Today › Cables and wires › KEI Industries

Cables and wires Historical case study · data as of 15 Jul 2026 · published 18 Oct 2026 (95 days later)

KEI Industries — 100-point case study

How KEI Industries looked on 50 technical and 50 fundamental measures on 15 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: KEI · BSE: 517569
Close on 15 Jul 2026	₹5,092.50
Market cap then	₹48,711 crore
Valuation	P/E 53.0× · P/B 7.31×
Momentum	RSI (14) 43 · 1-year return +30.8%
Next 3 months	-12.0% vs Nifty 50 -3.9% (to 16 Oct 2026)

Scorecard

Technical — 50 points

14 bullish · 23 neutral · 1 caution · 11 bearish — the picture was mixed.

Fundamental — 50 points

16 bullish · 30 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 15 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.65%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.65% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +14.2%	Bullish	The 100-session trend line was up (+0.22%/day) and the stock was +14.2% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +30.8%	Bullish	Compared with a year earlier the price was +30.8%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 5,276.20 / 30W 4,752.09	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 5,476.30→5,708.00; lows 5,067.50→5,155.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	16.6	Neutral	ADX at 16.6 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 17.6 / –DI 24.8	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	5,318.60 (-4.3%)	Bearish	Close of 5,092.50 was 4.3% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	5,248.37 (-3.0%)	Bearish	Close of 5,092.50 was 3.0% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	4,555.03 (+11.8%)	Bullish	Close of 5,092.50 was 11.8% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 5,146.47 / 21E 5,222.73	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 06 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 15.2% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+5.2% in 20 sessions	Bullish	The 50-day average rose 5.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	5,319 / 5,248 / 4,912 / 4,555	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	5,154.53 (-1.2%)	Bearish	Anchored to the start of July, the volume-weighted average price was 5,154.53; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	43.0	Bearish	RSI at 43.0 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -54.49 / signal -18.88	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-64.28 → -35.61	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-54.49	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 25.8 / %D 24.6	Bullish	Slow stochastic at 25.8 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-75.2	Neutral	%R of -75.2 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-81	Neutral	CCI at -81 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.0%	Bearish	Price changed -3.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.24 (bands 4,877.02–5,760.18)	Neutral	%B of 0.24 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 16.6% (45th pct of 6M)	Neutral	Band width was at the 45th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹174.04 (3.4% of price)	Neutral	A typical day's range was about ₹174.04, or 3.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	33.3% vs 1Y 31.2%	Neutral	Annualised 30-day volatility was 33.3%, close to the one-year level of 31.2%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	4,878.47–5,561.48	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.27	Neutral	A beta of 1.27 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.87× / 5-day 0.78×	Neutral	The final session traded 0.87× its 20-day average volume and the last five sessions averaged 0.78× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.45	Bullish	Average volume on up days was 1.45× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.06	Bullish	CMF at +0.06 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	45.8	Neutral	MFI, a volume-weighted RSI, was 45.8. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹213 cr/day	Neutral	About ₹213 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	4,925.00 / 4,822.60 / 4,735.05	Neutral	Nearest support (prior swing lows) sat at 4,925.00, 3.4% below the close, then 4,822.60, 4,735.05. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	5,265.27 / 5,437.15 / 5,708.00	Neutral	Nearest resistance (prior swing highs) sat at 5,265.27, 3.4% above the close, then 5,437.15, 5,708.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 5,167.67 \| R1 5,410.33 \| S1 4,849.83	Neutral	Classic pivots from July's high/low/close gave a pivot of 5,167.67; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 5,241 \| 38.2% 4,952 \| 50.0% 4,718 \| 61.8% 4,485	Neutral	Measuring the 6-month rise from 3,728.70 to 5,708.00, the close was nearest the 38.2% retracement at 4,951.91. How to read: Information only.
42	52-week high / low	H 5,708.00 / L 3,601.10	Neutral	The close was 10.8% below the 52-week high and 41.4% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 15 Apr at 4,499.00	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 15 Apr 2026, left an open level at 4,499.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 4,925.00–5,708.00	Neutral	The close was inside the prior 20-day range of 4,925.00–5,708.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 15 Jul the candle opened 5,120.00, ranged 5,032.00–5,185.00 and closed 5,092.50: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 4,706.65–5,185.05; Tenkan 5,132.25 / Kijun 5,316.50	Neutral	Price was inside the cloud and the Tenkan line was below the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -7.7% / 3M +13.2%	Bullish	The stock outperformed the Nifty 50 by 13.2 points over three months and underperformed by 7.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +20.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 20.5 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	14 bullish · 11 bearish · 23 neutral · 1 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 4,925.00, resistance 5,265.27. This is a description of the chart on 15 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 15 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 15 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	53.0×	Neutral	At ₹5,092.50 the market valued the company at about ₹48,711 crore, or 53.0× the ₹919 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	7.31×	Neutral	Market cap was 7.31× the Mar 2026 book value (equity + reserves) of ₹6,665 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	4.15×	Neutral	The company was valued at 4.15× its trailing-12-month sales of ₹11,747 crore. How to read: Information only.
