KEI · Capital Goods
KEI Industries Ltd. reported revenue of ₹2,955 cr for October to December 2025, +19.5% on the year and +8.4% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹11,186 cr, +22.2% on the four before.
Operating profit (EBITDA) was ₹320 cr, a margin of 10.8%, +88 bps on the year and +96 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.9% to 10.9%, averaging 10.3%. Operating costs grew +18.4% against revenue growth of +19.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹235 cr, +42.4% on the year and +15.2% on the quarter, with earnings per share of ₹24.57. Profit before other income, one-offs and tax grew 32.5%, so 10 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹862 cr, +35.1% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹90.06 over the last four quarters, the stock at ₹4,002.70 trades at 44.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,059 cr | ₹2,330 cr | ₹2,065 cr | ₹2,284 cr | ₹2,472 cr | ₹2,915 cr | ₹2,590 cr | ₹2,726 cr | ₹2,955 cr | ₹3,476 cr | ₹3,185 cr | ₹3,776 cr |
| YoY | — | — | +16% | +17% | +20% | +25% | +25% | +19% | +20% | +19% | +23% | +39% |
| EBITDA margin | 10.4% | 10.9% | 10.6% | 9.9% | 10.0% | 10.3% | 10.0% | 9.9% | 10.8% | 11.0% | 12.4% | 10.0% |
| Other income, % of PBT | 7% | 2% | 6% | 6% | 4% | 12% | 15% | 15% | 11% | 11% | 5% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 27% | 25% | 25% | 26% | 26% |
| Net profit | ₹151 cr | ₹168 cr | ₹150 cr | ₹155 cr | ₹165 cr | ₹227 cr | ₹196 cr | ₹204 cr | ₹235 cr | ₹284 cr | ₹274 cr | ₹262 cr |
| YoY | — | — | +24% | +11% | +9% | +35% | +31% | +32% | +42% | +25% | +40% | +28% |
| Core profit YoY | — | — | +23% | +9% | +13% | +20% | +17% | +21% | +33% | +25% | +57% | +40% |
| EPS | ₹16.70 | ₹18.67 | ₹16.65 | ₹17.15 | ₹17.25 | ₹23.71 | ₹20.49 | ₹21.29 | ₹24.57 | ₹29.74 | ₹28.68 | ₹27.45 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
KEI Industries Ltd. reported revenue of ₹2,955 cr (+19.5% on the year) and net profit of ₹235 cr (+42.4% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +32.5% on the year, against +42.4% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.