JPM on KEI Ind ; Upgrade to OW, TP Rs 4650

Believe risk/reward has turned attractive following a 35% correction from its recent peak OW because: (1) underlying growth is likely to improve (2) mix shift could protect margins While two negative catalysts - UTCEM entry & a margin expectation reset - have driven substantial underperformance (KEI -27% vs Polycab -12% and NIFTY 50 -5% since UTCEM C&W launch event on 3-Sep), believe KEI continues to offer exposure to structural theme of electrification/energy transition, with applications across power T&D, renewables, infrastructure, data centers, mobility electrification and exports See a sharp correction in copper prices as key downside risk from here

KEI INDUSTRIES LTD.

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