Paramount Communications is one of India’s oldest wire and cable manufacturers, founded in 1955 as a small-scale wire unit and now a focused supplier of more than 2,500 products to the country’s most critical infrastructure sectors - power, telecom, railways, defence, and space - as well as to over 35 export markets. The company nearly collapsed under debt after an ambitious UK acquisition in 2007, spent years in a corporate debt restructuring program, and then methodically rebuilt itself: promoters infused fresh capital, the last of the legacy debt was cleared in August 2024, and the business scaled from INR 585 crores in revenue to INR 1,964 crores over four years. The recurring approach that explains everything else is a deliberate refusal to take firm-price orders with delivery beyond three or four months - a policy designed to protect margins from copper and aluminum price swings - combined with a steady push into higher-value products and export markets where its certifications give it an edge. # Business segments Two engines that feed each other - a wires and cables manufacturing business that is the core industrial engine, and a turnkey project-services arm that installs and repairs the cables the company itself makes. ## 1. Wires and cables manufacturing: the industrial core **A diversified cable maker running two plants at full capacity, with a third greenfield site under construction to add extra-high-voltage and specialty rubber cables to a portfolio that already spans power, telecom, railways, and fire-survival products.** - **Power cables are the largest slice** - they contributed roughly half of revenue in FY25, and the domestic power cable order book stood at a record INR 466 crores as of March 2026, up 66% year-on-year, covering everything from 600V low-tension wiring to 66 kV high-tension cables for renewable-energy and industrial installations. - **The railway franchise is built on sole-vendor status** - the company was the first in India to develop axle counter cables for Indian Railways back in 1985, and it remains the sole vendor with near-zero rejection rates, which makes it one of the largest suppliers of specialized signalling and power cables to the national rail network. - **Fire-survival certification opens doors that stay shut for others** - it is the only Indian brand, and one of fewer than ten globally, to hold the highest-level fire-survival cable certification from the UK’s Loss Prevention Certification Board, for cables that can withstand 950°C for 120 minutes, and a combination of fire with mechanical impact and water spray at 830°C for two hours, while limiting toxic gas. - **The two existing plants are physically maxed out** - the Dharuhera and Kushkhera facilities have been running at optimal utilization for three to four years and pushed more than 29,500 metric tons of metal through in FY26, so a third plant on 31 acres in Narmadapuram, Madhya Pradesh, is being built to add extra-high-voltage cables up to 132 kV and elastomeric EBeam cables, with partial production expected by early FY28. - **Raw-material risk is managed by refusing long-dated fixed-price orders** - copper, aluminum, steel, and nickel are sourced domestically, and the company’s policy of not accepting firm-price orders beyond three to four months means it can pass commodity-price moves through to customers rather than absorbing them. ## 2. Turnkey and EPC project services: installing what the factory makes **A small but synergistic project-execution arm that lays and repairs submarine and overhead optical-fibre cables, creating pull-through demand for the company’s own manufactured products.** - **Submarine cable repair is a rare capability in India** - the company was the first in the country to lay and repair undersea cables, and it executed a prestigious submarine cable repair project in 2019, later working as a subcontractor on the 2,300 km Chennai-Andaman & Nicobar Islands optical-fibre submarine cable system. - **Projects feed the product business** - a substantial portion of the turnkey work relies on cable products that Paramount itself manufactures, so the EPC division acts as a captive demand channel for the factory. - **Deliberately kept small while the core scales** - turnkey services contributed just 0.4% of revenue in FY25, down from 6% in FY22, reflecting a conscious shift in segment mix as the higher-margin cables business grew faster. # Exports and international business **The United States is the export engine: Paramount has been the largest exporter of low-voltage cables up to 600 volts from India for six years running, with a zero-rejection record and a growing network of distributors pulling product through on a delivered-duty-paid basis.** - **US demand is distributor-led, not company-pushed** - end-consumer demand pulls product through the supply chain, so distributors approach Paramount rather than the other way around; the distributor count grew from two in FY20 to eight by FY25, covering both the east and west coasts. - **Zero rejections in six years** - the company has never had a single shipment rejected by a US customer since exports began, which is a powerful signal to distributors deciding which supplier to bet on. - **UL approvals are the entry ticket** - the company holds a wide basket of UL-certified products for the US market, covering service-entrance cables, thermoset and thermoplastic-insulated wires, and photovoltaic wire, without which it could not sell into the country. - **Beyond the US, exports are opportunistic** - the company historically shipped to over 35 countries, paused most non-US exports to focus on American demand, and as of mid-2026 was restarting work on other markets such as the UK, Spain, South Africa, and the UAE as US capacity stabilized. # Domestic distribution and retail network **A pan-India network that reaches both industrial giants and individual electricians, stitched together by a digital loyalty app that turns warranty registration into a demand-forecasting tool.** - **Institutional clients are the backbone** - more than 950 institutional customers include NTPC, Power Grid, BHEL, L&T, Adani, Tata Steel, and Indian Oil, and the company is pre-qualified by central and state governments for infrastructure investments in energy, transportation, and building materials. - **The retail channel is being built electrician by electrician** - the “Paramount Parivaar” app has registered more than 10,000 electricians, connecting them to 250-plus channel partners and 600 retail outlets, and it issues digitally verified warranty certificates while feeding data back into production planning. - **B2C carries higher margins with lower capital needs** - the company has been deliberately growing its retail and distribution cable business because the B2C segment offers better margins and requires less capital expenditure than large industrial contracts. # Group structure and partners **A family-run listed company that has cleaned up its legacy subsidiary structure, brought in institutional capital, and consolidated promoter holdings under a single entity.** - **Third-generation family leadership** - Sanjay Aggarwal (Chairman and CEO) and Sandeep Aggarwal (Managing Director) run the business, with the next generation in operational roles as President of Strategy, President of Operations, and President of Marketing. - **Legacy UK subsidiaries are dormant or in liquidation** - AEI Power Cables ceased trading in 2017, the former AEI Cables has been in administration since 2014, and a Cyprus holding company has been under steps for strike-off for years, so the group today is effectively a single operating entity in India. - **Promoter holdings were consolidated in early 2024** - four promoter-group investment companies were amalgamated into Hertz Electricals under an NCLT-approved scheme, simplifying the holding structure. - **Institutional investors came onto the register in mid-2026** - a preferential issue placed nearly 2.2 crore equity shares at INR 42 apiece with ten non-promoter institutional investors including Abakkus and Singularity, alongside 72 lakh convertible warrants issued to the two promoter-directors.