Established in 2016 and accredited by India’s DSIR, Polycab’s Polymer R&D Centre plays an instrumental role in driving material innovation for cables and wires. The facility integrates research expertise with market insights to develop advanced, sustainable and globally compliant polymer compounds. A strong quality-assurance framework, spanning raw material selection to finished products, ensures consistent highperformance, safety and reliability in line with evolving industry requirements.
Cables
India’s renewable energy sector has emerged as a key pillar of the country’s energy transition. As of March 2026, India has achieved approximately 283–288 GW of installed non-fossil fuel capacity, with renewables such as solar, wind, hydro, and bioenergy accounting for the majority. The country now derives over 50% of its installed power capacity from non-fossil sources, a significant increase from around 35 GW of renewable capacity in 2014.
Looking ahead, India aims to achieve 500 GW of non-fossil fuel capacity by 2030, supported by sustained annual capacity additions and the growth of emerging segments such as offshore wind, hybrid projects, and green hydrogen-linked renewable energy. The sector’s growth continues to be driven by supportive government initiatives, including PM Surya Ghar for residential rooftop solar and PMKUSUM for solarisation of agriculture.
India’s renewable energy transition also presents a significant long-term investment opportunity, requiring substantial capital deployment across generation, transmission, and energy storage infrastructure. This expansion is expected to drive strong demand for the cables and wires industry, which plays a critical role in connecting renewable generation assets to transmission and distribution networks.
Looking beyond the core
In addition to conventional cables, emerging segments such as electric vehicles, defence, and data centers are likely to become incremental drivers of demand for specialised cables.
- Automotive and Electric Vehicles (EV): Supplying nearly all major Indian automotive and EV manufacturers, we achieved TÜV certification for new AC charging gun assemblies and DC charging solutions. We are also developing specialised sensor cables for global Tier-1 automakers to serve domestic and international markets.
- Defence and Marine: Aligned with the 'Make in India' initiative, we secured orders from various defence and marine companies to substitute imports. We are engaged in naval projects for destroyers, frigates, and aircraft carriers, and have entered a major indigenisation programme involving pressure-tight submarine cables, with long-term testing until April 2027.
Advanced manufacturing plants with integrated backward operations
Registered members on the Experts App
Dealers and distributors
Wires
India’s wires demand is closely linked to the structural growth of the real estate sector, wherein the housing segment forms one of the largest end-use segments for the industry. The real estate market in India is witnessing steady expansion, supported by urbanisation, infrastructure investments, and rising electrification needs. The industry is expected to grow at a healthy pace over the medium term. Within this, housing wires constitute one of the largest segments, underlining the crucial role played by residential construction and real estate activity in driving demand.
Every new residential or commercial building requires extensive electrical wiring for power distribution, lighting, safety systems, and increasingly for digital connectivity. As India undergoes rapid urbanisation and commercialisation, demand for lowvoltage building wires—used in households, apartments, and commercial spaces— has grown sharply. This trend is further reinforced by rising household incomes, increasing housing aspirations, and a shift toward safer, branded, and higher-quality electrical products.
Government-backed housing programs have further amplified this demand. The flagship Pradhan Mantri Awas Yojana (PMAY-Urban) has sanctioned over 12.5 million houses, with large-scale construction activity translating into significant demand for electrical materials, including wires and cables. The total investment under PMAY-U alone is estimated at ~`8.7 lakh crore, indicating the massive scale of housing-led capex feeding into cable demand.
With stricter building codes, safety standards, and fire-resistance requirements, developers and homeowners are increasingly preferring high-quality branded wires, thereby boosting the organised segment.
Given that housing wires remain the largest revenue segment and real estate accounts for a major share of end-use demand, the sector is well positioned to benefit from India’s long-term structural drivers—urbanisation, rising incomes, and government-led housing expansion.
Our retail wire sales achieved robust growth this year, with strong performance in the premium space, reflecting structural shifts in consumer demand. This outperformance can be attributed to strategic network optimisation, targeted network expansion into grey and white spaces, robust demand generation, and aggressive product premiumisation with a strong focus on Green Wire+.
Marketing and Channel Engagement
To redefine consumer safety perception in high-energy homes, we launched a 360-degree, multi-lingual ‘No Compromise’ campaign across TV, OOH, digital, PR, and on-ground activations. Showcasing Polycab Green Wires, the campaign shifted the focus to protection behind walls. By engaging distributors, retailers, electricians, and consumers, we boosted demand and strengthened leadership.
