The wires and cables Trade is turning into a serious progress pillar as India’s infrastructure improvement is in a increase. The Large gamers like KEI Trade and Polycab India usually are not solely main the sector but in addition setting benchmarks.
The New entrants like Adani group and Aditya Birla Group are stepping in, growing the competitors. The query is, can present gamers lead the battle sooner or later?
Trade Overview
The Indian wires and cables trade is increasing quickly pushed by infrastructure improvement, growing vitality demand, and inspiring authorities initiatives.
The market is projected to achieve USD 17.08 billion by 2032, with a CAGR of seven.94 p.c, from its 2025 valuation of USD 10.01 billion. The trade gives a broad vary of merchandise, equivalent to energy cables, conductors, telecom cables, and specialised wires, to quite a lot of industries. KEI Industries, Polycab India, Apar Industries, and Panasonic Life Options India are among the main contributors on this market.
Competitors and New Entrants
At Rs. 80,000 crore, the Indian cables and wires market is extraordinarily fragmented, with about 400 gamers and a large unorganized presence (30 p.c). In response to JM Monetary and Jefferies, no single firm holds over 15–20 p.c market share, indicating robust progress potential.
The trade is rising at double digits and is predicted to achieve Rs. 1.3 lakh crore by FY29, rising at a charge twice as quick because the GDP. Outstanding corporations like Finolex, Havells, KEI, and Polycab have repeatedly outperformed the expansion of the trade.
Past the cement trade, the Adani Group and Aditya Birla Group have stepped up their competitors by saying their entry into the quickly increasing wires and cables sector.
By December 2026, Aditya Birla intends to speculate Rs. 1,800 crore by way of UltraTech Cement to determine a producing facility in Gujarat. In the meantime, the Adani Group is utilizing its present infrastructure, energy, and copper capabilities to enter the market by way of Praneetha Ecocables, a division of Kutch Copper Ltd.
In regards to the corporations
Established in 1968, KEI Industries, is one among India’s high wire and cable producers with 57 years of expertise. With six manufacturing services and two PVC compound crops, the corporate serves greater than 2,000 institutional purchasers and distributes by way of 2,082 sellers in additional than 60 international locations.
KEI gives EPC providers for intricate utility tasks and is well-known for producing Further Excessive Voltage (EHV) cables as much as 400kV. Supported by sturdy analysis and improvement, a dedication to high quality, and an enormous distribution community, KEI gives reliable, high-performing options to retail and institutional markets worldwide.
Polycab is one among India’s main producers of cables, wires, and associated merchandise equivalent to uPVC conduits, lugs, and glands. The corporate provides all kinds of cables and wires fitted to almost all varieties of purposes.
In recent times, Polycab has additionally expanded into the patron electrical phase, introducing merchandise like followers, switches, switchgear, LED lighting options, photo voltaic inverters, and pumps.
Comparability of Q1 Outcomes
With market capitalisation of Rs. 1,02,796 crores, Polycab India Ltd is presently buying and selling at Rs. 6,830, and KEI Industries, with market capitalisation of Rs. 37,363 crores, is buying and selling at Rs. 3910.
In Q1FY26, KEI Industries reported a 25.44 p.c YoY income progress, whereas Polycab India recorded a barely greater 25.71 p.c YoY progress. By way of internet revenue, KEI Industries posted a 30.67 p.c YoY improve, in comparison with Polycab’s stronger progress of 49.25 p.c.
Polycab’s EBITDA rose 47 p.c YoY, from Rs. 583.4 crore in Q1FY25 to Rs. 857.6 crore in Q1FY26, with an EBITDA margin of 15 p.c. As compared, KEI’s EBITDA grew 28.44 p.c, from Rs. 232 crore to Rs. 298 crore, with an EBITDA margin of 11.49 p.c.
Polycab India is presently buying and selling at a P/E of 46.35x, whereas KEI Industries trades at a barely greater 50.38x in comparison with the Trade PE of 31.2. By way of returns, Polycab has outperformed, with a ROE of 21.4 p.c and ROCE of 29.7 p.c, in comparison with KEI’s ROE of 15.6 p.c and ROCE of 21.3 p.c. Each corporations have robust steadiness sheets, however Polycab maintains a barely higher debt place, with a debt-to-equity ratio of 0.02, versus KEI’s 0.04.
Conclusion
Each Polycab India and KEI Industries delivered strong Q1 outcomes, with sturdy progress in each income and revenue. Each companies proceed to be vital gamers within the increasing Indian wires and cables market, regardless of minor variations of their monetary metrics, equivalent to margins, returns, and valuations.
Written by Akshay Sanghavi
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