Polycab India flips a switch, powers ahead of Havells in decade-long race

Becomes leader in consumer electrical goods space, riding C&W growth and margin gains

Mumbai-based Polycab India Ltd has overtaken Havells India Ltd as the bellwether in the consumer electrical goods space, ending the latter’s decade-long leadership in the sector.

 

As on Monday, Polycab’s market capitalisation (mcap) stood at approximately ₹1.09 trillion, compared with nearly ₹1 trillion for Havells. Over the past 12 months, Polycab’s mcap has risen 12 per cent while Havells’ has declined 4.1 per cent. The cable and electrical goods maker has also surpassed its rival in both revenue and profit growth.

 

Polycab’s rise reflects superior operational execution and financial discipline in recent years. Its earnings growth has been driven by