Cable & Wire stocks: Polycab, KEI, R R Kabel, Quadrant Future slip up to 5%

As of Tuesday, Polycab, KEI Industries, R R Kabel and Quadrant Future Tek were down up to 24% from their respective 52-week highs touched in September.

Cable & Wire shares price movement

 

Share prices of cable & wire (C&W) companies were under pressure falling up to 5 per cent on the BSE in Tuesday’s intraday deals.

 

Polycab, KEI Industries, R R Kabel and Quadrant Future Tek were down in the range of 3 per cent to 5 per cent. These stocks corrected up to 24 per cent from their respective 52-week highs touched last month, as increasing competition may result in pricing pressure, higher promotional spending, and slower market share gains.

 

Aditya Birla Group launches wires and cables business, Ultravolt

 

Aditya Birla Group, on September 3, 2026 announced the launch of the C&W business, Ultravolt, marking the group’s fourth new business foray in three years. Backed by an investment of ₹1,800 crore, Ultravolt will be the second-largest player in the wires segment by capacity. Housed under UltraTech Cement, the business aims to build a scaled national brand and become one of the top two players within 5 years.

 

 

UltraTech’s entry into the wires and cables market extends its participation in the construction value chain beyond grey cement, ready-mix concrete, building products, and white cement consistent with its stated Building Solutions strategy. It also enables UltraTech to participate more deeply in the growing opportunity around home building, infrastructure and electrification, the company said in an exchange filing. Check - TOP GAINERS NSE | TOP LOSERS NSE 

Asit C. Mehta Financial Services (ACMIL) view on C&W sector

 

Asit C. Mehta Financial Services (ACMIL) believes that UltraTech’s entry through Ultravolt will primarily intensify competition in house wires, flexible wires and low voltage (LV) power cables only up to 11kV. Further, Ultravolt is expected to leverage its existing channel of electricians, dealers and distributors to build its retail presence.

 

In contrast, Polycab, RR Kabel and KEI have different revenue streams such as retail/B2C segment, Institutional segment, presence in low, medium and higher-voltage cables (>11kV up to 220kV/400kV) and already a strong established network. Besides, they also earn revenue from their international segment by exporting their products and the EPC segment, which has limited direct overlap with Ultravolt at present, the brokerage firm said in C&W sector. ALSO READ | Polycab to exit NSE's Futures & Options segment

 

The entries of large diversified conglomerates such as UltraTech Cement and the Adani Group, which have announced plans to establish a presence in the sector, are likely to intensify competition. Further, there would be incremental capacity additions, aggressive pricing strategies and increased investments in distribution and branding.

 

However, the immediate impact on existing players is expected to remain limited as new players would require significant time to develop manufacturing capabilities, establish a pan-India distribution network, obtain regulatory and international certifications, and build trust among dealers, electricians and other customers. Thus, to establish themselves, they would require at least 3-4 years to reach the optimal level, ACMIL said.

 

Meanwhile, ongoing geopolitical tensions in the Middle East and other global regions could temporarily affect export business by disrupting shipping routes, increasing ocean freight rates, extending transit timelines, and raising war-risk insurance premiums. Such disruptions may impact export realizations, working capital cycles, and near-term profitability. However, the company mitigates this risk through a geographically diversified export presence, flexible logistics planning, and a balanced revenue mix between domestic and international markets.

 

ACMIL initiated coverage on Polycab India and RR Kabel in the C&W segment, as analysts believe there is ample scope in the industry supported by rising investments in power transmission & distribution, infrastructure, renewable energy, housing, data centres, railways, telecom and the EV ecosystem. India’s C&W market is estimated at ₹1 trillion in FY26 and is expected to reach ₹1.5 trillion–1.6 trillion by 2030, implying an 11–12 per cent compound annual growth rate (CAGR), significantly ahead of global industry growth. Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.