BOFA ON KEI INDUSTRIES ; BUY | TP ₹6,300

• Q2 growth remained strong, though margins were toward the lower end of guidance. • Growth outlook remains intact; volumes expected to accelerate as copper prices stabilise. • Sanand ramp-up is key for margin improvement, but BofA remains conservative on near-term margins. • Multiple headwinds persist, but the long-term compounding story remains intact.

KEI INDUSTRIES LTD.

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