The Indian wire and cable (W&C) industry delivered a strong performance in the March quarter of the financial year 2025, led by upbeat numbers in the cables and wires segment across major players.
The March quarter, which is seasonally strong, witnessed growth driven by domestic demand stemming from infrastructure and real estate development, as well as rising copper prices.
Notably, the cables segment outperformed wires, reflecting a clear trend across the industry.
Shares of leading players in the cables and wires industry like KEI Industries, Havells India, RR Kabel and Polycab India rallied up to 3% in morning trade on Thursday amid the upbeat sentiments, following the strong Q4 performance.
KEI Industries reported the highest growth among major industry players, with a 33% year-on-year revenue increase and 34% growth in its C&W segment, exceeding expectations.
RR Kabel also posted strong results with a 30% rise in revenue and 28% C&W growth. Polycab India and Havells India maintained solid momentum with 25% and 20% revenue growth, respectively, and C&W growth at 24% and 21%.
Export opportunities further bolstered cable demand, with expectations that export momentum will continue.
KEI Industries is anticipating a substantial jump in exports as its Sanand project comes online, while Polycab, despite softer Q4 export numbers, projects a promising year ahead.
In terms of guidance, Polycab expects its W&C segment to grow 1.5 times the industry rate. KEI Industries has guided for 19–20% revenue growth in FY26 and over 20% growth from FY27 onwards.
Havells has maintained a positive outlook with expectations of improved revenue and margins going forward. Meanwhile, RR Kabel is targeting a break-even for its FMEG business in the first half of FY26 and is aiming for double-digit margin within the next two to three years.
KEI Industries shares were trading 2.92% higher at ₹3,391.2 apiece on the BSE around 10:05 am, RR Kable rose 1.95% to ₹ 1,247.95 apiece and Polycab India quoted at ₹ 5,901.5 per share. However, shares of Havells India were trading 0.17% lower at ₹ 1,576.35 apiece on the BSE.
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First Published: May 8, 2025 11:45 AM IST
