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We met with the management of Polycab India (POLYCAB) to get an update on business trends across Cables & Wires (C&W), FMEG, and EPC segments, RM price trends, and the company’s key strategic initiatives.

Broad-based expansion in its Cables & Wires business boosted Polycab India’s Q2 revenue 18% y/y. Operating leverage, product premiumisation and a favourable mix gave it its highest quarterly margins.

Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments.

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%,...

Finolex Cables delivered steady ~13.4%y/y Q1 revenue growth led by electrical volumes up 16% y/y, though margins were pressured by a weaker mix with higher project sales and subdued agri-wire demand.

KEII has reported W&C revenue growth of 31.8% driven by strong domestic and export demand. KEII has guided for revenue growth of 18%/20%+ for FY26/FY27 driven by strong demand in domestic & export markets, and EBITDA margin of 11% in FY26 supported by commencement of commercial production at Sanand plant in H1FY26 and completion of the plant by end-H1FY27. Expansion of export markets beyond the Middle East, Australia, and Africa, particularly in the USA and Europe, is expected to help achieve the export contribution guidance of 1718%. The company aims to improve its EBITDA...

KEI Industries delivered strong, 32% y/y, Q1 growth in its C&W category. It targets ~18% revenue growth in FY26 with ~10.5-11% margins and 20%+ growth from FY27.

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,590 crore (our estimate of Rs 2,411 crore). Revenue growth was in turn led by a 29% y-o-y growth in cables revenues. Within the cables segment, LT cable revenues rose up 23%, HT cables 50%, and housing wires 30%.

Strong execution in all segments led to Polycab’s robust Q1 FY26. Resilient domestic demand and greater export momentum led to wires & cables strong, 25%, volume growth.

Polycab India (POLYCAB)’s revenue jumped ~26% YoY to INR59.1b (~5% beat) in 1QFY26, led by robust volume growth in Cables and Wires (C&W).

Q1FY26 performance beat our estimates. Revenue growth of 26% was strongly backed by strong performance across segments.

For Q4FY2025, Finolex reported lower-than-estimated performance on the revenue front. Revenue grew by 13.8% y-o-y to Rs. 1,595 crore.

For Q4FY2025, Finolex reported lower-than-estimated performance on the revenue front. Revenue grew by 13.8% y-o-y to Rs. 1,595 crore.

KEI has guided for 20% revenue growth till FY28 supported by commercial production of LT and HT cables in Q1FY26 and completion of Sanand plant by end of FY26 driven by strong demand in domestic & export markets. Major driver for domestic demand are power generation sector (Solar and Wind) and power distribution and transmission companies, as per the management. The company aims to improve its EBITDA margin once Sanand plant becomes operational. KEI reported strong rev growth in HT cables (+65.6% YoY), LT cables (+38.5% YoY) & housing wires (+37.9% YoY) in Q4FY25. Exports saw a...

Polycab reported mid teen volume growth in its W&C segment. Domestic W&C business grew by 26.5% YoY, driven by mid-teen volume growth. Within this, domestic cables grew at a faster pace in the high teens, while wires registered...

Q4FY25 performance beat our estimates. Revenue growth of 25% was strongly backed by strong performance across segments. In C&W segment cables outpaced the growth of wires segment. Volume growth remained at 15-17% and the balance of growth came from an increase in realizations.

KEI reported a healthy revenue growth of 26% y-o-y, reaching Rs. 2,914 crore (our estimate of Rs 2,737 crore) for Q4FY2025 led by 35% y-o-y growth in C&W revenues.

RRKABEL reported strong revenue growth of 26.4% YoY in Q4FY25, driven by strong W&C volume growth of 13.6% supported by capacity additions. W&C Volume growth for FY25 stood at 7.1%, supported by a balanced contribution from both volume and value growth. The company expects volume to grow 18% in FY26. Gross margin expansion was driven by higher realizations and product mix, and further expansion in EBITDA margin was supported by enhanced operational efficiency. The company expects W&C EBIT margin to improve...

UltraTech Cement has revealed plans to enter the cables & wires sector, backed by a capital expenditure of Rs 1800 crore. The company seeks to broaden its portfolio within the building construction value chain and capitalise on its existing distribution network.