KEI Industries Q2 FY26 Concall Decoded: Wires, Exports, and a Tower Touching the Sky

1. Opening Hook

When KEI’s CMD Anil Gupta said they were “building a 550-foot tower,” analysts probably thought it was a new headquarters. Nope — it’s just the vertical tower for the new Sanand EHV cable plant, because gravity apparently wasn’t challenging enough. 😏
Despite monsoon delays, the cables king continues to crank serious voltage—revenues up, exports doubled, and Sanand gearing to light up Gujarat by December. But behind the buzz, a small rain cloud lingers: will KEI’s 20% growth guidance survive construction delays and copper price gymnastics? Stick around — the numbers are wired for drama.

2. At a Glance

• Revenue ₹2,726 crore – Up 19%, wires & cables still doing the heavy lifting.
• EBITDA ₹312 crore (↑31%) – Margins now 11.4%; efficiency meets conductivity.
• PAT ₹203 crore (↑31%) – Net profit glowing brighter than a live wire.
• Exports ₹472 crore (↑96%) – Global wires going viral.
• Domestic Institutional Sales ₹581 crore (↓6%) – Local utilities took a chai break.
• EHV Cable Sales ₹128 crore (↑76%) – High voltage, higher margin.
• B2C Network Sales ₹1,475 crore (↑17%) – Dealers clearly selling more dreams.
• Order Book ₹3,824 crore – Enough to keep factories humming till FY27.

3. Management’s Key Commentary

“We achieved all-time high exports of ₹472 crore this quarter.”
(Translation: Finally, someone abroad noticed our cables too! 🌍)

“EBITDA margins at 11.4% versus 10.4% last year.”
(Because even copper can’t melt a disciplined CFO.)

“Phase 1 of Sanand delayed by 4 months due to rains and labor shortage.”
(Translation: Gujarat weather said, ‘Not today, bhai.’)

“Phase 2 delayed by 9 months because nobody in India had built a 550-foot cable tower before.”
(They’re literally taking margins to new heights. 🏗️)

“We will achieve over 20% revenue growth despite delays.”
(Confidence thicker than their insulation layer.)

“Exports grew 79% in H1; new geographies like USA and Europe added.”
(Copper wires now crossing more borders than cricketers.)

“EPC remains small—₹400–500 crore per year.”
(KEI politely declines to play L&T cosplay.)

“Margins to expand 1–1.5% once Sanand is fully operational.”
(Translation: Patience, dear investors — good things take towers.)

4. Numbers Decoded