V-Marc India is a manufacturer that turns copper, aluminium and polymers into the wires and cables that carry electricity through homes, factories, power grids and infrastructure projects - and increasingly into export markets. It began in 1996 when a first-generation entrepreneur started making house wiring in Haridwar, and has since grown into a three-factory operation with over 850 people and a capacity of 212,600 circuit kilometres. The recurring pattern is a step-by-step climb up the voltage ladder: start with simple building wire, add low-tension cables, then invest in the technology needed to make high-tension and extra-high-voltage cables that qualify for government tenders - each move opening a larger, more demanding market than the last. # Business segments A single engine - wires and cables manufacturing - that spans the full voltage spectrum from house wiring to 400 kV transmission lines, sold through four distinct customer channels that have shifted dramatically as the company added export capability. ## 1. Wires and cables: the full voltage ladder under one roof **The company makes everything from the wire behind a household switch to the heavy cable linking a power plant to the grid - and the higher the voltage, the bigger the tender.** - **A product for every voltage** - the range runs from low-tension PVC house wire through medium-voltage covered conductors to high-tension and extra-high-voltage cables rated up to 66 kV, including specialised lines for railways, defence, solar farms and submersible pumps. That breadth means the company can bid for a village electrification order, a metro-rail contract and a transmission-line tender from the same factory base. - **E-Beam technology as a differentiator** - the company is among the few in India to use electron-beam crosslinking, a process that bombards cable insulation with electrons to make it tougher, more heat-resistant and longer-lasting than chemically cured alternatives. Its Flexi-Tough eB-HFFR wire can withstand 150 degrees Celsius, carries over 80 percent extra current and is entirely PVC-free, which lets the company claim a product that is both safer and more energy-efficient than conventional wire. - **Backward integration into conductors** - a related-party unit, V-Marc Electricals, draws wire and makes conductors from aluminium and copper, feeding the company's cable factories with processed raw material rather than relying wholly on outside suppliers. This shortens the supply chain for the two metals that dominate its input costs. - **Government approvals unlock large orders** - products carry multiple BIS licences and are tested by national laboratories including NTH, RTC and ERDA, which is a prerequisite for supplying state electricity boards, public-sector giants like NTPC and BHEL, and infrastructure bodies from the Airport Authority to Delhi Metro. Mandatory BIS certification across the industry is nudging buyers away from unorganised suppliers, widening the addressable market for licensed manufacturers. - **Capacity built in deliberate steps** - the company added a gas-cured CCV line in 2022 to make void-free high-voltage insulation, which immediately qualified it for government tenders it had previously been locked out of. Total capacity has since risen from 63,000 km to 212,600 circuit kilometres, with a second E-beam machine commissioned in FY26 and a further expansion programme laid out through FY30. # Group structure and partners **A family-led manufacturer with a captive conductor supplier and a newly formed defence subsidiary that has yet to begin operations.** - **V-Marc Electricals provides in-house raw material** - established in 2016, this related party draws wire and makes conductors, selling them to V-Marc India and performing job-work, which gives the company a degree of control over the quality and availability of its primary metal inputs. - **A defence subsidiary was incorporated in 2025** - VMarc Defence and Aerospace Limited is a wholly owned entity set up to manufacture wire harnesses, precision components and cables for defence, aerospace and space applications, though as of its incorporation it had not yet started commercial operations. - **The board is anchored by the founder** - Mr. Vikas Garg serves as Managing Director, with an executive director, a non-executive director and independent directors rounding out the governance structure. - **Listed on the NSE SME platform** - the company completed its IPO in April 2021 and has since taken steps including a bonus issue and an increase in authorised share capital, approved by shareholders in mid-2026.