{"id":324760,"date":"2026-10-22T17:04:55","date_gmt":"2026-10-22T11:34:55","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=324760"},"modified":"2026-10-22T17:04:55","modified_gmt":"2026-10-22T11:34:55","slug":"kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/","title":{"rendered":"KEI Industries Share Price Down 15% in One Month: Jefferies India Sees 45% Upside After Q2 Results"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>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.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">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.<\/p>\n<\/p><\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#KEI_Industries_Share_Price_Today\" title=\"KEI Industries Share Price Today\">KEI Industries Share Price Today<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#KEI_Industries_Share_Price_and_the_Q2_FY27_Results\" title=\"KEI Industries Share Price and the Q2 FY27 Results\">KEI Industries Share Price and the Q2 FY27 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Why_the_KEI_Industries_Share_Price_Fell_Despite_Strong_Growth\" title=\"Why the KEI Industries Share Price Fell Despite Strong Growth\">Why the KEI Industries Share Price Fell Despite Strong Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_the_Q2_FY27_Numbers_Imply_for_Margins\" title=\"What the Q2 FY27 Numbers Imply for Margins\">What the Q2 FY27 Numbers Imply for Margins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_Brokerages_Say_on_KEI_Industries_Share_Price\" title=\"What Brokerages Say on KEI Industries Share Price\">What Brokerages Say on KEI Industries Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#KEI_Industries_Share_Price_Valuation\" title=\"KEI Industries Share Price Valuation\">KEI Industries Share Price Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#KEI_Industries_Share_Price_Buy_Hold_or_Wait\" title=\"KEI Industries Share Price: Buy, Hold or Wait?\">KEI Industries Share Price: Buy, Hold or Wait?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_to_Watch_Next_on_the_KEI_Industries_Share_Price\" title=\"What to Watch Next on the KEI Industries Share Price\">What to Watch Next on the KEI Industries Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Why_did_the_KEI_Industries_share_price_fall_after_Q2_FY27_results\" title=\"Why did the KEI Industries share price fall after Q2 FY27 results?\">Why did the KEI Industries share price fall after Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_did_Jefferies_say_about_the_KEI_Industries_share_price\" title=\"What did Jefferies say about the KEI Industries share price?\">What did Jefferies say about the KEI Industries share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_were_the_KEI_Industries_Q2_FY27_results\" title=\"What were the KEI Industries Q2 FY27 results?\">What were the KEI Industries Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_is_the_52-week_range_of_the_KEI_Industries_share_price\" title=\"What is the 52-week range of the KEI Industries share price?\">What is the 52-week range of the KEI Industries share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Is_the_KEI_Industries_share_price_undervalued\" title=\"Is the KEI Industries share price undervalued?\">Is the KEI Industries share price undervalued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_is_Motilal_Oswals_view_on_KEI_Industries\" title=\"What is Motilal Oswal&#8217;s view on KEI Industries?\">What is Motilal Oswal&#8217;s view on KEI Industries?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#What_are_the_risks_for_the_KEI_Industries_share_price\" title=\"What are the risks for the KEI Industries share price?\">What are the risks for the KEI Industries share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/kei-industries-share-price-down-15-percent-in-one-month-jefferies-sees-45-percent-upside-after-q2-results\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"KEI_Industries_Share_Price_Today\"><\/span><strong>KEI Industries Share Price Today<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: point<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level on 22 Oct 2026<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,230.40<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open and day high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 4,099.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,744.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Close on NSE<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,873, down 8.45%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume on NSE<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 34.3 lakh shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,931.40 on 18 Aug 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,730 on 22 Jan 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Distance from the 52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 35% below (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track capital goods and cable stocks on the Univest screeners page<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"KEI_Industries_Share_Price_and_the_Q2_FY27_Results\"><\/span><strong>KEI Industries Share Price and the Q2 FY27 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: Q2 FY27 metric<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change year on year<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,776 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 38.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 377 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 39.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 10%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 9 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit after tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 262 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 29%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cable revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,669 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 40%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic wires and cables<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 46%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Exports<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 7%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Stainless steel wire revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 63 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not stated<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EPC revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 104 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss-making in the quarter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Order book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 5,185 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">As of Q2 FY27<\/td>\n<\/tr>\n<\/table>\n<p>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).<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to follow results and stock alerts.<\/em><\/p>\n<p><strong>Risk:<\/strong> Exports grew only 7% against 46% in the domestic business, so growth is leaning heavily on the home market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_the_KEI_Industries_Share_Price_Fell_Despite_Strong_Growth\"><\/span><strong>Why the KEI Industries Share Price Fell Despite Strong Growth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: reason<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cable margins<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Below Motilal Oswal&#8217;s estimates<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EPC business<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Posted a loss in the quarter<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market expectations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Investors wanted a higher margin than 10% after the earlier fall<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">In line with Motilal Oswal&#8217;s estimate because of strong revenue<\/td>\n<\/tr>\n<\/table>\n<p>Motilal Oswal said the quarter&#8217;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.