4	EV / EBITDA (approx.)	39.8×	Neutral	Enterprise value (market cap + ₹253 cr borrowings; cash not netted) was 39.8× trailing operating profit of ₹1,229 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.9%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.17	Bearish	P/E of 53.0 divided by 3-year profit growth of 24.4% a year gives a PEG of 2.17. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.09%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹4.5 a share, a 0.09% yield on the ₹5,092.50 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹48,711 cr	Neutral	At about ₹0.49 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹1,227.32 vs ₹5,092.50	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹1,227.32; the price was 315% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+20.7%	Bullish	Revenue for FY26 was ₹11,748 crore, +20.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+19.2%	Bullish	The Jan–Mar 2026 quarter brought ₹3,476 crore of revenue, +19.2% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+31.9%	Bullish	FY26 net profit was ₹918 crore, +31.9% on FY25's ₹696 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+25.1%	Bullish	Quarterly profit was ₹284 crore versus ₹227 crore a year earlier (+25.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	19.3%	Bullish	Revenue compounded at 19.3% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	24.4%	Bullish	Net profit compounded at 24.4% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	22.9%	Bullish	Over five years (FY21–FY26) revenue compounded at 22.9% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+31.8%	Bullish	Reported EPS went from ₹72.88 to ₹96.07 (+31.8%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	10%	Neutral	Operating profit (EBITDA) was 10% of sales in FY26 versus 10% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	10% → 10% → 11% → 11%	Neutral	Quarterly margins moved from 10% to 11% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	7.8%	Neutral	₹7.8 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	14.7%	Neutral	FY26 profit was 14.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	20%	Neutral	Return on capital employed (debt + equity) was 20% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	10.25%	Neutral	Net profit was 10.25% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	13%	Neutral	Non-operating 'other income' of ₹159 crore made up 13% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.04	Bullish	Borrowings of ₹253 crore were 0.04× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.21×	Bullish	Debt equalled 0.21 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	20.2×	Bullish	Earnings before interest and tax covered interest cost 20.2 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+15.2%	Bullish	Shareholders' equity grew +15.2% from ₹5,786 crore to ₹6,665 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹1,002 cr (59% of fixed assets)	Neutral	Projects under construction (CWIP) were 59% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	80 days	Neutral	Working capital tied up equalled 80 days of sales (FY25: 89). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	102 days	Neutral	It took 102 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	57 (FY25 67)	Neutral	Customers took 57 days on average to pay, versus 67 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹840 cr	Bullish	The business generated ₹840 crore of operating cash in FY26 versus ₹-32 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-412 cr	Bearish	After capital spending, free cash flow was ₹-412 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.92×	Neutral	Operating cash flow was 0.92× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-0.8%	Neutral	FY26 free cash flow was -0.8% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-928 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-928 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,252 cr	Neutral	Implied capital expenditure was about ₹1,252 crore, 10.7% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	5%	Neutral	The company paid out about 5% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	5% / 5% / 5%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹19 cr → ₹19 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	35.00% (-0.01 pts YoY)	Neutral	Promoters owned 35.00% at Mar 2026 versus 35.01% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	27.27% (+1.44 pts YoY)	Bullish	FIIs held 27.27% at Mar 2026, up from 25.83% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	25.83% (+2.32 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 25.83%, up from 23.51%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.6 lakh (-19.9% YoY)	Neutral	The shareholder count moved from 2.0 lakh to 1.6 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, leverage fell, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 0 weakness(es)	Neutral	Strengths: Company is almost debt free; Company has delivered good profit growth of 27.4% CAGR over last 5 years. No weaknesses flagged. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	16 bullish · 3 bearish · 30 neutral · 0 caution	Bullish	On the numbers published by 15 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 53.0×, P/B 7.31×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 15 Apr 2026 – 15 Jul 2026 that an investor could have known on the snapshot date.

