KEI Industries Ltd. — Investor Presentation 2025

Aug 5, 2025

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KEI INDUSTRIES LIMITED CORPORATE PRESENTATION June, 2025

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Contents

• Company Overview

• Company Strengths

• Growth Strategy

• Industry Prospects

• Brand Recognition

• Key Financials

• ESG

• CSR

• Shareholding Pattern

1

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Company Overview

2

Overview

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•
One of the leading manufacturers of cables and wires with a wide product portfolio spread across EHV, HT and LT
Power Cables, House Wire, Stainless Steel Wire
•
Forward integrated into EPC services for Power, Distribution, Transmission and sub-station projects
•
FY25 Revenue: INR 97,359 Mn., EBITDA: INR 10,628 Mn. (10.92% margin)
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8
2,000+ 2,090+
Manufacturing INR 40,121 Mn
Plants across Healthy Order Book [2] Institutional Dealers /
Customers [1] Distributors [2]
Rajasthan, D&NH
R&D Proven Track Record
2,050+ Experienced
3Y CAGR
facility with NABL
Employees [1] Management Team
accredited labs Revenue - 19%
PAT - 23%
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Note: EHV: Extra High Voltage; HT: High Tension; LT: Low Tension; D&NH: Dadra and Nagar Haveli; NABL: National Accreditation Board for Testing and Calibration Laboratories 1. As on 31[st] March, 2025. 2. As on June 2025

3

Revenue Overview

Revenue Split by Product and Customer / Channel

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2% [2% 0%] 5%
32%
40%
19%
EHV LT Power HT Cable HW, WW
SSW EPC 1 Other 2
0%
2% [4%] 4%
30%
40%
20%
EHV LT Power HT Cable HW, WW
SSW EPC 1 Other 2
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14%
51%
35%
Export Institutional Retail
13%
52%
35%
Export Institutional Retail
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Note: EHV: Extra High Voltage; LT: Low Tension; HT: High Tension; HW: House Wire; WW: Winding Wire; SSW: Stainless Steel Wire 1. EPC other than cable; 2. Scrap and trading sales net of Ind AS adjustment

4

Order Book Summary

Healthy and growing order book of INR 40,121 Mn (as on 30[th] June, 2025)

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Order Book
(INR Mn.)
13%
40,121
14% 56%
35,978
34,829
34,123
17%
Mar'23 Mar'24 Mar'25 June'25
Cable-Domestic Cable-Export EPC EHV
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5

Note: EHV: Extra High Voltage

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Company Strengths

6

Company Strengths

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1
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2
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5
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Well diversified across multiple dimensions Wide basket of products used across multiple industries Low customer concentration

Strategically located manufacturing facilities and Strong R&D capabilities Manufacturing facilities across 8 locations

Strong R&D focus helps in new product development and customized solutions

Strong retail presence with a well entrenched distribution network and branding Strong pan-India distribution network with an increasing focus on retail segment Healthy brand visibility – TV advertising, IPL sponsorship, customer loyalty

Growing exports presence

Presence in 60+ countries with offices in 4 countries Exports provide natural hedge on forex (given we also import raw materials)

Strong Financial performance

Strong growth and return ratios with comfortable debt profile Increased focus on exports and retail to improve profitability & working capital

7

Comprehensive Product Portfolio…

Wide product basket comprising:

• Extra-High Voltage Cables up to 400 KV

• High & Medium Voltage Cables

• Control & Instrumentation Cables

• Specialty Cables

• Submersible Cables

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EHV Cables
(Up to 400kV)
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Instrumentation
Cables
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High Tension Cables

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Marine & Offshore
Cable
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Control

Low Tension Control Cables Cables

Solar Cables

Rubber Cables

• Rubber Cables

• Solar Cables

• ESP Cables

• PVC/Poly Wrapped Winding Wires

Flat Cables

EV Cables

Single Core / Multicore Fire Survival/ Flexible Cables Resistant Cables

• Flexible & House Wires

• MVCC Cables

• Stainless Steel Wires

• Fire Survival/ Resistant Cables

• EV Cables

• EPC Projects

Helping the company serve a wide range of sectors such as power, oil refineries, railways, automobiles, cement, steel, fertilizers, textile and real estate, among others

