KEI Industries (KEII)’s 4QFY24 performance was in line with our estimates.Revenue grew 19% YoY to INR23.2b (vs. est. INR22.6b), fueled by 18%/53%YoY growth in the cables & wires/EPC segments, while stainless steel wires’revenue declined 11% YoY. EBITDA grew 21% YoY to INR2.4b (vs. est.INR2.5b).