Bharat Leadership at Polycab represents a responsibility that goes well beyond a title. This organisation was built by Inder Bhai, from the ground up, through decades of diligence, conviction, and an unrelenting belief that if you do right by your customer, success will follow. Having spent over two decades with the organisation, I have been fortunate to witness and participate in every phase of Polycab’s journey—from the early years of building manufacturing capacity, to navigating complex market cycles, to the company’s listing, and ultimately to establishing Polycab as the undisputed leader in the Indian cables and wires industry. That immersive experience has shaped my understanding of what truly drives this business: operational excellence, customer trust, and the discipline to never compromise on quality. As Joint Managing Director, my mandate is clear, to strengthen and scale the B2B and International business, to invest in manufacturing infrastructure that keeps us ahead of demand, and to ensure that the dealer and distributor relationships we have built over decades continue to deepen. I am guided every day by the values Inder Bhai has instilled in us: integrity above everything, a long-term orientation in every decision, and an abiding sense of responsibility to everyone who depends on this organisation.

Nikhil: For me, this appointment represents the convergence of a personal journey and an organisational one. I have grown up watching Inder Bhai build Polycab into something extraordinary, not just a market leader, but a brand that millions of Indian households and professionals trust implicitly. That trust is not inherited; it is earned, every single day, through the quality of every product we ship and the reliability of every promise we keep. My focus is on the next frontier of Polycab’s growth, the consumer business. India is in the midst of a profound transformation: its cities are growing, its middle class is expanding, and its consumers are making more deliberate choices about the brands they invite into their homes. Polycab is uniquely positioned to lead in this environment, and my role is to ensure we do so with the same rigour, the same values, and the same obsession with quality that Inder Bhai embedded into the DNA of this organisation. Together, Bharat and I bring complementary perspectives, one deeply rooted in the institutional and manufacturing foundations of the business, the other focused on building the consumer brand of the future. We are aligned in purpose, and energised by the opportunity ahead.

Bharat FY26 was a year that tested the resilience of businesses across sectors, commodity volatility, global supply chain disruptions, and a competitive domestic environment created headwinds that required both agility and discipline to navigate.

is a reflection of several structural strengths that, taken together, are very difficult for any competitor to replicate. First, our manufacturing infrastructure, among the most modern and extensive in the Indian cables and wires industry, gives us the capacity, the quality consistency, and the product range to serve the most demanding end customers. Second, our dealer and distributor relationships, built over decades of reliable delivery, mean that when large infrastructure projects, industrial buyers, and government undertakings go to market, Polycab is the trusted and most preferred choice. Third, and perhaps most importantly, our team, at every level of the organisation, executes with a level of commitment and accountability that consistently outperforms expectations. Inder Bhai always said that the character of a company is revealed in how it performs when conditions are difficult. FY26 has been a powerful affirmation of Polycab’s character.

Nikhil: The B2C business added another dimension to this story. Our FMEG portfolio — spanning fans, switches, switchgear, lighting, and conduit pipes & fittings and solar invertors, continued to gain meaningful traction, and the Polycab brand’s equity with electricians, contractors, and end consumers grew measurably.

reflects not just revenue growth but an improving quality of earnings, the result of a more balanced business mix, disciplined cost management, and a consumer segment that is beginning to contribute at scale. What FY26 ultimately signals is that Polycab’s growth is structural, not opportunistic. We are not riding a single market cycle, we are building across B2B and B2C, across domestic and international, and across the full spectrum of the electrical solutions value chain. That breadth is our greatest source of resilience.