Communication Thermocouple Cables Cables

ESP Cables

MVCC Cables

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Winding Wires
(WW)
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Stainless Steel EPC Services Wires (SSW)

House Wires (HW)

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…Well Diversified Across Multiple Dimensions

Wide Product Basket…

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0%
2% [4%] 4%
30%
40%
Cable & Wires
Business (94%)
20%
EHV LT Power HT Cable HW, WW
SSW EPC 2 Other 1
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FY25

~~…Coupled with low customer concentration~~

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23%
22%
18%
17%
15%
12%
FY21 FY22 FY23 FY24 FY25 Q1 FY26
Top 10 customers Revenue contribution
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…With applications across Industries

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Cement

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Power Oil & Gas
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Real Estate

Railways, Metro Rail & Rapid Rail

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Automobiles Steel

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Fertilizers
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Roads & Textile Highways

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Telecom & Renewable Pharma Data Centers Energy

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IT
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EV
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•
KEI is diversified across products and industries
•
Limited customer concentration with top 10 customers
accounting for 12% of sales in FY25 and 17% in Q1 FY26
•
Diversification helps in de-risking
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1. Scrap and trading sales net of Ind AS adjustment; 2. EPC other than cable

Strategically Located Manufacturing Facilities & Strong R&D Capabilities

Plant Locations and Key Capacities

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||||||||
|---|---|---|---|---|---|---|
|Chopanki|
|Bhiwadi|
|Pathredi|
|Capacity Utilization|
|Product|FY23|FY24|FY25|
|Rakholi and|
|Chinchpada|
|Cables|86%|92%|85%|
|(Silvassa)|
|Communication|
|29%|38%|38%|
|Cables|
|House Wire|80%|71%|71%|
|Stainless Steel Wire|87%|90%|89%|
|Products|Bhiwadi|Rakholi|Chopanki|Pathredi-1|Pathredi-2|Chinchpada|
|EHV|||
|HT Power Cable|||||
|LT Power Cable|||||||
|Control Cable|||||
|Instrumentation/||||
|Communication Cable|
|Rubber cable|||
|House Wire/ Winding||||
|Wire|
|Stainless Steel Wire||

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||||||
|---|---|---|---|---|
|Plant Location|Start Date|Capacity (As of 30|[th]|June 25)|
|•|Cable – 63,400 Kms|
|Bhiwadi|1996|•|House Wire/WW – 2,59,000 Kms|
|•|Stainless Steel Wire – 9,000 MT|
|•|Cable – 34,800 Kms|
|Rakholi|2002|
|•|House Wire – 696,000 Kms|
|Chopanki|2007|•|Cable – 5,700 Kms|
|Pathredi-1|2018|•|Cable – 21,000 Kms|
|Pathredi-2|2024|•|Cable – 14,200 Kms|
|•|House Wire – 14,22,000 Kms|
|Chinchpada|2019|•|Cable – 55,800 Kms|
|•|Communication cable – 28,800 Kms|

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Strong R&D capabilities

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•
R&D facility with in-house lab accredited by NABL
• Customized solutions for customers
•
Continuous focus on development of new products
•
Niche product offerings
•
Focus on developing specialty products
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…Strategically Located Manufacturing Facilities & Strong R&D Capabilities

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Pathredi Plant

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Silvassa Plant

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Bhiwadi Plant

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Chinchpada Plant

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Chopanki Plant

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Adherence to the most
stringent quality standards
Our products are tested by KEMA (The
Netherlands), TUV (Rheinland), SGS, IRS,
ABS, CEIL, BRE (UK), LLOYDS REGISTER,
BVQI, DNV, CPRI, ERDA, EIL, PDIL,
MECON, NTPC, NPCIL, TUV India, RINA,
PGCIL, TPL, DQAN, EQM, UL, RDSO, CE
regulatory, UKCA regulatory
Pre-qualification credentials
Sound technical capabilities and country
specific approvals to meet stringent
customer requirements
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Strong Presence in Retail Segment with a Well Entrenched Distribution Network

Increasing focus on retail…

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52%
51%
46% 46%
41%
FY22 FY23 FY24 FY25 Q1 FY26
Retail as a % of sales
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…Leading to pan-India retail presence[2]

