POLYCAB

Overtakes

HAVELLS

as Market Leader in Electrical Goods

Market Leadership Shift:

. has ended .'s decade-long dominance in the consumer electrical goods sector. Polycab's market capitalization now stands at approximately ₹1.09 trillion, surpassing Havells' nearly ₹1 trillion. Over the last year, Polycab’s market value has increased by 12%, while Havells’ has fallen by 4.1%. Superior Financial Performance: Polycab has outperformed its rival in both revenue and profit growth. In FY25, Polycab’s net sales surged to ₹22,408 crore, a 22.4% year-on-year increase, compared to Havells’ ₹21,778 crore (17.1% growth). Polycab’s net profit also jumped to ₹1,930 crore, significantly higher than Havells’ ₹1,483.4 crore. Growth Drivers: The divergence in performance is attributed to Polycab's strong operational execution and financial discipline. Its core cables and wires (C&W) business, where it holds a significant market share, has been a key growth engine. The company has also successfully leveraged this leadership to expand its fast-moving electrical goods (FMEG) portfolio, which has doubled its revenue over the past five years and recently returned to profitability. Havells' Challenges: Havells' aggressive expansion into home appliances with its Lloyd brand has yet to yield substantial profits. Despite Lloyd becoming the company's second-largest revenue contributor, the division has posted losses in four of the last eight years. This has significantly eroded Havells' overall profit before interest and taxes (PBIT) margins, which have consistently declined, while Polycab’s margins have steadily expanded.