External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>KEI Industries (KEII) has given robust volume growth guidance of 19-20% for FY26, driven by capacity expansion and healthy demand in domestic &amp; export markets, along with EBITDA margin of 11%.</li><li>Domestic demand mainly comes from solar power and power distribution companies, as per the management.</li><li>The company aims to maintain EBITDA margin in FY25 at previous year’s level.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEI Industries (KEII) has given robust volume growth guidance of 19-20% for FY26, driven by capacity expansion and healthy demand in domestic &amp; export markets, along with EBITDA margin of 11%.Domestic demand mainly comes from solar power and power distribution companies, as per the management.The company aims to maintain EBITDA margin in FY25 at previous year’s level.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEI Industries - Strong Vol Growth with Upgrade in Guidance

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>KEI Industries (KEII)’s 3QFY25 revenue grew 20% YoY (in line, as strong revenue growth in the C&amp;W/SSW segment offset lower-than-estimated EPC revenue).</li><li>Its EBITDA grew ~12% YoY to INR2.4b (3% miss).</li><li>OPM contracted 70bp YoY to 9.8% (-70bp vs.our estimate) due to a lower margin in the C&amp;W segment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEI Industries (KEII)’s 3QFY25 revenue grew 20% YoY (in line, as strong revenue growth in the C&amp;W/SSW segment offset lower-than-estimated EPC revenue).Its EBITDA grew ~12% YoY to INR2.4b (3% miss).OPM contracted 70bp YoY to 9.8% (-70bp vs.our estimate) due to a lower margin in the C&amp;W segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KEI Industries - Revenue Growth Strong, but Margins Weak

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.</li>
<li>In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.</li>
<li>However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.</li>
</ul>



Polycab India (POLYCAB IN) is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.
In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.
However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.</li>
<li>Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.</li>
<li>RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.</li>
</ul>


RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.
Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.
RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.


RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

Thematic (Sector/Industry)

<ul>
<li>India's Wires &amp; Cables sector is doubling by FY29 with a major 80% capex surge in FY26, driven by infrastructure and exports. </li>
<li>Despite robust supply growth, a significant INR 177.3 billion demand-supply gap by FY30 indicates strong absorption. </li>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> leads with high ROIC and growth, while <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> and <a href="https://www.smartkarma.com/entities/apar-industries-ltd" target="_blank" data-smartkarma-citation="entities:12511:1" rel="noopener">Apar Industries (APR IN)</a> offer strong capex-driven expansion for investors.</li>
</ul>


India's Wires &amp; Cables sector is doubling by FY29 with a major 80% capex surge in FY26, driven by infrastructure and exports. 
Despite robust supply growth, a significant INR 177.3 billion demand-supply gap by FY30 indicates strong absorption. 

Polycab India (POLYCAB IN) leads with high ROIC and growth, while Havells India (HAVL IN) and Apar Industries (APR IN) offer strong capex-driven expansion for investors.


Thematic Report: Wires & Cables Industry~ Exponential Capex Meeting Demand, Key Players to Benefit

India

KEI Industries Limited manufactures cables and stainless steel wires for the building and construction, defense, telecommunications, and other industries.

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KEI Industries (KEII IN)

KEI Industries - Strong Vol Growth with Upgrade in Guidance

KEI Industries (KEII) has given robust volume growth guidance of 19-20% for FY26, driven by capacity expansion and healthy demand in domestic &...

Prabhudas Lilladhar

KEI Industries - Revenue Growth Strong, but Margins Weak

KEI Industries (KEII)’s 3QFY25 revenue grew 20% YoY (in line, as strong revenue growth in the C&W/SSW segment offset lower-than-estimated EPC...

Motilal Oswal

Polycab India- Forensic Analysis

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Thematic Report: Wires & Cables Industry~ Exponential Capex Meeting Demand, Key Players to Benefit

India's Wires & Cables sector set to double by FY29 with 80% capex surge in FY26, driven by infrastructure and exports. Polycab India leads with...

Sudarshan Bhandari

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KEI Industries - Strong Vol Growth with Upgrade in Guidance

KEI Industries (KEII) has given robust volume growth guidance of 19-20% for FY26, driven by capacity expansion and healthy demand in domestic &...

Prabhudas Lilladhar

KEI Industries - Revenue Growth Strong, but Margins Weak

KEI Industries (KEII)’s 3QFY25 revenue grew 20% YoY (in line, as strong revenue growth in the C&W/SSW segment offset lower-than-estimated EPC...

Motilal Oswal

Polycab India- Forensic Analysis

​Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

​RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Thematic Report: Wires & Cables Industry~ Exponential Capex Meeting Demand, Key Players to Benefit

​India's Wires & Cables sector set to double by FY29 with 80% capex surge in FY26, driven by infrastructure and exports. Polycab India leads with...

Sudarshan Bhandari

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

India's Wires & Cables sector set to double by FY29 with 80% capex surge in FY26, driven by infrastructure and exports. Polycab India leads with...