Business at a Glance
Domestic Wires and Cables (W&C)
The W&C business continues to benefit from strong momentum in the infrastructure, energy and real estate sectors — buoyed by sustained government and private capital investments. With these sectors poised for multi-year growth, Polycab is well-positioned to leverage its capabilities and capture significant opportunities ahead.
Key Focus Areas
Expanding Market Share: We are deepening our market reach through a wider distribution network, targeted customer engagement and stronger channel partnerships. These efforts will enable us to outpace industry growth and capture market share from both peers and unorganised players.
Product Expansion: Our product portfolio is expanding to include Special Purpose Cables (SPC) and Extra High Voltage (EHV) cables, to meet the evolving needs of smart cities, renewable energy and electric vehicles.
Capacity Expansion: We are increasing investments in capacity expansion to meet the burgeoning demand of W&C across sectors.
Performance Snapshot
Revenue Growth: The domestic W&C segment reported a 20% YoY revenue growth, driven by robust demand momentum across both wires and cables.
Market Share Expansion: We continued with our trajectory of market share gains, improving our organised W&C market share to 26% — 27% during the year.
20%
Growth in Domestic W&C Segment
26% - 27%
Market Share in the Organised W&C Segment
Strategic Plan
1
Geographic Expansion
We will focus on unlocking growth by entering underserved markets and deepening our presence in underpenetrated regions, aiming to enhance nationwide coverage and market share.
2
Boosting Throughput
Our focus will be to increase sales velocity by improving distributor productivity and capturing a greater wallet share from existing and new customers through targeted engagement.
Fast-Moving Electrical Goods (FMEG)
Our FMEG business is driven by innovation and a sharp focus on evolving consumer preferences. We have strengthened our distribution network and expanded our product portfolio to tap into a wider customer base. The business continues to make strong progress in brand building while also delivering improvements in margins.
Key Focus Areas
Brand Expansion: We are investing significantly in digital-first marketing strategies. By leveraging influencers, retailer partnerships and strong online engagement, we aim to strengthen our brand presence.
Energy Efficiency: We are prioritising the development of energy-efficient fans, LED lighting and other green products to meet the rising demand for sustainable solutions.
Product Innovation: We are driving product innovation across the entire price ladder, developing a diverse range of offerings to meet the needs of customers across all segments. This will enable us to cater to a broader audience while strengthening our competitive positioning.
Performance Snapshot
Revenue Growth: : All product categories have shown significant growth, resulting in segment growth of 29% YoY, with performance driven by the demand for premium and energy-efficient products.
Channel Expansion: Added ~500 dealers and distributors, on a net basis, improving product availability vin existing geographies and penetrating newer regions.
29%
Growth in FMEG Segment
~500
Added Dealers and Distributors on net basis
Strategic Plan
1
Geographic Expansion
We aim to accelerate growth by expanding our distribution footprint and strengthening our retailer network, with a focus on improving market penetration across priority regions.
2
Brand Building
We plan to step up investments in brand building initiatives to enhance visibility, strengthen consumer connect and support our premiumisation strategy across key product categories.
Engineering, Procurement and Construction (EPC)
The EPC division specialises in providing turnkey solutions, promoting the use of Polycab’s EHV, MV and LV cables for cutting-edge underground cabling and power infrastructure projects.
Key Focus Areas
Revamped Distribution Sector Scheme (RDSS): We are actively pursuing opportunities under the RDSS scheme as a strategic lever to support our cable sales
BharatNet: We are participating in the BharatNet scheme to tap into the growing demand for Optical Fibre Cables (OFC).
Performance Snapshot
Revenue Growth:: The EPC business has seen robust growth, largely driven by the successful execution of RDSS order book, registering 143% YoY growth during the year.
Our Strong Order Book: We have a strong order book of ~` 70 billion, to be executed over the next 3 years, across projects under the RDSS scheme and BharatNet.
143%
Growth in EPC Segment
~70Bn
Open Order Book
Strategic Plan
1
Order Book Execution
We will prioritise efficient and timely execution of our existing EPC order book, with a sharp focus on project management, resource optimisation and risk mitigation to ensure delivery excellence and customer satisfaction.
International Business
Our international operations are set to witness robust growth as we continue to extend our presence in vital global markets. We prioritise local partnerships, tailor our strategies to regional demands and strengthen our customer network to foster sustainable growth and boost our market share.
Key Focus Areas
Geographic Expansion: Our international business is a significant driver of growth and we are focused on expanding our market share in key regions such as North America, Europe, the Middle East and Australia. Through strategic local partnerships, we are enhancing our market access and improving our sales reach.
Product Adaptation: We continuously tailor our product offerings to meet the regional preferences and comply with local regulatory standards. This allows us to meet market-specific needs while ensuring that our products are both relevant and compliant.
Expanding Our Customer Base: We are committed to broadening our customer base to build a more resilient and sustainable international business. By conducting in-depth market research, identifying high-potential targets and securing approvals from leading EPC contractors, renewable energy developers, oil and gas majors and utilities, we aim to unlock new business opportunities and strengthen our long-term growth pipeline.
Performance Snapshot
Geographic Expansion: We have increased our presence to 84 countries across the world, securing certifications and approvals for our cables.
Key Partnerships and Distribution Shifts: We have partnered with leading distributors in North America and this is expected to significantly enhance our reach in the region, contributing to improved revenue performance.
Regional Adaptation: We have successfully adapted our product portfolio to suit local market need and it has helped us to considerably expand our local reach.
6%
International Business contribution to Company’s Top-line
84 Countries
International Business Footprint
Challenges
Logistical and Geopolitical Factors: Although we are seeing growth, some geopolitical challenges (such as trade tensions) and logistical disruptions have impacted the pace of expansion. We are actively addressing these through supply chain diversification and developing contingency plans to mitigate these risks.
Market Dynamics: Each international market presents unique challenges, particularly regarding regional regulatory changes and consumer preferences. We are working actively to navigate these challenges, getting advisory from experts on regulatory aspects and staying on top of changing consumer preferences through active market research.
Strategic Plan
1. North America and Europe: We remain focused on solidifying our presence in North America via the hybrid model of operation. In Europe, we are increasing presence across countries to meet the growing demand for renewable electrical solutions.
2. Expansion in Emerging Markets: We plan to expand aggressively into Southeast Asia, Africa and Latin America, where infrastructure development and industrialisation are creating significant demand for high-quality electrical solutions.
3. Strengthening Regional Partnerships: We are committed to building stronger, long-term partnerships with EPC contractors, utilities, OEMs and local distributors in international markets, enabling us to leverage local expertise and expand our market presence.
