KIKEI Industries517569Routine SEBI update

Monitoring agency report: Nil deviation from QIP objects, Rs 1372.27 crore of Sanand capex utilised

KEI Industries shared the CARE Ratings Monitoring Agency Report for the quarter ended September 30, 2026, covering the Rs. 2,000.00 crore Qualified Institutional Placement.

By ScoutQuest · Wed 21 Oct 2026, 7:01 PM IST · 2 min read

Deviation from objects of issue

Nil. Range of deviation: Nil

Sanand capex utilised till September 2026

Rs 1372.27 crore (FY25: Rs. 161.41 crore; FY26: Rs 903.28 crore; H1FY27: Rs 307.58 crore)

Sanand plant capex / EHV timeline

Rs 1450.00 crore; EHV Cable production to start by Q4 FY27

What this update is

KEI Industries has submitted the Monitoring Agency Report prepared by CARE Ratings Limited for the quarter ended September 30, 2026. The report tracks how the money raised through a Qualified Institutional Placement (QIP) has been used. The issue was of equity shares aggregating Rs. 2,000.00 crore, with the issue period running from 25th November 2024 to 28th November 2024 and allotment on 28th November 2024.

No deviation reported

On the key checks, CARE Ratings records Nil deviation from the objects of the issue and Nil range of deviation. It also records that all utilisation was as per the disclosures in the offer document, that the means of finance for the disclosed objects has not changed, that no major deviation was observed over earlier monitoring agency reports, and that all Government/statutory approvals related to the objects have been obtained. It further states there were no favourable or unfavourable events affecting the viability of the objects.

Sanand plant progress

Total capex specified in the placement document towards the Sanand plant was Rs 1450.00 crore, out of the total issue size of Rs 2000 crore, tentatively to be completed by FY26. Of this, total estimated capex for FY25 was Rs 849.01 crore and the balance Rs. 600.99 crore was for FY26.

Utilisation so far

• Rs 1372.27 crore utilised till September 2026
• Rs. 161.41 crore utilised in FY25
• Rs 903.28 crore utilised in FY26
• Rs 307.58 crore utilised in H1FY27

The Board reviewed the project implementation status for the cable manufacturing facility at Sanand, Ahmedabad, Gujarat on October 15, 2025 and noted that the first phase of production of LT/HT Cables has been commissioned by December 2025, and that EHV Cable production will start by Q4 FY27.

What it means for retail investors

A monitoring agency report is a periodic check on whether money raised from institutional investors is being spent on the purposes stated at the time of the issue. Here the agency reports Nil deviation, and the utilisation figures show spending progressing against the Sanand capex target. The stated milestone to track is EHV Cable production starting by Q4 FY27, after the first phase of LT/HT Cables was commissioned by December 2025.

The report also restates the placement document position that if the net proceeds are not utilised in full or in part for the objects during the period stated, the remaining proceeds shall be utilised in subsequent periods in such manner as may be determined by the company, in accordance with applicable laws.

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