Sanand’s EHV segment will be ready by FY27 and enable export expansion.

“We have a substantial export market of EHV cables which we have developed, but there are some technical constraints due to which we can't sell too much in the export market because of the high freight and heavy loads which has to be carried from the North India to ports.”

— Anil Gupta, Chairman & MD

Explains why margin doesn’t rise with LME copper/aluminum prices.

“So, first of all in the past also we have guided that all the raw material is passed through, whether it's a going up or it's going down, neither will we be gaining anything, neither we will be losing anything. Second is in the case of export, as I said in the case of only 0.5% margin is improved in the case of export or bigger distributor margin, otherwise more or less, prices are similar.”

“That's why we are not only focused for any particular each segment as we are operating in an environment where we are catering to all type of customers from, where we are getting the orders we are utilizing the capacity accordingly.”

— Rajeev Gupta, CFO

KEI isn't dependent on any one country; US tariff effects will be clearer in 2-3 months.

“As of now whatever order we were having we had delivered, so it will be known only after two, three months, when everything gets settled from the US market. But as I said earlier that, for us it does not matter we are selling to US market, we are selling to Middle East, or we are selling to Asian market or the European market.”

“We are approaching so many countries; we are adding one or two countries year-after-year. So that is how we are doing our sale.”

— Rajeev Gupta, CFO

And, who bears the tariff costs?

“It will be borne by the end customer. Our offers are always without duty, so whatever tariffs are imposed in the US, they have to be paid by them, so we are not concerned about the tariff at our end.”

— Anil Gupta, Chairman & MD

No Chinese competition in export markets for project-based cables due to specs and approvals.

“Mostly, in non-US or US market we have only global competition. And in non-US market, wherever we are exporting I have not seen any Chinese competition to us, because we manufacture specialized tailor-made products for projects.”

“And wherever tailor-made products are manufactured as per the international specification, and with the specified approvals, we don't face competition from Chinese companies.”

— Anil Gupta, Chairman & MD

Domestic demand is being driven by solar, thermal, EV infra, railways, and data centres.

“The major demand drivers are power generation in renewables through solar and wind energy. And also we are seeing a substantial new investment coming in coal based thermal power projects and related infrastructure in transmission and power distribution by transmission and distribution companies of central government and state government.”

“User industry of energy like data centers, new manufacturing projects and infrastructure projects like railways and metro rails and highways. Apart from that, electric vehicle infrastructure and kit for electrical vehicles is also in our product range, which we are catering to EV infrastructure.”

— Anil Gupta, Chairman & MD

Channel finance now covers 70% of dealer-distributor sales, improving working capital.

“Almost now we have reached to a level where 70% of our sale are covering through the channel financing. And year-after-year we are increasing this sales through channel financing because it is giving us the lower number of days of receivables.”

— Rajeev Gupta, CFO