- **Polycab India is India’s largest manufacturer of wires and cables, a position built over six decades from a 200-square-foot trading shop in Mumbai to a company that now holds a 30-31% share of the organized domestic market**. The business was founded in 1964 and listed in 2019, and its history is marked by a recurring pattern: using the cash and credibility of its core cables franchise to step into adjacent electrical categories - first consumer goods like fans and switches, then large-scale infrastructure projects, and now exports. That approach, guided by a culture that treats quality, service, and delivery as non-negotiable, explains how the company has become both the largest and the most profitable player in the Indian electrical industry. # Business segments Four engines at different stages - a dominant cables cash cow, a consumer electricals platform reaching scale, a project business that pulls through the company’s own products, and an export engine under construction - each built on the distribution and manufacturing muscle of the one before. ## 1. Wires and Cables: the core franchise that funds everything else **India’s largest cable maker, with a market share nearly twice that of its nearest rival, supplying every major industry from housing to defence through a network that can reach any dealer in the country within 24 hours.** - **The widest range in the country** - Polycab is the only Indian manufacturer that makes every type of wire and cable, spanning voltages from 0.20 KV to 220 KV and covering roughly 10,000 SKUs, from simple building wires to e-beam cross-linked cables for submarines and electric vehicles. That breadth means a single customer - whether a real-estate developer, a refinery, or the Indian Railways - can source almost everything from one supplier, which keeps revenue concentration low: the top customer accounts for just 4% of sales. - **A distribution moat built over generations** - the company sells through 3,900-plus authorized dealers and 190,000 retail outlets, and it can deliver to any of them across India generally within a day. Many of those channel relationships are now in their second or third generation, making them hard for a newcomer to replicate quickly. - **Raw-material risk is neutralized, not gambled on** - copper and aluminium prices swing constantly, but Polycab uses back-to-back metal booking, hedging, and pricing options embedded in supplier contracts so that commodity volatility does not destabilize its margins. An automatic pricing module integrated with its ERP system passes cost changes through to customers in real time. - **Made in-house, tested to zero failure** - every cable and wire product is manufactured in the company’s own plants at Halol and Daman, with a combined annual capacity of 6 million kilometres. The company holds a NABL-certified R&D centre, uses AI-powered defect detection on its production lines, and has a record of zero failures in market sample testing by the Bureau of Indian Standards. - **The unorganized market is its growth reserve** - roughly 26% of the Indian wires and cables market is still unorganized, and GST enforcement plus rising safety standards are pushing buyers toward branded, compliant players. Polycab’s domestic organized share has already climbed from 18-19% in FY2019 to 30-31% in FY26, and the company is actively mapping regions where its share is lower to expand distribution. ## 2. Fast-Moving Electrical Goods: the consumer platform scaling on the cables brand **A portfolio of fans, lights, switches, and solar products that has grown at 25% annually for a decade, turned profitable, and uses the same Polycab brand and dealer network that the cables business spent sixty years building.** - **One brand, one supply chain** - the FMEG business rides on the cables division’s raw-material purchasing power, transport economies, and brand goodwill in the electricals trade, which is why the company uses the same Polycab name across both. The segment reaches the market through a super-distributor model, where one large distributor supported by 8-10 sub-distributors covers a cluster of towns, alongside 2,900-plus FMEG-specific dealers. - **Fans made under one roof, not outsourced** - Polycab operates what it calls the largest fan factory under one roof, with a combined annual capacity of 9 million units at Halol and Roorkee, using 99.999% pure copper in windings and a Six Sigma approach to quality. Its BLDC fans save 60% more energy than conventional induction-motor fans, and the premium fan range now contributes about a quarter of segment revenue. - **Solar is the breakout category** - the solar products business doubled year-on-year in FY26 and became the largest category within FMEG, driven by government subsidies and rising consumer adoption. The company has shipped over 350,000 inverters with roughly 1.6 GW of total installed capacity, and its string inverters have captured about a 20% market share in the domestic segment. - **Experience centres pull demand through the trade** - Polycab runs multi-format experiential stores under the Galleria, Arena, and Shoppee formats in cities from Mumbai to Madurai, where electricians and retailers can be trained and B2B buyers can see products through virtual-reality showcases. Over 600 products are also listed on e-commerce platforms like Amazon and Flipkart, giving the brand an omnichannel presence. ## 3. EPC: the project engine that pulls Polycab’s own cables into national infrastructure **A turnkey electrical-infrastructure contractor with an order book of roughly ₹113 billion, focused on government projects where the company’s own wires and cables are a large part of the bill of materials.** - **Forward integration, not a separate business** - the EPC division was started in 2009 specifically to promote the use of Polycab-made Extra High Voltage, Medium Voltage, and Low Voltage cables in underground cabling and power-distribution projects. The company deliberately pursues projects with a high component of wires and cables supply, so the segment acts as a captive demand channel. - **A decade of visible work locked in** - the open order book of about ₹113 billion is to be executed over the next three years, anchored by the government’s Revamped Distribution Sector Scheme (RDSS) and the BharatNet broadband programme. A single BharatNet contract with BSNL for Karnataka, Goa, and Puducherry is worth roughly ₹6,448 crore, covering three years of construction and a ten-year maintenance tail. - **Margins are deliberately capped** - the company expects EPC operating margins to stay in the mid-to-high single digits over the long term, because the real strategic value is the pull-through of cables volumes rather than the contracting profit itself. In Q4 FY26, the segment margin was 7.6%. - **Technology partnerships fill the capability gaps** - for Extra High Voltage production up to 550 KV, Polycab partnered with Swiss cable manufacturer Brugg Cables to procure the necessary technology, and it is investing in a dedicated EHV facility at Halol. In April 2026, the company also incorporated a new subsidiary, Polycon Infra Projects, as an extended arm to undertake EPC work. ## 4. International Business: the export engine being wired for the next decade **India’s largest cable exporter, now present in 94 countries, with a structural profitability advantage over the domestic market and a target to double its revenue contribution to over 10% by 2030.** - **From 48 countries to 94 in seven years** - the export footprint has nearly doubled since FY2019, with North America alone contributing 39% of international revenue in FY26. The business grew 18% year-on-year in Q4 FY26 even as the Middle East - historically a large buyer - faced geopolitical disruption. - **A distribution-led model, not just project sales** - in the United States, the company has shifted from an institutional-led approach to a distribution-led one, partnering with leading distributors and re-establishing its network to replicate the India playbook of broad-based channel reach. The same distribution-mapping approach is being rolled out in other large geographies. - **The “China+1” tailwind is real** - global supply-chain diversification is pushing buyers toward quality-assured Indian manufacturers, and Polycab is structurally more profitable in exports than at home, making every incremental international sale margin-accretive to the company. # Group structure and partners **A family-led public company that has systematically simplified its structure - buying out joint ventures, absorbing subsidiaries, and divesting non-core assets - to focus capital and management attention on electricals.** - The company is listed on the BSE and NSE, with the Jaisinghani family in executive roles: Inder T. Jaisinghani as Chairman and Managing Director, and Bharat and Nikhil Jaisinghani as Whole-Time Directors, supported by a senior leadership team with 334 years of combined experience. - A 50:50 copper-rod joint venture with Trafigura (Ryker Base) was first bought out to become wholly owned, then sold to Hindalco in FY22 while securing a multi-year tolling agreement that guarantees continued supply of high-quality copper rods - exiting a sub-optimally utilized asset without disrupting a key input. - A small but telling move: the company acquired the remaining 25% of Steel Matrix, a manufacturer of steel drums and bobbins for cable packing, to tighten supply-chain control and deepen backward integration of its manufacturing process.