Numbers beat estimates, traction continues. Maintain Buy The KEI Industries (KEI) results were more than our estimates, driven by strong sales in the retail segment and growth in EPC and institutional orders. KEI is focusing on expanding its dealer network, as this sales channel offers higher brand stickiness as well as better margins and lower working capital requirement. The institutional sale growth was a positive and management expect this division to grow in double digits. The EHV sales was another growth engine and is expected to rise further,...