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South
East
17%
17%
West
27%
North
39%
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…With strong distribution network…

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of Dealers / # of Marketing
Distributors [1] Offices [1]
North 740 11
South
413 7
East 528 6
West 413 14
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• Strong distribution network covering metros and Tier 1 / 2 cities

• 26 depots across India[1]

• 38 marketing offices across the country and 4 overseas offices in UAE, South Africa, Nepal and Gambia[1]

• Focused on marketing through various brand promotion activities via multiple communication channels including TV Advertising and IPL Sponsorship

• Super Brand Status from 2011-16 and 2019-25

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1. As of 30[th] June 2025; 2. Split of retail sales for Q1 FY26

Growing Exports Presence

Export Sales in the last 3 years

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13% 13%
10%
12,670
10,975
6,934
FY23 FY24 FY25
Exports (INR Mn) Exports (as % of sales)
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• Exports accounted for 13% of sales in FY25

• Exports provide natural hedge on forex as the company also imports raw materials

• Healthy order book for exports of INR 8,573 Mn. (including EPC & EHV) as of 30[th] June, 2025.

Presence across over 60 countries with offices in 4 countries

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Nepal
UAE
Gambia
South Africa
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Strong Financial Performance

% margin

Robust Revenue Growth… …with stable EBITDA Margins… …and strong PAT Growth

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INR Mn. 10.62% 10.92% 10.92% 6.91% 7.16% 7.15%
10,628
97,359 INR Mn. INR Mn. 6,964
5,807
8,862
81,207
4,773
7,338
69,082
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
Cash Flow [1] Robust Return Ratios [2] Comfortable Debt Profile
INR Mn. 6,105 ROCE ROE Net Debt/Equity Net Debt/EBITDA
5,139
27%
26% 25%
0.2
0.2 0.2
-322 20% 20% 0.1
0.0
0.0
FY23 FY24 FY25
16%
FY23 FY24 FY25
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Healthy Order Book to achieve
Turnover and Profitability
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Insurance of Receivables to
Mitigate risk
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Track record of Consistent
Debt Servicing
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Credit rating: AA+ (stable) Long
term and A1+ Short term
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1 Net Cash from Operating Activities; 2. Average Capital Employed, excluding unutilized QIP proceeds and ROE lower due to Increased Net Worth from QIP Proceeds for FY 25

Experienced Management Team

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Mrs. Archana Gupta
Non-Executive
Director
Mr. Rajeev Gupta
Executive Director
(Finance) & CFO
Mr. Anil Gupta
Chairman-cum-Managing Director
Mr. Lalit Sharma
Chief Operating
Officer
Mr. Dilip Barnwal
Sr.Vice President -
Operations (Silvassa Plants) Mr. Daya Nand Sharma
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Mr. Daya Nand Sharma Sr. Vice President - Operations (Sanand Plants)

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Mr. Akshit Diviaj Gupta
Whole Time Director
Mr. Manoj Kakkar
Executive Director -
Sales & Marketing
Mr. Kishore Kunal
Vice President
(Corporate Finance)
& Company Secretary
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Mr. Kishore Kunal
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Vice President (Corporate Finance) & Company Secretary

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Mr. Adarsh Kumar Jain
Vice President
(Finance)
Mr. Kali Charan Sharma
Sr. Vice President -
Operations (Bhiwadi Plants)
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Growth Strategy

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Growth Strategy

Expand Distribution Network

Grow Retail Business

Continued focus to increase share of retail business

Increase penetration by expanding distribution network

Scale up Exports

Further increase presence in overseas market

Capacity Expansion

Increase capacity through brownfield & greenfield expansion

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Gain Share in EHV Market

Focus on strengthening EHV market share through increased capacity

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Industry
prospects
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Industry Prospects

India Wires & Cables Market to Grow at 11-13% CAGR Between FY24-29E

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(INR Bn)
~3,000 [1]
1,702
859
FY19 FY24 FY29E
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•
Share of exports in overall wires & cables market has
increased from 5% in FY19 to 10% in FY24
•
Export market is expected to further grow at 10-11%
CAGR between FY24-29E
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Power Transmission Cables and Building Wires Contribute to ~50% of the Market

Segment wise split of cables and wires market (FY24)

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Power transmission cables
28-30%
Other cables
29-31%
Switchboard
cables
0.5-1%
Control &
instrumentation cables
Building wires
7-8%
21-23%
Flexible cables
9-11%
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• High share of power transmission cables owing to favourable government initiatives in power segment e.g. rural electrification schemes, railway electrification, etc.

