After UltraTech, Adani group forays into cables and wires biz; Polycab, KEI, RR Kabel, Havells shares plunge up to 15%

Shares of wires and cables companies witnessed fresh selling pressure on Thursday amid intensifying competition after Adani Group entered into this sector. The development came three weeks after UltraTech Cement, an Aditya Birla Group company, announced its entry into this segment.

Amid growing concerns about rising competition in the wires and cables sector, shares of big players such as Polycab India, RR Kabel, KEI Industries, Finolex Cables, and Havells India plunged up to 15%, in an otherwise positive broader market. In comparison, the equity benchmarks BSE Sensex and NSE Nifty were trading higher by 0.6% each.

Polycab India share price dropped as much as 9.7% to hit a low of ₹4,912.75 on the BSE. The stock touched its 52-week low of ₹4,557.45 on February 28, 2025, while it is down 35% from its 52-week high of ₹7,607.15 touched on October 15, 2025.

Shares of KEI Industries shares nosedived 15.7% to hit a 52-week low of ₹2,765 on the BSE. The stock is down 45% from its 52-week high of 5,040.40 hit on June 14. 2024.

Among others, RR Kabel share price dropped 4.8% to ₹872.80, down 54% from its 52-week high of ₹1,903.30 hit on May 27, 2024. In a similar trend, Havells India shares slide 5.5% to ₹1,470.80, and Finolex Cables stock price dropped 4.7% to hit an intraday low of ₹827 on the BSE. Both the stocks are down up to 50% from their 52-week high levels.

Meanwhile, shares of UltraTech Cement also fell over 1% to ₹10,814 on the BSE.

In an exchange filing on Wednesday, Adani Enterprises said that Kutch Copper Limited, a wholly-owned subsidiary of the company, has incorporated a 50:50 joint venture company -- Praneetha Ecocables Ltd -- with Praneetha Ventures Private limited. The JV has been established with an authorised and paid-up share capital of ₹10 lakh divided into 100,000 equity shares of ₹10 each. With this, Adani Group entered into manufacturing, marketing, distribution, buying and selling of metal products, cables and wires.

Earlier on February 25, 2025, UltraTech Cement announced its entry into cables and wires business. The Aditya Birla Group company has proposed a capital expenditure of ₹1,800 crore over the next two years to capitalise the growing demand for wires and cables (W&C) in various sectors, such as residential, commercial, industrial, and infrastructure applications.

“The proposed entry into this segment of the construction value chain through its building products division, is in line with the company’s strategy to strengthen its position as a comprehensive building solutions provider,” it had said in the exchange filing.

The wires and cables industry has witnessed revenue CAGR of around 13% between FY19 to FY24 and with the migration from the unorganised to the organised market, the outlook continues to remain robust which provides an attractive opportunity for a new trusted player in the sector.

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