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Capex plans, robust demand may keep KEI charged up
Mint Hyderabad
|December 31, 2024
KEI Industries Ltd is preparing to carry out its enhanced capital expenditure (capex) guidance. The cable and wire company recently completed a fundraise of ₹2,000 crore via a qualified institutional placement (QIP) at ₹3,800 a share. These funds are expected to help its balance sheet and support its greenfield expansion at Sanand in Gujarat, where it plans a ₹1,800-1,900 crore of capex (in phases) to increase its cable capacity. That is expected to generate additional revenue of ₹5,000 crore by FY28.
The company has been expanding its cable and wire capacities across facilities. "Its cable capacity increased about 36% and wires capacity 27% in H1 FY25 compared to FY24-end capacity," said a Motilal Oswal Financial Services report dated 27 December.
KEI commissioned brown-field facilities at Chinchpada and Pathredi in H1, which it believes will facilitate revenue growth of 16-17% for FY25. Its revenue grew 17% year-on-year (y-o-y) in FY24.
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