The company delivered a steady performance, driven by strong execution in core cable operations, deeper dealer-distribution penetration, rising export participation and improved project delivery capabilities. The management is focused on ramping up the newly commissioned Sanand facility, strengthening capabilities in highervoltage cables and scaling up priority dealers alongside sustained brand investment. Continued export market penetration, solar value-chain participation and execution in urban undergrounding projects could support medium-term growth, though...

RR Kabel’s (RRKABEL) 3QFY26 performance was above our estimate, led by higher-than-estimated revenue growth in both C&W; and FMEG. Consol. revenue increased ~42% YoY to INR25.4b (~14% beat).

Topline met estimates; margin outperformance drove EBITDA/PAT; KEI underperformed peers on capacity constraints

*over or under performance to benchmark index FMEG's revenue increased 13.8% YoY to Rs. 452cr, on rising demand from most categories. Solar performed well on the back of strong demand under central and state solar rooftop incentive schemes. Demand was, however, tepid in fans. 15.8% due to strong profitability in the W&C segment and operational efficiencies. Reported PAT grew 55.6% YoY to Rs. 693cr on account of growth in the topline,...

RRKABEL’s 2QFY26 earnings were above our estimates, led by a higherthan-estimated margin in C&W. Revenue grew ~20% YoY to INR21.6b (in line), driven by robust growth of ~22% in the C&W segment.

We attended the plant visit event organized by R R Kabel (RRKABEL) at its Waghodia plant in Gujarat, where we interacted with the senior management team, followed by a tour of the plant.

Polycab is the largest company by revenue in the Indian electrical industry, holding a 26-27% share in the organised wires & cables (W&C) market and 19-20% of the overall ~?900 billion W&C market.

RRKABEL’s 1QFY26 earnings were in line with our estimate. Revenue/EBITDA grew ~14%/50% YoY to INR20.6b/INR1.4b.

*over or under performance to benchmark index Polycab India Ltd is one of India's largest wire and cable manufacturers. It provides electrical solutions to households and industries. Polycab's consolidated revenue from operations grew 25.7% YoY to Rs. 5,906cr in Q1FY26, mainly due to the performance of the wires and cables (W&C) segment. The W&C segment's revenue rose 30.9% YoY to Rs. 5,229cr, supported by 25% volume growth during the quarter. The fast-moving electric goods (FMEG) segment's revenue rose 17.8% YoY to Rs....

Among other segments, stainless steel wire revenue dipped 3.6% YoY to Rs. 52cr. Engineering, procurement and construction (EPC) project revenue significantly declined 56.0% YoY to Rs. 99cr, largely because of a high base effect due to the...

Q1 revenue/EBITDA beat our estimates by 7%/3%, though margin was slightly below expectations at 10.0%

KEI Industries (KEII)’s 1QFY26 revenue increased ~26% YoY to INR25.9b (~9% beat, fueled by higher-than-estimated revenue in C&W).

Polycab announced an impressive set of numbers in Q1FY26. Polycab reported strong double-digit growth across cable and wire and FMEG segments. Growth in cables and wires is led by higher government expenditure, better project execution and superior revenue mix.

RRKABEL’s 4QFY25 earnings beat our estimate, led by higher-than-estimated revenue/margin in Cables and Wires (C&W). Total revenue increased ~26% YoY to INR22.2b (~7% beat).

We met with KEII’s management to gain insights into near-term industry trends and the company’s growth outlook. Management indicated that demand remains strong for cables, led by an increase in government capex activities.

Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit revenue growth YoY.

KEI reported a 10% y-o-y growth in net earnings for Q2FY2025 led by a 17% y-o-y growth in
revenues.

W&C on robust growth trajectory, fueled by government infrastructure investments & rising real estate demand; 2HFY25 to exceed 1HFY25