KEI Industries delivered strong, 32% YoY, Q1 growth in its cable and wires category. It targets ~18% revenue growth in FY26 with ~10.5-11% margins and 20%+ growth from FY27.
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Anand Rathi Report
Exports scaling up, the Sanand ramp-up and retail expanding underscore KEI Industries Ltd.'s structural growth opportunity. We, therefore, model 20/22% revenue/net income CAGR over FY25-28.
At the current market price, the stock quotes at 43x/ 35x FY26e/27e EPS of Rs 93/Rs 114. We introduce FY28 numbers and roll forward valuations to Sept'27.
We value it at 38 times Sep'27e EPS of Rs127, retaining our Buy rating with a higher target price of Rs 4,827.
Risks:
Significant delays in commissioning capacity, slow addition of dealers could restrict channel sales
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