• Increasing construction spend in building segments coupled with growing FMEG industry is contributing to the demand of building wires

19

Source: CRISIL MI&A; 1. Mid point of INR 2,865 Bn and INR 3,135 Bn range

…Industry Prospects

Key Growth Initiatives for Cables and Wire Industry

• Favorable govt. power distribution schemes with cumulative investments of ~INR184 Bn between FY20-24[1] primarily on system strengthening and renewable energy

• Growing demand of cables and wires from building and construction sector – Growing demand of residential and commercial spaces and emergence of data centres and cloud computing represent key growth drivers

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(INR Bn) 101
37 34 2
10
2
FY20 FY21 FY22 FY23 FY24
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Total construction spends in building segment

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~INR 18-19 trillion
INR 12.5-13.5 trillion
10%-12%
Commercial and Social
15%
88-90%
Residential
85%
FY20-24 FY25-29E
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• Multiple steps to address key issues in the power sector such as resolution of supply bottlenecks and stressed assets:

• Policies aimed at alleviating stress on account of non-availability of domestic coal (e.g. 2017-SHAKTI)

• Developments in transmission and distribution segment, and reforms (e.g. INR 3 trillion RDSS scheme, LPS scheme etc.)

• Entry of private players in transmission & distribution space

• Capacity additions in India in the power generation segment

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Installed capacity in India (GW)
Growth on the back of
~720-730 healthy renewable (RE)
~475-485 capacity additions. By
356 FY29, RE capacity is
expected to account for
~60% of the total
installed capacity
FY19 FY25E FY29E
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• Shift to renewable energy sources, including wind and hydro energy are expected to drive demand of specialty cables

Data centre – installed capacity in India (GW)

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~2.0-2.3 ~30% CAGR (FY24-27E)
driven by increasing data
~0.9-0.95
consumption, 5G rollouts &
0.35 technology advancements
(IoT, Big data, AI / ML)
FY19 FY24 FY27E
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• Investments in power sector expected to increase led by renewable capacity additions (across solar, wind, hybrid, and other renewable sources, hydro, PSP, battery storage etc.)

Overall investments in Indian power sector

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INR 24.5-25.5
1.7x
trillion
INR 14.7 trillion
FY19-24E FY25-29E
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Source: CRISIL MI&A; 1. As approved by Power Grid Corporation of India Limited (PGCIL); 2. Excludes investments related to inter-connection with neighbouring countries worth INR 1,793 Mn.

…Industry Prospects

Key Growth Initiatives for Cables and Wire Industry (cont’d)

• Renewable energy capacity expansion underscores the need for integrating storage elements:

• Pumped hydro (also known as pumped storage plants or PSP) capacity additions of 8.5-9.5 GW over FY25-29E

• Battery energy storage system (BESS) (aimed at storing renewable energy during off-peak hours of power demand to support peak supply), expected to add another 23-24 GW of capacity over FY25-29E, will further drive demand for cables and conductors

• Transition to electric vehicles (EV) to increase the demand for charging infrastructure which will in turn drive demand for cables and conductors

EV penetration in overall automobile segment

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30%
2W: 4.5%, 3W: ~10%
Cars: 1%, CV: <1%
FY23 FY30E
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• Increased multilateral investments in power transmission projects

World Bank commitments in the segment ($Bn)

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8.7
5.6
3.3 3.4 3.8 3.3
FY19 FY20 FY21 FY22 FY23 FY24
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• GEC (Green Energy Corridor), dedicated infrastructure created to transmit power from renewable energy (RE) sources in states with high RE potential to drive growth at high voltage level

• ISTS network expansion to drive growth for transmission line and transformation capacity

  • Network expansion to entail an investment of INR 2.9 trillion over FY25-29E

• T&D losses have been on a declining trajectory (from 20.7% in FY19 to 12.5-13.0% in FY25E), to reduce further led by a host of infrastructural measures

