Polycab India Limited Integrated Annual Report 2025-26

Cables and Wires (C&W)

The W&C business continues to grow on the back of strong demand from infrastructure, energy and real estate. This momentum is driven by sustained public and private investments. With its scale, brand heft and execution capabilities, Polycab is well-positioned to capitalise on these multi-year opportunities.

Understanding the Business Environment

Strong Domestic Demand Fundamentals

Sustained government focus is driving a massive expansion of national highways, targeted to reach 200,000 km by 2037 alongside bridges, airports, and logistics networks
India's per capita power consumption is projected to double, rising from 1,395 units in FY 2023-24 to 2,984 units by FY 2039-40, necessitating significant investment in generation and grid infrastructure
Power T&D is expected to attract investments of over `9.0 trillion over the next seven years, with annual transmission line additions scaling ~5x to 41,000 km by FY30E
India is rapidly increasing its renewable capacity from 216 GW to approximately 500 GW by FY 2029-30, generating significant demand for evacuation systems and high-voltage cabling
The Indian W&C market, valued at ~`900.0 billion in FY25, is projected to grow at 1.5x to 2.0x of real GDP, reaching an estimated 11.0% to 13.0% CAGR through FY30

Expanding Opportunities from New-age Sectors

India’s data centre capacity is projected to surge from 900–950 MW in FY24 to 2,000–2,300 MW by FY27E (a 30.0% CAGR). W&C requirements in this sector are uniquely high, accounting for 8.0% to 10.0% of total data centre capex
National targets of 30.0% electrification for private cars and 70.0% to 80.0% for commercial vehicles by 2030 are driving the need for over 2.0 million public charging points
The `1.4 trillion BharatNet programme and ongoing 5G rollouts continue to drive high-volume demand for Optical Fibre Cables (OFC) across rural and urban landscapes
Sunrise sectors, including semiconductors, electronics, and medical devices, are rapidly scaling under PLI schemes, generating high demand for applicationspecific, technical cables

Real Estate, Manufacturing & Logistics Momentum

The Indian real estate sector is expected to grow from USD 200.0 billion in 2021 to USD 1.0 trillion by 2030 (a 19.5% CAGR), driven by rapid urbanisation
Residential real estate remains a core demand driver, constituting 35.0% of W&C market applications
A robust commercial real estate recovery across offices, hospitals, hotels, and IT parks is driving institutional cable demand
Stricter fire and safety norms are pushing replacement and upgrade demand, accelerating a product mix shift towards fire-survival cables and low-smoke zero-halogen (LSZH) wiring in institutional buildings
Manufacturing capacity utilisation is peaking (~85.0% to 90.0%) in cables for major players

Large-scale Public Transport and Mobility Expansion

Capital investment for railways is estimated at `2.6 trillion for FY 2026, with `7.0 trillion+ planned over the next decade to add 50,000 km of new tracks
Approximately 1,000 km of metro rail lines are currently under construction, with an additional 1,000 km proposed
Under the Gati Shakti initiative, 200 new airports and heliports are planned, with 50 targeted specifically in Tier-2 and Tier3 cities over the next five years
Government initiatives such as PMAY and the Smart Cities Mission continue to support sustained institutional cable demand into FY26

Organised Players Gaining Share

Organised players have increased their market share from 61.0% in FY 2014 to 76.0% in FY 2025, driven by GST enforcement, stricter safety regulations, and the increasing technical complexity of applications
Global W&C is a ~USD 285.0 billion market. India’s exports are projected to reach `325.0 billion by FY 2030 (a 20.0% CAGR) as global "China+1" strategies favour quality-assured Indian manufacturers
Organised manufacturers’ revenues are expected to grow 15.0% to 16.0% in FY26, supported by pricing pass-through and robust volume growth
Higher demand for branded, BIScompliant solutions is accelerating sector formalisation, successfully absorbing potential oversupply fears from new market entrants

Strategic Levers Enhancing Performance

Strengthening our go-to-market model by shifting to industry-focused verticals, expanding solution-led engagement and deepening relevance in sunrise sectors such as data centres, EV, renewables, defence and electronics
Enhancing market execution through micro-market strategies, whitespace mapping, expanded distribution and stronger engagement with EPCs, electricians and contractors
Improving operational excellence with 24-hour fulfilment capability, optimised logistics, backward integration and continuous manufacturing improvements
Driving product and brand advancement through premiumisation, targeted offerings by geography/industry, expanded retail formats (Galleria, Arena, Shoppee) and sustained ATL/BTL marketing investment
Accelerating innovation via our NABLaccredited R&D centre, advanced material and polymer development, and the expansion of speciality and high-performance cable solutions
We launched the Polycab Excellence Office (PEO) to make Polycab the most competitive W&C company globally. A key part of this strategy is the 'Polycab Excellence Way.' This approach combines advanced manufacturing, quality systems and digital tech across the value chain, from raw materials to delivery, and enhances efficiency in five areas: manufacturing excellence, ongoing improvement, quality, digital operations and skill development. The PEO is supported by 24-hour fulfilment and AI-driven data systems
Continuing to strengthen sector-based Key Account Management (KAM) to better understand evolving customer needs and improve service effectiveness
Driving customer-centric outreach by expanding digital engagement and strengthening our presence at regional industry expos across emerging sectors like data centres and solar
Implementing a competitive pricing strategy to accelerate market expansion, drive volumes, and reinforce our market share
Utilising a disciplined back-to-back metal booking approach to neutralise raw material price volatility (specifically copper and aluminium), enabling us to preserve profitability in a highly volatile market.

Sustainability

We deliver high-performance, eco-friendly cables and wires for renewable energy, EVs, marine, railways and real estate, with a sustained emphasis on safety, efficiency and sustainability. Our products meet global standards (Conseil Européen pour la Recherche Nucléaire (CERN), CPR and British Approvals Service for Cables (BASEC)) and are manufactured using non-toxic materials and automated processes that minimise waste and emissions, while enhancing quality and durability.

Performance in FY 2025-26

Our Institutional Business, a key growth engine within the W&C segment, grew by over 50% y-o-y, driven by strong underlying demand and a renewed Go-To-Market (GTM) strategy. We overhauled our GTM approach to manage major named and large accounts with a dedicated focus, which significantly enhanced customer satisfaction and business volume. Furthermore, we witnessed sustained high-volume growth in the solar cable segment, successfully supplying large accounts across the manufacturing, renewables, transmission, and education sectors. By improving our internal governance mechanisms, we substantially accelerated our delivery timelines, thereby supporting our institutional customers' growth aspirations.

30-31%

Market share in the organised W&C segment

33%

Growth in domestic W&C Segment

`2,51,789 Mn

W&C revenue

13.8%

W&C EBIT margin