Top Cable Stocks in India

Some of the most important parts of our infrastructure are also the easiest to overlook. From power distribution and construction to telecom networks and electric vehicles, cables and wires in India form the backbone of the country’s growing economy. As India builds more homes, highways, factories, and data networks, the demand for reliable cables continues to grow. They rarely make headlines, yet their role is essential, quietly enabling the flow of electricity, data, and infrastructure that keeps the country moving.

In this article, we look at the top cable stocks in India, understand the industry landscape, explore their financials, key projects, and growth strategies, and consider the broader risks and outlook for investors.

The Indian Cable Industry

Domestic demand for cables and wires (C&W) continues to be strong, driven by rapid electrification, infrastructure expansion, and the growth of key sectors like power transmission, real estate, and transportation. Between FY24 and FY27, the market is expected to grow at a healthy 11-13% CAGR.

Exports, too, have gained momentum. In October 2024 alone, outbound shipments rose 25% year-on-year, with a solid 8% growth recorded during the April-October period. Countries like Saudi Arabia and Oman have emerged as high-potential markets, thanks to India’s edge in pricing, product quality, and compliance with global standards.

India has been a net exporter of cables and wires since FY20, a sign of both manufacturing capability and rising global demand. International factors such as the shift to renewable energy, growing electric vehicle adoption, and upgrades to ageing power grids are all contributing to this trend.

Concerns around possible U.S. import duties have surfaced, but the risk appears limited. The U.S. relies heavily on cable imports, and India has built a solid presence, clocking a 44% CAGR in exports to the U.S. between FY17 and FY24. With policy tailwinds like the China+1 shift and production-linked incentives (PLI) in place, India is well-positioned to become a long-term supplier of choice in global cable markets.

Top Cable Stocks in India

1. Havells India Ltd

Havells has steadily evolved into a house of brands, offering a diverse range of products through six distinct names – Havells, Havells Studio, Lloyd, Crabtree, Standard Electricals, and REO. This multi-brand approach allows the company to serve a wide spectrum of customers, from value-conscious buyers to those seeking premium solutions. Nearly 90% of Havells’ finished goods are manufactured in-house, supported by 15 well-integrated plants spread across 8 locations in India. 

Its strong retail presence is further reinforced by a network of over 1,000 exclusive brand stores, offering customers a wide selection of reliable electrical solutions under one roof. Havells benefits from one of the strongest brand values in the Indian electrical space, giving it an edge across urban and semi-urban regions.

In the fourth quarter of FY24, Havells India delivered a healthy performance, with net profit rising 16% year-on-year to ₹518 crore, up from ₹446 crore in the same period last year. Revenue also saw an uptick, growing 20% to ₹6,543 crore compared to ₹5,442 crore a year ago. The cables segment continued to contribute meaningfully, with revenue increasing to ₹2,169 crore, up from ₹1,789 crore in the previous year’s quarter – a reflection of both volume growth and cable demand in India.

2. Polycab India Ltd

Polycab has built a strong position in India’s cable and wire industry through a combination of scale, distribution strength, and product quality. Cables and wires continue to account for the bulk of its business, even as it gradually expands into electrical consumer goods like fans, lighting, and appliances. 

The company commands an estimated 25-26% share of the organised cable and wire market. It operates 28 manufacturing facilities and has built an extensive distribution network, with over 3,800 authorised distributors and more than 2 lakh retail outlets across the country. Its global presence is also expanding steadily, with exports reaching over 79 countries.

In terms of financial performance, Polycab delivered a consolidated net profit of ₹730.3 crore in Q4 FY25, reflecting a 34.3% increase over ₹544 crore in Q4 FY24. Sequentially, profits surged 59.8% from ₹457 crore in Q3 FY25. Revenue from operations for the quarter rose to ₹6,985.8 crore, up 24.9% from ₹5,591.9 crore in the same period last year, and 26.4% higher than the ₹5,526.1 crore posted in the previous quarter.

For the full financial year, the company reported a profit of ₹2,013 crore, compared to ₹1,773.8 crore in FY24, marking a growth of 13.5%. Annual revenue rose by 24.2%, reaching ₹22,408.3 crore versus ₹18,039.4 crore in the previous year.

3. KEI Industries Ltd

KEI Industries began its journey in 1968 as a small firm focused on manufacturing rubber cables for home wiring. Over the decades, it has transformed into a global player offering a complete range of wire and cable solutions. Today, KEI serves clients in over 55 countries and operates through an expansive network of more than 30,000 channel partners.

The company manufactures everything from Extra-High Voltage (EHV) cables used in large infrastructure projects to Medium and Low Voltage cables that power homes, offices, and factories. KEI caters to both individual retail buyers and large institutional clients, including government and industrial projects. In addition to making cables, it also handles end-to-end electrical contracting work, including designing, supplying, laying, and installing cables for large-scale projects. This makes it a one-stop solution provider for many power and infrastructure companies.