Bharat This is a question we interrogate rigorously before committing every rupee of capital. Our capex plan is not driven by a desire to simply be bigger, it is driven by a strategic conviction that the demand environment facing the Indian cables industry over the next decade is unlike anything we have seen before. The Government of India’s infrastructure agenda, spanning power transmission upgrades, renewable energy capacity addition, smart city development, data centre expansion, and the emergence of industrial corridors, will require cables and wires of a scale, specification, and reliability that only a handful of manufacturers in the country can provide. Polycab intends to be the preeminent among them.

directed towards expanding and modernising our cables manufacturing facilities, is therefore not just a capacity investment, it is a capability investment. We are enhancing our ability to produce higherspecification products, including Extra High Voltage cables, improving our cost efficiency at scale, and building the supply reliability that our end customers require. Every capital allocation decision is stress-tested against multiple demand scenarios and evaluated on its contribution to sustainable returns over a five-to-ten year horizon. Inder Bhai has always taken a long-term view on capital, and that philosophy is deeply embedded in how we think about investment today.

Nikhil: From the perspective of the B2C business, manufacturing investment has an equally important and crucial role. Consumers and electricians choose Polycab because they trust the consistency and safety of our products — and that trust is ultimately manufactured. As we scale our FMEG portfolio and introduce new product within our product categories, having worldclass, integrated manufacturing gives us the ability to control quality at every stage, bring new products to market faster, and offer a price-performance proposition that unorganised and imported alternatives simply cannot match. Our manufacturing strength is as much a B2C competitive advantage as it is a B2B one.

Bharat Our international cables business is at an inflection point.

with a strengthened presence across 94 geographies, we are no longer simply an Indian manufacturer with an export division, we are an increasingly recognised name in all key global markets. What gives me the greatest confidence in our international trajectory is the basis on which we are winning. Global buyers, particularly in developed markets are exacting in their requirements around product specifications, certifications, delivery timelines, and aftersales support. The fact that Polycab is consistently meeting and often exceeding these requirements is a validation of our manufacturing capabilities that no domestic benchmark can provide. Building a lasting global presence will require continued investment in product certifications, geographic market development, and the establishment of local relationships in key markets. It will also require patience as international brand equity is built over years, not quarters. But the foundation we are laying in FY26 and beyond is solid, and the long-term opportunity is significant. Inder Bhai always believed that the discipline of competing globally makes you sharper at home and our export journey is bearing that out.

Nikhil: The international business also has a strategic dimension that extends beyond its direct revenue contribution. A Polycab that is trusted in global markets reinforces our positioning as a premium, quality-first brand in the minds of Indian consumers and institutional buyers alike. Brand credibility is not siloed it flows across geographies and segments. As we continue to strengthen our international business, that credibility will serve the B2C business as well, particularly as Indian consumers become more discerning and quality-conscious in their purchase decisions.

Bharat Competition, in many ways, is a validation of the opportunity and the cables and wires industry in India has never been more attractive. What I am confident about is that the nature of our competitive advantages makes them exceptionally durable. On the B2B side, our moat is built on a combination of scale, technical capability, manufacturing reliability, and dealers & distributors trust that has been accumulated over decades and cannot be replicated quickly. Large end customers such as power utilities, EPC contractors, government undertakings, and industrial buyers, do not make supplier decisions lightly. They are committing to multi-year project timelines where supply failure is not an option. Polycab’s track record of delivering complex, high-specification cable orders on time and to the required quality standard is our most powerful commercial asset. In addition, our continued investment in manufacturing modernisation and our expanding EHV capabilities ensure that as project specifications become more demanding, Polycab remains technically ahead of the field. New entrants to the W&C space inevitably underestimate the depth of dealer & distributors relationships, and the years of certifications and approvals required to compete credibly for W&C business. These are not barriers that capital alone can overcome they are earned through consistent performance over time, and that is precisely what Polycab has built.

Nikhil: In the B2C segment, the competitive landscape is evolving rapidly but the direction of that evolution favours Polycab decisively. The long-term structural shift from unorganised to organised players is accelerating, driven by greater consumer awareness, stricter quality and safety regulations, and the growing influence of electricians and contractors who increasingly recommend trusted brands over anonymous alternatives. Polycab sits at the very top of that trust hierarchy. Our QSD philosophy - Quality, Service, and Delivery, is not a marketing statement; it is the operating standard to which every aspect of our B2C business is held. Quality means that every product bearing the Polycab name meets the most rigorous safety and performance standards, without exception. Service means that our channel partners, our retailers, distributors, and electricians, receive the responsiveness, training, and support that makes doing business with Polycab genuinely easy and rewarding. Delivery means that our fulfilment commitments are met with consistency, so that the channel never has to worry about stocking gaps or order reliability. Together, these three pillars convert transactions into relationships, and relationships into the kind of brand loyalty that is extraordinarily difficult for a new entrant to dislodge.

