Cables - Electricals industry
25 companies · ₹2.6 L cr · 8 with AI deep dives · Q1FY27 report
Metal-price surge masks single-digit volumes; June destocking flags where real demand stands
- Revenue YoY
- +38.7%
- EBITDA margin
- 12.1%
- +80bps YoY
- Price, 1 year
- +42.3%
- 90% of names up
- P/E vs own 5y
- +72.1%
- 39.2x now
Exhibit 1The quarter in numbers
constant panel of 7 companies above ₹500 cr- Jun 26
- 18,400 cr
- Mar 26
- 19,025 cr
- QoQ
- -3.3%
- Jun 25
- 13,264 cr
- YoY
- +38.7%
- Peak
- 19,025 cr
- vs peak
- -3.3%
- Jun 26
- 12.1%
- Mar 26
- 11.2%
- QoQ
- +90bps
- Jun 25
- 11.3%
- YoY
- +80bps
- Peak
- 12.1%
- vs peak
- 0bps
Breadth: 100% of 8 companies grew revenue year on year (was 88% a quarter earlier) and 88% expanded margin (was 38%).
Exhibit 2What it costs
28.5x - 49.46x across the panel todayThe median name trades at 39.2x, +72.1% against this industry's own 5-year median of 22.8x, and +5.3% against its own peak of 37.2x.
Exhibit 3Structure
₹2.6 L crPolycab India Ltd is 51.8% of this industry by market cap. The top 5 are 92.2% and the top 10 are 98.1%.
Exhibit 4Screen
P/E below the sub-industry median of 39.16x, 5y ROCE above its median of 18.94%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 25)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹2,120 cr
- P/E
- 32.4x
- EV/EBITDA
- 19.0x
- ROCE
- 13.4%
- Margin
- 6.0%
- Rev YoY
- +17.4%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Four companies explicitly separated price and volume: Polycab (low-to-mid single digit volume on a 26% base), RR Kabel (~40% metal price increase translating to ~25% product price…
- POLYCAB (Q1FY27): “The domestic Wires & Cables business delivered an impressive 43% year-on-year growth…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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