KEI Industries(NSE:KEI), a prominent electrical wires and cables manufacturer based in India, delivered a strong operational performance for the quarter ended December 31, 2025 (Q3 FY25–26), characterized by significant double-digit growth in both revenue and profitability.
Key Financials
Consolidated revenue from operations reached ₹2,954.70 crore, a 19.5% increase year-on-year, driven primarily by the core Cables & Wires segment.
Net profit for the quarter soared to ₹234.86 crore, representing a 42.5% surge compared to ₹164.81 crore in the corresponding period of the previous year.
Operating efficiency also showed marked improvement, with EBITDA margins expanding to 10.8%, up from 9.9% in Q3 FY25.
Segmental Performance
Cables & Wires drive record growth while EHV and EPC show sharp traction. KEI Industries third-quarter performance was underpinned by divergent trends across its core business segments, with the Cables & Wires (C&W) division remaining the primary engine of both revenue and profitability.
Core Cables & Wires segment generated ₹2,820.80 crore in revenue and ₹337.34 crore in segment results (PBT) during Q3 FY26. This segment reported a resilient EBIT margin of 12%, an improvement of 190 basis points year-on-year. Within this division, product-specific performances varied significantly:
- Low Tension (LT) Cables: As the company’s largest vertical, LT cables grew 23% year-on-year, contributing ₹1,217 crore (41% of total consolidated revenue).
- Housing Wires/Winding Wires: This sub-segment saw a massive 46% surge in revenue, reaching ₹1,043 crore and increasing its share of total revenue to 35%.
- Extra-High Voltage (EHV) Cables: Driven by high-end power transmission demand, EHV posted 82% year-on-year growth, with revenue rising to ₹153 crore.
- High Tension (HT) Cables: In contrast to other sub-segments, HT cable revenue declined by 25% year-on-year to ₹418 crore.
EPC and Stainless Steel Wire: Divergent Paths
- The Engineering, Procurement, and Construction (EPC) segment has emerged as an incremental growth driver, reporting revenue of ₹137.41 crore, which represents a sharp 81% increase year-on-year from a lower base. Despite the revenue jump, segment profitability remained modest at ₹1.69 crore.
- The Stainless Steel (SS) Wire segment remained subdued, with revenue of ₹54.45 crore, reflecting a slight 1% to 1.5% year-on-year decline. Export sales for SS Wire contributed ₹26 crore during the quarter.
Channel and Market Trends
- Dealer vs. Institutional: Growth was heavily skewed toward the retail (dealer) channel, where sales jumped 29.2% year-on-year, now accounting for 54.53% of overall sales. Institutional sales grew more modestly at 10%.
- Export Surge: A standout feature of the quarter was institutional exports, which skyrocketed 95% year-on-year to ₹500 crore. These exports are particularly valuable as they typically carry higher margins than domestic institutional sales.
- Order Visibility: The company maintains a healthy forward outlook with a total pending order book of approximately ₹3,928 crore as of December 31, 2025.
Corporate Actions and Shareholder Value
In alignment with these strong results, the Board of Directors declared an interim dividend of ₹4.50 per equity share (225% of face value) for the financial year 2025-26. The record date to determine shareholder eligibility for this payout is January 28, 2026.
Additionally, the company approved the voluntary delisting of its shares from the Calcutta Stock Exchange (CSE) due to negligible trading activity. Shareholders will maintain nationwide trading accessibility as the equity shares remain listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Future Outlook and Strategic Investments
The management of KEI Industries maintains an optimistic outlook, projecting future volume growth in the range of 16% to 18%. Total revenue growth is expected to exceed volume growth projections due to the passing on of input cost inflation to customers. To support this expansion, the company has commenced the first phase of commercial production at its new greenfield LT/HT cables facility in Sanand, Gujarat, which is expected to enhance capacity and supply-chain efficiency. Furthermore, its technical collaboration with BRUGG to manufacture EHV cables up to 400 kV positions the company to capitalize on large-scale renewable energy and transmission projects.