FINCABLES

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. Communication cables were muted but backward integration through the new preform facility should aid profitability ahead. With wire demand expected to revive from Q3 on real-estate completions and Bharat Net Phase-3 providing near-term assurance, earnings recovery is likely as operating leverage and mix improve.