India’s Wires & Cables Story: Plugged Into Growth!
India’s wires and cables sector is shifting from low-margin wires to high-value cables—powering growth in renewables, infra, and exports.
A few years ago, “wires & cables” sounded boring—until you realize how deeply it connects India’s growth story. Every new home, solar park, EV plant, or data center needs one thing in common: miles of cable.
In Q2 FY25, all major players—Polycab, KEI Industries, RR Kabel, and Havells—lit utheboard with record results. Polycab’s profit surged 56%, KEI’s revenue grew 19%, and RR Kabel’s profit doubled. Eve Havells’ cables division rose 12%, outpacing its other consumer segments.
But the real current runs deeper.
These firms are rapidly pivoting from “W” (wires) to “C” (cables)—serving high-voltage uses in renewables, defense, railways, and data centers. KEI’s extra-high-voltage cable sales grew 76%, while Polycab’s special-purpose cables now cater to EVs and defense projects.
This shift mirrors India’s industrial transformation. Renewable energy parks, metro projects, and smart infrastructure demand specialized cables—higher margins, stronger order books, and stickier contracts.
And they’re not just wiring India—they’re exporting to Europe, the Middle East, and Australia, diversifying beyond the tariff-hit US market. KEI’s exports even doubled this quarter.
Meanwhile, massive capex plans—Polycab’s ₹6,000–8,000 crore, KEI’s ₹1,000 crore, RR Kabel’s ₹1,200 crore—signal long-term confidence.
📈 So, who benefits?
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