Polycab sees multi-year growth runway for wires and cables as infra, power demand rise

Polycab India sees a strong multi-year growth opportunity for the Indian wires and cables industry, driven by infrastructure spending, electrification, rising power consumption and the rapid expansion of new-age industries.

“The Indian wires and cables industry is entering a strong multi-year growth phase, supported by infrastructure development, electrification, rising power consumption and the rapid expansion of new-age industries,” said Shashi Amin, Director (Non-Board Member) & CEO – B2B Channel & Corporate Communication, Polycab India.

Citing recent market research estimates, Amin said the Indian wires and cables market is expected to reach around ₹1.7 lakh crore by FY30, growing at a double-digit pace from FY26.

He said the government’s continued focus on strengthening the power ecosystem, along with investments in areas such as nuclear energy, would further support long-term demand. Growth is also broadening beyond traditional infrastructure, with technology-led sectors emerging as new sources of demand.

Power infrastructure, renewable energy and real estate are expected to remain key demand drivers. Grid expansion and modernisation, construction activity and renewable energy projects are supporting demand for building wires, low-voltage and high-voltage power cables, solar cables and safety-focused products such as fire-survival and low-smoke zero-halogen cables.

Meanwhile, data centres, EV charging, railways, metros, telecom and 5G, defence and advanced manufacturing are creating demand for specialised products, including optical fibre, medium-voltage and communication cables.

Raw-material volatility remains a key risk

However, Amin flagged raw-material volatility, particularly in copper and aluminium, as a key risk for the industry.

“Raw-material volatility, particularly in copper and aluminium, will remain an important consideration. This makes supply-chain resilience and manufacturing integration increasingly relevant,” Amin said.

“At Polycab, our backward integration gives us greater control over quality, supply and costs across the value chain. We also have the flexibility to offer aluminium-based solutions where technically appropriate, helping us respond to changing application requirements and commodity cycles,” he said.

“Overall, the fundamentals remain highly encouraging. The convergence of infrastructure investment, the power transition, digitalisation, urbanisation and new manufacturing ecosystems gives the industry a substantial runway for sustained and diversified growth.”

Equirus sees 13% CAGR through FY30

Domestic brokerage Equirus estimates that India’s wires and cables market is currently around ₹1.07 lakh crore and could reach ₹1.75 lakh crore by FY30. The brokerage expects the industry to grow at a 13% CAGR through FY30, excluding exports, with cumulative incremental domestic demand of around ₹67,700 crore between FY26 and FY30.

The expected demand growth has triggered a fresh capacity expansion cycle. Equirus estimates announced wires and cables capex across Polycab, KEI Industries, RR Kabel and Havells India at around ₹10,700-13,100 crore. Including UltraTech Cement’s ₹1,800-crore Ultravolt investment, total announced industry capex rises to ₹12,500-14,900 crore.

At a five-times asset turnover, this capex could translate into estimated incremental revenue potential of ₹62,500-76,300 crore, broadly matching the ₹67,700-crore incremental domestic demand expected through FY30.