Best 5 top wire and cable companies in India
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The Indian wire and cable industry is a growing market, driven by increasing infrastructure development, increasing urbanization, rising demand for electricity, expansion of renewable energy projects, growth in the real-estate sector due to government focus on housing for all plans, and the expansion of the telecommunications sector.
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The wires and cables market
The Indian wires and cables market is expected to witness substantial growth, with the market to reach INR 3,655.81 billion (~ USD 42 billion) by 2034, growing at a CAGR of 14.5% between 2025 and 2034.
Exports from India, currently at $1.71 billion, are expected to grow significantly, fueled by increased demand in North America, Europe, and the Middle East. Companies like APAR, RR Kabel, KEI, and Polycab are well-positioned to capitalize on this export potential.
In 2024, the global wire and cable market was valued at approximately USD 275.62 billion and is projected to reach USD 375.64 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period.
Best cable companies in India
Now let us discuss which are the top wire and cable companies in India. We will discuss the best wire and cable companies in India to invest in for the long term. In this article we will analyze the companies, it is not investment advice.
There are a few companies that can be considered as choices for long-term growth. Let us analyze them one by one.
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Top wire and cable companies in India
Polycab India – One of the best cable manufacturing companies
Polycab India is one of the top wire and cable companies in India. Polycab is India’s largest wires and cables manufacturer, holding a 25-26% market share. The company reported a 28% YoY revenue growth in FY24, reaching ₹180,394 crores, with 28% YoY growth. With strong domestic and export expansion (40% CAGR in international business over five years), Polycab is aggressively growing its presence in North America, Europe, and the Middle East.
Besides cables, the company is investing heavily in Fast Moving Electrical Goods (FMEG) like smart home solutions, premium switches, and electrical appliances.
The company has strong financial performance.
- Revenue Growth:
- Revenue increased from ₹141,078 crores in FY23 to ₹180,394 crores in FY24, reflecting a 28% YoY growth.
- Profitability:
- EBITDA grew by 35% YoY, reaching ₹24,918 crores in FY24, with an EBITDA margin of 13.8%.
- Profit after Tax (PAT) increased by 41%, from ₹12,823 crores in FY23 to ₹18,029 crores in FY24.
- Cash Flow:
- Net cash position increased by 21% YoY to ₹21,408 crores, showing strong liquidity and financial stability.
Segment Revenue and Best Performing Segment
- Wires & Cables (W&C):
- Revenue: ₹158,922 crores (YoY growth from ₹125,369 crores).
- Contributes 88% of total revenue and remains the fastest-growing segment.
- Fast Moving Electrical Goods (FMEG):
- Revenue: ₹12,828 crores (YoY growth from ₹12,512 crores).
- 8-year CAGR of 25%, showing promising expansion.
- Engineering, Procurement, and Construction (EPC):
- Revenue: ₹9,642 crores.
- Steady contribution but slower growth compared to W&C.
- Best Performing Segment:
- Wires & Cables (88% of total revenue) remains the highest growth driver, but FMEG is expanding rapidly as a future growth segment.
KEI Industries – One of the top cable manufacturing companies
KEI Industries is one of the fastest-growing wire and cable manufacturers, reporting a 17.3% revenue growth in FY24, reaching ₹8,104 crores. With a debt-free balance sheet and 21.7% PAT growth, KEI is expanding its retail network, aiming for 50% of revenue from B2C sales within two years.
The company has invested ₹1,700 crores in a greenfield plant in Gujarat, positioning itself for long-term capacity expansion. Let us analyze this in detail.
The company has strong financial performance.
- Revenue Growth: KEI’s revenue increased from ₹6,908 crores in FY23 to ₹8,104 crores in FY24, reflecting a 17.31% YoY growth.
- Profitability:
- EBITDA grew by 20.81%, reaching ₹887 crores in FY24, with an EBITDA margin of 10.94% (up from 10.62%).
- Profit after Tax (PAT) increased by 21.72%, from ₹477 crores in FY23 to ₹581 crores in FY24, leading to a PAT margin improvement to 7.17% (from 6.91%).
- Cash Flow:
- Debt-Free: The company has eliminated its long-term debt, ensuring financial stability.
- Improved Cash Flow: Increasing retail sales has shortened the receivables period, strengthening cash flow.
Segment Revenue and Best Performing Segment
- Retail (47% of revenue): Fastest-growing segment, driven by expansion in dealer networks and brand visibility.
- Institutional (40% of revenue): Demand from oil & gas, metro rail, solar, and transmission sectors.
- Exports (13% of revenue): Increased from 10% last year, with strong growth in the US, UAE, and Australia.
- Best Performing Segment: The retail segment is growing fastest, expected to reach 50% of total revenue in the next 2 years.
APAR Industries – one of the top cable companies
APAR Industries is a dominant global player in specialized cables and oils, ranking #1 in aluminum conductors and #3 in transformer oils worldwide. With ₹16,153 crores in revenue (36% CAGR over five years), the company’s 45.2% export revenue share is a significant driver of growth.
APAR’s strategic investments in high-margin eco-friendly products, renewable energy cables, and telecom infrastructure position it well for global expansion. Though APAR has slightly lower margins than competitors, its global leadership and diversified product portfolio make it a strong investment choice for those looking at export-driven growth.
Let us analyze this in detail.
Financial performance
- Revenue Growth: KEI’s revenue increased from ₹6,908 crores in FY23 to ₹8,104 crores in FY24, reflecting a 17.31% YoY growth.
- Profitability:
- EBITDA grew by 20.81%, reaching ₹887 crores in FY24, with an EBITDA margin of 10.94% (up from 10.62%).
