The industry is experiencing a significant supply-demand mismatch fuelled by the modernisation of power grids and urbanisation, with the domestic cables market projected to observe strong double-digit growth through the end of the decade. The Indian Wires & Cables market presents a massive opportunity for organised players. Historically expanding at a 9% CAGR (1.5x GDP)—from `350 billion in FY14 to `1,000 billion in FY26—the market is now rapidly consolidating. Moving forward, total demand is projected to accelerate to ~1.5–2x GDP growth through FY30, driving substantial market share gains for the organised sector1.
1BCG Research
To capitalise on this widening supply deficit, we have initiated Project Spring, a comprehensive growth roadmap to outpace the industry by growing our core W&C business at 1.5x the market growth rate. To guarantee execution, we have committed a monumental capital expenditure of around `60 billion to `80 billion over the next five years, effectively doubling our previous investment cycle. These targeted investments are estimated to generate an asset turnover of 4x to 5x, ensuring we capture the unmet demand seamlessly.
Indian Wires & Cables Market (` Bn):
India has emerged as a net exporter of cables and wires, supported by global investments in renewables and data centres, alongside the structural supply chain diversification driven by the 'China+1' strategy. The growth horizons are expansive, with the Indian cables export market projected to record a robust 20% CAGR, reaching `325 billion by FY 2029-302 . We are already witnessing the velocity of this shift: overall sector exports surged by ~35% year-on-year in the early months of FY 2025-26, while the United States saw an exceptional ~97% growth in Indian imports over the same period3.
Projected CAGR for Indian cables exports2
Leveraging our industrial legacy and strong global footing, we are pivoting our export strategy to target niche, high-growth international markets. We have already secured essential global product approvals and are now aiming to increase our export revenue contribution to over 10%. To this end, we are deploying dedicated B2B teams and strategic institutional selling in key geographies like Europe and North America to support this expansion.
3 Motilal Oswal Financial Services
The transition toward a digital and cleanenergy economy is acting as a powerful multiplier for specialised cable demand. India’s data centre capacity is set to surge dramatically by FY 2029-30, and cables account for a substantial 8% to 10% of total data centre capex, compared to just 3% in standard infrastructure projects4. Simultaneously, national targets for EV adoption in private vehicles are spurring the need for millions of public charging stations, which in turn require vast networks of high-performance cables.
4Ambit cables and wires
Recognising that product expansion is no longer sufficient, we are shifting from a productled to a solutions-led approach for our institutional consumers. Backed by a highly diversified portfolio of over ~10,000 SKUs and strong backward integration across 26 manufacturing facilities, we are deploying industry-focused verticals to deliver bespoke technical solutions directly to EPCs and sunrise-sector developers.
Rising data centre and T/D capex opportunities can unlock opportunities given higher share of overall capex
W&C as a % of total capex
In the Fast-Moving Electrical Goods (FMEG) segment, the market is pivoting away from basic commodity expansion toward premium, energy-efficient, and aesthetically differentiated products. Evolving consumer aspirations require companies to establish deep retail visibility and robust influencer networks, such as electricians and architects, to maintain pricing power and drive stickiness.
We have engineered a successful turnaround in our FMEG operations, achieving break-even in late FY 2024-25 after delivering approximately 29% revenue growth for the year. Under Project Spring, our goal is to grow FMEG at 1.5x to 2x the industry rate, targeting an EBITDA margin of 8% to 10%. This is underpinned by the industry's most formidable distribution architecture, having over 3,900 dealers and distributors and an expansive reach across more than 1,90,000 retail outlets.