In the March 2025 quarter, KEI reported a net profit of ₹227 crore, a 34.4% increase from ₹168.5 crore a year earlier. Revenue rose 25% to ₹2,915 crore, compared to ₹2,330 crore in the same period last year. EBITDA stood at ₹301.3 crore, up 18% year-on-year, while operating margins softened slightly to 10.3%, down from 11% in the previous year.

With over five decades of operations, KEI continues to strengthen its domestic base while expanding overseas, maintaining its position as one of the key players in India’s cable and wire industry.

4. RR Kabel Ltd

RR Kabel began its journey nearly three decades ago and has grown into one of India’s prominent players in the electrical sector. The company operates across multiple product segments, including wires and cables, switches, fans, lighting, switchgears, and appliances, serving both residential and industrial markets. In 2023, RR Kabel took a major step forward by going public and making its debut on the stock exchanges. 

Looking ahead, RR Kabel has laid out an ambitious three-year plan titled Project R Rise. Under this strategy, the company expects its wires and cables business to grow at a compound annual rate of 18%. It also aims to nearly double its export volumes, targeting 1.8 times the current size alongside scaling up overall production capacity to 1.7 times its present level.

To support this growth, RR Kabel is expanding capacity by 36,000 metric tonnes at its existing plant in Waghodia, Gujarat. This expansion, to be completed in phases by March 2028, involves an investment of ₹1,050 crore, funded through a mix of internal resources and debt. In addition, the company is also scaling up its upcoming manufacturing units in Silvassa and Daman & Diu, where an additional 6,000 metric tonnes of capacity is being planned, beyond the 12,000 metric tonnes already underway and set to be operational by March 2026.

Financially, RR Kabel delivered a strong performance in the March 2025 quarter. Net profit rose sharply by 63.9% year-on-year to ₹129 crore, up from ₹78.7 crore in the same period last year. Revenue from operations grew 26.4% to ₹2,218 crore, compared to ₹1,754 crore a year ago, reflecting solid demand across India’s electrical cable sector.

5. Finolex Cables Ltd

Finolex Cables is one of the most recognisable names in India’s wire and cable industry. Over the years, the company has built a wide product portfolio that spans electrical wires, cables (power, control, communication, and optical fibre), lighting, and electrical accessories. Its products are widely used in homes, offices, factories, and large infrastructure projects.

Over time, Finolex has developed an extensive distribution network. The company operates through around 600 distributors, 5,000 channel partners, and over 2,00,000 retailers across the country, making its products accessible in both metros and smaller towns. With the rise of automation in everyday living, Finolex has recently entered the smart electrical products market in India with smart switches and door locks. This move marks a strategic expansion beyond traditional wires and cables and signals the company’s intent to diversify into different categories within the ecosystem.

Financially, the company reported a steady performance in the March 2025 quarter. Revenue grew 13.8% year-on-year to ₹1,594.6 crore, up from ₹1,401 crore in the same period last year. Net profit rose by 3% to ₹191.7 crore, compared to ₹186 crore a year earlier. Volume-wise, the electrical wires segment posted a 7% increase, while cables witnessed a sharp 50% growth. Within its communication cable segment, optical fibre cables (OFC) led the way, registering over 30% growth in volumes, even as other sub-segments remained soft.

Key Drivers & Risks of Investing in Top Cable Stocks

The cable industry is quietly riding the next wave of India’s transformation. With infrastructure spend at full tilt with new homes, highways, power grids, factories, and data centres, demand for cables isn’t slowing anytime soon. Add in the electric vehicle boom and smart homes going mainstream, and the long-term runway looks promising.

Exports are another big factor. As the world diversifies away from China, India’s cable makers are finding takers from the U.S. to the Gulf. A 44% CAGR in exports to the U.S. since FY17 says it all. 

But there will be challenges or uncertainties along the way. Metal price swings, especially copper and aluminium, can dent margins for the companies. Competition in the unorganised market keeps pricing tight. And global trade policies could throw curveballs, even if India’s value proposition remains solid. These aren’t dealbreakers, but they do matter.

In short, the overall outlook is positive, but there are some challenges to watch out for. For investors, it’s not just about following the growth trend; it’s about choosing companies that can manage costs well and grow steadily.

Conclusion

India’s cable industry may not grab headlines, but it’s essential to the country’s progress. With rising demand from sectors like housing, manufacturing, EVs, and digital infrastructure, there’s a clear growth runway ahead. The top players, such as Havells, Polycab, KEI, RR Kabel, and Finolex, are not only scaling up operations but also evolving with the times through smart products, exports, and tech upgrades. For investors, this space offers a mix of solid fundamentals and future potential if you pick your bets carefully.

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Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.