Our Solar Business Unit (BU) has swiftly emerged as the leading contributor to growth within our FMEG portfolio. Backed by a diversified portfolio and favourable national policies, we delivered an exceptional 3.5x y-o-y growth in sales volume across all customer segments during FY 2025-26.
We successfully delivered over 3,50,000 inverters, reaching a total installed capacity of approximately 1.6 GW. Growth was driven by our expansion into the rooftop and Commercial & Industrial (C&I) solar markets. Operationally, we achieved nearzero working capital efficiency by liquidating inventory ahead of vendor payments, significantly improving cash flow.
Our commercial strategy was anchored in competitive pricing, helping us aggressively accelerate market expansion and reinforce our market share against intensifying competition. We deepened our channel presence by expanding distribution into untapped regions and establishing strong EPC partnerships in high-volume states.
Furthermore, we maintained rigorous, endto-end compliance across our entire solar portfolio. By adhering strictly to BIS, IEC, EPR and PWM requirements, we ensured our products continually meet the highest national quality and safety standards while mitigating regulatory risks.
Looking ahead, we are focused on establishing complete in-house manufacturing capabilities for our full range of solar string inverters. Concurrently, we will expand our product portfolio with the launch of Hybrid Inverters and Battery Energy Storage Systems (BESS) to strengthen our presence in the emerging distributed energy and backup power sectors.
- String Inverters: We achieved formidable volume growth, more than doubling our monthly run rate during the year to 45,000 units per month, and securing the leading position in the domestic string inverter segment
- Solar Boxes: Our market penetration accelerated rapidly, allowing us to reach a milestone of ~50,000 units per month by the end of the year, up significantly from 6,000 units per month at the start of the fiscal year
- Utility Series Inverters: We successfully launched 350 kW utility-grade inverters, opening new avenues in groundmounted PV segments and receiving highly encouraging initial order bookings
Inverters delivered, achieving ~1.6 GW
total installed capacity
We cater to diverse individual needs with a comprehensive portfolio that ranges from premium antique finishes to vibrant designs for children's rooms and highperformance, super-speed variants. State-of-the-art automated CNC machines are deployed for highprecision motor winding and end cover machining, while fully computerised testing facilities are integrated into our cutting-edge conveyorised assembly lines.
During the year, the Fans business deepened its market presence through better distribution and portfolio upgrades. Ceiling fans, especially energy-efficient models, remained the main sales driver. To meet this demand, we launched over 190 SKUs, expanding our range across price points and categories like ceiling, pedestal and exhaust fans. We improved channel engagement, product availability, supply chain responsiveness, pricing and inventory management.
We upgraded our BLDC and induction fans to meet the new BEE Star ratings and India’s updated energy efficiency norms. This helped us secure BEE certification for our ceiling fans and boosted our market credibility.
Our strategy centres on expanding presence across both mass and premium segments while deepening channel reach. To cater to evolving consumer expectations, we continue to emphasise reliability, design and energy efficiency through our brand positioning. Key strategic and innovation focus areas include:
- Developing consumer-centric designs, enhancing energy efficiency and advancing BLDC tech. In our upcoming premium BLDC ceiling fans, we will incorporate even greater energy efficiency, improved airflow and advanced features, including 25-speed control, Breeze mode, reverse rotation and smart functions
- Expanding distribution to improve product placement across markets, emphasising long-term partnerships with distributors, retailers, and influencers as key to growth
- Strengthening marketing initiatives through retail branding, seasonal campaigns, and engaging channel influencers. We are also enhancing digital capabilities to boost efficiency and responsiveness
Many innovations in the fan industry originated from our R&D centres and our commitment to delivering top-quality products to Indian consumers. We pride ourselves on our R&D, continuous innovation and manufacturing of cuttingedge electrical products that meet the aspirations of contemporary customers. Through ongoing product development, we aim to provide our customers with techdriven lifestyle solutions that make their lives safer, easier and more inspiring. As pioneers in India for die-casting rotors, fan covers and semi-automatic coil-winding, we strictly adhere to the Six Sigma approach to produce zero-defect products.
SKUs launched in FY 2025–26
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Shop
Storage
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Quality Control
Unmatched Performance and Power
Air delivery achieved through a sharper air-cutting angle and a larger delivery cone, outperforming the industry average of 190 to 220 CMM.
High-speed performance standing well above the typical market standard of 360 to 370 RPM.
