25/05/2026
15 months ago, India’s wires and cables sector saw one of its sharpest sentiment shocks.
When UltraTech announced its entry into the wires and cables business with a planned ₹1,800 crore investment and a plant near Bharuch expected to be commissioned by December 2026, the market immediately priced in disruption. Polycab, KEI Industries and RR Kabel corrected sharply. KEI fell around 21%, RR Kabel around 20%, and Polycab around 19% in a single session.
At that point, the market’s fear was simple:
If a large building-materials giant enters cables, pricing power will collapse.
But 15 months later, the picture looks different.
Polycab and KEI are back near all-time highs. RR Kabel has also recovered sharply from its lows.
India’s wires and cables sector is no longer just a housing wire story.
It has become a direct proxy for India’s electrification, infrastructure and energy transition cycle.
The industry is estimated at nearly ₹900 billion and is expected to move towards ₹1.9 trillion by FY30, implying a healthy 13–14% CAGR. This growth is being driven by power transmission, renewable energy evacuation, railways, real estate, data centres, EV charging and industrial capex.
The biggest trigger is transmission. India plans to add over 1.91 lakh ckm of transmission lines and 1,270 GVA of transformation capacity by FY32, creating an investment opportunity of more than ₹9 lakh crore.
Without cables, conductors and grid infrastructure, renewable energy cannot move from generation centres to consumption centres.
Copper prices have also supported sector revenue growth. But this is not a blindly bullish factor. Higher copper improves realisations for organised players, but it also increases working capital pressure. Companies with strong procurement, faster pass-through, better inventory management and stronger balance sheets will benefit more.
👉Recent performance shows that the demand cycle is already visible.
1⃣Polycab reported FY26 revenue of around ₹28,884 crore, up 29% YoY, with wires and cables growing 30% YoY in Q4FY26.
2⃣KEI Industries reported FY26 sales of around ₹11,746 crore, up 20.6% YoY, with exports growing around 45% YoY.
3⃣RR Kabel crossed ₹9,700 crore revenue in FY26, growing 27.6% YoY, with strong improvement in operating profitability.
4⃣Havells’ cable business grew 20.8% in FY26 to around ₹8,677 crore.
5⃣Finolex Cables also delivered healthy growth, with Q3FY26 revenue up around 35% YoY.
6⃣Dynamic Cables reported FY26 sales of ₹1,198 crore, up 17% YoY, with net profit rising from ₹65 crore to ₹84 crore and OPM improving to 11%.
The key point is simple: this is not one company-specific momentum. The sector is seeing broad-based demand.
But investors should track risks carefully: copper volatility, working capital days, capacity additions, margin sustainability, export demand and valuation comfort.
The long-term thesis remains strong.
More power transmission.
More renewables.
More data centres.
More EV chargers.
More housing.
More industrial capex.
All of this need's wires and cables.
That is why India’s wires and cables sector deserves serious tracking as a multi-year infrastructure and electrification theme.
📌Disclaimer: For educational purposes only. Not a buy or sell recommendation.