  • Reduction of T&D losses to require upgrade of the transmission and distribution infrastructure, which in turn will boost the demand of conductors and cables

• Power sector to witness incremental power demand from railway electrification

Based on running track	FY20	FY21	FY22	FY23
Railway electrification	68%	74%	80%	87%

• Increased transmission line additions – total length of domestic transmission lines rose from 413K circuit kilometers (ckm) in FY19 to 486K ckm in FY24[1]

• Robust generation capacity additions and government's focus on 100% rural electrification through last mile connectivity has led to extensive expansion of the transmission and distribution system

21

Source: CRISIL MI&A; 1. 220 kv and above transmission lines

…Industry Prospects

Key Growth Initiatives for Cables and Wire Industry (cont’d)

 India’s National Electricity Plan (2022-32)

The National Electricity Plan (NEP) outlines India’s strategy for power expansion over the next decade.

Key targets include:

• Peak demand forecast: 277.2 GW by 2026-27, 366.4 GW by 2031-32

• Installed capacity target: 609 GW by 2031-32

• Renewable energy goal: 500 GW of non-fossil fuel capacity by 2030

• Investment requirement: ₹ 33.6 trillion (US$384.5 billion) over the next decade

• India has to enhance its infrastructure to reach its 2025 economic growth target of US$ 5 trillion.

• India has unveiled a comprehensive plan worth Rs. 9.15 lakh crore (US$ 109.50 billion) to enhance its power infrastructure and meet a projected demand of 458 GW by 2032

• India's commitment to renewable energy, with a target of 500 GW of non-fossil fuel capacity by 2030.

• The positive developments in the manufacturing sector, driven by production capacity expansion, government policy support, heightened M&A activity, and PE/VC-led investment, are creating a robust pipeline for the country’s sustained economic growth in the years to come

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Brand Recognition

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Strengthening Brand Recognition

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Partner

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2009-2012

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2013-2015
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Wires & Cables Specialist

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2016-2017

Jode Dilon Ke Taar

2019-2020

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Har Tension Sahe

Chalti Rahe

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IPL Sponsorship from FY 17 to FY 25

24

…Strengthening Brand Recognition

Highlights of Sports Sponsorship Activities

Title Sponsorship of Real Kabaddi League

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On ground Activations

Tamil Thalaivas- Pro Kabaddi League Jersey Sponsorships

Patna Pirates- Pro Kabaddi League

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Jersey Sponsorships

Highlights of IPL Sponsorship Activities

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Multi-pronged Approach to Further Strengthen Brand Positioning

Advertisement & Publicity expenses (INR Mn.)

405

215

478

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• Association with Rajasthan Royals in past and amplification via digital presence

• Meeting with channel partners

• IT app for connecting dealers, distributors, retailers and electricians

• TV advertisement

• Extensive retail branding around major festivals

• Inside metro station branding with Metro.

• Extensive participation in events & exhibitions (domestic & international)

FY23 FY24 FY25

• Train branding at Shiv Shakti Express and Shatabdi.

• Marked presence through outdoor campaigns.

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Key
Financials
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Strong Financial Performance

% margin

Robust Revenue Growth… …with stable EBITDA Margins… …and strong PAT Growth

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INR Mn. 10.62% 10.92% 10.92% 6.91% 7.16% 7.15%
10,628
97,359 INR Mn. INR Mn. 6,964
5,807
8,862
81,207
4,773
7,338
69,082
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
Cash Flow [1] Robust Return Ratios [2] Comfortable Debt Profile
INR Mn. 6,105 ROCE ROE Net Debt/Equity Net Debt/EBITDA
5,139
27%
26% 25%
0.2
0.2 0.2
-322 20% 20% 0.1
0.0
0.0
FY23 FY24 FY25
16%
FY23 FY24 FY25
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Healthy Order Book to achieve
Turnover and Profitability
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Insurance of Receivables to
Mitigate risk
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Track record of Consistent
Debt Servicing
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Credit rating: AA+ (stable) Long
term and A1+ Short term
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1 Net Cash from Operating Activities; 2. Average Capital Employed, excluding unutilized QIP proceeds and ROE lower due to Increased Net Worth from QIP Proceeds for FY 25