Of 99.999% pure copper used in our windings for a more powerful motor, compared to the 150 to 220 grams typically used by competitors.
Superior Build and Durability
Heavy coating on our Galvanised Plain (GP) sheets for superior rust resistance compared to standard CRCA sheets with just a 60 gsm coating.
Thickness of our shanks, making them significantly sturdier than the market standard of 1.6 to 1.8 mm.
Length of our down rods, providing better structural integrity than the standard 225 mm.
Precision Manufacturing and Support
Fans are manufactured annually entirely in-house, making our facility the largest fan factory under one roof and eliminating the industry's heavy reliance on outsourced vendors.
Computer-controlled testing in dedicated air-delivery chambers guarantees performance over standard manual inspections.
Heavy-duty capacitors are integrated alongside Class B insulation, providing greater reliability than the standard 440 VAC and Class E insulation.
After-sales franchisees forming a dedicated network to support customers post-purchase.
Production process by utilising automated winding machines, robotic painting and automated packing machines. This completely eliminates manual errors and ensures secure delivery.
Flawless Finish and Aesthetics
Brilliant gloss finish achieved using imported robotic paint shops, outshining the maximum 80% finish typical of manual painting processes.
Computer-controlled pre-treatment process ensuring maximum resistance to rusting and extending the overall paint life.
Focusing on high-margin, design-led categories beyond bulbs and battens, we boosted innovation and manufacturing in Lighting and Luminaries. Improved processes and faster go-tomarket strategies helped us deliver solutions aligned with our brand philosophy of ‘Innovative Lighting for Brighter Living.’ Closer collaboration between R&D and product teams resulted in energy-efficient, durable and aesthetically enhanced lighting. These efforts help meet changing consumer and professional needs and strengthen our position as a reliable, differentiated lighting brand.
During FY 2025-26, we strengthened our market presence through focused execution across our product portfolio, distribution network and operational efficiency. Consumer lighting products, such as LED downlights, panels and COBs, remained our key volume drivers, while professional lighting applications gained significant traction in commercial and infrastructure projects.
Our competitive edge is reinforced by an extensive distribution network, enduring brand trust, a diversified portfolio and robust channel ties. We continue to expand organised retail and project lighting. In recent years, innovation and manufacturing in Lighting and Luminaries have picked up substantially, supported by optimised processes and faster go-tomarket strategies.
To solidify our position as a reliable and scalable solutions provider across both consumer and professional segments, our strategy includes the following:
- Expanding our presence across India by leveraging our electrical ecosystem. This entails investing in digital enablement, data analytics and engagement platforms to boost efficiency. Our marketing aligns with sales to enhance brand visibility and strengthen connections with influencers like distributors, retailers, electricians, contractors and project partners
- Creating market-leading, energy-efficient lighting with top performance, design and a variety of finishes. We improved designs and fostered collaboration between R&D and the product team to develop durable, aesthetic lighting. In FY 2025-26, we launched over 300 SKUs across various lighting types. These efforts are aimed at enhancing our product range, catering to shifting customer needs and sustaining our market leadership. Going forward, our R&D will focus on the development of smart, connected, energy-efficient, architectural and green lighting solutions in line with industry trends toward sustainable, intelligent ecosystems
- Augmenting supply chain efficiency, optimising working capital and using analytics-driven decisions. Better demand forecasting and inventory management have greatly enhanced our market responsiveness
SKUs launched in FY 2025–26
Our Switches and Electrical Wiring Accessories (EWA) portfolio combines safety with modern aesthetics. With interior design spending currently outpacing overall real estate growth , we are capitalising on this shift through a two-pronged strategy: aggressive network expansion and continuous product portfolio strengthening. By delivering reliable, stylish, and technologically advanced solutions, we are successfully redefining the electrical experience for modern residential and commercial spaces.
We successfully obtained the BIS licence IS 1293:2019 for plug tops, ensuring the highest standards of safety and compliance. This certification enables us to manufacture, test, and mark 6A and 16A plug tops entirely in-house starting from February 2026, further strengthening our quality control and market readiness.
During FY 2025-26, we launched the premium Fabelle Series with a differentiated design, safety features, and our 'Any Colour, One Price' proposition. We also improved the safety and performance of Levana's 6A and 16A sockets. Beyond core switches, we introduced new electrical accessories such as lamp holders, doorbells, multi-plug adaptors, AC boxes, water-overflow alarms, flex boxes, fast-charging USBs, foot lamps and plug tops. Our innovation pipeline now spans a premium switch range designed to elevate modern living, alongside an accessible range that enables wider market reach without compromising on quality or performance.
