KEI Industries Share Price Down 15% in One Month: Jefferies India Sees 45% Upside After Q2 Results
- October 22, 2026
- Posted by: Lakshit Sharma
- Category: News
KEI Industries share price closed at Rs 3,873 on 22 Oct 2026, down 8.45% from Rs 4,230.40, and has lost about 15% in a month. Q2 FY27 revenue rose 38.5% to Rs 3,776 crore and profit rose 29% to Rs 262 crore, but cable margins missed estimates and the EPC business made a loss. Jefferies India is reported to see about 45% upside.
Quick Answer
KEI Industries share price fell 8.45% to Rs 3,873 even though Q2 FY27 revenue rose 38.5% and profit rose 29%, because margins in the cable business came in below what the market expected. Jefferies India is reported to see about 45% upside, which implies a target near Rs 5,600 by my calculation, though I could not find the note itself. Motilal Oswal keeps a Buy and will review its numbers after the concall, and the order book stands at Rs 5,185 crore. The stock is near its 52-week low of Rs 3,730 and about 35% below its August high, so the next support is the key level to watch.
KEI Industries share price has had a sharp fall since its peak of Rs 5,931.40 on 18 Aug 2026. The Q2 FY27 results were strong on growth, yet the market punished the stock because a cable maker is judged on margin, and margins were not as good as hoped.
This article on KEI Industries share price covers the Q2 FY27 numbers, why the stock fell, what brokerages say, the valuation and the levels to watch. It is educational and not a recommendation to buy or sell.
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KEI Industries Share Price Today
| KEI Industries share price: point | Level on 22 Oct 2026 |
|---|---|
| Previous close | Rs 4,230.40 |
| Open and day high | Rs 4,099.80 |
| Day low | Rs 3,744.80 |
| Close on NSE | Rs 3,873, down 8.45% |
| Volume on NSE | About 34.3 lakh shares |
| 52-week high | Rs 5,931.40 on 18 Aug 2026 |
| 52-week low | Rs 3,730 on 22 Jan 2026 |
| Distance from the 52-week high | About 35% below (my calculation) |
The stock opened with a gap down and never recovered, with the day low of Rs 3,744.80 just 0.4% above the 52-week low of Rs 3,730 (my calculation). On the BSE the fall was about 10% to Rs 3,816 at one point, according to a report. Volume was heavy, with the average more than doubling in the first hour.
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KEI Industries Share Price and the Q2 FY27 Results
| KEI Industries share price: Q2 FY27 metric | Figure | Change year on year |
|---|---|---|
| Revenue | Rs 3,776 crore | Up 38.5% |
| EBITDA | Rs 377 crore | Up 39.8% |
| EBITDA margin | About 10% | Up 9 basis points |
| Profit after tax | Rs 262 crore | Up 29% |
| Cable revenue | Rs 3,669 crore | Up 40% |
| Domestic wires and cables | Not stated | Up 46% |
| Exports | Not stated | Up 7% |
| Stainless steel wire revenue | Rs 63 crore | Not stated |
| EPC revenue | Rs 104 crore | Loss-making in the quarter |
| Order book | Rs 5,185 crore | As of Q2 FY27 |
On the surface this is a strong quarter. Revenue grew 38.5%, domestic wires and cables grew 46%, and the EBITDA margin edged up 9 basis points to about 10%, which the company credits to operating efficiency and product mix. The profit growth of 29% was slower than the revenue growth of 38.5%, which shows costs or tax absorbing part of the gain (my reading).
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Risk: Exports grew only 7% against 46% in the domestic business, so growth is leaning heavily on the home market.
Why the KEI Industries Share Price Fell Despite Strong Growth
| KEI Industries share price: reason | Detail |
|---|---|
| Cable margins | Below Motilal Oswal’s estimates |
| EPC business | Posted a loss in the quarter |
| Market expectations | Investors wanted a higher margin than 10% after the earlier fall |
| EBITDA | In line with Motilal Oswal’s estimate because of strong revenue |
Motilal Oswal said the quarter’s EBITDA was in line with its estimates because revenue growth was strong, but the weak cable margin and EPC loss did not match what the market wanted. For a company that has to pass on changes in copper and other metal costs, a margin that merely holds is read as a miss when expectations are high. This is why the KEI Industries share price dropped even with a 29% rise in profit.
Raw materials, including copper, stainless steel, GI wire, PVC and aluminium, make up 75% to 77% of operating costs. The company holds two to two and a half months of inventory at fixed prices and executes most orders within three months. Care Ratings noted in July 2026 that KEI has a natural forex hedge and benefits from rupee depreciation.
What the Q2 FY27 Numbers Imply for Margins
| KEI Industries share price: derived figure (my calculation) | Value |
|---|---|
| Revenue in Q2 FY26 implied by 38.5% growth | About Rs 2,726 crore |
| EBITDA in Q2 FY26 implied by 39.8% growth | About Rs 270 crore |
| Profit in Q2 FY26 implied by 29% growth | About Rs 203 crore |
| Profit margin in Q2 FY27 | About 6.9% |
| Cable share of Q2 FY27 revenue | About 97% |
These figures show that the cable business is almost the whole company, so a small change in cable margin moves the whole result. A profit margin of about 6.9% on Rs 3,776 crore of revenue leaves little cushion if copper rises faster than selling prices. For the KEI Industries share price, the concall comments on pricing power matter more than the growth rate.