touchpoints across every geography in India, is itself a formidable barrier to competition, one that has taken decades to build and continues to deepen every year. We are not standing still, either, our brand investments, new product introductions, and channel enablement programmes in FY26 have further strengthened our position. In a competitive market, the best defence is an offence built on genuine value creation and that is precisely what we are focused on.

Bharat Sustainability, for a manufacturing company of Polycab’s scale, is ultimately an operational discipline and one that we are approaching with increasing seriousness and specificity.

Our resource efficiency programmes covering water consumption, material waste, and energy intensity have delivered improvements in FY26. On the supply chain side, we are raising the standards we hold our vendors and raw material suppliers to, recognising that our ESG footprint extends well beyond our own factory gates. These commitments are not driven solely by stakeholder expectations they are driven by the fact that sustainable manufacturing is structurally more efficient, more resilient, and more competitive over the long term. Our global customers, in particular, are increasingly assessing their suppliers on ESG credentials as part of their own decarbonisation commitments, and Polycab’s progress in this area directly strengthens our international cables proposition.

Nikhil: For the Polycab brand more broadly, sustainability is about something equally important: the kind of company we are, and the kind of legacy we are building. Inder Bhai has always led this organisation with a deep sense of responsibility not just to shareholders, but to employees, to communities, and to society at large.

It is also visible in our commitment to product safety because at its most fundamental level, a company that makes electrical products has a profound responsibility to ensure that every product it ships is safe in the hands of the people who use it. We think in decades, not quarters. That long-term orientation is the truest expression of our ESG commitment the recognition that sustainable business creation and responsible citizenship are not in tension, but are, in fact, inseparable.

Bharat India is still in the early stages of an infrastructure and industrial transformation that will define the next two to three decades of its economic development. Power transmission, renewable energy integration, semiconductor manufacturing, data centres, urban infrastructure, defence and aerospace, every one of these sectors is an intensive consumer of high-quality cables and wires, and every one of them is growing at an accelerating pace. Polycab, with its manufacturing depth, its product range, its institutional relationships, and its growing international footprint, is perhaps better positioned to benefit from this transformation than any other company in our industry. The next chapter of our B2B story is about scaling into these opportunities with the same discipline and quality orientation that has brought us to where we are and about extending our international business into markets where the Polycab name is still earning its place. What keeps me most energised is the quality of the team we have built, and the culture of accountability and excellence that Inder Bhai created. You can replicate capacity and products; you cannot easily replicate culture. That is our deepest competitive advantage, and it will carry us further than any single investment decision.

Nikhil: The consumer opportunity that lies ahead for Polycab is, in my view, one of the most exciting in Indian branded consumer goods. Consider the context: India will add hundreds of millions of middle-class households over the next two decades. Every one of those households will wire their homes, install switches and fans, and make daily decisions about the electrical brands they trust. Polycab is a name that already resonates with deep credibility in this space built on the back of our cables and wires legacy and the trust of generations of electricians and contractors. Our task now is to translate that credibility into a full-spectrum consumer brand one that is as naturally associated with fans, switches, and lighting as it is with wires. The QSD (Quality, Service and Delivery) philosophy is our compass: as long as we lead with quality, deliver with reliability, and serve our channel partners and consumers with genuine commitment, the brand will grow. Bharat and I share a common purpose, a common set of values, and a common ambition for what Polycab can become. We have the privilege of building on an extraordinary foundation, one that Inder Bhai and thousands of dedicated colleagues have created over decades. The responsibility we carry is immense, and the opportunity before us is equally so. We are fully committed to honouring both.

Best regards,

Bharat A. Jaisinghani &
Nikhil R. Jaisinghani
Joint Managing Directors