05 May 2026 KEI Industries Q4 FY26 PAT rises 26% YoY; stock drops after brokerage downgrade — Q4 FY26 consolidated PAT rose 25.5% to Rs 284.31 crore on revenue of Rs 3,476.40 crore (+19.3%). FY26 PAT was Rs 918.43 crore on revenue of Rs 11,747.77 crore. A brokerage downgraded the stock while raising its target to Rs 5,213. source
07 May 2026 KEI Industries slips about 2% on reports of Income Tax searches — Shares fell in early trade after media reports of Income Tax Department searches at several KEI-linked locations including Delhi. Later reports said the searches ran from 7 to 12 May 2026. source
22 May 2026 KEI to take 26% stake in Rajasthan captive solar SPV — KEI signed agreements on 20 May 2026 to invest Rs 5.90 crore for a 26% stake in Solarcraft Power India 24 Pvt Ltd, an 11.25 MW solar project, to source renewable power for its own facilities. source
03 Jun 2026 India Ratings affirms KEI's AA+/Stable bank facility rating — India Ratings affirmed KEI's bank facilities at AA+/Stable and its commercial paper at A1+. source
24 Jun 2026 KEI Industries signs Rashmika Mandanna as brand ambassador — The company named actor Rashmika Mandanna as brand ambassador and planned a 360-degree campaign including a new TV commercial across TV, digital, print and outdoor media. source

What happened next (15 Jul 2026 → 16 Oct 2026)

Price went from ₹5,092.50 to ₹4,482.30 by 16 Oct 2026 (-12.0%) while the Nifty 50 moved -3.9% — underperforming by 8.1 points.
Highest ₹5,899.00 on 18 Aug 2026; lowest ₹4,424.20 on 01 Oct 2026.
S1 4,925.00: broken on a closing basis on 17 Jul 2026.
S2 4,822.60: broken on a closing basis on 30 Jul 2026.
R1 5,265.27: cleared on a closing basis on 04 Aug 2026.
R2 5,437.15: cleared on a closing basis on 04 Aug 2026.
200-day SMA: price was above it at the snapshot and crossed below on 07 Sep 2026.
Apr–Jun 2026 results (reported 03 Aug 2026): revenue ₹3,185 crore (+23.0% YoY), net profit ₹274 crore (+39.8% YoY), operating margin 12% vs 10% a year earlier (Screener consolidated figures).

Later news

04 Aug 2026 KEI shares jump after Q1 FY27 profit rises 40% — Q1 FY27 consolidated net profit rose 40% to Rs 274 crore and revenue rose 23% to Rs 3,185 crore; EBITDA margin was reported at 13.04%. Shares rose about 7% in early trade. source
24 Aug 2026 KEI Industries schedules analyst and investor meetings — KEI announced investor meetings in Hong Kong on 31 Aug and 1 Sep and in Mumbai on 2 Sep 2026. It also reported that Rs 1,784.62 crore of its Rs 2,000 crore QIP proceeds had been utilised. source
04 Sep 2026 Cable stocks including KEI fall as Aditya Birla Group launches Ultravolt — KEI fell about 8% intraday as cable and wire stocks sold off after the Aditya Birla Group (UltraTech) entered the wires and cables business under the Ultravolt brand. Nuvama still named KEI and Polycab as preferred picks. source

Educational summary. On 15 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved -12.0% against -3.9% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold KEI Industries today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 18 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹724.25close 15 Jul

Stainless steel makerNSE: JSLData as of 15 Jul 2026

Jindal Stainless — 100-point case study

Technical

Fundamental

What happened next (3 months): +1.7% vs Nifty 50 -3.9%

Technical: was mixedFundamental: positiveP/E 18.7×P/B 3.02×RSI 581Y +5.3%

₹429.05close 15 Jul

Quick-service restaurantsNSE: JUBLFOODData as of 15 Jul 2026

Jubilant Foodworks — 100-point case study

Technical

Fundamental

What happened next (3 months): -2.6% vs Nifty 50 -3.9%

Technical: negativeFundamental: positiveP/E 63.8×P/B 12.35×RSI 491Y -37.9%

₹1,139.80close 15 Jul

Textiles and apparelNSE: KPRMILLData as of 15 Jul 2026

K.P.R. Mill — 100-point case study

Technical

Fundamental

What happened next (3 months): -3.5% vs Nifty 50 -3.9%

Technical: positiveFundamental: positiveP/E 44.9×P/B 6.84×RSI 551Y -3.6%