KEI Industries Q3 FY26: Sales ₹2,955cr, PAT +43%

What KEI Industries reported for the December 2025 quarter

KEI Industries reported consolidated quarterly numbers for the quarter ended December 2025, showing a sharp year-on-year improvement across revenue, profit and operating performance. Net sales stood at ₹2,954.70 crore, up 19.76% from ₹2,467.27 crore in the December 2024 quarter. Net profit for the quarter rose to ₹234.86 crore, up 42.51% from ₹164.81 crore a year ago. EBITDA increased to ₹353.90 crore, up 39.08% from ₹254.45 crore in the year-ago quarter. The data set also reported basic EPS at ₹24.57 versus ₹17.87 in December 2024. The results come at a time when cable and wire companies are being closely tracked for demand trends in retail, institutional and export channels.

Revenue growth and profitability: key YoY movements

The headline growth was led by a near 20% rise in consolidated net sales to ₹2,954.70 crore. Profit growth outpaced revenue growth, with quarterly PAT rising 42.51% year on year to ₹234.86 crore. EBITDA expanded 39.08% year on year to ₹353.90 crore, indicating stronger operating performance compared with the December 2024 quarter. In the same consolidated statement, profit before tax was reported at ₹314.67 crore for December 2025 compared with ₹221.20 crore a year earlier. Tax expense was ₹79.81 crore for the quarter versus ₹56.39 crore in December 2024. Interest cost stood at ₹16.63 crore versus ₹14.28 crore in the year-ago period. Other income was ₹33.81 crore in December 2025 compared with ₹13.60 crore in December 2024.

Cost structure snapshot from the quarterly statement

The consolidated table shows raw material consumption of ₹2,283.69 crore in December 2025, up from ₹1,947.72 crore in December 2024. Employee cost rose to ₹99.57 crore from ₹75.43 crore over the same period. Depreciation increased to ₹22.60 crore from ₹18.98 crore. Other expenses were ₹312.75 crore compared with ₹264.50 crore a year earlier. The statement also reported an inventory change of -₹61.80 crore for December 2025 versus -₹63.45 crore in December 2024. Purchase of traded goods was ₹0.40 crore in December 2025, compared with ₹2.23 crore in the year-ago quarter.

Sequential comparison: September 2025 versus December 2025

On a quarter-on-quarter basis, consolidated net sales moved up from ₹2,726.35 crore in September 2025 to ₹2,954.70 crore in December 2025. Net profit increased from ₹203.51 crore to ₹234.86 crore over the same period. Interest cost rose to ₹16.63 crore from ₹14.16 crore, while tax expense increased to ₹79.81 crore from ₹73.77 crore. Other income declined to ₹33.81 crore in December 2025 from ₹42.29 crore in September 2025. Basic EPS increased to ₹24.57 from ₹21.30.

Stock performance around the period mentioned

KEI Industries shares closed at ₹3,939.30 on January 20, 2026 on the NSE, as cited in the data. The stock delivered -0.83% returns over the last six months and -2.36% over the last 12 months (as of that close). Separately, the data pack also referenced a post-results move in an earlier period, where shares rose 4.1% to ₹3,326.60 on the BSE after March 2025 quarter earnings. Another snapshot cited the stock trading at ₹3,340.30 on the NSE, up 4.58% on that day. The same set of details also noted a 52-week low of ₹2,424 (April 7, 2025) and a one-year high of ₹5,039.7 per share (June 14, 2024). These points highlight that price action has been sensitive to quarterly prints, even as longer-period returns were cited as negative in the January 2026 reference.

Q4 FY25 and FY25 context cited alongside the latest quarter

The provided context also included March 2025 quarter (Q4 FY25) numbers and full-year FY25 figures for KEI Industries. For Q4 FY25, net sales were cited at ₹2,914.8 crore (also referenced as ₹2,915 crore in another summary), with profit after tax around ₹226 crore to ₹227 crore. EBITDA for Q4 FY25 was cited at ₹301.3 crore in one summary and ₹338 crore in another, with an EBITDA margin referenced at 11.61% in the earnings call highlights. For FY25, net sales were cited at ₹9,736 crore to ₹9,735.9 crore, with EBITDA at ₹1,062 crore to ₹1,062.76 crore and PAT at about ₹696 crore (₹696.41 crore cited in one place). The FY25 PAT margin and EBITDA margin were also cited at 7.15% and 10.92% respectively in the earnings call highlights.

Segment and geography mix: annual revenue split cited

A separate revenue split in the data pack stated that KEI Industries’ revenue for the last year amounted to ₹9,736 crore (97.36 billion INR). It also stated that ₹8,856 crore (88.56 billion INR) came from Cables & Wires, versus ₹6,684 crore (66.84 billion INR) the year earlier. By geography, India contributed ₹8,463 crore (84.63 billion INR) last year versus ₹7,003 crore (70.03 billion INR) a year earlier. These figures provide context on the company’s dependence on its core cables and wires business and the scale of domestic contribution.

Export and institutional demand indicators mentioned

The Q4 FY25 earnings call highlights referenced domestic institutional cable sales at ₹760 crore, compared with ₹76 crore last year in that specific note. It also cited domestic export sale at ₹492 crore, with export growth of around 92% in Q4. For the full year FY25, export sale was cited at ₹1,267 crore, with 15% growth in export sales. Capacity utilisation was cited at 85% in the cable division, 71% in the house wire division, 89% in stainless steel wire division, and 38% in communication cables. The same highlights also referenced an order book of ₹3,839 crore, including orders for extra-high voltage cables.

Broker commentary and positioning cited

The data pack included brokerage commentary with differing stances. Nuvama maintained a ‘Buy’ rating with a target price of ₹4,010, implying potential upside of over 25% from the stock’s last closing price referenced in that note. Motilal Oswal maintained a ‘Neutral’ rating despite a strong Q4 performance, citing the need to reassess after the earnings call. The same brokerage note cited dealer-led sales rising 42% year on year while the EPC segment remained weak. It also mentioned the company ending FY25 with a net cash position of ₹1,490 crore.

Key financial table: consolidated quarterly snapshot (₹ crore)

Conclusion: what to watch next

KEI Industries’ December 2025 quarter print showed double-digit sales growth and faster profit growth, with EBITDA and EPS also rising sharply year on year. The broader context provided alongside the quarter points to a strong FY25 base, a meaningful export and institutional channel contribution in Q4 FY25 commentary, and capacity utilisation metrics that investors may track. The stock references included both near-term post-result spikes in earlier periods and negative six- and 12-month returns as of the January 2026 close cited. Going forward, investors will watch subsequent quarterly updates for consistency in margins, the pace of order book conversion referenced at ₹3,839 crore, and how export and institutional growth trends evolve in reported numbers.