Q1 FY26 Performance

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% margin
REVENUE ( INR MN.) EBITDA (INR MN.) PAT ( INR MN.)
11.49%
7.56%
25,903
2,976
1,957
11.25%
7.28%
20,650
2,324
1,502
25.44%
28.06%
YoY
YoY 30.28%
YoY
Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26
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ESG

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Our ESG Journey

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|||
|---|---|
|•|
|Multiple awareness sessions conducted covering factory personnel,|
|Capacity Building|
|HO Staff and suppliers|
|•|
|20 relevant ESG topics identified|
|•|
|Materiality Assessment|Survey floated across all internal & external stakeholders|
|•|
|8 high priority material issues identified|
|•|
|Supplier Selection Criteria & Scoring|
|Supplier Due Diligence|
|•|
|Assessment bifurcated into Mandatory & Best Practices|
|•|
|Rating-based questionnaire developed|
|•|
|Satisfaction Surveys|Shareholder feedback which received an average rating of|
|“Excellent”|
|•|
|Will assist in centralizing data inventory across E,S and G parameters|
|Digitization of ESG|•|
|Enable real time monitoring|
|Reporting|
|•|
|Enhance transparency and traceability of data|

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…Our ESG Journey

8 High priority material issues covered in ESG

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1. GHG Emissions & Climate Change
2. Product Stewardship
3. Natural Resource Management
4. Supply Chain Sustainability
5. Human Capital Development
6. Occupational Health & Safety
7. Governance and Ethical Business Conduct
8. Transparency, Opportunity, Accountability and Reporting
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49 43
75%
Total Suppliers Total Parameters
of value chain [1]
targeted covered in assessment
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1. Assessment responses received from 49 suppliers, who cover 75% of the total supplier costs for the Company

Committed to Provide Environmentally Safe and Socially Responsible Workplace

Environmental Stewardship Initiatives

• Renewable Energy Utilisation to lower carbon footprint and reduce GHG emissions

• Ensuring environmental preservation by adhering to all compliances

• Implementing zero discharge facilities and rainwater harvesting across all units

• Air Quality Improvement by utilising natural gas for operations and conducting tree plantation drives around facilities to enhance air quality

Social Commitment

Governance Practices

• Manufacturing facilities certified with IS 14001:2015, ISO 45001:2018.

• Health and safety prioritised for both employees and product users

• ESG targets reviewed annually by Board

• Ensuring ESG compliance throughout the value chain

• ESG-focused training programme for employees

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ESG Performance – Key Highlights

Environment		Social		Governance
GHG Intensity1 for scope 1		Shareholder satisfaction survey rolled		Materiality Assessment
& 2 emissions reduced by		out for 1,64,459 shareholders		conducted
4.8% in FY 24-25 as
compared to last year.		Shareholders rated “Excellent” on		Policies are aligned with
		Shareholder satisfaction survey		NGRBC principles
Reduction in energy
intensity1by 9.89% in FY 24-		47.50% reduction in LTFIR for		No cases of data breaches
25 as compared to last year.		workers as compared to last year.
Renewable energy increased by 1.46% in FY 24-25 as compared to last		Supplier Assessment conducted for 49 Suppliers		Strong oversight on ESG performance at board level
year.		Supplier code of conduct
Water intensity reduced by		strengthened
16% in FY 24-25 as
compared to last year.

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1. Intensity at per Million Rupee of turnover

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CSR
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Our Social Responsibility – Partnering for Community Resilience

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Swasthya Utsav focused on these three aspects

• Daily Safety

• Good Touch Bad Touch

• Physical Fitness & Self-Empowerment

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…Our Social Responsibility – Partnering for Community Resilience

CSR Spend (INR Mn.)

