Finolex Cables Ltd. (FCL) is India's largest manufacturer of electrical (80% of revenue) and telecommunication cables (16%). FCL has a wide distribution network with a high brand recall. In Q1FY26, revenue grew 13% YoY, driven by a 16% YoY increase in electric wire volumes. However, the communication cables segment declined 7% YoY due to client-side contract delays. EBITDA declined 9% YoY, with margins contracting by 40 bps YoY to 9.4%,...