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Anand Rathi Report
Fluctuating copper prices dented KEI Industries Ltd.’s Q2 margins. The company retained its ~17% revenue growth guidance, with 10.5-11% Ebitda margin for FY25.
Growth would be driven by large capacity additions and a strong orderbook. The company has announced Rs 2 billion via QIP to fund the required capex, thereby avoiding the debt route.
We maintain our Hold rating as we roll over to FY27e earnings with a higher target price of Rs 4,796 (earlier Rs 4,771), 43 times FY27e earnings per share of Rs 95.4.
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Also Read: KEI Industries Q2 Review - Weak Operating Result A Blip; Robust Outlook Intact: Systematix
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