- Profit after Tax (PAT) increased by 21.72%, from ₹477 crores in FY23 to ₹581 crores in FY24, leading to a PAT margin improvement to 7.17% (from 6.91%).
- Cash Flow:
- Debt-Free: The company has eliminated its long-term debt, ensuring financial stability.
- Improved Cash Flow: Increasing retail sales has shortened the receivables period, strengthening cash flow.
Segment Revenue and Best Performing Segment
- Retail (47% of revenue): Fastest-growing segment, driven by expansion in dealer networks and brand visibility.
- Institutional (40% of revenue): Demand from oil & gas, metro rail, solar, and transmission sectors.
- Exports (13% of revenue): Increased from 10% last year, with strong growth in the US, UAE, and Australia.
- Best Performing Segment: The retail segment is growing fastest, expected to reach 50% of total revenue in the next 2 years.
RR Kabel – one of the top cable companies in India
RR Kabel is India’s fourth-largest wire and cable manufacturers, known for its strong B2C market presence. The company generated ₹6,594 crores in revenue in FY24 (17.8% YoY growth), with 26% of revenue from exports. RR Kabel has the highest B2C mix in the industry, reducing dependency on large infrastructure projects.
The company is expanding its FMEG segment under the “RR Signature” brand, with a focus on switches, lighting, and electrical appliances. Let us analyze this in detail.
Financial performance
- Revenue Growth:
- RR Kabel’s revenue grew from ₹5,599 crores in FY23 to ₹6,594 crores in FY24, reflecting a 17.8% YoY growth.
- Profitability:
- EBITDA grew by 43.2% YoY, reaching ₹462.8 crores in FY24, with an EBITDA margin of 7.0% (up from 5.8%).
- Profit after Tax (PAT) increased by 58.6%, from ₹189.9 crores in FY23 to ₹298.1 crores in FY24.
- Cash Flow:
- Stronger operational cash flows with increased revenue from retail and exports, reducing working capital dependency.
Segment Revenue and Best Performing Segment
- Wires & Cables (W&C):
- Revenue: ₹5,830 crores (YoY increase from ₹4,959 crores).
- Growth of 19.3% YoY, making it the largest revenue contributor (88% of total revenue).
- Fast Moving Electrical Goods (FMEG):
- Revenue: ₹765 crores (YoY increase from ₹641 crores).
- Growth of 19.3% YoY, driven by expansion in switches, lighting, and appliances.
- Best Performing Segment:
- Wires & Cables (W&C) is the highest revenue driver, while FMEG is growing rapidly with high potential.
Finolex Cables – among growing cable companies in India
Finolex Cables reported ₹5,014 crores in revenue (12% YoY growth) in FY24, maintaining steady profitability and a strong cash position. The company is a major player in electrical and communication cables, with a growing presence in FMEG.
Let us analyze this in detail.
Financial performance
- Revenue Growth: Finolex Cables’ total revenue increased from ₹4,481.1 crores in FY22-23 to ₹5,014.4 crores in FY23-24, reflecting a 12% YoY growth.
- Profitability: The company’s profit before tax (PBT) rose by 17%, driven by higher revenue and tighter cost controls.
- Cash Flow: Net cash inflow from operations increased significantly from ₹356.3 crores in FY22-23 to ₹576.9 crores in FY23-24, indicating improved operational efficiency.
Segment Revenue and Best Performing Segment
- Electrical Cables: ₹4,221.63 crores (YoY increase from ₹3,683.51 crores) – Strongest segment with highest revenue growth.
- Communication Cables: ₹531.20 crores (YoY decline from ₹579.04 crores) – Segment struggling due to weak demand.
- Copper Rods: ₹1,744.24 crores (YoY increase from ₹1,267.79 crores) – Fastest-growing segment.
- Other Products: ₹225.15 crores (YoY increase from ₹195.34 crores).
Other Best Cable Companies in India
Havells India – wire and cable manufacturers
Havells India, a major player in cables, electrical appliances, and home automation, posted ₹18,550 crores in revenue with 10% YoY growth in FY24. While its cable business is smaller than Polycab’s, its strong brand and premium positioning in consumer electrical goods (FMEG, lighting, and appliances) make it a well-diversified company.
EBITDA grew by 15% to ₹1,845 crores, with a net profit of ₹1,273 crores. The company maintains a strong market presence in both B2B and B2C segments, supported by in-house manufacturing, brand positioning, and a robust distribution network of 18,000+ dealers.
Dynamic Cables: A Small-Cap Growth Play in wire and cable manufacturers
Dynamic Cables, a smaller but fast-growing company, reported ₹768 crores in revenue (15% YoY growth) in FY24 and a 23.1% rise in operating profit to ₹77.28 crores. The company specializes in LV, MV, and HV power cables, serving utilities, EPCs, and industrial, and railway projects in over 40 countries.
Its recent brownfield expansion at the Reengus plant has increased capacity to meet rising demand. With a record order book of ₹521 crores, strong government infrastructure spending, and increased private sector investment, Dynamic Cables is well-positioned for sustained long-term growth.
Outlook on wires and cables manufacturers in India
For investors seeking market leadership, high growth, and strong profitability, Polycab India remains the best pick. KEI Industries offers high-growth potential, especially in the retail segment. APAR Industries and RR Kabel are ideal for those looking at export-driven expansion, while Finolex Cables and Havells provide stability. Dynamic Cables is a promising small-cap growth opportunity but carries higher risk.
As India’s infrastructure and energy demands rise, the wires and cables industry presents an excellent long-term investment opportunity. Whether investing in market leaders or emerging players, the industry outlook remains highly optimistic for the next five years.