129

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101
81
FY23 FY24 FY25
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Swasthya Utsav – A Skill Development Program to nurture the mind, heart and skills of the children of electricians

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Shareholding Pattern

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Shareholding

Shareholding Pattern (as of 30[th] June, 2025)

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Public /
Other
12.76%
Promoter
DII Promoter
35.02%
25.63%
FII
DII
FII Public / Other
26.59%
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Key Institutional Investors

(as of 30[th] June, 2025)

Name of Shareholder	% Holding
Kotak Mahindra Trustee Co Ltd	4.58%
Motilal Oswal	3.97%
Canara Robeco Mutual Fund	2.40%
Government Pension Fund Global	2.13%
Smallcap World Fund, Inc	2.10%
Axis Mutual Fund Trustee Limited	1.71%
HDFC Mutual Fund	1.27%
ICICI Prudential	1.10%
Morgan Stanley Investment Funds	1.05%
Franklin Build India Fund	1.00%
Goldman Sachs Funds	0.57%
Others	30.34%
Total Institutional Holding	52.22%

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Appendix

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Summary Financials

Summary of Financials

INR Mn.

Particulars	FY23	FY24	FY25	Q1 FY26
Net Sales	69,082	81,207	97,359	25,903
EBITDA	7,338	8,862	10,628	2,976
PBT	6,420	7,810	9,370	2,632
PAT	4,773	5,807	6,964	1,957
Net Fixed Assets	5,819	8,913	13,786	18,342
Net Worth	25,892	31,483	57,858	59,826
Total Debt1	1,353	1,342	1,783	2,027
ROCE (%)2	26	27	25
ROE (%) 2	20	20	16

Note: Previous year / periods figures have been regrouped / reclassified, wherever necessary 1 Including Discounting arrangements from Banks.

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2 Average Capital Employed, excluding unutilized QIP proceeds and ROE lower due to Increased Net Worth from QIP Proceeds for FY 25

Summary Financials (Product and Segment wise)

INR Mn.

Particulars	FY23	FY24	FY25	Q1 FY26
Domestic	30,645	32,966	34,121	8,989
Dealer	31,655	37,702	50,876	13,258
Export	6,934	10,975	12,638	3,732
Net of Ind AS & other	(152)	(436)	(276)1	(76)1
Total	69,082	81,207	97,359	25,903
LT Cable	28,413	30,434	38,870	10,373
HT Cable	12,083	13,354	19,638	4,802
EHV	3,656	6,594	4,040	1,262
HW, WW	18,550	23,466	29,542	8,422
SSW	2,484	2,180	2,119	510
EPC other than cable	4,048	5,615	3,426	610
Net of Ind AS & other	(152)	(436)	(276)	(76)
Total	69,082	81,207	97,359	25,903

• Note: LT: Low Tension; HT: High Tension; EHV: Extra High Voltage; HW: House Wire; WW: Winding Wire; SSW: Stainless Steel Wire. Previous year / periods figures have been regrouped / reclassified, wherever necessary 1- Includes Export sale of trading Items of ₹32 million of FY 25 and ₹12 million Q1 FY26

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Balance Sheet

	FY 24 FY 25 Q1 FY26* ASSETS Non-Current Assets 8,913 13,786 18,342 Fixed Assets 675 2,214 2,118 Other Non Current Assets 9,588 16,000 20,460 Total Non Current Assets Current Assets 13,427 17,303 18,670 Inventories 15,179 17,973 17,115 Trade Receivables 7,006 19,153 16,995 Cash and Bank Balances 1,365 1,917 2,936 Other Current Assets 36,977 56,346 55,716 Total Current Assets 46,565 72,346 76,176 Total Assets	INR Mn.
		FY 24 FY 25 Q1 FY26* EQUITY AND LIABILITIES
		Equity
		181 191 191 Equity Share Capital
		31,302 57,667 59,635 Other Equity - - - Non-Controlling Interest
		31,483 57,858 59,826 Total Equity
		Non-Current Liabilities
		- - - Borrowings
		769 1,008 1,381 Other Non Current Liabilities
		769 1,008 1,381 Total Non Current Liabilities
		Current Liabilities 1,342 1,783 2,027 Short Term Borrowings
		10,079 7,792 9,140 Trade Payables
		2,892 3,905 3,802 Others - Current Liabilities
		14,313 13,480 14,969 Total Current Liabilities
		46,565 72,346 76,176 Total Equity and Liabilities

Previous Year's figures have been regrouped / rearranged, wherever necessary.

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• Q1 FY26 based on unaudited financials

Disclaimer

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g{tÇ~ lÉâ

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Contact us For Investor relations: cs@kei-ind.com
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