<\/p>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_the_Q2_FY27_Numbers_Imply_for_Margins\"><\/span><strong>What the Q2 FY27 Numbers Imply for Margins<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: derived figure (my calculation)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Value<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue in Q2 FY26 implied by 38.5% growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 2,726 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA in Q2 FY26 implied by 39.8% growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 270 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit in Q2 FY26 implied by 29% growth<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 203 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit margin in Q2 FY27<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 6.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cable share of Q2 FY27 revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 97%<\/td>\n<\/tr>\n<\/table>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Brokerages_Say_on_KEI_Industries_Share_Price\"><\/span><strong>What Brokerages Say on KEI Industries Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: brokerage view<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jefferies India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 45% upside after Q2, per the headline; note not found, so no target is quoted<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Implied Jefferies target<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 5,600 from Rs 3,869 (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy maintained; will review assumptions after the 22 Oct concall; no target in the report I read<\/td>\n<\/tr>\n<\/table>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"KEI_Industries_Share_Price_Valuation\"><\/span><strong>KEI Industries Share Price Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: valuation measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Trailing EPS<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 104.22<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">P\/E at Rs 3,873<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 37.2 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Industry P\/E<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">45.06 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 696.84<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book at Rs 3,873<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 5.6 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">13.78%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.04<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend yield<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 0.11%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 37,130 crore (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"KEI_Industries_Share_Price_Buy_Hold_or_Wait\"><\/span><strong>KEI Industries Share Price: Buy, Hold or Wait?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">KEI Industries share price: investor type (my reading)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Points to weigh<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Long-term investor<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Strong growth, a Rs 5,185 crore order book and low debt support the case, but margin delivery is the test<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New buyer<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Waiting for the concall comments on margins and EPC losses gives clearer evidence; staggered buying limits timing risk<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Short-term trader<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The 52-week low of Rs 3,730 is the key support; a close below it would show further weakness<\/td>\n<\/tr>\n<\/table>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_on_the_KEI_Industries_Share_Price\"><\/span><strong>What to Watch Next on the KEI Industries Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Management comments on cable margins and the EPC loss in the concall<\/li>\n<li>Revised targets from Jefferies, Motilal Oswal and other brokerages for the KEI Industries share price<\/li>\n<li>Copper and other metal prices, which drive raw material costs<\/li>\n<li>Whether the KEI Industries share price holds the 52-week low of Rs 3,730<\/li>\n<li>Order inflows against the Rs 5,185 crore order book<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_KEI_Industries_share_price_fall_after_Q2_FY27_results\"><\/span><strong>Why did the KEI Industries share price fall after Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_did_Jefferies_say_about_the_KEI_Industries_share_price\"><\/span><strong>What did Jefferies say about the KEI Industries share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_KEI_Industries_Q2_FY27_results\"><\/span><strong>What were the KEI Industries Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_range_of_the_KEI_Industries_share_price\"><\/span><strong>What is the 52-week range of the KEI Industries share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_KEI_Industries_share_price_undervalued\"><\/span><strong>Is the KEI Industries share price undervalued?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Motilal_Oswals_view_on_KEI_Industries\"><\/span><strong>What is Motilal Oswal&#8217;s view on KEI Industries?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_for_the_KEI_Industries_share_price\"><\/span><strong>What are the risks for the KEI Industries share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did the KEI Industries share price fall after Q2 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cable margins came in below estimates and the EPC business made a loss, even though revenue rose 38.5% and profit rose 29%. 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Revenue up 38.5%, margin miss, EPC loss, order book, valuation and risks.<\/p>\n","protected":false},"author":36,"featured_media":324759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4214,14970,14973,14975,14969,14971,14972,14968,14516,14974],"class_list":["post-324760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cable-stocks","tag-kei-industries-45-percent-upside","tag-kei-industries-52-week-low","tag-kei-industries-buy-or-sell","tag-kei-industries-jefferies-target","tag-kei-industries-margin-miss","tag-kei-industries-order-book","tag-kei-industries-q2-fy27-results","tag-kei-industries-share-price","tag-kei-industries-valuation"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["324759"],"rank_math_title":["KEI Industries Share Price: Jefferies Sees 45% Upside, Q2 Review"],"rank_math_description":["KEI Industries share price fell 8% to Rs 3,873 after Q2 FY27 results. Jefferies sees 45% upside. See revenue up 38.5%, margin miss, order book, valuation and risks."],"rank_math_focus_keyword":["KEI Industries share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/kei-industries-share-price-down-15-in-one-month-jefferies-india-sees-45-upside.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=324760"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324760\/revisions"}],"predecessor-version":[{"id":324761,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324760\/revisions\/324761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/324759"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=324760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=324760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=324760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}