16 banking partners, demonstrating KEI Industries' diversified banking relationships. The major banking partners and their respective limits include:

Additional banking partners include IndusInd Bank, HDFC Bank Limited, IDBI Bank Limited, DCB Bank Limited, IDFC First Bank, Kotak Mahindra Bank, Bank of Bahrain & Kuwait, RBL Bank Ltd, DBS Bank India Ltd, and YES Bank, with facilities ranging from Rs. 20.00 crore to Rs. 207.00 crore.

Rating Significance

The ICRA AA+ (Stable) rating indicates that KEI Industries' instruments are considered to have a high degree of safety regarding timely servicing of financial obligations, carrying very low credit risk. The ICRA A1+ rating for short-term facilities signifies very strong degree of safety regarding timely payment of financial obligations with lowest credit risk.

Regulatory Compliance

The credit rating revision was communicated to both BSE Limited and The National Stock Exchange of India Ltd on February 04, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Kishore Kunal, Senior VP (Corporate Finance) & Company Secretary, ensuring proper regulatory disclosure of the rating changes.