KEI Industries shares: Down 15% in one month! Jefferies India sees 45% upside after Q2 results 2026 | Target, rationale

KEI Industries reported ₹4,575 and ₹3,869,, with movement of 15% and 45% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -8.5% on the day at ₹3,869.00, and has returned -15.0% over three months. It sits 34% below its 52-week high, which means a good deal of bad news was already in the price. The capital goods & engineering sector has moved -6.8% over the same period, so KEI Industries is running 8.2 points behind its peers.

For KEI Industries, the question is how much of this is already reflected in the price and how much re-rates the capital goods & engineering peer set alongside it.