The wires and cables Industry is becoming a major growth pillar as India’s infrastructure development is in a boom. The Giant players like KEI Industry and Polycab India are not only leading the sector but also setting benchmarks.
The New entrants like Adani group and Aditya Birla Group are stepping in, increasing the competition. The question is, can existing players lead the battle in the future?
Industry Overview
The Indian wires and cables industry is expanding rapidly driven by infrastructure development, increasing energy demand, and encouraging government initiatives.
The market is projected to reach USD 17.08 billion by 2032, with a CAGR of 7.94 percent, from its 2025 valuation of USD 10.01 billion. The industry provides a broad range of products, such as power cables, conductors, telecom cables, and specialized wires, to a variety of industries. KEI Industries, Polycab India, Apar Industries, and Panasonic Life Solutions India are some of the major participants in this market.
Competition and New Entrants
At Rs. 80,000 crore, the Indian cables and wires market is extremely fragmented, with about 400 players and a sizable unorganized presence (30 percent). According to JM Financial and Jefferies, no single company holds over 15–20 percent market share, indicating strong growth potential.
The industry is growing at double digits and is predicted to reach Rs. 1.3 lakh crore by FY29, growing at a rate twice as fast as the GDP. Prominent firms like Finolex, Havells, KEI, and Polycab have continuously outperformed the growth of the industry.
Beyond the cement industry, the Adani Group and Aditya Birla Group have stepped up their competition by announcing their entry into the rapidly expanding wires and cables sector.
By December 2026, Aditya Birla intends to invest Rs. 1,800 crore through UltraTech Cement to establish a manufacturing facility in Gujarat. Meanwhile, the Adani Group is using its current infrastructure, power, and copper capabilities to enter the market through Praneetha Ecocables, a division of Kutch Copper Ltd.
About the companies
Established in 1968, KEI Industries, is one of India’s top wire and cable manufacturers with 57 years of experience. With six production facilities and two PVC compound plants, the company serves more than 2,000 institutional clients and distributes through 2,082 dealers in more than 60 countries.
KEI provides EPC services for intricate utility projects and is well-known for producing Extra High Voltage (EHV) cables up to 400kV. Supported by robust research and development, a commitment to quality, and a vast distribution network, KEI provides dependable, high-performing solutions to retail and institutional markets worldwide.
Polycab is one of India’s leading manufacturers of cables, wires, and related products such as uPVC conduits, lugs, and glands. The company offers a wide variety of cables and wires suited for nearly all types of applications.
In recent years, Polycab has also expanded into the consumer electrical segment, introducing products like fans, switches, switchgear, LED lighting solutions, solar inverters, and pumps.
Comparison of Q1 Results
With market capitalisation of Rs. 1,02,796 crores, Polycab India Ltd is currently trading at Rs. 6,830, and KEI Industries, with market capitalisation of Rs. 37,363 crores, is trading at Rs. 3910.
In Q1FY26, KEI Industries reported a 25.44 percent YoY revenue growth, while Polycab India recorded a slightly higher 25.71 percent YoY growth. In terms of net profit, KEI Industries posted a 30.67 percent YoY increase, compared to Polycab’s stronger growth of 49.25 percent.
Polycab’s EBITDA rose 47 percent YoY, from Rs. 583.4 crore in Q1FY25 to Rs. 857.6 crore in Q1FY26, with an EBITDA margin of 15 percent. In comparison, KEI’s EBITDA grew 28.44 percent, from Rs. 232 crore to Rs. 298 crore, with an EBITDA margin of 11.49 percent.
Polycab India is currently trading at a P/E of 46.35x, while KEI Industries trades at a slightly higher 50.38x compared to the Industry PE of 31.2. In terms of returns, Polycab has outperformed, with a ROE of 21.4 percent and ROCE of 29.7 percent, compared to KEI’s ROE of 15.6 percent and ROCE of 21.3 percent. Both companies have strong balance sheets, but Polycab maintains a slightly better debt position, with a debt-to-equity ratio of 0.02, versus KEI’s 0.04.
Conclusion
Both Polycab India and KEI Industries delivered solid Q1 results, with robust growth in both revenue and profit. Both businesses continue to be important players in the expanding Indian wires and cables market, despite minor differences in their financial metrics, such as margins, returns, and valuations.
Written by Akshay Sanghavi
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