Synopsis: India’s cable and wire industry is expected to deliver 28–30% revenue growth in FY27, supported by strong demand from power, renewable energy, real estate, data centers, and transmission infrastructure. These five listed players are well-positioned to benefit from the sector’s next growth phase.
India’s cable and wire (C&W) industry is entering another strong growth cycle. According to Crisil, the sector is expected to record 28–30 percent revenue growth in FY27, driven by a robust investment pipeline worth ₹10–12 lakh crore across power, infrastructure, renewable energy, smart metering, and urban development projects.
The industry is also benefiting from rising electricity demand, expansion of transmission networks, increasing data center investments, and continued market share gains by organized players. With manufacturers expected to achieve around 10 percent volume growth while passing on higher raw material costs, leading cable and wire companies remain key beneficiaries of this structural growth story.
1. Polycab India Ltd
Polycab India is the country’s largest manufacturer of wires and cables and a leading player in the fast-moving electrical goods (FMEG) segment. The company offers a diversified portfolio that includes power cables, control cables, solar cables, switches, fans, lighting products, and other electrical solutions. Backed by a strong distribution network and growing export presence, Polycab continues to strengthen its leadership position in the organized cable and wire market.
Polycab has outlined an ambitious expansion strategy under its Project Spring initiative. The company plans to continue investing in manufacturing expansion, distribution strengthening, and capacity enhancement across its wires and cables business. After spending around ₹1,480 crore in FY26, Polycab is expected to maintain elevated capital expenditure levels over the coming years to support rising domestic demand, exports, and market share gains.
2. KEI Industries Ltd
KEI Industries is one of India’s leading cable manufacturers with a strong presence in extra-high-voltage (EHV), medium-voltage, and low-voltage cables. The company caters to a wide range of sectors including infrastructure, power, industrial, residential, and exports. Its extensive dealer network and focus on premium products have helped it establish a strong position in both institutional and retail markets.
KEI Industries has announced plans to invest approximately ₹700 crore over the next few years to expand its manufacturing facilities and meet growing demand across retail and institutional segments. The planned investments are expected to enhance production capabilities in cables and wires while supporting the company’s long-term growth targets.
3. R R Kabel Ltd
R R Kabel is among India’s fastest-growing cable and wire manufacturers, offering a diversified portfolio spanning wires, cables, switches, lighting products, fans, and other electrical solutions. The company has built a strong brand presence in both domestic and international markets and continues to benefit from rising demand across residential, commercial, and industrial segments.
R R Kabel has been actively investing in expanding its manufacturing footprint and is expected to continue allocating capital toward capacity additions and operational efficiencies. The company has indicated plans to invest around ₹1,200 crore over the medium term to strengthen its wires and cables business and support future growth opportunities in domestic and export markets.
4. Finolex Cables Ltd
Finolex Cables is one of India’s oldest and most recognized cable manufacturers, with a strong presence in electrical and communication cables as well as electrical consumer products. The company serves diverse end markets, including construction, telecom, industrial, and infrastructure sectors. Its established brand and extensive distribution reach have enabled it to maintain a strong position in the organized market.
Finolex Cables continues to invest in expanding its product portfolio and manufacturing capabilities. The company has earmarked capital expenditures for enhancing cable production, optical fiber infrastructure, and consumer electrical businesses. These investments are aimed at capturing opportunities arising from telecom expansion, data centers, renewable energy projects, and infrastructure development.
5. Havells India Ltd
Havells India is one of India’s leading electrical equipment companies with a diversified portfolio spanning cables and wires, switchgear, lighting, consumer durables, and Lloyd air-conditioners. The company has a strong brand presence, extensive distribution network, and growing exposure to industrial and infrastructure demand through its cables business.
Havells continues to invest in capacity expansion across its cables and consumer durable segments. During FY26, the company incurred capital expenditure of approximately ₹1,484 crore, with a significant portion directed toward capacity additions in cables and refrigerators. The company’s cables segment delivered strong growth during the year, supported by robust demand in power cables and infrastructure projects, positioning it well to benefit from the expected growth in India’s cable and wire industry.
Conclusion
India’s cable and wire industry appears poised for another year of strong growth as large-scale investments in power infrastructure, renewable energy, smart metering, railways, urban development, and data centers continue to accelerate. Companies with strong expansion plans, established distribution networks, and leadership positions in organized markets are likely to emerge as key beneficiaries of the sector’s projected 28–30 percent revenue growth in FY27.
Among the major listed players, Polycab India, KEI Industries, R R Kabel, Finolex Cables, and Havells India stand out due to their scale, planned capital expenditure, and ability to capitalize on India’s long-term infrastructure growth story.
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