KEI Industries’ (KEII) 1QFY27 revenue grew ~23% YoY to INR31.9b (in line). EBITDA increased ~53% YoY to INR4.0b (~7% above, driven by a higher-thanestimated margin in the C&W segment). OPM improved 2.5pp YoY to 12.4% (+1.1pp vs. our estimate).