Why is the world hungry for cables?
1
The energy transition — solar, wind & clean powerEvery solar farm, every offshore wind turbine, and every EV charging station needs kilometres of cable to connect it to the grid. A single 1 MW solar project needs about 50 km of solar cable. India alone targets 500 GW of renewable energy by 2030 — that's a massive pipeline of cable orders for years.
2
AI data centres are eating cableEvery new AI data centre needs thousands of kilometres of power cables and fibre-optic cables. By 2026, data centres will account for ~8% of all US metallic cable demand and ~16% of all global optical cable demand. This is the fastest-growing segment in the entire cable industry right now.
3
5G rollout & digital connectivity5G towers and underground fibre networks need enormous amounts of fibre-optic and speciality cables. Over 8.2 billion connected devices globally need wired backend connections. Category 6A and 7 cables are in high demand for enterprise and telecom.
4
Grid modernisation — old grids need upgradingEurope and the US are replacing aging overhead power lines with underground high-voltage cables. Smart grid projects require new interconnections. The UK alone cleared £7 billion worth of new cable projects to connect offshore wind farms to the mainland.
5
Electric vehicles (EVs)Every EV needs speciality wiring harnesses. Every EV charging point needs power cables. The automotive cable segment is the fastest-growing sub-segment, expected at 4.7% CAGR through 2033. As EV adoption scales globally, cable demand scales with it.
6
Urbanisation & infrastructure boomCities across Asia, the Middle East, and Africa are building metro railways, smart cities, airports, and high-rise towers. All of it needs power cables, data cables, and control cables. The Middle East alone is spending billions on energy and urban infrastructure that is highly cable-intensive.
How big is this market?
$246B
Global cable market size 2026
$409B
Projected size by 2034
6.5%
Global CAGR (2026–2034)
$23B
India cable market 2026
9%
India's market CAGR
30%
India export growth (H1 FY26 YoY)
India's cable exports surged from ₹8,300 crore in FY20 to ₹19,800 crore in FY25 — a 19% CAGR — and are accelerating further. The US and Germany are India's biggest and fastest-growing export markets, growing 63% and 65% respectively in just one year.
Large Indian companies — biggest beneficiaries
These are established, listed companies with strong order books, export momentum, and capacity expansion plans.
PB
Polycab India
NSE: POLYCAB · Largest listed cable company in India
India's #1 cable maker with ~18% market share. Dominates domestic wires and is aggressively pushing exports. Has a 4,000+ distributor network and manufactures everything from solar cables to industrial EHV cables. Management has explicitly guided for exports to rebound and solar demand to accelerate.
Market leaderExport pushSolar cablesData centre cablesMotilal Buy · ₹9,110 target
KI
KEI Industries
NSE: KEI · Specialist in EHV & project cables
Known for Extra High Voltage (EHV) cables, industrial and control cables, and a rapidly growing retail channel. Strong in both domestic infrastructure projects and exports. Despite US tariffs, KEI reported substantial export revenue jumps. Retail segment is growing at 15–17% annually.
EHV cablesRetail growthUS exportsInfra projectsMotilal Buy · ₹4,960 target
RK
RR Kabel
NSE: RRKABEL · Premium housing wire + export play
Fastest-growing mid-large cable company. Running "Project Rise" to shift from wire-heavy to cable-dominant mix for better margins. Significant exporter with UL certifications for US market. Strong Q4 FY26 performance. Well-positioned for the Middle East and European markets.
Premium wiresUL certifiedMiddle East exportsCapacity expansion
AP
Apar Industries
NSE: APARINDS · India's most export-ready cable maker
Self-described as "India's most export-ready cable maker." Strong in speciality cables — transformer cables, optical fibre, and conductors. Global compliance certifications across multiple markets. High exposure to grid upgradation and renewable energy projects internationally. The biggest direct play on global cable exports from India.
Transformer cablesOptical fibreMulti-market certifiedRenewable energy
HV
Havells India
NSE: HAVELLS · Premium brand + Tumkur expansion
Premium cables and wires brand with strong brand recall and extensive international standard certifications. New Tumkur plant adds significant capacity. Better positioned for high-margin, certified cable segments — flame retardant, specialty, and industrial. More domestic focused but benefits from sector formalization.
Flame retardantPremium segmentBIS certifiedTumkur plant
Small-cap companies below ₹200 — high potential, higher risk
Important before you read furtherSmall-cap stocks are highly volatile, low-liquidity, and carry significantly higher risk than large-caps. These are mentioned purely for informational awareness — not as recommendations. Always do thorough research and consult a SEBI-registered advisor before investing.
Diamond Power Infrastructure
Manufactures EHV cables and power conductors. Benefits directly from domestic grid expansion and T&D capex. Order book has been growing.
Below ₹200
Finolex Cables
Mid-cap but relatively lower priced. Expanding into telecom and solar cables. Long-standing brand trust in retail segment. Capacity expansion underway at Pune and Goa plants.
Watch price levels
Dynamic Cables
Small manufacturer with UL certifications for US market. Growing its export mix. Benefits from China+1 sourcing shift by global buyers. Very small company — liquidity risk is high.
Below ₹200
Hind Rectifiers
Focused on railway electrification and power electronics cables. Benefits from India's massive railway upgrade programme. Niche play on infra cables.
Watch price levels
Cable Corporation of India
One of India's oldest cable makers. PSU-adjacent projects and T&D cable supplier. Low-profile but benefits from government infrastructure spending on power grids.
Below ₹200
Paramount Cables
Focused on industrial and telecom cables. Small but growing order book. Potential beneficiary of data centre and 5G cable demand in domestic market.
Below ₹200
Key risks to watch
Copper price volatilityCopper is 50–60% of raw material cost. With copper near $10,000/tonne, any spike directly compresses margins. Companies that hedge well or use aluminum substitutes have an edge.
New competition entering the sectorUltraTech Cement announced a ₹1,800 crore investment to enter cables by December 2026. Adani and Birla are also building backward-integrated cable capacity. This could pressure pricing and margins for existing players.
US tariffs on Indian exportsDespite tariff headwinds, KEI and RR Kabel showed strong export growth. But any escalation in US tariffs on Indian manufactured goods remains a watch item, especially since the US is now 25% of total Indian cable exports.
Small-cap liquidity riskFor stocks below ₹200, thin trading volumes mean big price swings on small orders. Exit can be difficult in a fast-moving market. Only suitable for those with high risk tolerance and long holding periods.
SEBI Disclaimer — For Educational & Informational Purposes Only
This article is prepared solely for educational and informational purposes and does NOT constitute investment advice, a SEBI-registered research report, a buy/sell recommendation, or a solicitation to invest in any security. The author and publisher are NOT SEBI-registered Research Analysts or Investment Advisers. All data and company mentions are based on publicly available information as of May 2026 and may be subject to change without notice. Stock prices, financial data, and analyst targets mentioned are illustrative and may not reflect current market conditions. Small-cap stocks mentioned below ₹200 carry significantly higher risk, including liquidity risk, business risk, and the risk of total capital loss. Investments in securities markets are subject to market risks. Past performance is not indicative of future results. Readers are strongly advised to consult a SEBI-registered investment adviser before making any financial decision. For grievances, contact SEBI SCORES at sebi.gov.in or call 1800 266 7575.