What Brokerages Say on KEI Industries Share Price
| KEI Industries share price: brokerage view | Detail |
|---|---|
| Jefferies India | About 45% upside after Q2, per the headline; note not found, so no target is quoted |
| Implied Jefferies target | About Rs 5,600 from Rs 3,869 (my calculation) |
| Motilal Oswal | Buy maintained; will review assumptions after the 22 Oct concall; no target in the report I read |
The 45% upside is a headline figure and I could not read the Jefferies note, so the exact target and the reasons for it are not confirmed here. If the upside is measured from the price of Rs 3,869 in the report, it implies a target near Rs 5,600, still below the August high of Rs 5,931.40. Brokerages often revise targets after the management concall, so the numbers can change.
KEI Industries Share Price Valuation
| KEI Industries share price: valuation measure | Figure |
|---|---|
| Trailing EPS | Rs 104.22 |
| P/E at Rs 3,873 | About 37.2 times (my calculation) |
| Industry P/E | 45.06 times |
| Book value per share | Rs 696.84 |
| Price to book at Rs 3,873 | About 5.6 times (my calculation) |
| Return on equity | 13.78% |
| Debt to equity | 0.04 |
| Dividend yield | About 0.11% |
| Market capitalisation | About Rs 37,130 crore (my calculation) |
At about 37 times earnings the KEI Industries share price is below the industry multiple of 45, which is a change from the premium it carried at the August high. A return on equity of 13.78% and debt to equity of 0.04 show a strong balance sheet. The price to book of about 5.6 is still high, so the stock needs steady margins to hold a re-rating.
KEI Industries Share Price: Buy, Hold or Wait?
| KEI Industries share price: investor type (my reading) | Points to weigh |
|---|---|
| Long-term investor | Strong growth, a Rs 5,185 crore order book and low debt support the case, but margin delivery is the test |
| New buyer | Waiting for the concall comments on margins and EPC losses gives clearer evidence; staggered buying limits timing risk |
| Short-term trader | The 52-week low of Rs 3,730 is the key support; a close below it would show further weakness |
This is an educational view and not advice. A fall of about 35% from the high with revenue growing at 38.5% looks attractive on paper, but the market is telling you that margin quality matters more than growth right now.
What to Watch Next on the KEI Industries Share Price
- Management comments on cable margins and the EPC loss in the concall
- Revised targets from Jefferies, Motilal Oswal and other brokerages for the KEI Industries share price
- Copper and other metal prices, which drive raw material costs
- Whether the KEI Industries share price holds the 52-week low of Rs 3,730
- Order inflows against the Rs 5,185 crore order book
Conclusion
KEI Industries share price fell 8.45% to Rs 3,873 on a margin miss in cables and an EPC loss, even though Q2 FY27 revenue rose 38.5% and profit rose 29%. Jefferies is reported to see about 45% upside and Motilal Oswal stays at Buy, but the stock is near its 52-week low and needs better margins to recover. Read the filings and decide on your own horizon.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why did the KEI Industries share price fall after Q2 FY27 results?
Ans. Cable margins came in below estimates and the EPC business made a loss, even though revenue rose 38.5% and profit rose 29%. The stock fell 8.45% to Rs 3,873 on the NSE and was near its 52-week low.
What did Jefferies say about the KEI Industries share price?
Ans. The headline says Jefferies India sees about 45% upside after the Q2 results. I could not find the note, so no target is quoted, though 45% implies about Rs 5,600 from Rs 3,869 by my calculation.
What were the KEI Industries Q2 FY27 results?
Ans. Revenue was Rs 3,776 crore, up 38.5%, EBITDA was Rs 377 crore, up 39.8%, and profit after tax was Rs 262 crore, up 29%. The EBITDA margin was about 10%, and the order book was Rs 5,185 crore.
What is the 52-week range of the KEI Industries share price?
Ans. The 52-week high is Rs 5,931.40 on 18 Aug 2026 and the 52-week low is Rs 3,730 on 22 Jan 2026. The stock closed at Rs 3,873, about 35% below the high.
Is the KEI Industries share price undervalued?
Ans. The P/E is about 37.2 times by my calculation, below the industry P/E of 45.06, and the price to book is about 5.6. Whether it is undervalued depends on whether margins recover.
What is Motilal Oswal’s view on KEI Industries?
Ans. Motilal Oswal maintains a Buy and says EBITDA was in line with its estimates. It will review its assumptions after the concall on 22 Oct, and the report I read gave no target.
What are the risks for the KEI Industries share price?
Ans. Weak cable margins, losses in EPC, swings in copper prices and slow export growth of 7% are the main risks. Raw materials are 75% to 77% of operating costs.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.