- A comprehensive data architecture was built from the ground up, with a Power BI front end, to consolidate primary, secondary and tertiary operations, minimising unproductive discussions about data accuracy
- A new solution is being developed to refresh sales numbers hourly, giving teams near-real-time insights to drive performance during critical closing periods
- A centralised insight-generation module is under development to deliver AI-powered intelligence to the sales team via Teams and WhatsApp, guiding their daily focus to improve productivity and optimise resource allocation
Four key strategies drove our accelerated market share growth this year: deepening our network into white and grey spaces, intensifying Architect- and Interior Designer (AID)-led demand generation, rapidly expanding our product range, and leveraging our unique 'Any Colour, One Price' differentiator. To further support our growing channel, we pioneered an industry-first initiative with financing aggregators and NBFCs to extend vital lines of credit directly to our Tier-2 customers and retailers.
Our marketing efforts focused on architect- and interior designerled demand generation, with successful pilots in North India. We enhanced consumer connection through targeted activations in micro-markets, immersive retail experiences with upgraded displays, and regional campaigns emphasising personalised aesthetics, safety and performance.
Active electrician partners
Active retail partners
Authorised dealers (530) and distributors (192)
Polycab’s low-voltage switchgear products are manufactured at a state-of-the-art facility that complies with national and international standards. Fully automated production lines ensure high precision across the entire MCB range, supported by advanced in-house tool manufacturing and design software, enhancing accuracy and efficiency.
The facility includes a worldclass test laboratory where rigorous product validation and certification are conducted in accordance with global benchmarks. We continually upgrade our offerings to meet evolving market and regulatory requirements, ensuring strong competitiveness. All critical sheet-metal and plastic components are produced in-house using top-grade raw materials, ensuring consistent quality and reliability.
R-Mark certification has been secured for key products, including Isolators, Changeover Switches (COS) and HighRating MCBs (HR MCBs) to ensure full compliance with the Government of India’s revised Quality Control Order (QCO) requirements. Certification for MCCBs is currently in progress. This accreditation confirms adherence to mandated quality and performance standards and further enhances the credibility and market readiness of our product portfolio.
During FY 2025-26, we launched new switchgear products, including the POLYNEO Distribution Boards, 6kA MCB range, surge protection devices and relaybased ACCLs, as well as retail MCCB and MCCB DB ranges. Our objective was to develop a refreshed portfolio of IP42-rated flush and surface-mounted distribution boards with better aesthetics and installer-friendly features to meet market needs, strengthen our product lineup and strengthen our market position. Entry into the solar market boosted sales of SPD and DC MCBs. We are now prioritising enhancing safety, performance and installer features in our next product range, while addressing emerging requirements in rooftop solar, voltage protection, and building circuit protection.
- A data architecture built with a Power BI front end consolidates primary, secondary, and tertiary operations, reducing repetitive data entry and unproductive debates over data accuracy
- A new solution refreshes sales numbers hourly, providing teams with near-realtime insights for performance during closing periods
- A centralised module is being developed to deliver AI insights to the sales team via Teams and WhatsApp, guiding daily focus to boost productivity and optimise resources
Our marketing endeavours were centred on four strategic priorities: leveraging the 'One Polycab' approach to deepen engagement across cables and wires channels; expanding our portfolio to more counters; targeting project and renewable energy segments; and scaling distribution through deeper retailer penetration.
Within the portfolio, Residual Current Circuit Breakers (RCCBs) boosted our premium segment, while Distribution Boards (DBs) helped us reach new counters. We forayed into more towns and network tiers, supported by a first-of-its-kind financing initiative to extend credit access to Tier 2 customers and retailers. As a result, our network scaled to 905 distributors, 272 dealers and 22,000 retailers.
Through targeted marketing efforts, including safety-focused content and influencer engagement, we raised consumer awareness. The priority was to connect with more electricians and promote recommendationbased buying. Our trust, durability and safety message was conveyed through improved retail displays, a '7 Years Warranty' guarantee and Polycab’s leadership in cables and wires.
Switchgear revenue growth during the year, well ahead of the estimated 7-8% market growth
Scanning electricians engaged by February 2026, up from 68,628 last year
We are upgrading our manufacturing operations through advanced automation, real-time data, and algorithmic planning. This digital integration directly boosts productivity, optimises our resources, and expands margins while reducing operational errors. Across this entire digital ecosystem, rigorous data governance ensures our systems, intelligence, and investments remain fully protected.
