KEI Industries Q2 FY27: net profit up 29.0% to ₹262 crore, income up 37.3%

Earnings
Electricals

Blacklitt Research21 October 20264 min read

KEI Industries (NSE: KEI) reported net profit of ₹262 crore for the quarter ended 30 Sep 2026, up 29.0% from ₹204 crore a year earlier, on total income of ₹3,801 crore, up 37.3% from ₹2,769 crore. Consolidated and standalone net profit were both ₹262 crore, and total income was ₹3,801 crore on each basis.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹3,801 crore, up 37.3% from ₹2,769 crore in Q2 FY26 and up 18.6% from ₹3,205 crore in Q1 FY27.
Net profit: ₹262 crore, up 29.0% from ₹204 crore; down 4.3% from ₹274 crore in Q1 FY27.
EPS: ₹27.45 against ₹21.30 a year earlier, up 28.9%; not annualised.
Net profit margin: 6.90% of total income, against 7.35% a year earlier.

Standalone

The company on its own, without its subsidiaries

Total income: ₹3,801 crore, up 37.3% from ₹2,769 crore in Q2 FY26 and up 18.6% from ₹3,205 crore in Q1 FY27.
Net profit: ₹262 crore, up 29.0% from ₹204 crore; down 4.3% from ₹274 crore in Q1 FY27.
EPS: ₹27.45 against ₹21.30 a year earlier, up 28.9%; not annualised.
Net profit margin: 6.90% of total income, against 7.35% a year earlier.

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,800.93	2,768.64	+37.3%	3,204.92	+18.6%
Revenue from operations	3,776.41	2,726.35	+38.5%	3,185.35	+18.6%
Other income	24.52	42.29	-42.0%	19.57	+25.3%
	262.45	203.51	+29.0%	274.14	-4.3%
Finance costs	17.24	14.16	+21.8%	17.68	-2.5%
Depreciation and amortisation	30.58	20.20	+51.4%	28.57	+7.0%
Tax expense	90.78	73.77	+23.1%	95.02	-4.5%
Net profit margin	6.90%	7.35%	-0.45 pp	8.55%	-1.65 pp
Tax as share of profit before tax	25.70%	26.60%	-0.90 pp	25.74%	-0.04 pp
EPS (₹)	27.45	21.30	+28.9%	28.68	-4.3%

Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.

Net profit rose 29.0% year on year while total income rose 37.3%, so the net profit margin fell to 6.90% from 7.35%. Cost of materials consumed was ₹3,241 crore against ₹2,213 crore, and the change in inventories was a credit of ₹305 crore, against ₹163 crore. Total expenses were ₹3,448 crore against ₹2,491 crore a year earlier.

Inventories were ₹3,604 crore at 30 Sep 2026, up from ₹2,401 crore at 31 Mar 2026, while cash and cash equivalents fell to ₹695 crore from ₹1,444 crore. Trade receivables were ₹1,677 crore against ₹1,842 crore, and capital work-in-progress rose to ₹1,272 crore from ₹1,002 crore. Current borrowings were ₹285 crore against ₹186 crore, and the statement shows no non-current borrowings. Total equity was ₹7,203 crore against ₹6,665 crore.

Operating activities used ₹489 crore of cash in the half year, against a ₹383 crore inflow a year earlier; the statement shows inventories rising by ₹1,204 crore. Purchases of property, plant and equipment, including capital work-in-progress, were ₹416 crore against ₹638 crore, and income tax paid was ₹198 crore. Investing activities used ₹324 crore and financing brought in ₹64 crore, so cash fell ₹749 crore over the half year.

The auditors, Pawan Shubham & Co, issued a limited review conclusion without modification, but drew attention to an income-tax search at some company premises in May 2026. The company has received no written outcome and says it expects no material adverse impact; the auditors say the effect on these results cannot yet be ascertained. The statement shows no exceptional items for the quarter, and the filing does not announce a dividend. Of net QIP proceeds of ₹1,966 crore raised in Nov 2024, ₹163 crore was unutilised at 30 Sep 2026, held in bank deposits, with ₹6 crore in a monitoring account.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,800.93	2,768.64	+37.3%	3,204.92	+18.6%
Revenue from operations	3,776.41	2,726.35	+38.5%	3,185.35	+18.6%
Other income	24.52	42.29	-42.0%	19.57	+25.3%
	262.45	203.51	+29.0%	274.14	-4.3%
Finance costs	17.24	14.16	+21.8%	17.68	-2.5%
Depreciation and amortisation	30.58	20.20	+51.4%	28.57	+7.0%
Tax expense	90.78	73.77	+23.1%	95.02	-4.5%
Net profit margin	6.90%	7.35%	-0.45 pp	8.55%	-1.65 pp
Tax as share of profit before tax	25.70%	26.60%	-0.90 pp	25.74%	-0.04 pp
EPS (₹)	27.45	21.30	+28.9%	28.68	-4.3%

Figures are in ₹ crore except EPS; YoY compares with Q2 FY26 and QoQ with Q1 FY27.

The standalone figures match the consolidated figures above. The associate, KEI Cables SA (Pty) Limited in South Africa, reported no net profit for the quarter, so the consolidated statement adds nothing to the standalone result.

What the results mean for shareholders

EPS was ₹27.45 on both bases for the quarter, against ₹21.30 a year earlier and ₹28.68 in Q1 FY27; the figure is not annualised.

At ₹4,230.40 a share on 21 Oct 2026, the market value was ₹40,443 crore. The outcome of the income-tax search is not known, and the filing gives no date for it.

Reference: Original filing (PDF)

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KEI Industries Q2 FY27: net profit up 29.0% to ₹262 crore, income up 37.3%

Key highlights

Consolidated

Standalone

Summary

What the results mean for shareholders

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