Alpha | KEI Industries Ltd. – Equity Research Desk

January 28, 2023 . Equities Desk

KEI Industries Ltd. – Consistent Performer

KEI Industries Limited is one of the leading manufacturers of wires and cables (W&C) and among the top three organized players in the Indian W&C industry. Incorporated in 1968, as a partnership firm, under the name Krishna Electrical Industries, it was converted into a public limited company in 1992 and was listed on the stock exchanges in 1995.

The company has an overall industry experience of 50+ years with 5 manufacturing plants, 1800+ dealers/distributors, 2000+ Institutional customers, and 5000+ Employees (including contracts). The company operates in a wide geography with exports to 50+ countries in the world.


KEI has transformed into a midsized cables and EPC company in the past decade. From volatility in margins given in its modest scale earlier, it has moved to a stable base and is in the right business growth segments. The company is a play on housing, capex, and also engineering exports in India. It has high return ratios, free cash flows, and low debt to equity. We recommend a BUY rating in the stock with a target price (TP) of Rs.1860, 30x FY24E EPS.

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