We drive advanced automation and digitalisation across our Halol manufacturing facility. We lead the industry in tech-driven productivity and cost efficiencies through the Polycab Excellence Office (PEO). We integrate automated supply planning functions and modern factory operations to streamline our production processes. We direct critical capital expenditure toward our Extra High Voltage (EHV) and Export cable plants at this location. These investments enhance our production capabilities, ensure superior quality control and support our accelerated growth targets.
We deploy advanced injection moulding machines equipped with integrated auxiliary systems to produce our premium switch portfolio. We utilise a central vacuum material-conveying system to automatically feed raw materials. We reduce contamination and minimise operator intervention through this fully enclosed material handling process. We integrate part-picker robots to remove components immediately after moulding. We prevent deformation risks and reduce manual labour through this automated part conversion. We also operate an integrated online recycling system to grind and recycle scrap. We return this material directly to the process to support our sustainability goals.
We maintain a strict commitment to zero-defect output across our operations. We employ a 100% automated roboticarm continuity-testing system alongside high-voltage testing protocols. We use bi-metal rivets to ensure better conductivity and durability in our switches. We rely on high-strength, flame-retardant plastics to ensure performance in humid, high-load conditions. We deliberately maintained these premium specifications amid raw material price volatility to reinforce our reputation for uncompromising reliability.
Global Recognition for Quality Control
We secured the Gold Award at the 50th International Convention on Quality Control Circles (ICQCC) in Taiwan. Our 'Swift astute' team competed against 800 teams worldwide to achieve this prestigious global recognition. This accolade reflects our strict commitment to quality control and operational excellence. We empower our shopfloor teams to innovate and uphold the highest international manufacturing standards.
Automated robotic-arm testing ensuring zero-defect output
Defect Detection for Cable Manufacturing
We completed a security hardening project to boost the resilience and governance of our enterprise network. We created a secure and scalable digital foundation by standardising security practices and replacing outdated hardware. We drive business continuity through key upgrades including centralised control, strict access protocols, guest network isolation and robust failover capabilities.
Locations secured under our phase-wise Network Architecture Transformation project
End-of-life network switches replaced to reduce operational risk and improve reliability
We modernised endpoint management by replacing SCCM with a cloud-native Intune framework. This eliminates on-premises requirements. We enable agentless and intelligent patching and OS upgrades without a VPN.
We implemented the Mobile Supply Chain Application (MSCA) to digitise shop-floor and supply-chain transactions. We enable weight capture, real-time inventory tracking and traceability using handheld devices integrated with our Oracle ERP. We also replaced external GS1 code dependencies with native barcode generation.
We mandated FIFO across all FMEG products within the MSCA platform to enforce inventory discipline, improve visibility and reduce stock ageing. We will soon extend this practice to the Lighting, Fans, Switchgear and EWA segments.
Locations successfully rolled out with system-driven FIFO inventory logic
We integrated our customer portal with Oracle E-Business Suite (EBS) to automate SPA processing. We ensured pricing accuracy and considerably reduced order turnaround times.
We improved enterprise governance with a single source of truth using Power BI. We launched the Distributor 360 Dashboard for unified sales visibility and the KPI-KRA Dashboard to automate sales performance and incentives. Analytics expanded across Manufacturing, GST, Procurement and EPC.
We embedded automation into routine IT operations with the Symphony platform. Service requests, such as onboarding, mailbox management and cloud provisioning, are now handled through workflows with defined turnaround times.
High-volume IT service requests automated through the Symphony ticketing platform.
Fostering a security-aware culture is key to reducing human error. This year, we held four cybersecurity training sessions and distributed 28 security infographics to inform employees of evolving threats.
Adoption rate achieved in our most recent cybersecurity training campaign
Cyber Resilience and Data Privacy Roadmap
Moving into FY 2026-27, we are advancing several critical data protection initiatives to reinforce our cyber governance and regulatory compliance.
- DPDPA Compliance: Establishing a structured data privacy programme to ensure transparent processing and consent management in line with the Digital Personal Data Protection Act, 2023
- ISO 27001 Implementation: Formalising our information security governance and auditready risk frameworks across the organisation
- Zero Trust Network Access (ZTNA): Enhancing identity-based access controls, critical network segmentation and continuous threat monitoring to build a highly resilient digital foundation
